Nova Minerals Ltd: Demonstrates Exceptional Gold Leach Recoveries

Melbourne, Australia - The directors of Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:QTRPF) are pleased to announce exceptional gold leach recoveries averaging 76% at the Korbel Gold Deposit. All initial metallurgical test-work results are consistent with Nova's expectation that supports a future low strip, bulk mining, heap leach mining operation.

Nova has now established priority drill targets (ASX announcement: 9 December, 2019) with the goal to increase both size and confidence of the current 2.5 Moz Inferred Gold Resource (ASX announcement: 11 September, 2019) contained within Blocks A and B. Nova has also defined outside targets in Korbel Blocks C, D and the RPM prospect. These preliminary metallurgical test-work results are also a further endorsement of the quality of the mineralization hosted at Korbel, and are a very positive factor for future development of this project into an economic mining operation.

NVA Managing Director, Mr. Avi Kimelman said: "We are pleased with these initial revovery results as they validate the potential to realise high rates of gold recovery from a low strip, bulk mining, heap leach operation at the Korbel prospoect. Moreover, the 2020 drill program shows great potential to significantly increase our 2.5Moz Inferred Gold resource at Korbel (ASX announcement: 9 December, 2019) both in size and confidence while maintaining our run rate of keeping our discovery cost per ounce extremely low on favourable mineralisation for future project developement."

"Not all that many opportunities come around to drill a system this large such as what we have at Estelle. The Estelle Gold project is starting to show all the hallmarks of a district with potential of multiple major mineralized zones that can support standalone operations with Korbel (one of fifteen known targets) showing all the early signs of a tier one operation. We are eager to move RPM and Shoeshine in the development category subject to furthers works to support the next potential development ready prospects."

A total of 25 drill samples were collected for gold cyanidation (AuCN) analysis at ALS assay laboratory. These drill sample rejects were analysed for total gold by fire assay method (AuFA). Indicative leach recoveries were calculated using the AuCN / AuFA ratio. To provide a check, increase confidence in the results and determine the most suitable analytical method, two separate AuCN analyses were performed on each of the samples. The first AuCN analysis was by ALS method AA13, a basic tube leach test utilizing a 30g sample size with a <2 hour leach time, AAS finish. The second AuCN analysis was by ALS method AA14, a more representative bottle roll leach test utilizing a 1kg sample size with a 12 hour leach time, AAS finish. As expected, the 12 hour bottle roll test showed significantly increased recoveries across the board, establishing a clear positive correlation between leach retention time and recovery. Furthermore, the 12 hour bottle roll result provides the most representative data to date reflecting h ow the Korbel Gold Deposit mineralized material will perform in any future heap leach mining operation scenario. As such, the company views these results as a very encouraging component in the technical matrix which continues to build in support of the economic viability of the Estelle Gold Project.

Furthermore, after Nova successfully confirming its maiden resource at the Estelle Project in southern Alaska, the Company plans to fast track exploration at the Project, with a view to progressively expanding the resource base. The Company's funds will be invested in a series of ongoing exploration campaigns - including targeting, mapping and drilling programs - across the district-scale Estelle Project. Immediate priorities will include a resource upgrade at Oxide Korbel Blocks A and B as soon as practical, additional drilling at Oxide Korbel Blocks C and D and RPM (ASX announcement: 9 December, 2019), and a maiden project-wide resource statement to build on the maiden 2.5Moz inferred gold resource (ASX 11 September 2019). The Company will update the market on its exploration progress and results, and will also seek to fast track preliminary economic evaluation on the Oxide Korbel resource area.

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About Nova Minerals Ltd:

Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.

The company plans to create shareholder value through two-pronged strategy:

- Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.

- Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.

Source:

Nova Minerals Ltd.

Contact:

Nova Minerals Ltd. P: +61-3-9614-0600 F: +61-3-9614-0550 WWW: novaminerals.com.au