Nova Minerals Limited (NASDAQ: NVA) (ASX: NVA) (FRA: QM3) is pleased to announce further high-grade thick intercepts from another seven holes of the 21 hole reverse circulation (RC) drilling program conducted in the RPM starter pit area in 2024, within its over 500km2 flagship Estelle Gold Project, located in the Tintina Gold Belt in Alaska. The shallow drilling program was focused on near surface mineralization <50m in depth in support of the RPM starter mine Feasibility Study currently underway.
Highlights
RPMRC-24016 | |||
39m @ 5.4 g/t Au from surface including; | |||
25m @ 8.2 g/t Au from surface | |||
20m @ 10.2 g/t Au from 5m | |||
12m @ 15.3 g/t Au from 12m | |||
11m @ 16.4 g/t Au from 12m |
RPMRC-24015 | |||
26m @ 3.7 g/t Au from surface including; | |||
18m @ 4.8 g/t Au from 8m | |||
5m @ 14.0 g/t Au from 19m |
RPMRC-24009 | |||
46m @ 1.9 g/t Au from 1m including; | |||
39m @ 2.1 g/t Au from 1m | |||
24m @ 2.8 g/t Au from 1m | |||
2m @ 14.4 g/t Au from 7m |
RPMRC-24012 | |||
38m @ 1.9 g/t Au from 3m including; | |||
33m @ 2.1 g/t Au from 3m | |||
17m @ 2.7 g/t Au from 11m | |||
5m @ 5.8 g/t Au from 22m | |||
Nova Minerals CEO, Mr Christopher Gerteisen commented: “We continue to hit broad intercepts of high-grade mineralization which bodes well for the upcoming resource update and PFS which will be focused on RPM as a scale-able low capex/high margin project with future expansion plans into the larger project achieved through cashflow.
More 2024 drill results are pending and once all received we will begin work on the resource update. We look forward to updating all stakeholders on these fronts as we continue to progress on our path towards production and early cashflow at RPM within the greater Estelle gold and critical minerals district.”
RPM Drilling Discussion
A total of 21 RC holes were drilled at RPM as part of the 2024 drilling program, of which assay results for 15 holes have now been received, with seven holes reported in this announcement, and 8 holes reported in the announcement dated 9 October 2024. The drilling was focused on near surface mineralization <50m in depth and had two main objectives.
These latest results continue to prove up areas of thick intervals of high-grade gold mineralization (+2g/t) within the existing RPM North resource area, confirming the continuity of the high-grade bonanza core zone, as well as indicating the potential for significant extensions to the existing resource. Representative cross-sections (Figures 2, 3, and 4) clearly show the latest drill holes intersecting up and down dip continuity to mineralization outside of the current resource grade shell. This has the potential to significantly grow the resource in the upcoming MRE update.
Geological observations also indicate the mineralized intrusive unit is a steeply dipping funnel shaped body which flares out to have a wider footprint near the surface where substantial up-dip potential remains.
In the central core zone where the intrusive unit is thick and continuous the deposit remains wide open with further significant resource upside potential, up-dip, down-dip, and throughout the intrusive, particularly to the South which remains largely untested by drilling.
The majority of the holes drilled in 2024 were collared in granodiorite intrusive rocks, the primary host of mineralization at RPM. The granodiorite-hornfels contact was intercepted to the north from Pad 24-1 and to the south from Pad 23-1 where gold mineralization is encountered in both the intrusive and the hornfels. The drillhole intersections as well as observed outcrop between these two drill pads consist entirely of granodiorite crosscut by quartz-tourmaline-sulfide veins, with massive quartz zones of over 1-m thick hosting samples up to 291 g/t Au. The holes announced in this release covered southeast (145) to southwest (250) azimuths and were comprised entirely of the mineralized granodiorite intrusive with the exception of the bottom 15 meters of hole RPMRC-016 which ended in mineralized hornfels.
Figure 1. RPM North plan view with all drill holes to date
Figure 2. RPM North Section A-A’_250azi showing continuity of mineralization
Figure 3. RPM North Section B-B’_220azi showing continuity of mineralization
Figure 4. RPM North Section C-C’_145azi showing continuity of mineralization
Table 1. Significant intercepts*
Hole_ID | From (m) | To (m) | Interval (m) | Au g/t |
RPMRC-24009 | 1 | 47 | 46 | 1.9 |
including | 1 | 40 | 39 | 2.1 |
1 | 25 | 24 | 2.8 | |
7 | 9 | 2 | 14.4 | |
RPMRC-24011 | 2 | 20 | 18 | 2.6 |
including | 14 | 21 | 7 | 3.3 |
RPMRC-24012 | 3 | 41 | 38 | 1.9 |
including | 3 | 36 | 33 | 2.1 |
11 | 28 | 17 | 2.7 | |
22 | 27 | 5 | 5.8 | |
RPMRC-24013 | 0 | 34 | 34 | 1.4 |
including | 14 | 34 | 20 | 1.5 |
RPMRC-24014 | 0 | 24 | 24 | 2.1 |
including | 3 | 8 | 5 | 3.0 |
16 | 25 | 9 | 2.6 | |
RPMRC-24015 | 0 | 26 | 26 | 3.7 |
including | 8 | 26 | 18 | 4.8 |
19 | 24 | 5 | 14.0 | |
RPMRC-24016 | 0 | 39 | 39 | 5.4 |
including | 0 | 25 | 25 | 8.2 |
5 | 25 | 20 | 10.2 | |
12 | 24 | 12 | 15.3 | |
12 | 23 | 11 | 16.4 |
* At 0.1 g/t Au cutoff and a minimum 10m width
Table 2. Drill hole details
