Nova Minerals Ltd Jumps to Confirmation of Higher Grade Gold in Feed Structure at Korbel, Alaska


Infill drilling results show that the Korbel Main deposit has a “significant” and increasing scale with high grade “burst” zones within continuous mineralization.

() continues to confirm a higher gold grade in the feed structure of its main Korbel deposit, within the flagship Estelle Gold project in the prolific Tintina gold belt in Alaska.

The company’s latest infill drilling further confirms the continuity of mineralization in the Korbel main resource of 4.7 million ounces with results including:

  • 311 meters at 0.5 g / t gold;
  • 128 meters at 0.5 g / t; and
  • 85 meters at 0.5 g / t.

It is important to note that infill drilling is a key objective with the aim of upgrading the majority of the inferred resources to the indicated category, which will reduce the risks of the project, allowing Nova to offer financing options.

Shares were up to 26% higher on the news at A $ 0.145, while NVA’s pre-opening market cap was around A $ 193.3 million.

“Continuity of mineralization”

Nova CEO Christopher Gerteisen said: “Infill diamond drilling at Korbel shows strong support and confidence in the consistency and continuity of gold mineralization in the large Korbel mineralized system.

“The major intersections that we continue to encounter in the high-grade feed zone are indeed very encouraging.

“We have nearly 30 holes in the lab awaiting analysis and with drilling going on at a breakneck pace, more and more results will continue to come in every week.”

Korbel drilling plan.

Drilling results

Drill hole KBDH-082 returned an overall average grade of 0.4 g / t gold over 324 meters from surface in the Korbel mineralized intrusive containing several high grade zones, with other strong results including :

  • 9 meters at 1.0 g / t gold;
  • 9 meters at 1.1 g / t;
  • 34 meters at 1.1 g / t;
  • 12 meters at 1.3 g / t; and
  • 3 meters at 2.1 g / t.

Additionally, drill hole KBDH-076 returned an overall average grade of 0.3 g / t gold over 349 meters from surface in the Korbel mineralized intrusive and contained several higher grade zones, with other results, including:

  • 18 meters at 1.0 g / t gold;
  • 15 meters at 1.0 g / t; and
  • 3 meters at 3.9 g / t.

In addition, hole KBDH-073 returned an overall average grade of 0.3 g / t gold over 211 meters from surface in the Korbel mineralized intrusive containing several high-grade zones with another result of 12 meters at 1.0 g / t gold.

Robust resource

These results continue to show that the Korbel Main deposit is large in scale with zones of high grade eruption within continuous mineralization.

Notably, strong infill drilling results continue to confirm solid resources at the Korbel deposit.

Mineralization remains open along the northwest and southeast direction with an expected length of over 3 kilometers of continuous gold mineralization.

Strong infill drilling results continue to confirm strong resources at the Korbel deposit.

“Multi-pronged drilling strategy”

Gerteisen added: “Nova believes recent results, which include higher grade material, will reflect an upgrade in the next mineral resource estimate later this year.

“As these results are also located in the start-up area, there can also be a potentially positive impact on the mine’s schedule at an early stage.

“This will be confirmed and described in the scoping study that will be released after the Korbel resource update in Q4 2021.

“Nova’s multi-pronged drilling strategy is designed to make the main Korbel deposit a bankable project by 2023.

“We are focused on proving that the resource is achieving stated status, which can then translate into reserve ounces for our planned start-up operation.”

Provisional plan

Korbel drilling is ongoing and further assay results are pending for over 10,000 meters of drilling through Korbel Main and RPM.

The company uses the on-site sample preparation lab, which will result in lower cost per run and faster turnaround time.

Aggressive infill and extension drilling is underway at Korbel Main, focused on the high-grade southeast feed zone to increase the resource by 4.7 million ounces and improve size and confidence in resources to accelerate the feasibility studies of the project.

In addition, RPM remains on track for a first resource by the end of 2021, with the first results now in the pyrotechnic testing stage in the lab.

“Advance the production schedule”

Gerteisen adds: “At the same time, we are continuing the resource development program on the RPM prospect and unlocking the wider Estelle gold district, with additional prospects that will be brought online quickly.

“We aim to increase the global inventory of resources and move the Korbel project forward in parallel.

“This approach will maximize our ability to more quickly monetize this world-class asset and advance the production schedule as well as cash flow, allowing us to accelerate future operations as soon as possible in the Korbel Valley and the gold district of Estelle in the broad sense. “

– Ephrems Joseph

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