Exploration company Nova Minerals (ASX: NVA) has announced a maiden inferred gold resource estimate of 2.5 million ounces for the Oxide Korbel prospect within the Estelle gold project in Alaska.
The prospect is one of 15 known occurrences across the project and remains open at depth and along strike.
Other areas of interest include the Oxide South, Oxide North, RPM, Shoeshine and Revelation prospects which will provide additional and potentially-significant gold resource growth.
The Oxide Korbel resource estimate starts 2 metres from surface and has a footprint of less than 1% of the total project area.
According to managing director Avi Kimelman, the estimate confirms the “immense potential” of the Estelle project.
“This is only one of multiple major occurrences,” he said.
“It is just a start and we have literally only scratched the surface.”
The Estelle project comprises 173 unpatented mining claims and numerous prospects located on State of Alaska public lands.
It sits adjacent to Gold Mining Inc’s Whistler project (containing more than 9.5 million ounces gold equivalent) and within the same assemblage of rocks as Northern Dynasty’s giant Pebble copper-gold-molybdenum-silver deposit (105Moz gold).
The Oxide Korbel deposit is believed to be a “textbook example” of a potentially bulk-mineable, large-scale, near-surface, low-strip Intrusion-Related Gold System (IRGS) mirroring gold grade and vein densities reported at Kinross Gold’s Fort Knox mine in Alaska and Victoria Gold’s Dublin Gulch property in Canada.
Earlier this month, Nova announced the discovery of high-grade gold material during Phase 1 resource drilling which could be utilised for a “starter pit” scenario within Block B of Oxide Korbel.
The company has also established a multi-year exploration horizon to build major resource ounces across the Estelle project area including Oxide South, Oxide North, RPM, Shoeshine and Revelation.
At mid-afternoon, shares in Nova Minerals were up 11.67% to $0.067.