Nova Minerals progressing Estelle gold and antimony opportunity

A cashed-up Nova Minerals (ASX: NVA) has identified a number of exciting opportunities to further progress its Estelle gold project in Alaska.

Boosted by recent drilling results which have added significant gold and antimony numbers to the growing Estelle reserve base, Nova is now undertaking a major assessment of its next steps towards a commercialisation of its high-grade asset.

This includes a review to determine if the antimony at Estelle is also coincident within any of the other current high priority gold prospects, which could potentially provide the company with a high-value add-on to its gold production plans.

New gold and antimony finds

In early October, Nova confirmed the discovery of antimony rich gold anomalies with soil and rock chip sampling at two new Estelle prospects, Stibium and Styx.

Antimony is considered a metal of significant importance in the United States and Nova is investigating potential critical minerals grant and funding options from the US Department of Defense and US Department of Energy.

Antimony is used in a variety of military applications, including night vision goggles, explosive formulations, flares, nuclear weapons production, and infrared sensors.

Future Market Insights forecasts that the global antimony market is likely to be worth $4.5 billion by 2032, growing at a 4% CAGR from 2022 to 2032.

Very active September quarter

Chief executive officer, Christopher Gerteisen, said the September quarter marked a significant period of progress for Nova with exploration activity stepping up across Estelle.

“Drilling was completed at RPM, including within the high grade second intrusive in the valley area, and maiden holes at Train, with many assay results still pending,” he said.

“An extensive surface sampling and mapping program was also undertaken which resulted in the discovery of the highly strategic and critical element antimony which is coincident with gold targets across the Estelle district. Antimony has the potential to add significant by-product credits to the project and is designated a critical mineral by the US government.”

Pre-feasibility studies expanded

As part of the company’s ongoing Estelle pre-feasibility studies, Mr Gerteisen said Nova has conducted a review and will commence test work on the viability of heap leach agglomeration of lower grade material, which under the current mine plan is set to go to waste.

The company has also instigated geotechnical studies coupled with investigations of blasting methods to determine if proposed pit slope angles for an Estelle development can be increased.

“These as well as other test work and studies in the current PFS program could potentially add significantly to the bottom line by increasing gold production over the life of mine,” Mr Gerteisen said.

“The rapid and efficient achievement of so many critical path milestones coupled with further drilling programs focused on proving-up and increasing the resource inventory will set us up for the successful delivery of the Estelle project in a timely manner as we continue on our path towards production.”

Other activities being undertaken include the updating of the company’s global mineral resource estimate which will include new assay results and a focus on improvements to proposed mill feed grade.

The company is also continuing metallurgical and environmental test work.

Nova ended the quarter with a strong balance sheet of $11.8 million in cash.