Nova Minerals’ key 2024 drilling program begins in positive fashion

Nova Minerals (ASX: NVA) has started off 2024, a year in which it expects to achieve a number of significant milestones, on the right foot with with further confirmation of wide zones of gold mineralisation at the RPM deposit within the company’s flagship Estelle Gold Project in Alaska.

The company has received strong assay results from six holes drilled into RPM Valley in 2023 in a program designed to follow up and confirm previous promising drilling results.

Highlight returns from the six holes at RPM included 103 metres at 1.0 grams per tonne gold, 79m at 1.0g/t from 471m, and 76m at 1.2g/t.

The latest RPM results continue to prove up new broad zones of mineralisation within the RPM resource area.

Nova says the results have added further strength to the belief that potential exists for RPM Valley to eventually connect with RPM North.

This will be further tested in an area where previous drilling had confirmed the potential for resource extension to the south, east and at depth, with over ten broad intersections grading around 5g/t gold.

Large system confirmed

Chief executive officer Christopher Gerteisen said that results from the overall 2023 drilling program at RPM clearly show it is a large system that continues to grow, with the deposit remaining wide open in several directions.

A planned 2024 resource drilling program will prioritise RPM to continue to realise this upside potential.

“These new drilling results confirm an extensive mineralised zone within RPM Valley that presents further significant resource upside potential at RPM, which will be followed up as a high priority target with infill and step-out drilling in 2024 and beyond,” Mr Gerteisen said.

“RPM continues 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 resource and exploration upside,” he added.

Strategic review underway

The latest results will be incorporated into an updated resource as part of the pre-feasibility study (PFS) currently underway.

“Based on the multi-element assays from drilling to date, the company looks to include silver in resource estimates which is expected to provide significant by-product credits at RPM and Korbel,” Mr Gerteiesen stated in the release to the ASX.

“We are fast progressing through the formal strategic review process across the Estelle Gold Project with optimisation work ongoing, reducing CAPEX and setting the fastest path to commercial production to minimise shareholder dilution.”

“While key objectives of the strategic review remain a work in progress, we will keep our shareholders updated as relevant studies are completed to unlock further value from the Estelle gold project.”

With the success to date at RPM, as well as its upside potential and close proximity to the Train area, Nova says the area is starting to shape up to potentially be its own mining centre, in addition to the bulk mining centre proposed at Korbel.

Pre-feasibility level studies are ongoing with METS Engineering conducting metallurgical test work to optimise the process flowsheet and Rough Stock Mining performing mining studies, including geotechnical work that has confirmed a minimum pit slope angle of 50 degrees with the potential for further steepening under review, all of which is expected to provide additional economic upside.

Busy year ahead

A cashed-up Nova is on target to complete a number of key milestones this year as it travels along the path to bringing the Estelle project into production.

The company plans to have five drill rigs – four diamond and one reverse circulation – in place to help further unveil the Estelle riches at the high-grade RPM deposit and in the new Train areas.

Drilling in the Train area will follow up on the promising results obtained from the high-grade rock and soil samples discovered in 2023.

The company’s 2024 activities will include updating the global mineral resource estimate.

Nova’s plans to include silver in its estimates this year stem from its confidence that there is potential to provide significant by-product credits.

The strategic review will focus on getting into production as soon as possible while the company completes its in-depth PFS level studies.