Potential for a Globally Significant Gold Project at EstelleMelbourne, Dec 3, 2018 AEST (ABN Newswire) – The directors of Nova Minerals Limited (Nova or Company)
FRA:QM3) are pleased to announce a significant upward revision to the Estelle Exploration Target Estimate (EETE) to 2.2 to 5.3 Moz gold based on the results of the scout drilling and the utilisation of pathfinder element geochemistry obtained from the chip samples/mapping campaign completed this past summer on the Oxide gold prospect.
– Pathfinder element geochemistry demonstrates major gold system situated in an emerging large scale gold camp
– Upward revision to the Estelle Exploration Target estimate that will provide additional potential mineralisation to one of 15 significant targets
– Exploration Target* supported by whole rock analysis, chip sample assay results, soil geochemical assessment, historical drilling, scout drilling, detailed geological modelling and analysis of geophysical data
– Further focused geophysics surveys are planned to refine the existing targets and define new targets for the next round of drilling at Oxide
The new data from Oxide adds an exciting new dimension to the Company’s ongoing search for a world-class gold deposit that shares many similar characteristics with the Pebble Project in Alaska. Analysis of all the data collected during the limited summer field season demonstrates that the Oxide project has the potential to host large scale bulk minable mineralisation and the project remains firmly on track regardless of the minor delays in drilling. The Oxide prospect is one of 15 highly prospective occurrences on the Estelle project and these outside occurrences may also host large-scale gold mineralisation.
NVA Managing Director, Mr. Avi Kimelman said:
“We are extremely pleased with the findings in our very first pass exploration activities on the Estelle Gold project in Alaska with a major upward revision in the exploration target at Oxide, which is only one of the 15 known prospects on the project. This exploration target outlines the larger scale potential and scope of these systems within the project area. Besides some early delays we have come away with great pathfinder geochemical tools for identifying economic mineralisation and see a great opportunity to develop a significant bulk minable deposit within the Estelle Gold land holding. Moreover, we think the region shows positive indicators for additional gold and we believe that many other large scale bulk minable deposit could be found within the project area”
“Alaska is well known as elephant country and was the focus of the 1890’s gold rush; it has experienced a resurgence of activity since the late 1990’s, stemming from major discoveries such as the 45Moz Donlin Creek, 105Moz Pebble Project and 12Moz Fort Knox deposits. Also, major and mid-tier miners including Barrick, Teck, South 32, Newmont, Hecla, Royal Gold Inc, Kinross and Coeur Mining are extremely active in the region. To add to the majors entering the region, our local ASX listed peer Northern Star Resources (
ASX: NST) recently acquired the Pogo gold mine. Alaska is a tier 1 jurisdiction, pro-development and supportive of mining; we believe our project is in the right address to unlock another globally significant gold project.”
Estelle gold project (Oxide) Exploration Target Estimate (EETT)
Nova is pleased to advise that it has upgraded its Exploration Target* on a very small area of the Estelle gold project (Oxide prospect) between 115Mt and 249Mt grading 0.6 to 0.67 g/t Au for a total of 2.2 to 5.3 Moz Au.
The Exploration Target* is supported by whole rock assay results, soil geochemical assessment, historical drilling, first pass drilling completed in September 2018, detailed geological mapping, modelling and analysis of geophysical data.
The original exploration target defined in November 2017 assumed the strike was orientated southeasterly to northwesterly in-line with historic drilling. New information from the 2018 exploration program shows the strike for all zones sampled is orientated on north-south strike. Detailed geological mapping and sampling conducted exceeds the Exploration Target* zone which shows substantial dimensions with length up to 1000m and width up to 550m. The Exploration Target* zone (Figure 1 in link below) includes the higher grade zone to the south of the original exploration target defined in November 2017.
The northern part of the Exploration Target* zone is evident of higher tonnage lower grade as per Nova’s previous exploration target announced on 27 November 2017; Nova has assumed the same weighted average of mineralisation within this zone at 0.60 g/t Au.
Nova has calculated the weighted average mineralisation contained within historic drill hole SE12-004 (as announced by Nova on 27 April 2018), which is located within the southern part of the Exploration Target* zone, at 0.80 g/t over 99m (Table 1 in link below).
The Exploration Target* now includes both northern and southern zones where Nova has calculated the combined weighted average grade at between 0.60 g/t Au and 0.67 g/t Au.
Conservatively the Specific Gravity (SG) of 2.6 has been used for the calculation which is based on the nearby Whistler gold-copper deposit (Gold Mining Inc.) and reported with Nova’s (formally Quantum Resources) previous exploration target announced on 23 November 2017.
To view tables and figures, please visit:
About Nova Minerals Ltd
The company plans to create shareholder value through two-pronged strategy:
– Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.
– Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.