Nova Minerals Limited SHARE PRICE ASX: NVA $0.023
Officer Hill Project
Located in the Northern Territory, NVA’s Officer Hill project, is highly prospective for gold.
The total area covered by the lease is 206.08km2.
Historic exploration has discovered sporadic mineralisation from drilling, including 4m @ 4.64g/t. Along with several short intervals of 1-4g/t and a number of wide intercepts at 0.1-1g/t.
The prospect is thought to host steeply plunging shoots, such as those at the Tanami Gold Mine and the apparent fold closure to the east offers the possibility of the discovery of Callie-style mineralisation at depth.
The Callie gold mine which is located 34km north-east of Officer Hill had, at the end of 2013, 3.01 million ounces of gold reserves.
The Officer Hill tenement, currently 100% owned by NVA, provides an option for Newmont Tanami Pty Ltd to acquire up to 70%.
Under the agreement, Newmont is required to spend $500,000 over 3 years in order to earn a 70% interest in the joint venture. Of which Newmont must spend $100,000 within the first 12 months. Should Newmont wish to get on-board, the financial risk for NVA shareholders will be reduced to progress the Officer Hill project.