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Nova Minerals Drills 39m @ 5.4 g/t Au from Surface at the RPM Deposit on its Estelle Gold-Antimony Project, in Alaska

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Nova Minerals Drills 39m @ 5.4 g/t Au from Surface at the RPM Deposit on its Estelle Gold-Antimony Project, in Alaska

 

 

 

 

 

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

  • Results from shallow infill drilling continues to hit the target area extending the current high-grade core zone at RPM to surface with significant broad intercepts grading > 5 g/t Au.
  • High-grade gold intersections targeting near surface mineralization above the current high-grade Measured and Indicated core continue at RPM North with all holes ending in mineralization. Significant results include (Table 1 and Figures 1 to 4):
  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
       
  • All drill holes end in gold mineralization.
  • Assay results from 6 remaining holes from the 2024 drill program at RPM to follow.
  • Assay results from the over 500 soil and 225 rock samples collected as part of the extensive 2024 surface exploration and mapping program targeting gold, antimony and other critical minerals from traverses at Stibium, Wombat, West Wing, Stoney, Muddy Creek, RPM, Styx, and the new claims added in 2023, will be reported by area once received and processed.
  • Resource update including both the 2023 and 2024 drill results to be completed once all results are received.
  • RPM starter mine Feasibility Study (FS), and updated economic study of the Estelle wide project in progress, with the aim to commence with a smaller scale, low capex, high-margin starter mine at RPM as soon as possible, which will provide cashflow to fund the expansion of the larger Estelle project organically.
  • Whittle Consulting engaged to complete project optimization, METS Engineering engaged to complete metallurgical and process design work, and Roughstock Mining engaged for pit and engineering design.

 

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.

  1. The first and primary objective was to infill and prove up near surface inferred resources that define the up dip extension of the steep to vertical dipping RPM North high-grade core zone. A new drill pad (Pad 24-1) was located between the two previous drill pads (Pad 1 and Pad 23-1) at RPM North to fill this data gap and prove up this high-grade material. Assay results from Pad 24-1 including holes RPMRC-24005 to RPMRC-24008 announced previously, and now holes RPMRC-009 and RPMRC-011 to RPMRC-016 continue to support this objective.
  2. The secondary objective of the shallow 2024 drill program was to extend drilling to the South and Southwest of the current RPM North resource to begin to test a potential link with the RPM Valley zone situated approximately 150m to the Southwest. Highly prospective mineralized intrusive rocks have been observed in this area in recent geological mapping and confirmed with anomalous surface sample results. The results returned from previously announced holes RPMRC-24001 to RPMRC -24004 indicate the RPM North deposit remains wide open to the South-Southwest and is potentially connected to the RPM Valley zone (Figure 1). This warrants further follow-up diamond drilling to test the considerable resource upside potential.

 

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.

Posted October 16, 2024

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