North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Nova Minerals Ltd. April 10 announced that the Estelle project in Alaska now hosts 9.9 million ounces of gold in 1.1 billion metric tons of global resource averaging 0.3 grams per metric ton gold. While this represents only a marginal increase over a resource estimate completed a year ago, the company says the more conservative geological modeling used for the current resource better positions the project for more detailed studies moving forward.

"While the current MRE (mineral resource estimate) interpretation has taken a very conservative approach, in terms of model parameters and resource classification by a new independent geologist, which conforms with the Reasonable Prospects for Eventual Economic Extraction (RPEEE) principles, the global MRE update nonetheless provides an improved platform for the upcoming Phase 2 Scoping Study which aims to improve the overall economic metrics, annual gold production rate, and mine life across the Estelle Gold Project relative to the February 2022 Phase 1 Scoping Study of 1.9Moz over 15 years," said Nova Minerals CEO Christopher Gerteisen.

According to the new calculation, the Korbel Main deposit at the north end of the 125-square-mile Estelle property hosts 320 million metric tons of indicated resource averaging 0.3 g/t (3.09 million oz) gold and 480 million metric tons of inferred resource averaging 0.2 g/t (3.55 million oz) gold.

The new Cathedral deposit about 1,500 meters southwest of Korbel Main hosts an additional 240 million metric tons of inferred resource averaging 0.3 g/t (2.01 million oz) of gold.

The RPM North deposit, which lies about 16 miles (25 kilometers) south of Korbel, hosts 4.7 million metric tons of measured and indicated resources averaging 2.3 g/t (340,000 oz) gold and 26 million metric tons of inferred resource averaging 0.6 g/t (480,000 oz) gold.

The new RPM South deposit about 800 meters southeast of RPM North hosts 31 million metric tons of inferred resource averaging 0.4 g/t (420,000 oz) gold.

Focused on RPM Complex

Nova had previously considered processing ore mined from all the deposits identified at Estelle through a centralized mill located near the larger Korbel deposit. Given the significant expansion of the gold mineralized footprint at RPM with drilling in 2022, along with the numerous promising targets near this higher-grade deposit at the southern end of the Estelle property, the company is now studying the potential of developing processing plants at each Korbel and RPM.

"The RPM deposit continues to be the jewel in the crown with 340koz at 2.3 g/t gold measured and indicated resources (including a super high-grade measured component of 180koz at 4.1 g/t gold) now defined at RPM North, which remains open in several directions," said Gerteisen. "This broad and continuous high-grade zone at surface will be the initial focus of any future mining scenario, potentially generating value for the company through project return and a reduced payback period."

In addition to the higher-grade gold at RPM North, Nova has identified numerous targets within the larger RPM Complex with the potential to add feedstock to a mill established there. This includes a group of three targets – Shoeshine, Train, and Trumpet – about four miles (six kilometers) north of RPM.

Shoeshine and Train were known prospects when Nova acquired the Estelle property. In 2021, the company collected surface samples at these targets with grades of 30.4 g/t, 24.5 g/t, 21.6 g/t, 7.5 g/t, 5.7 g/t, and 5.4 g/t gold.

Similar high grades were returned from Train in 2022 – 80.2 g/t, 17.9 g/t, 17.7 g/t, 16.6 g/t, and 10.4 g/t gold.

The Nova exploration team also collected high-grade gold samples from the Trumpet discovery, which lies about 1.5 kilometers (one mile) north of Train. Highlights from the 2022 sampling at Trumpet include 32.8 g/t, 16.6 g/t, 16.0 g/t, 13.6 g/t, and 12.7 g/t gold.

Nova Minerals Ltd.

RPM Complex on Nova Minerals' Estelle project in Alaska.

Nova says geological observations indicate the strong potential that Shoeshine, Train, and Trumpet represent a large gold system within the RPM Complex.

Much of the 2023 drilling at Estelle will focus on expanding the RPM deposits and testing high-priority targets within the Train prospect area.

This drilling is expected to upgrade and expand resources in support of prefeasibility-level studies for establishing a mill and mines within the RPM Complex.

"PFS level trade-off studies have also continued in parallel, and these studies, along with further potential increases in measured and indicated resources from the planned 2023 drill campaign at RPM and in the highly prospective Train area, which will also be incorporated in to the PFS, are expected to provide a strong basis for project development and financing," Gerteisen said.

Author Bio

Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

• Email: [email protected]
• Phone: (907) 726-1095
• https://www.linkedin.com/in/shane-lasley-ab073b12/