Nova Minerals Ltd: Estelle Gold Exploration and Drilling Update

Melbourne, Australia - The directors of Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) are pleased to announce the resource development drilling program at the Estelle Gold Camp in Alaska has resumed. A diamond rig has commenced drilling operations on Pad 3, aka Block 2 "starter pit" area of the Korbel Deposit (Figure 1*), at the company's district scale Estelle Gold Project.

The company's objective for 2020 remains to significantly increase the current 2.5Moz resource in both size and confidence. The maiden 2.5Moz Inferred Resource announced in September 2019 was achieved using and average drill depth of less than 100m. Induced Polarisation chargeability results show that the mineralisation is present to at least 300m below surface and remains open. Historical deep drilling results confirms continuous mineralisation beyond 400m depth. The current program will test down to 500m level or five times the current depth of the Resource area.

Project Highlights:

- Drilling underway at Block B (Starter Pit) with the goal of substantially increasing the size and upgrading the Resource to Measured & Indicated status to expedite project feasibility studies. (ASX Announcement: 9 December 2019)

- Second diamond drill rig currently being mobilised to the project.

- RC infill and scout drilling to also commence at Korbel in the near term.

- Phase one Resource Upgrade scheduled for release mid-year.

- Established 2.5Moz inferred gold resource at Korbel Blocks A and B (one of fifteen known occurrences) open in all directions

- Exceptional gold leach recoveries averaging 76% at the Korbel Deposit (ASX Announcement: 30 December 2019)

- Permanent expansion camp construction ongoing, completion expected in coming weeks for year-round drilling.

The diamond drill campaign is targeted at adding significant mineral resources at Blocks A and B. The Induced Polarisation (IP) chargeability modelled to 300m shows mineralisation remains open at depth. Drill hole SE11-001 which intersected 0.40 g/t Au over 460 metres (ASX Announcement: 16 July 2019) goes beyond the lower iso-surface boundary demonstrating that the mineralisation extends to 400 metres depth and beyond as outlined in (Figure 1*).

Nova looks forward to the ongoing announcement of results throughout the duration of the drill program as they are returned from the ALS laboratory and reviewed internally.

The Nova team has significant technical expertise, which has unlocked 2.5Moz inferred resource at the Estelle Gold Camp at a discovery cost of less than $1 per resource ounce and plans to maintain this run rate with drill layout, high level efficiencies, technical abilities and tier one quality controls.

Nova continues to exercise caution with regard to managing the risk of COVID-19, with the priority being to protect our employees, contractors, consultants, their families and communities. The Company has enacted protocols in accordance with the guidance by the US Centre for Disease Control and Prevention (CDC) and other relevant health organisations and will keep them in place whilst site works are underway.

As announced on 9 December 2019, the resource development drilling program will initially target the "Starter Pit" at Korbel Block B on Pads 3 and 4 (Figure 2*). 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. The company is focused on identifying these higher grade pods within the larger deposit area to assist in planned feasibility and ore sorting works. 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 in the Resource and shift tonnes from Inferred into the Measured & Indicated 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) on the path to production.

The company is now set to push forward with the drilling program designed to significantly upgrade the Korbel Resource to the higher confidence Measured and Indicated categories whilst concurrently increasing the size of the resource.

NOVA Chairman, Mr. Avi Kimelman said: "To the credit of our CEO Chris Gerteisen and the field crew, we have got off to a great start with our 2020 exploration program with all things considered at these very difficult and testing times. We have now safely and efficiently mobilised our field crews and have boots on the ground with the drill bit turning. I again take this opportunity to thank our entire team including contractors, consultants and stakeholders working vigorously to rapidly progress our district scale Estelle Gold Camp. We have had to adapt quickly in this current COVID-19 environment and are pleased to have the team that can make this happen both technically and safely with multiple plans in place to give us flexibility in our efforts. We have never been more excited in relation to the Estelle Gold Camp and the scope we see at the project to significantly increase the resource and confidence level to measured and indicated categories.

We remain committed to demonstrating that the Estelle Gold Camp is of global significance on par with Donlin Creek in terms of size and Fort Knox in terms of geology.

Like I have said many times in the past not all that many opportunities come around to drill a system this large such as what we have at Estelle, with an established 2.5Moz inferred gold resource on a small area, open significantly in all directions and this is one of 15 known targets. Our exploration efforts to date have produced results at an extremely low cost per discovered ounce and we intend to maintain this run rate.

Our project development efforts in 2020 are centred to significantly increasing the current 2.5Moz resource in both size and confidence. 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 5 times the current depth of the current Resource area. Additional to that, we anticipate moving the Korbel starter pit to development stage during the course of 2020 on the path to production.

The Company looks forward to this program and is confident with our prioritised systematic exploration strategy, the team's local experience and commitment, we are now well on track and confident to solidify the Estelle Project as the next emerging major global gold camp."

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/DMQA79U2

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