Nova Minerals Limited: Estelle Global Gold MRE Increases to 9.9 Moz Au

Melbourne, Australia - Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is pleased to announce an independent global JORC Resource ('the Resource') of 9.9 Moz of gold has been estimated at the Estelle Gold Project. The Resource, which is based on the assay results from ~ 85,000m of RC and high quality oriented diamond core drilling completed up to 9 March 2023, starts from surface, and is on less than 3% of the total project area.

Highlights

- Global gold resource increases to 9.9 Moz Au (1,102Mt @ 0.3 g/t Au) across the Estelle Gold Project, including a new super high-grade Measured component from surface of 180,000 oz @ 4.1 g/t Au at RPM North

- Measured and Indicated resources now comprise over 34% of the global resource, having increased by 13.3% compared to the December 2021 global MRE, allowing detailed mine planning to be finalized which provides a strong platform for the upcoming Phase 2 Scoping Study now well underway and expected to be completed in the April quarter 2023

- Phase 2 Scoping Study to be based on a mining scenario commencing at the high-grade at surface RPM M&I core

- Maiden Inferred resources of 2 Moz Au (240Mt @ 0.3 g/t Au) at Cathedral and 420 Koz Au (31Mt
@ 0.4 g/t Au) at RPM South defined

- All deposits remain open with significant potential upside and Indicated resources fall within the Open Pit classification to 400m depth

- Significant gold resource per share of 48 ounces per 1,000 shares owned

- Multiple diamond rigs to be mobilized to RPM in 2023 to expand and further prove up the resource, with the highest priority being the 600m of open prospective strike length between RPM North and South, which have been shown to be geologically genetically linked (Figure 10*)

- Drilling in 2023 to also target the RPM-style mineralization at the nearby Train area (ASX Announcement 16 January 2023) with the aim to define a 3rd gold resource

- Aggressive exploration programs in 2023 to be focused proximal to the RPM area, as well as at the highly prospective 3km long polymetallic outcrop at the Stoney prospect

- Independent economic study prepared for the Alaska Industrial Development and Export Authority (AIDEA), and fully supported by the Alaska State Governor, recommends the West Sustina Access Road begins the permitting process with construction proposed to start in 2025

Nova CEO, Mr Christopher Gerteisen commented: "Unlocking the Estelle gold district and discovering new opportunities in one of the most favourable mining jurisdictions in the world was a key milestone Nova achieved in 2022. With full credit to our field crew and team, we are actively building a pipeline of deposits to continue to increase the life of mine, with more potential discoveries on the horizon.

The RPM deposit continues to be the jewel in the crown with 340 koz @ 2.3 g/t Au Measured and Indicated resources (including a super high-grade Measured component of 180 koz @ 4.1 g/t Au) now defined at RPM North, which remains open in several directions. This broad and continuous high-grade zone at surface will be the initial focus of any future mining scenario, potentially generating value for the company through project return and a reduced payback period. As is, this zone already constitutes one of the largest high-grade undeveloped open pit gold deposits from surface. However, with the geological observations to date and the 2023 drilling program to commence shortly, real potential exists for the starter pit at RPM to yield a much higher gold resource.

While the current MRE interpretation has taken a very conservative approach, in terms of model parameters and resource classification by a new independent geologist, which conforms with the Reasonable Prospects for Eventual Economic Extraction (RPEEE) principles, the global MRE update nonetheless provides an improved platform for the upcoming Phase 2 Scoping Study which aims to improve the overall economic metrics, annual gold production rate, and mine life across the Estelle Gold Project relative to the February 2022 Phase 1 Scoping Study of 1.9 Moz over 15 years.

PFS level trade-off studies have also continued in parallel, and these studies, along with further potential increases in Measured and Indicated resources from the planned 2023 drill campaign at RPM and in the highly prospective Train area, which will also be incorporated in to the PFS, are expected to provide a strong basis for project development and financing.

With long-term opportunity and the prospect of multiple mining complexes across the single project, we continue on our path to becoming a world class, tier 1 global gold producer."

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/O1W0ZLQ2

To view the latest company presentation, please visit:
https://www.abnnewswire.net/lnk/FN674Y1I

About Nova Minerals Limited:

Nova Minerals Ltd.'s (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) vision is to develop North America's next major gold trend. The company is focused on exploration in Alaska's prolific Tintina Gold Belt, a province which hosts a 220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including Victoria Gold's Eagle Mine and Kinross Gold Corp.'s Fort Knox Gold Mine. The company's flagship Estelle Project has a current total estimated JORC gold resource of 9.6Moz (3Moz Indicated and 6.6Moz Inferred). Estelle is a 45km long string of 15 identified gold prospects bracketed by the Korbel deposit in the north and the RPM deposit in the south. These two deposits are currently host to extensive exploration programs.

Additionally, Nova has an indirect interest in the Canadian Thompson Brothers Lithium Project through a substantial stake in Snow Lake Resources Ltd (NASDAQ:LITM) and holds a 12.99% interest in Torian Resources Ltd. (ASX:TNR), a gold exploration company based in Western Australia.

Source:
Nova Minerals Ltd.

Contact:

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