Nova’s Main Focus:

A 4,700,000 oz Gold Resource on less than 2% of the project area.

More than 3km of strike.

 

 

GEOLOGICAL MODEL

Korbel Main 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 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.

PROJECT STUDIES AND WORKS

Particle ore sorting demonstrated of up to 6g/t material, however the optimum mass pull will be used. 

The scoping study for Korbel Main is well underway, and will be finalised after Korbel Main’s Resource Upgrade.

 

KORBEL MAIN: PATH TO PRODUCTION

Heap-leach pad at the Fort Knox Gold Mine
Nameplate capacity is the 1800 tons per hour XRT-based sorting plant at the Umm Wu’al phosphate mine in Saudi Arabia

SUMMARY

Throughout 2021, Nova Minerals has conducted an extensive drill program at the Korbel Main prospect, which current holds a 4.7Moz Inferred Gold Resource (ASX: 7 April 2021). During the second half of the year, the Company has focused primarily on infill and step-out drilling, in order to increase the size and confidence of the existing resource. Infilling drilling results have shown consistent  mineralization, and extensional drilling has increased the strike length to over 3.3km.

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, ~ 4.7Moz (JORC 2012*) of gold resources has been delineated. It remains wide open and has scale for further growth.

Nova's Deposit

Image 1 of 2

MINERAL RESOURCE AND GROWTH

Nova’s exploration success in just 2 years has catapulted the Korbel Main deposit onto the exclusive list of mineral deposits with resources exceeding 4 Million Ounces of 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 0.15 g/t Au cut-off, it amounts to 518 Mt @ 0.3 g/t for 4.7 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.  The Maiden Resource for the RPM prospect of 23.1 Mt @ 2.0g/t Au for 1.5Moz, brings the overall Global Resource at Estelle to 6.2Moz (Inferred).

NEAR TERM UPSIDE- A PIPELINE OF PROSPECTS

•       Extensive Diamond drilling2021 to focus on expanding and increasing confidence in the resource at Korbel Main

•       Additional drill testing at Cathedral in the Korbel deposit area

•       Upgrade to the current Resource Estimate at Korbel Main in the short term

•       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