Nova grows Korbel gold deposits in Alaska
Drill taps high-grade zones with 429 meters of 0.6 g/t gold North of 60 Mining News – August 21, 2020
Last updated 9/26/2020 at 3:19pm
Nova Minerals Ltd. Aug. 19 said the 2020 drill program in Alaska continues to expand a very large and continuous gold system at the Korbel resource area toward the north end of the Australian explorer's roughly 18-mile- (29 kilometers) long Estelle property.
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 within two resource blocks at Korbel.
The surface footprint of Korbel resource blocks A and B extend for more than 1,500 meters along strike and recent drilling continues to expand the resource at depth and along strike.
The latest batch of results continue to show broad widths of consistent gold mineralization interspersed with higher grade zones.
Highlights from the latest batch of eight holes include:
• 150 meters averaging 0.6 g/t gold, including 21 meters of 1.6 g/t in hole KBDH-005.
• 163 meters averaging 0.6 g/t gold, including 87 meters of 0.7 g/t in KBDH-007.
• 137 meters averaging 0.6 g/t gold, including 97 meters of 0.7 g/t in KBDH-010.
• 429 meters averaging 0.6 g/t gold, including 101 meters of 1.3 g/t in KBDH-012.
High-grade subintervals of KBDH-012 include 30 meters of 2.4 g/t, three meters of 7.7 g/t, six meters of 4.7 g/t, and three meters of 8.2 g/t in KDBH-012
"The scale and dimensions of the near surface and continuous mineralization at Korbel continue to impress, particularly with the high-grade pods now being identified outside the current 2.5Moz resource model as we increase the overall footprint of the system, along strike and down dip where substantial thicknesses of mineralization remain open," said Nova Minerals CEO Christopher Gerteisen.
The drilling completed so far this year at Korbel has primarily targeted Block B and an updated resource for this area is expected soon.
"As we have repeatedly stated, our next corporate goal was to add significant ounces in this current drill program and we strongly believe this will be eclipsed during the course of this year," said Gerteisen.
The company now has moved one diamond drill rig to resource expansion at Block A, where similar potential to Block B remains, and a second is testing a new expansion area on the southeast side of Block B.
"In addition, we will be commencing RC (reverse circulation) drilling to scout targets within Korbel, testing the deposit at strike length – another encouraging step on our path towards production," Gerteisen added.