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Nova Minerals Update on Exploration at Estelle Gold Property

Mining News - Published on Thu, 19 Sep 2019

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Minerals explorer and developer Nova Minerals Limited announced the discovery of high grade gold mineralisation at RPM through re-assaying historic drill core. The hole was drilled down to 177.39 m in 2012. The RPM Prospect is one of several potential gold deposits located on the Estelle Gold Property requiring additional drilling. Nova Minerals Managing Director Mr Avi Kimelman said "After announcing our maiden 2.5 Moz Gold JORC Inferred Resource as a starting point at Oxide Korbel just a week agowe are excited by these results from the RPM Prospect which clearly demonstrate the scale, size and robustness of our project's exploration upside. We are now looking at the possibility of delineating multiple deposits on the Estelle Property. Oxide Korbel 2.5Moz Gold JORC Inferred Resource occurs on less than 1% of the project area and we are fortunate to have multiple gold occurrences located elsewhere on the property requiring further work, RPM being one of them. These continued positive results provide strong encouragement to Nova and is a testament to the exploration teams ability to effectively and efficiently evaluate the tenement area in such a short period. Our simple yet highly effective prioritised systematic exploration approach is designed to delineate gold resources while minimizing costs and we will maintain this strategy throughout our exploration efforts. The recent exploration success at RPM positions these efforts firmly on the path to our ultimate goal of creating shareholder value through further discovery and building on 2.5Moz Maiden Resource."

Historical diamond drill hole SE12-008 completed in 2012 was re-sampled by Nova as part of the 2019 field program. In the 2020 field season an aggressive program of follow up drilling, prospecting, mapping, and geophysical surveys will be conducted to further define the foot print of the mineralization. If next seasons drilling confirms the SE12-008 results, and full scale Resource Drill out will be initiated on the prospect.

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Posted By : Rabi Wangkhem on Thu, 19 Sep 2019
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