A fast developing Gold Project in the Tintina Gold Belt
2,500,000 oz Maiden Gold Resource on under 2% of the project area.
Project Location and Infrastructure
The Estelle Gold project is located approximately 110 miles (177km) northwest of Anchorage, Alaska’s major city, which provides a large labour force and all essential services. Access is via snow road or by air, with the nearby Whiskey Bravo airstrip being compliant for DC3 aircraft. Nova Minerals and the Alaska Industrial Development Export Authority (AIDEA) have recently approved a joint agreement to advance studies for the West Susitna Access Road, a proposed new multi-season access road connecting the Port Mackenzie resources cargo port to the resource-rich area of Alaska where Nova’s Estelle gold project is located.
Estelle is a near-surface Intrusion Related Gold System (IRGS) deposit. The Tintina Gold Belt contains a number of IRGS deposits with Bulk tonnage multi-million ounces gold mineral resources:
- Fort Knox (5.6 Moz @ 0.3 g/t Au resource) operated by Kinross (K.TSX) 8.0 Moz produced 1997-2019
- Eagle (5.3 Moz @ 0.6 g/t Au) operated by Victoria Gold Corporation (VGCX.TSX)
- Other types of deposits include very large porphyry copper – gold – silver deposits such as Casino (17.8 Moz @ 0.2 g/t Au, Pebble (106 Moz @ 0.3 g/t Au) and Whistler (6.4 Moz @ 0.5 g/t Au).
Current Drill Program and Resource Growth Pipeline
The Company’s ranked and prioritised systematic exploration strategy and activities at Estelle are guided by an exploration “Project Pipeline” process to maximise the probability of multiple major discoveries. Each Milestone is defined by a specific deliverable and has each criteria needs to be ticked to determine which prospect must pass through before moving to the next Milestone. Economic criteria and probability of success increase as projects move along the pipeline. This methodology ensures work is carried out across all stages of the process, and cost is minimal. Our focus is kept on the best quality targets, and the Pipeline is filled with early milestone projects.
Exceptional gold leach recoveries averaging 76% at the Korbel Gold Deposit over 12 hours in line with peer heap-leach projects. All initial metallurgical test-work results are consistent with Nova’s expectation that supports a future low strip, bulk mining, heap-leach mining operation.
To date, approximately 2% of the Estelle Gold Camp has undergone detailed shallow RC and diamond drilling to a nominal depth of 100-150m defining ~ 2.5Moz (JORC 2012*) of gold resources (ASX Announcement 11 September 2019).
- The Estelle Copper Gold Project comprises 346 State mining claims totalling 54,400 acres (220 km2) of unpatented mining claims located on State of Alaska public lands. There are multiple prospects within the project area; Korbel (Korbel Ridge, Korbel Valley, Korbel North and Korbel South); Stoney (Stoney, Tomahawk, Kid and Trundle); Mount Estelle (Mount Estelle, Shoeshine and Train); and Emerald (RPM and Revelation).
- The Estelle Gold project is located in a world-class district within the premier Tintina Gold Belt (Alaska) that hosts more than 220 Moz in mostly bulk tonnage, high margin deposits.
During January of 2020, Nova Minerals’ Geological Team undertook an analysis of all available data collected during the last two field seasons (2018 and 2019). This data was plotted in plan view and domains of highly prospected areas were outlined defining strong As anomalies coincident with gold and high chargeability anomalies. It has been established by previous fieldwork in the camp that there is a near 1 to 1 relationship with gold mineralization and high As values. Korbel is the initial area of interest for resource growth within the Estelle Gold Camp.
Mineral Resource and Growth
Nova’s exploration success in just 18 months has catapulted the Korbel deposit onto the exclusive list of mineral deposits with resources exceeding 1 Million Ounces gold of situated within the Tintina Gold Belt, on less than 2% of the total project area. Nova Minerals is now aggressively drilling for resource expansion to significantly increase the resource in size and confidence.
The maiden mineral resource at Korbel is just the start. At 0.18 g/t Au cut-off, it amounts to 181 Mt at 0.43 g/t Au for 2.5 million ounces. The Korbel mineral resource can easily double by drilling adjacent blocks with identical geophysical signature, likely offset by faulting. The growth of the mineral resource at Korbel is seen as a function of drilling metres. Korbel is only one of 15 identified prospects in the Estelle property.
Near Term Upside – A Pipeline of Prospects:
Korbel resource expansion at depth and length
Korbel Targets C and D to follow up
15 high ranked prospects across project area to follow-up
Shoeshine/Mt. Estelle – 113 g/t Au rock-chip – epithermal?
RPM – Drillhole SE12-008: 117.39m @ 0.79 g/t Au including 120.4m @ 1.02 g/t Au including 50.2m @ 1.76 g/t Au
- Outstanding geological pedigree
- Thriving mining industry poised to grow
- Deposits of global significance known; more to discover
- An abundance of undeveloped, underexplored mineral occurrences and deposits:
- Gold: 2.5% of world’s gold reserves;
- 40% of U.S. gold resources >220 Mozs.
- Over 47 million ounces of gold produced
- Minimal modern exploration
- Secure land tenure, state-land
- Native title resolved
- Stable geopolitical climate
- Government supportive of responsible mineral development
- Stringent but practical environmental regulation
- Accessible drilling all year round
- Major key infrastructure projects underway / in planning – AIDEA