Bulk Tonnage Gold: 8,650,000 oz Gold Resource Across 2 Deposits from Surface on Less than 2% of the Project Area

Korbel is located in the tenement’s North and comprises of:

  • The Korbel Main Deposit6.64 Moz @ 0.3 g/t Au – 3.09 Moz Indicated & 3.55 Moz Inferred Mineral Resource
  • The Cathedral Deposit2.01 Moz @ 0.3 g/t Au Inferred Mineral Resource
  • 6 other prospects at varying levels of exploration within the wider Korbel Valley, all within close proximity to the proposed processing plant site
  • Site for a potential processing plant next to the Korbel Main Deposit to process ore from the deposits within the Korbel Valley area
  • Similarities to Kinross Gold’s 11 Moz (Averaging 0.3 g/t Au) gold endowment at their Fort Knox gold mine

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