Korbel

Bulk Tonnage Gold: 8,650,000 oz Gold Resource

  • ~1,000,000 oz high-grade feeder system 

  • Very large mineralized system from surface and remains wide open

  • Thick intercepts from surface

KBDH-012

0
m
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0
g/t Au

Incl: 82m @ 1.5 g/t Au

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m
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0
g/t Au

30m @ 2.4 g/t Au

KBDH-024

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m
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0
g/t Au

Incl: 97m @ 0.8 g/t Au

0
m
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0
g/t Au

3m @ 4.4 g/t Au

KBDH-072

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m
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0
g/t Au

Incl: 49m @ 1.5 g/t Au

0
m
@
0
g/t Au

21m @ 2.5 g/t Au

The Korbel Valley is a large mineralized system approximately 5 km long x 4 km wide, comprised of 2 deposits and 6 prospects, all in close proximity to the proposed central processing plant site

214 holes of high-quality close spaced diamond and RC drilling ~70,000m drilled to date

Resource upside exists at Cathedral and the 6 other prospects at varying levels of exploration all in close proximity to the proposed central processing plant

PFS test work also investigating the potential to heap leach ore using agglomeration

PFS looking at a low cost, low strip ratio, open pit and shovel mining operation, with a central processing plant in close proximity to the Korbel Main pit

Environmental studies at an advanced stage

Similarities to Kinross Gold’s 11 Moz (Averaging 0.3 g/t Au) gold endowment at their Fort Knox gold mine

Korbel Valley showing the 2 deposits, 6 prospects, and site for the proposed processing plant

Bulk Tonnage Gold with Thick Intercepts from Surface

Nova is advancing project and economic studies based on a development scenario involving a low cost, low strip ratio, open pit with truck and shovel mining operation. The Scoping Study released in May 2023 included the high-grade RPM ore material being hauled and processed by the proposed 6mtpa Estelle central processing plant located at Korbel, along with the ore from the local Korbel Main pit.

The Scoping Study evaluated a 6mtpa Estelle central processing plant with:

  • Conventional mill operation with initial high-grade ore feed and scheduled modular ore sorters delivering 0.73 g/t Au average feed grade over the life of mine
  • Proven flow sheet with 88% gold recovery
  • Forecasts of over 360,000 oz in the first year of gold production and over 130,000 oz over the LOM
  • As part of the current PFS level studies, heap leach agglomeration is also being tested for suitability to the ore bodies to potentially lower costs further