Nova Minerals debuts interim gold resource for Estelle, update in size and category anticipated for 2021

Nova Minerals (ASX: NVA) has debuted an interim gold resource for its flagship Estelle project, with chief executive officer Christopher Gerteisen noting further resource updates will be released as many more drill results flow in.

Mr Gerteisen described the interim resource for the Korbel deposit as a “snap-shot in time” because it was based on “very little additional drill results” from the entire planned drilling program.

The interim resource has boosted contained gold from 2.5 million ounces to 3.3Moz and is underpinned by 7,200m of drilling to the end of June this year.

The contained tonnage has increased 61% from the 7,200 of drilling to 290Mt at 0.4g/t gold for the 3.3Moz.

A total of 40,000m of reverse circulation and diamond drilling has been planned for the whole of 2020. An additional 80,000m has been scheduled for 2020.

Assays from 30 drill holes at Korbel’s Block A and Block B zones are expected shortly.

Commenting on the drilling program, Mr Gerteisen said the thickness of mineralisation has continued as drilling progresses.

He noted drilling also has continued to hit the same mineralisation, which provides an “exciting opportunity” for the company to “significantly grow” its resources.

Advancing the Estelle gold project

According to Mr Gerteisen, Estelle is a textbook example of consistent grade to underpin a large-scale bulk mining operation, low strip with mineralisation extending from near surface.

“Drilling is ongoing into the foreseeable future to continue on defining further ounces while executing our path to production with urgency,” he added.

Estelle is located in Alaska’s Tintina gold province and is 177km northwest of the country’s major city Anchorage.

Recent highlight drill results in August were 101m at 1.3g/t gold, 150m at 0.6g/t gold and 163m at 0.6g/t gold.

Within these broad intersections were numerous higher-grade intervals.

As drilling and assay results continue coming in, Nova plans to release an updated resource on Block A and Block B and increase confidence in 2021.