Nova Minerals Ltd: Positive Metallurgical Results Further Defines Flowsheet

Melbourne, Australia - Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is pleased to advise that it has received highly encouraging results from phase two metallurgical test work on mineralization from its bulk tonnage Korbel Main deposit in Alaska.

Positive metallurgical results at Korbel Main advances the scoping study to fast-track development while unlocking the Estelle Gold District.

- Outstanding metallurgical results demonstrate gold recoveries of 95.4% through Flotation and 92.4% through the leach circuit at the 4.7Moz (ASX 7 April 2021) Korbel Main deposit (Estelle Gold District)

- Ore Sorting Results show up to 10x grade increase from a 588kg bulk test sample (ASX 15 March 2021)

- Ongoing mining studies at the 4.7Moz Korbel Main deposit (small part of the Estelle Gold District) have highlighted the potential to improve open pit optimisation results with work underway on a revised mine schedule and interim scoping study which is expected to be completed by July 2021
- A trade-off study considering a range of potential circuits has been conducted accounting for capital and operating costs, operability and flexibility, the most robust of which is to be provided in the forthcoming interim scoping study

- Drilling at RPM to commence shortly with a Maiden Resource to be released later in 2021

Nova's CEO, Chris Gerteisen, says the latest test work results provides a unique opportunity for Nova to ensure an optimum mine design, schedule and processing solution for the Korbel Main deposit:

"The results from our phase 2 Metallurgical test work on the Korbel prospect amounted to a significant breakthrough as we continue to develop the Korbel Main deposit on its path to production, while we continue to unlock the Estelle Gold District with drilling at RPM.

The combination of ore sorting and highly encouraging metallurgical results from Korbel Main mean that we can now press ahead to fast track our approach to production as previously stated on the Korbel Main prospect alone, which will possibly underpin a significant new long-life multi-decade, district scale gold operation in Alaska.

Further test work and trade off studies, already underway, will enable us to optimise the various aspects of our metallurgical program in terms of capital, operating costs, recoveries and operability as we refine the processes further leading into our PFS Studies with long lead items in relation to PFS having commenced already.

We look forward to our continuous drill program at Korbel Main and throughout the Korbel Valley mineralized system, as well as mobilizing the drill rig to RPM for our maiden drill program. We will keep the market updated on results of these programs as we progress. We currently have 4.7Moz at the Korbel Main deposit, and we are just getting started."

Brent Hilscher of ABH Engineering, lead consultant on the Scoping Study stated:

"Scanning electron microscopy has shown the gold at Estelle is almost entirely associated with arsenopyrite. This explains our excellent sorting results, as well as our ability to recover over 95% of gold into a flotation rougher concentrate of just 5% mass. By designing further extraction on only 1/20th of the mass, we maintain high recovery and also achieve tremendous CAPEX and OPEX savings in fine grinding and leaching circuits."

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About Nova Minerals Ltd:

Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is a dynamic explorer and developer of its flagship Estelle Gold district in the Tintina gold belt. Nova's strategy is to substantially increase the current 4.7Moz resource on the Korbel prospect. Subsequently to continue to lock in value through moving Korbel towards production whilst increasing the resource base across the pipeline of targets within the Estelle gold district. Nova Minerals also holds strategic investments in Snow Lake Resources Ltd (Thompson Brothers Lithium Project), Torian Resources Ltd. (ASX:TNR) and RotorX Aircraft Manufacturing Co.

Source:
Nova Minerals Ltd.

Contact:

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