A fast developing Gold Project in the Tintina Gold Belt
3,300,000 oz Gold Resource on under 2% of the project area.
PROJECT LOCATION AND INFRASTRUCTURE
The Estelle Gold project sits 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 and Whistler (6.4 Moz @ 0.5 g/t Au).
CURRENT DRILL PROGRAM AND RESOURCE GROWTH TIMELINE
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 criterion 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.
PROJECT STUDIES AND WORKS
De-risking studies and works underway:
- Metallurgy and environment studies
- Onsite sample prep lab and infrastructure
Initial metallurgical testwork on Korbel:
- Phase 1 gold leach recoveries averaging 76% at the Korbel Deposit.
- carbon in leach (CIL) Studies underway
- Heap Leach Studies underway
- Bulk Ore Sorting upgrade by 25%
- Particle ore sorting demonstrated 6g/t material
- Optimisation studies underway
PEA Studies to be assess:
- Pit Optimisation
- Mine Design and Infrastructure
- Optimal Engineering design
- Trade off studies
- Economic Estimation
KORBEL MAIN: PATH TO PRODUCTION
- 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
Exploration continues to result in major increases to the size and scale of the Estelle Gold Camp with ~ 3.3Moz (JORC 2012*) of gold resources (ASX Announcement 5 October 2020) defined on less than 2% on the project area.
- The Estelle Gold Project comprises 346 State mining claims totalling 324 km2 of unpatented mining claims located on State of Alaska public lands. There are multiple prospects within the project area; Korbel Main (Block A, B, C, D, Isabella, Cathedral, You Beauty, Sweet Jenny), Stoney, Tomahawk, Kid, T5, Trundle, Mount Estelle, Shoeshine and Train, 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.
KORBEL MAIN PROSPECT
During January 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 correlation with gold mineralization and high As values. Korbel Main is the initial area of interest for resource growth within the Estelle Gold Camp.
Based on these exploration successes, ~ 3.3Moz (JORC 2012*) of gold resources has been delineated. It remains wide open and has scale for further growth.
MINERAL RESOURCE AND GROWTH
Nova’s exploration success in just 18 months has catapulted the Korbel Main deposit onto the exclusive list of mineral deposits with resources exceeding 3 Million Ounces gold situated within the Tintina Gold Belt. Nova Minerals is now aggressively drilling for resource expansion to significantly increase the resource in size and confidence.
The maiden mineral resource at Korbel Main is just the start. At 0.18 g/t Au cut-off, it amounts to 290 Mt @ 0.4 g/t for 3.3 million ounces. The Korbel Main mineral resource can grow significantly 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 Main is only one of 15 identified prospects in the Estelle property.
NEAR TERM UPSIDE- A PIPELINE OF PROSPECTS
• Up to 40,000m of Diamond drilling in 2020 and up to 80,000m in 2021 to focus on expanding and increasing confidence in the resource at Korbel Main (Blocks A and B) and Blocks C and D
• Additional drill testing at Cathedral in the Korbel deposit area
• Initial drill testing of other high priority targets on the property including the RPM and Shoeshine prospects
• Global Resource Estimate on Korbel Main (Blocks A and B) in the short term
• Phase 2 metallurgical studies and comprehensive ore sorting study
• Property scale compilation of historical exploration data, mapping, drilling and recent Hi-resolution airborne electromagnetic, magnetics, and radiometric data
• Focus on decision to mine by 2023/24