Nova Minerals Ltd. July 23 reported more very wide gold intercepts in the first two 2020 holes drilled into the Korbel target on the Australian junior's Estelle gold property in Alaska.

Located about 100 miles (160 kilometers) 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 is contained within resource blocks A and B at Korbel, one of several near surface gold occurrences identified across the roughly 18-mile- (29 kilometers) long Estelle property. Together, these adjacent blocks cover more than 1,000 meters of strike and are roughly 500 meters wide, on average.

So far this year, Nova has completed eight holes in the block B, being considered as a starter pit at Korbel. Assays back from the first two holes show that gold mineralization continues 200 meters below the resource outlined so far.

The first hole of 2020, KBDH-001, cut 399.6 meters averaging 0.34 g/t gold from a depth of 1.9 meters, including 36.6 meters of 0.78 g/t gold from 11.6 meters and 48.8 meters of 0.55 g/t gold from 96.9 meters.

The second hole, KBDH-002, cut 539.7 meters of 0.27 g/t gold from 2.26 meters, including 15.5 meters of 1.05 g/t gold from 14.6 meters and two meters of 4.34 g/t gold from 230.4 meters.

"The KBDH-001 and KBDH-002 assay results demonstrate strong potential for significant extensions to the Korbel deposit and the world-class nature of the system, with the continuation of grade at depth and the consistency of mineralization starting from under two meters from surface," said Nova Minerals CEO Christopher Gerteisen. "In addition, we are starting to identify where the higher-grade pods are within the deposit as we look to input this data into our feasibility models on our path to production at the Estelle Gold Camp."

The goal of the current drilling at block B is focused on expanding and upgrading the 2.5-million-oz inferred resource to expedite project feasibility studies for Korbel.

Overall, Nova plans to complete 20,000 meters of drilling this year.

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Shane Lasley, Publisher

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