Nova raises 2020 Estelle exploration funds
Last updated 1/17/2020 at 4:53am
Nova Minerals Ltd. Jan. 15 announced it has raised A$4.3 million (US$3 million) to fund the early 2020 exploration program at its Estelle gold project in Alaska.
Located about 100 miles northwest of Anchorage, Alaska's largest city, Estelle hosts 181.3 million metric tons of Australian Joint Ore Reserves Committee- (JORC) compliant inferred resource averaging 0.43 grams per metric ton (2.5 million ounces) gold.
This resource, which the Australia-based explorer outlined during its inaugural drill program at Estelle in 2019, is contained within resource blocks A and B at Oxide Korbel, one of several near surface gold occurrences identified across the roughly 18-mile- (29 kilometers) long Estelle property.
With funding in place, Nova plans to begin roughly 18,500 meters of resource upgrade and expansion drilling on these targets during a winter drill program slated to get underway in the coming weeks.
"These funds now allow the company to move forward as quickly as possible with the projected increase of the current 2.5Moz gold resource which remains open in all directions at Korbel, one of fifteen known targets, in addition to defining new targets and driving exciting new blue-sky opportunities at the Estelle Gold District," said Nova Minerals Managing Director Avi Kimelman.
As drills target resource upgrade and expansion targets at Oxide Korbel blocks A and B, Nova plans to investigate some of the other exciting targets and prospects across its 85-square-mile (220 square kilometers) Estelle property.
This includes initial drilling at Oxide Korbel blocks C and D, which cover larger and stronger induced polarization (IP) chargeability anomalies just west of blocks A and B; drilling at RPM, a target about 16 miles (25 kilometers) south of Oxide Korbel where one hole drilled in 2012 cut 77.4 meters averaging 0.79 g/t gold from a depth of 4.3 meters; and Shoeshine, an early staged exploration target about 4.5 miles (seven kilometers) northeast of RPM.
To raise the A$4.3 million to get 2020 exploration started at Estelle, Nova Minerals issued 91.49 million shares at A4.7 cent a share, which includes 45.74 million options that can be exercised at A3.25 cents per share until the end of August.