There appears to be no end in sight for Nova Minerals’ (ASX: NVA) Korbel gold deposit with further strong drill results steadily flowing in.
Nova chief executive officer Christopher Gerteisen said the latest results continue to confirm the “massive” gold system at Korbel, which is part of the Estelle project within Alaska’s prolific Tintina gold belt.
“The strike length of Korbel Main, alone, now surpasses an impressive 1,800m and remains open in both directions to the northwest and southeast.”
“Additionally, many of these holes were targeted to test mineralisation at depth, which we have now positively determined extends from the surface down to at least 400m where drilled.”
Mr Gerteisen added that with drilling this year also targeting Blocks C and D, Isabella and Cathedral, there was “certainly” potential for these zones to converge into one “very extensive gold system” as already confirmed at Blocks A and B.
Highlight results from latest assay batch
In this latest assay batch, highlight results were 287m at 0.4 grams per tonne gold from 5m, including 43m at 0.9g/t gold from 210m and 3m at 5.8g/t gold from 243m; 439m at 0.3g/t gold from 54m, including 105m at 1.5g/t gold from 179m and 3m at 2.5g/t gold from 231m; and 521m at 0.3g/t gold from 30m, including 24m at 0.9g/t gold from 329m and 3m at 3.1g/t gold from 332m.
Korbel Main has an interim resource of 3.3 million ounces of contained gold, with mineralisation remining “wide open”.
Nova noted that many holes had ended in mineralisation or have further depth potential. Additionally, new zones have been discovered – particularly to the southeast and northwest.
Resource and economic study due
Assays are streaming in from ongoing drilling at the project, with Mr Gerteisen anticipating a resource update to be released in April.
This will be followed by the preliminary economic assessment expected mid-year, while baseline environmental studies are also underway.
Part of Nova’s aim in the economic assessment is to investigate lower capital costs along with scalable and flexible mining scenarios.
This year’s drilling program will continue to target Korbel Main as well as other prospects across the wider project area – particularly Blocks C and D plus Isabella and Cathedral.
Korbel is only one of 15 known prospects within the Estelle gold project.