Prepares Exploration Campaign at Estelle Gold ProjectMelbourne, Mar 28, 2019 AEST (ABN Newswire) – The directors of Nova Minerals Limited (Nova or Company) (
FRA:QM3) are pleased to provide an update that current works are fast progressing for the forthcoming exploration program at the company’s district scale Estelle Gold Project and provide a project schedule of works.
Planning is fully underway for the proposed 2019 Exploration Campaign at the Estelle Gold Camp with contractor procurement in its advanced stages. Following the awarding of contracts, the focus will be on mobilising the Induced Polarzation suvey (IP) crew onsite with potentially diamond drill mobilisation to follow thirty days later. The diamond drill is to test the total depth of mineralisation as outlined in figure 2(see link below).
The 112km2 Estelle landholding sits adjacent to the 9.5M oz AuEq Whistler project (held by Gold Mining Inc.) and in the same assemblage of rocks that hosts The Pebble Partnership owned by Northern Dynasty Minerals’ giant Pebble deposit (105 Moz Au). A direct correlation between gold grade and vein density is similarly reported at the Fort Knox (+ 4 Moz) and Dublin Gulch (+ 6 Moz) RIRGS deposits (Hart, 2007). Study results suggest that the 1) association of Au with Bi-Te, 2) association of Au with sheeted veins containing arsenopyrite, and 3) restriction of alteration to narrow selvages adjacent to veins at the Estelle Property are consistent with the genetic deposit model for RIRGS deposits(see Note 1 below).
NVA Managing Director, Mr. Avi Kimelman said:
“We are excited about the high quality of the prospects contained within the claim group and the large scale of the Estelle gold project with a clear leverage to the gold price. This is very large project and we anticipate to aggressively explore the property with new work programs consisting of mapping, IP, and potential diamond drilling that has the opportunity to discover large scale resource blocks within last years focus area and outside at the RPM and Shoeshine occurrences.”
“As announced on 14 February 2019, Dale Schultz and Brian Youngs will lead our Estelle Project exploration and logistics efforts and between the two of them have in excess of 60 years in project managing large exploration campaigns and projects which include time spent at Lupin Mine NWT, Hemlo Camp N. Ontario, Kori Kollo Mine Bolivia and the Condor Project in Ecuador (host of the Fruta del Norte Gold Project). With lots of preparation underway, they have done fantastic work to date in pre-planning to streamline the project and moving into the next stage of exploration.”
“Estelle is uniquely positioned and we haven’t yet scratched the surface, with positive early signs we are particularly excited with the potential opportunity to uncover another giant deposit in Alaska. The project sits amongst some of the largest gold deposits on the planet with very large and exciting prospects, and Nova is ready to meet the challenge of exploring each of them.”
Primary focus will be given to the Oxide occurrences, which were last drilled by Millrock Resources Inc. in 2010. During last years field season Tom Bundtzen of Pacific Rim Geological Consulting Inc. completed a first pass geological mapping of the Oxide occurrences and identified two high quality targets (ASX Announcement 3 December 2018). These targets were given the designation of Oxide North and Oxide south. The key feature of these targets is that they consist of broad envelopes containing argillic-phyllic to propylitic hydrothermal alteration.
A group of chip samples taken by Mr Bundtzen from these alteration envelopes contains moderate (~1%) arsenopyrite mineralization (+/- pyrite, pyrrhotite, chalcopyrite and tetrahedrite) that returned moderate grades of up to 1.04 g/t Au having an average grade 0.183 g/t Au. Oxide North and Oxide South alteration envelopes measures 1300 to 1600 metres along strike and have widths of between 550 to 600 metres. Total depth extents of these alteration envelopes are unknown at this time.
First phase will be Oxide North (see Figure 2 in link below). IP Survey will be run to site the drill platforms with more certainty. The plan is to drill 2,500 in this zone having drill holes reaching up to 600m with the aim of completing two holes per platform (collars marked in red). Upon conclusion of phase one, a follow up round of 2,500 metres will be initiated if positive results are obtained. Subject to phase two drilling the scout RC drilling will be used to infill shallow in pit mineralisation for early pit optimisation models. Once both phases of core drilling are completed an analysis will then be undertaken to determine if there is adequate data to support a maiden JORC Inferred Resources.
Note the red box (see Figure 2 in link below) is the 2.2 – 5.3 million ounce gold exploration target released late last year. (Refer: ASX Announcement 6 December 2018)
Third phase will target the Oxide South occurrence. Some of the best chips from Tom Bundtzen sampling came from this target. The description of the alteration is the same as the Oxide North target. Once again the IP survey will be utilized to more accurately locate the drill platforms with respect to the stronger chargeability anomalies in the subsurface. The goal is to have two holes per set up (collars marked in blue). The company aims to also establish JORC Resource estimate if sufficient data permits at Oxide South.
During the 2019 field season Tom Bundtzen of Pacific Rim Geological Consulting Inc. will again be engaged to complete additional field mapping and prospecting in the Estelle claim group (see Figure 3 in link below). The focus this field season will be on the RPM and Shoeshine occurrence. The RPM occurrence will be of particular interest as Millrock reported in September of 2012 a drill hole intercept of 102.11 metres grading 1.04 g/t gold which contained a high grade intercept of 2.07 g/t gold over 21.94 metres (see Note 2 below). They described the geology as a broad zone of alteration in a high-level intrusive magmatic contact zone. No additional follow up exploration was ever completed by Millrock at this occurance. After the completion of the mapping at RPM and Shoeshine, Pacific Rim will be engaged to complete follow up prospecting on the 15 plus additional showings that Nova controls as part of the Estellle claim group.
1 Source: Ore Characterization of the Estelle Property in the South-~Central Alaska Range, Ember Flagg, University of Nevada, Las Vegas
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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.