Nova Minerals adds more high-grade gold to Estelle project with RPM North results
Nova Minerals (ASX: NVA) has obtained further “exceptional” high-grade gold results at the RPM North deposit within the company’s flagship Estelle gold project located in the rich Tintina gold belt in Alaska.
Assay results of 16 holes (3,180 metres) from the 2023 resource infill and step-out drilling program at RPM North have confirmed the deposit remains open to the south, east and at depth.
Chief executive officer Christopher Gerteisen said results continue to highlight the high-grade nature of the Estelle ore and the project’s significant upside.
RPM mineralisation consistent
“These latest drilling results at RPM North confirm the consistency of mineralisation and also clearly indicate the potential for resource growth, both in terms of size and confidence,” according to Mr Gerteisen.
“Several drill holes intersected mineralisation outside of the existing resource area which is very exciting. This includes up-dip right up to the surface which should add volume to the resource of relatively easy to access material in any future mining scenario and will potentially have a significant impact on future economic studies.”
“Also, in the middle of the orebody inside our scoping study pit shells we are seeing mineralisation extend further into the intrusive unit and it really seems to be bulking out in previously untested areas.”
“And perhaps most exciting is the down-dip extension to the bonanza zone which these results now confirm, which may represent a significant ore shoot that continues at depth.”
“It is clear from these results that the RPM deposit remains wide open with no shortage of targets to capture further resource upside in upcoming drill programs.”
The new results will be incorporated into an updated resource estimate for a pre-feasibility study scheduled for completion in 2024.
“The in-depth formal strategic review process across the Estelle gold project is now well underway with optimisation work ongoing, which aims to lower capex [capital expenditure] and set a faster path to commercial production to minimise dilution,” Mr Gerteisen added.
Strategic review underway
An in-depth formal strategic review process underway across the Estelle gold project aims to lower capex and set a faster path to commercial production to minimise dilution.
Drilling undertaken at RPM North in 2023 was designed to strategically in-fill and step out in all directions around the existing resource shell.
The latest results continue to prove up areas of thick intervals of high-grade (more than 2 grams per tonne) gold mineralisation within the existing RPM North resource area, confirming the continuity of the high-grade bonanza core zone as well as indicating the potential for significant extensions to the existing resource.
Upsize opportunities in a number of directions
Notably, Nova has yet to intersect the southern contact of the mineralised intrusive near surface-to-date and this will be a target for future drilling programs and for potential further resource upside.
Results have shown that mineralisation is continuous and bulks out to the south within the intrusive unit outside the currently defined resource grade shell.
Mineralisation was also intersected down-dip extending the mineralised zone over 100m beyond the current resource limits and remains wide open at depth.
Nova plans to follow up this target at depth as the company believes this may represent a continuous ore shoot providing future underground resource potential as well.
The RPM North deposit also remains open to the east where 2023 drilling consistently intersected mineralisation.
The furthest drill hole to the east extends approximately 200m beyond the current resource area.
In the central core zone where the intrusive unit is thick and continuous, the deposit remains wide open with further significant resource upside potential, up-dip, down-dip and throughout the intrusive, particularly to the south which remains largely untested by drilling.