Nova Minerals says recent drilling in Alaska points to potentially significant gold system at RPM

Alaska-focused Nova Minerals (ASX: NVA) has announced significant gold mineralisation observed at the RPM prospect within its flagship Estelle project that strongly correlates with historic drill data.

Drilling is ongoing at RPM, in addition to the Alaskan gold project’s Korbel Main deposit, with the program expected to ramp up when a fifth rig arrives on site in the coming weeks.

Nova is aiming to delineate a maiden resource for the RPM prospect by late 2021, adding to the 4.7-million-ounce resource estimated at Korbel Main, and move the Estelle project through the development pipeline.

According to Nova chief executive officer Christopher Gerteisen, the rocks observed in the drill core from the RPM holes completed to date show drilling is hitting the target and intersecting the mineralised zone. Samples from three drill holes are on the way to the lab for analysis.

“The continuity and correlation of mineralisation with the historical hole that encountered 120m at over 1 grams per tonne are further evidence of the potential of a significant intrusive-related gold system at the RPM prospect, one of 15 known prospects,” he said.

“In time, we expect to define multiple new shallow gold resources that will further support our goal of aggressively growing the resource inventory as we continue to move towards gold production at the Estelle gold project,” Mr Gerteisen added.

Assay results are still pending for more than 10,000m of drilling from both Korbel and RPM.

Deadline extension requested for Korbel Main scoping study

Earlier this week, the company reported significant gold assays from Korbel Main that could potentially have a major impact on pit design and project economics.

Assays from one of the holes returned an overall grade of 0.7g/t gold over 308m from surface including 1g/t over 113m and 4.5g/t over 3m.

Nova’s lead engineers have requested a time extension on the Korbel Main scoping study deadline to incorporate these latest results.

Meanwhile, the company said a geological reconnaissance crew has begun field work to unlock further targets within the Estelle gold district.