Nova Minerals Ltd: Continued Expansion of the Korbel Gold Deposit
Melbourne, Australia - Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is pleased to provide an update on further results at the Company's flagship Estelle Gold Project located in the prolific Tintina Gold Belt.NVA CEO, Mr. Christopher Gerteisen commented: "These latest results continue to confirm the massive mineralised gold system at Korbel. The strike length of Korbel Main alone, now surpasses an impressive 1800m and remains open in both directions to the NW and SE. Additionally, many of these holes were targeted to test mineralisation at depth, which we have now positively determined extends from the surface down, to at least 400m where drilled.
With Blocks C, D, Isabella and Cathedral set for further drilling in 2021, there is certainly potential for all of these zones to converge into one very extensive gold system, as already experienced with Blocks A and B. Drilling at Korbel Main will continue as we proceed to unlock a pipeline of further prospects across the wider district.
With assays now streaming in, the Korbel Main Mineral Resource Estimate is now scheduled to be updated in April 2021, which paves the way for completion of the PEA thereafter, with environmental baseline studies advancing in parallel."
- Established 3.3Moz gold resource at Korbel Blocks A and B supported by the first 16 holes
o Updated Mineral Resource estimate now scheduled for April 2021 supported by 81 holes completed to date at the Korbel Main deposit (PAD1-4, and 6)
- Continuous gold zone at Korbel Main extends across >1800m strike length
o Significant growth potential remains as deposit remains wide open
o Many holes end in mineralisation or have further depth potential.
o New zones discovered, particularly to the south-east, north-west increase mineralised strike length by 60%
- Significant upside remains within the Korbel deposit area with numerous additional geophysical anomalies drill tested at Blocks C, D and Isabella as well as high-grade rock chip results returned from Cathedral. Drilling continues in these zones.
- Korbel is only one of fifteen known prospects within the Estelle gold district (ASX 5 October 2020)
- PEA scheduled for completion mid 2021 with an aim to investigate lower capital cost along with scalable and flexible mining alternatives at Korbel
- Drilling now scheduled at RPM for commencement in early Q2, 2021 with Maiden Resource Estimate expected in late 2021.
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About Nova Minerals Ltd:
Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) 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
