Nova Minerals increases Estelle gold resource estimate by more than 50% to 9.6 million ounces

Aspiring producer Nova Minerals (ASX: NVA) has increased the total resource estimate at its flagship Estelle gold project in Alaska’s prolific Tintina province by 54.9% to 9.6 million ounces.

The new resource is hosted within the primary Korbel and RPM deposits, with Korbel Main containing an inferred 583 million tonnes at 0.3 grams per tonne gold for 5.1Mozs and a maiden indicated 286Mt at 0.3g/t for 3Mozs (both at a 0.15g/t cut-off); while RPM contains an inferred 23Mt at 2g/t gold for 1.5Mozs (at a 0.3g/t cut-off).

Korbel Main’s inferred resource increased from 4.7Moz following ongoing infill and extension drilling at the site, which sits to the north of the project tenement.

RPM is located to the south where Phase 1 resource drilling in October highlighted bonanza grades including 132m at 10.1g/t gold.

Company-making deposit

Nova chief executive officer Christopher Gerteisen said the upgrade supported the company’s confidence in Korbel Main’s ability to become a company-making deposit.

“Korbel Main’s high grades continue to highlight the massive upside potential that remains over what is only a small area of an extensive local mineralised system,” he said.

“We have taken the Estelle project from discovery to a multi-deposit gold district in a short timeframe and on relatively limited funding and the exciting part is that we are only getting started.”

High confidence

The resource upgrade supports Nova’s “high confidence” in Estelle, which shares geological characteristics with major Alaskan operations including Victoria Gold’s Eagle mine and Kinross Gold Corporation’s Fort Knox development.

“We currently have five drill rigs focused on growing the resource at Korbel and RPM with more rigs to follow,” Mr Gerteisen said.

“With no shortage of further targets, [we believe] our global resource inventory will continue to grow for many years as we unlock Estelle’s potential as a world-class trend.”

Assay results are still pending for over 8000m of drilling at Korbel Main while multiple diamond rigs will be mobilised at RPM ahead of the next mineral resource update planned for the new year.

Pre-feasibility project work including metallurgy, geotechnical, mining, environmental, infrastructure and hydrogeology studies are proceeding in parallel with resource development drilling.

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