Nova Minerals Ltd. Jan. 2 reported that it plans to follow up on the 2023 exploration success at Estelle with a 2024 program that will include prefeasibility level mining studies, along with continued drilling at the higher-grade RPM deposit and Train target areas at the southern end of this 198-square-mile (513 square kilometers) land package about 100 miles northwest of Anchorage, Alaska.

"The work we conducted in 2023 has continued to illustrate the unique opportunity that we have at the Estelle Gold Project, and we will now look to grow on the successes achieved with outstanding potential for exploration upside and further discoveries in 2024 with all results to be incorporated into an updated resource estimate for the PFS," said Nova Minerals CEO Christopher Gerteisen.

According to a resource calculated early in 2023, Estelle hosts 1.1 billion metric tons of global resources averaging 0.3 grams per metric ton (9.9 million ounces) gold.

The largest portion of this resource is found at Korbel Main, a deposit at the north end of the Estelle property that 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 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) gold.

The RPM North deposit 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 adjacent RPM South deposit hosts another 31 million metric tons of inferred resource averaging 0.4 g/t (420,000 oz) gold.

Upgrading, expanding RPM

Much of Nova Minerals' 2023 drill program focused on upgrading, expanding, and testing for a link between the two RPM deposits.

Highlights from 16 holes drilled from a ridgeline at RPM North last year include:

• 152 meters averaging 2.3 g/t gold from a depth of three meters in hole RPM-056, including 98 meters averaging 3.4 g/t gold

• 211 meters averaging 3.2 g/t gold from a depth of three meters in RPM-057, including 120 meters averaging five g/t gold.

• 314 meters averaging 1.9 g/t gold from a depth of two meters in RPM-065, including 231 meters averaging 2.4 g/t gold.

Upon completion of the ridgeline drilling, a rig was moved to the valley to test a second intrusive intersected in the lower part of two 2022 holes that appear to link the RPM North and South at depth.

Assay results from the holes drilled from the valley location remain pending.

Once all the RPM assays are received, Nova plans to incorporate the results into an updated resource calculation for this higher-grade gold deposit toward the southern end of the Estelle property.

Nova also carried out discovery drilling at Train, a highly prospective gold target about 4.5 miles (seven kilometers) north of RPM. This initial drilling at Train, however, was limited by challenging weather and drilling conditions.

Highlights from the four holes drilled at Train last year include:

• 1.4 meters averaging 2.3 g/t gold in hole TRN-001.

• Three meters averaging 1.5 g/t gold in hole TRN-002.

• 1.4 meters averaging 3.3 g/t gold in hole TRN-003.

Nova Minerals Head of Exploration Hans Hoffman said the 2023 holes were "far from the heart" of the mineralized system. Sampling carried out by the geological team at Estelle has further refined drill targets at Train.

Though Nova is still working on the exact scope of its 2024 exploration program at Estelle, the company says the program will include drilling at both RPM and Train.

The 2024 drilling at RPM will focus on increasing the confidence of the resource and test the potential extensions of the high-grade core, which remains open to the south, east and at depth.

In the Train area, the drilling will follow up on the promising results obtained from the high-grade rock and soil samples collected from the areas last year.

Expansive prospecting program

In addition to resource expansion and discovery drilling, Nova's 2023 program included an expansive surface exploration mapping and sampling program across the entire Estelle property. This discovery program included 45 traverses covering 100-line kilometers, 674 soil samples, 446 rock samples and 21 stream sediment samples.

In addition to gold and silver, this surface exploration campaign discovered widespread antimony and copper at several sites across the Estelle property.

"(W)e are very aware of the value in domestically sourced critical mineral antimony and we are looking at these discoveries from many angles with multiple parties to define and bring online and will keep you updated as those discussions progress," said Gerteisen.

In October, Nova announced the discovery of high-grade antimony at Stibium, which lies on a new block of claims about six miles (10 kilometers) southeast of Korbel, and Styx, which is about five miles (eight kilometers) northwest of RPM.

The best surface sample collected from Stibium contained 12.7 g/t gold, 2.1% antimony, and 1,600 g/t silver.

The two best samples collected from Styx contained 1.2 g/t gold and 19% antimony, and 0.9 g/t gold and 21.7% antimony.

Nova's surface sampling also turned up high-grade antimony, along with gold, silver, and copper, at the adjacent Train and Trumpet prospects.

Highlights from the 2023 surface sampling at Train and Trumpet include:

• 132.5 g/t gold, 1.2% copper, and 0.1% antimony (Trumpet).

• 32.8 g/t gold, 1.2% copper, and 0.1% antimony (Trumpet).

• 12.7 g/t gold, 779 g/t silver, 6.7% copper, and 0.1% antimony (Train).

• 2.4 g/t gold, 500 g/t silver, 1.6% copper, and 2.5% antimony (Train).

• 0.7 g/t gold, 588 g/t silver, and 16.8% antimony (Train).

Nova geologists also discovered impressive gold and copper at the Discovery and Muddy Creek prospects immediately northwest of Trumpet and Train.

Highlights from rock samples collected from Discovery include 43.6 g/t gold and 1.2% copper; 18.6 g/t gold and 0.4% copper; and 11.9 g/t gold and 1.1% copper.

Highlights from rock sampled collected at the roughly 1,500-meter-long gold anomaly at Muddy Creek include 127.5 g/t gold; 90.5 g/t gold; 76.8 g/t gold; 75.5 g/t gold; and 65.6 g/t gold.

"The Train area continues to light up, this time at Muddy Creek and Discovery which lie just east of Train and Trumpet and north of the Shoeshine and Shadow prospects," said Gerteisen. "These prospects combined represent an approximately 4.5km (2.8 miles) long and 2.5km (1.6 miles) wide anomaly and the potential for continuity between them certainly exists in what appears to be another massive intrusive related gold system."

Nova objectives for 2024

In addition to drilling at the RPM deposit and Train prospect area, Nova has several objectives for 2024:

• An updated global mineral resource estimate for Estelle, which is expected to include higher grades and increased tonnage in the higher confidence indicated resource category. The company also plans to add silver to the resource calculation, which has the potential to provide significant by-product credits.

• Complete a strategic review of Estelle with a focus on getting into production as soon as possible and continue to complete its rigorous PFS-level studies.

• The Australian company plans to list its stock on a major U.S. exchange this year.

• Announce any new discoveries that turn up as assay results continue to come in from the expansive 2023 surface exploration mapping and sampling program.

• Update the market on the exciting antimony opportunity as discussions continue to progress.

"The in-depth formal strategic review process and PFS studies across the Estelle Gold Project is now well underway, which aims to study additional processing options to further optimize our flow sheet at the lowest possible capex and set a faster path to commercial production," said Gerteisen. "While key objectives of the strategic review remain a work-in-progress, we will keep our shareholders updated as relevant studies are completed."

Nova Minerals Ltd.

Click on image for larger 2023 Estelle sampling map.

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Shane Lasley, Publisher

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