Nova Minerals Ltd: Estelle Gold District Drilling Contract Awarded

Melbourne, Australia - The Directors of Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:QTRPF) are pleased to announce the engagement of a Tier One drilling contractor, Ruen Drilling Inc. (Ruen). Ruen's expertise in diamond drilling will assist with the Company's progression of the Korbel deposit to a future low strip, bulk minable, heap leach gold operation.

The resource development drilling program will initially target the "Starter Pit" at Korbel Block B's Pads 3 and 4 (planned sections outlined below) The location of Pad 3 is within the vicinity of a high grade intercept of 27.6 g/t Au over 1.5 metres returned from hole OX-RC-16 drilled in the summer of 2019 1m (ASX 02 September 2019). In addition, re-sampling of hole SE12-004, also in the vicinity of Pad 3, returned a broad intercept of 1.20 g/t Au over 70.1m (ASX 02 September 2019). Drilling from Pad 3 will continue to expand the Resource laterally and at depth by targeting mineralisation down to the 500m level. The additional data density from drilling Pad 3 and 4 will also increase confidence of the Resource and shift tonnes from Inferred into the Measured & Indicated (M & I) categories. The global objective is to push the "Starter Pit" towards a feasibility study in 2021 (ASX announcement: 02 September 2019 and 9 December, 2019). Nova has also defined outside drill targets at Korbel within Blocks A, C, and Cathedral. Across the claim block, additional significant targets have been identified at the RPM and the Shoeshine prospect. (ASX announcement: 9 December, 2019).

NVA Managing Director, Mr. Avi Kimelman said:

"We are very pleased with the capabilities demonstrated by Ruen Drilling Inc. and look forward to mobilisation their drilling equipment to Korbel depoist as per our forecasted timeline. Ruen is a professional Tier One outfit and we look forward to working with them on the Estelle Gold Camp in 2020 and beyond.

The strategy is to set up the drills at the Korbel Block B or the "Starter Pit" (Pads 3 and 4) with the aim to develop tonnes to the M & I level and then to move the project into the development stage by commencing ore sorting scoping study and pushing the project towards a prefeasibility study in 2021.

Nova's greatest accomplished in 2019 was proving up 2.5Moz of gold in the Inferred Category in a very short period of time. We look forward to amplifying our exploration and project development efforts in 2020 and are committed to keeping our shareholders constantly updated on our progress.

Furthermore and most importantly our 2.5Moz Inferred Resource was achieved using and average drill depth of less than 100m. Induced Polarisation chargeability results show that the mineralization is present at 300m below surface. This program is now planned to test down to 500m level or approximately 5 times the current depth of the current Resource area.

We are unlocking a district at the Estelle gold project and have a plethora of highly prospective targets such as Cathedral, RPM and Shoeshine that we will drill later in 2020. We also anticipate that these prospects will add significantly to Nova's Resource base and solidify the Estelle Project as the next emerging major gold camp."

Ruen Drilling Inc. Director, Mr. Arlan Ruen said: "For 45 years Ruen Drilling has been a premier diamond core drilling company offering efficient and safe services in both surface and underground drilling operations. We are thrilled to have the opportunity for our experience in remote drill operations and to be an integral part in the development of the Estelle Gold project. It is fundamental to have an efficient, independent, and productive drill contractor to reach developmental milestones set out by the Nova Minerals team without compromising safety or professionalism. We thank Nova Minerals for recognizing that Ruen Drilling is up to the task in helping make 2020 a landmark year for the Estelle Gold Project and Nova Minerals."

About Ruen Drilling Incorporated

Ruen was established in 1974 providing core drilling services to the mining industry. While still active in mining, the company enjoys the reputation as a leader in geotechnical core drilling, providing defensible design data for tunnels, bridges, dams, highways and other civil projects. Specialty work includes horizontal and directional core drilling, reverse circulation rotary, and horizontal drainhole installations. The company has helicopter support, underground, and difficult access drill rigs. Ruen's experience in the US, South America, and Asia includes the following industries:

- environmental
- industrial minerals
- metals mining
- geotechnical engineering
- groundwater

Ruen Drilling continues to adapt to new techniques in drilling and sampling procedures. Over the last several years, Ruen Drilling has invested heavily in specialty drill rigs and related tooling. These additions enable Ruen Drilling to be well equipped for the unique projects that it prides itself in handling for the mining and geotechnical industries. We are one of the few drilling contractors with the experience and capability in drilling directionally controlled horizontal drill holes.

Furthermore, after Nova successfully confirmed its Maiden Resource at the Estelle Gold Project in south-central Alaska, the Company plans to fast track exploration at the Project, with a view to continue to expand and prove-up the Resource above and beyond the currently defined 2.5Moz inferred resource base. The Company's funds will be invested in a series of ongoing resource development and 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 to commence shortly, and additional drilling at Oxide Korbel Blocks C and D and RPM (ASX announcement: 9 December, 2019), laying the groundwork for project-wide upgraded JORC compliant Resource statement, building on the maiden 2.5Moz inferred gold Resource (ASX 11 September 2019). The Company will update the market on its progress and results, and will also seek to fast track feasibility studies, including metallurgical studies and ore sorting, as well as begin economic evaluations on the Korbel Resource to map out future production scenarios.

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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