Korbel

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

Overview
Korbel Main
Cathedral
Korbel Valley

Bulk Tonnage Gold in the North

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

  • Intrusion-related gold, sheeted gold bearing quartz-arsenopyrite veins

  • Very large mineralized system from surface and remains wide open

  • Thick intercepts from surface

KBDH-012

0
m
@
0
g/t Au

Incl: 82m @ 1.5 g/t Au

0
m
@
0
g/t Au

30m @ 2.4 g/t Au

KBDH-024

0
m
@
0
g/t Au

Incl: 97m @ 0.8 g/t Au

0
m
@
0
g/t Au

3m @ 4.4 g/t Au

KBDH-072

0
m
@
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

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

Large Bulk Tonnage Gold Resource: 6,640,000 oz @ 0.3 g/t Au

  • 3,090,000 oz Indicated & 3,550,000 oz Inferred

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

The Korbel Main deposit is a large Intrusion Related Gold System (IRGS)

  • Confirmed strike length of over 2.5km, width of 500m, and up to 700m depth
  • From surface and remains open with significant potential to further extend the mineralization
  • Approximately 1.0 Moz of the resource is in a high-grade feeder system for direct mill feed
  • Resource based on ~ 65,000m of RC and diamond core drilling
  • Very low strip ratio of 1.7:1
  • Testing has shown that the lower grade material can up upgraded, up to 6 g/t Au, using ore sorting technology
  • PFS test work also investigating the potential to heap leach ore using agglomeration
  • The high value of the discovery is driven by its size and growth potential and has the potential to be mined by large scale, low strip ratio, low cost open pit mining

Maiden Gold Resource: 2,000,000 oz @ 0.3 g/t Au Inferred

  • Size and scale of Cathedral mirrors Korbel Main
  • Further potential for direct ore feed

The Cathedral deposit is another bulk tonnage deposit located approximated 550m from Korbel Main

  • Resource based on ~ 5,000m of high quality oriented diamond core drilling
  • An initial maiden Inferred resource has confirmed a strike length of at least 800m and 350m wide 
  • Mineralization remains wide open from surface in all directions
  • Initial results show Cathedral has significant opportunity for higher grade “blow out” zones within the core of the mineralization above the current drill results
  • Potential to provide a localized direct ore feed for the proposed Korbel processing plant for the starter years
  • Highest priority target within the Korbel Valley – Sampling of high-grade reconnaissance rock chips obtained in the 2020 exploration program, including
114 g/t, 98.3g/t, 37.1g/t, 24.5g/t, 19.6g/t and 11.05g/t

define a high priority target at Cathedral with future infill drilling to target closer to the surface where these rock chips were discovered

 

6 Other Target Prospects Identified in Close Proximity to The Potential Korbel Processing Plant

Significant untested potential from a number of identified mineralized targets both close and within the immediate Korbel Valley area, including:
Photo of the You Beauty prospect terrain

You Beauty

- Located 1.3 km South of the Korbel Main Deposit and yet to be drill tested

Photo of the Isabella prospect terrain

Isabella

- Grab rock samples in 2020 returned grades of up to 1.04 g/t Au in the area
-Yet to be drill tested, but geological observations utilising IP data, which has shown a strong correlation at the Korbel Main Deposit, indicate the possibly of this area linking with the Korbel Main Deposit 2.0 km to the West

Photo of the terrain at the blocks C&D prospects

Blocks C & D

Yet to be drill tested, but geological observations utilising IP data, which has shown a strong correlation at the Korbel Main Deposit, indicate the possibly of this area linking with the Korbel Main Deposit 1.3 km to the West

Photo of the Sweet Jenny prospect terrain

Sweet Jenny

Another identified prospect close to the proposed processing plant site within the Korbel Valley, for future exploration

Photo of the NK prospect terrain

NK

Located in the middle of the claim block between Portage Pass and Mount Estelle

- Influenced by steeply dipping NNW to NNE trending sulfide veins, hosted in the Estelle pluton in felsic to intermediate intrusive rocks.

Photo of the Portage Pass prospect terrain

Portage Pass

Located in the middle of the claim block between Portage Pass and Mount Estelle

-Influenced by steeply dipping NNW to NNE trending sulfide veins, hosted in the Estelle pluton in felsic to intermediate intrusive rocks.