Hole_ID | UTM_E | UTM_N | ELEV (m) |
EOH (m) |
AZI | DIP | Assays |
RPMRC-24001 | 501995 | 6848795.9 | 1772 | 31 | 180 | -45 | Reported 9/10/24 |
RPMRC-24002 | 501991 | 6848802.8 | 1772 | 48 | 270 | -60 | Reported 9/10/24 |
RPMRC-24003 | 501992 | 6848801 | 1771 | 42 | 210 | -60 | Reported 9/10/24 |
RPMRC-24004 | 501993 | 6848802 | 1773 | 34 | 0 | -90 | Reported 9/10/24 |
RPMRC-24005 | 501955 | 6848871 | 1743 | 45 | 70 | -60 | Reported 9/10/24 |
RPMRC-24006 | 501955 | 6848869.6 | 1744 | 23 | 100 | -50 | Reported 9/10/24 |
RPMRC-24007 | 501954 | 6848868.4 | 1746 | 16 | 130 | -50 | Reported 9/10/24 |
RPMRC-24008 | 501954 | 6848868.7 | 1742 | 47 | 0 | -90 | Reported 9/10/24 |
RPMRC_24009 | 501954 | 6848869.5 | 1746 | 47 | 145 | -50 | Reported 16/10/24 |
RPMRC_24010 | 501954 | 6848869.5 | 1746 | 43 | 145 | -70 | Pending |
RPMRC_24011 | 501954 | 6848870 | 1744 | 21 | 150 | -50 | Reported 16/10/24 |
RPMRC_24012 | 501954 | 6848869 | 1743 | 40 | 160 | -50 | Reported 16/10/24 |
RPMRC_24013 | 501953 | 6848870.1 | 1744 | 34 | 175 | -50 | Reported 16/10/24 |
RPMRC_24014 | 501952 | 6848871 | 1745 | 24 | 190 | -50 | Reported 16/10/24 |
RPMRC_24015 | 501953 | 6848870.2 | 1743 | 26 | 220 | -60 | Reported 16/10/24 |
RPMRC_24016 | 501953 | 6848870.2 | 1744 | 39 | 250 | -60 | Reported 16/10/24 |
RPMRC_24017 | 501954 | 6848869.9 | 1743 | 29 | 280 | -70 | Pending |
RPMRC_24018 | 501956 | 6848868.9 | 1745 | 16 | 130 | -50 | Pending |
RPMRC_24019 | 501955 | 6848869.8 | 1744 | 66 | 130 | -70 | Pending |
RPMRC_24020 | 501957 | 6848869.4 | 1743 | 28 | 115 | -60 | Pending |
RPMRC_24021 | 501956 | 6848870.2 | 1742 | 34 | 85 | -70 | Pending |
Qualified Persons
Vannu Khounphakdee, Professional Geologist and member of Australian Institute of Geoscientists contracted by Nova Minerals to provide geologic consulting services. Mr. Khounphakdee holds a Master of Science in Mine Geology and Engineering. He is a qualified person with at least 5 years experience with this type of project. By reason of education, affiliation with a professional association, and past relevant work experience, Mr. Khounphakdee fulfills the requirements of Qualified Person (QP) for the purposes of SEC Regulation SK-1300 for data QA/QC checks relevant to this announcement.
Hans Hoffman is a State of Alaska Certified Professional Geologist contracted by Nova Minerals to provide geologic consulting services. Mr. Hoffman is a member of the American Institute of Professional Geologists and holds a Bachelor of Science degree in Geological Engineering with a double major in Geology and Geophysics. He is a qualified person with at least 5 years of experience with these types of projects. By reason of education, affiliation with a professional association, and past relevant work experience, Mr. Hoffman fulfills the requirements of Qualified Person (QP) for the purposes of SEC Regulation SK-1300 for the technical information presented in this announcement.
Christopher Gerteisen, Chief Executive Officer of Nova Minerals, is a Professional Geologist and member of Australian Institute of Geoscientists, and has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein. Mr. Gerteisen is a “qualified person” for the purposes of SEC Regulation S-K 1300.
Data Verification
For the 2024 reverse circulation drilling program, 1.52m chip samples were riffle split (dry) to obtain 3-5 kg samples at the drill site, these samples were crushed to achieve >90% passing a 2mm sieve and split down to 225 g to 275 g samples at Nova’s on-site prep facility. Samples were then sent to ALS Fairbanks for additional prep and chemical analysis. Field duplicates (RC) for recent data were collected every 1 in 20 samples at the same time using the same method (riffle split) as the parent sample. Blank material was inserted 1 in 40 samples. Standard Reference Material (SRM) was inserted 1 in 20 samples. Three different SRMs at three different grades levels were used.
ALS is a certified commercial laboratory and is independent of Nova Minerals. Gold analyses were completed by Au-ICP21 which is gold by fire assay and ICP-AES. For overlimits greater than 10 g/t Au analyses were completed by fire assay and gravimetric finish.
About Nova Minerals Limited
Nova Minerals Limited is a Gold, Antimony and Critical Minerals exploration and development company focused on advancing the Estelle Project, comprised of 514 km2 of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralized corridor of over 20 advanced Gold and Antimony prospects, including two already defined multi-million ounce resources, and several drill ready Antimony prospects with massive outcropping stibnite vein systems observed at surface. The 85% owned project is located 150 km northwest of Anchorage, Alaska, USA, in the prolific Tintina Gold Belt, a province which hosts a >220 million ounce (Moz) documented gold endowment and some of the world’s largest gold mines and discoveries including, Barrick’s Donlin Creek Gold Project and Kinross Gold Corporation’s Fort Knox Gold Mine. The belt also hosts significant Antimony deposits and was a historical North American Antimony producer.
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