Update on Nova Minerals' Estelle Gold-Antimony Project
Nova Minerals Limited (“Nova” or the “Company”) (NASDAQ: NVA) (ASX: NVA) (FSE: QM3) is excited to share the latest developments regarding its drilling and exploration initiatives at the Estelle Gold Project. This flagship project spans over 500 km2 and is situated in the Tintina Gold Belt. Currently, RPM drilling is making progress towards completing the Feasibility Study (FS), while ongoing surface sampling at the Stibium prospect continues to yield encouraging results for gold and antimony.
Key Highlights from the Exploration Program
Development Options: The ongoing Feasibility Study (FS) is assessing various strategies for potential production through a scalable operation, which includes:
- Establishing a smaller-scale operation at the high-grade RPM deposit to generate near-term cash flow with lower capital expenditure (capex).
- Developing a larger-scale mining operation with higher capex that could significantly boost gold production, attracting interest from potential strategic partners.
- Exploring ways to expedite the development of the Stibium gold-antimony prospect, particularly with support from the US Department of Defense (DoD).
Environmental studies are advancing, and Lidar surveys have been completed to facilitate detailed technical studies and road design.
Progress on RPM Drilling
The resource definition drilling has made headway, with 11 holes completed so far, targeting near-surface inferred materials to enhance resources for the FS. An extensive surface exploration sampling program is also in progress around the RPM area to extend existing high-grade mineralized zones and identify new ones.
Exploring the Potential of Stibium
At Stibium, extensive surface sampling is ongoing, following up on a previously identified 2m-wide surface vein containing stibnite, which has shown exceptional gold and antimony grades. Bulk samples are being collected for metallurgical testing in both Alaska and Australia.
Insights from the CEO on Current Progress
Nova's exploration team, under the leadership of Head of Exploration Hans Hoffman, has provided updates on the ongoing drilling and exploration activities. The primary goal remains to upgrade resources at the RPM deposit while conducting thorough evaluations of the Stibium prospect.
CEO Christopher Gerteisen emphasized the significant opportunities presented by the Stibium prospect, especially considering recent developments affecting antimony supply. Nova intends to continue evaluating the potential for establishing a standalone operation in this area.
Strategic Milestones for Nova
The current drilling program aims to convert inferred resources into higher measured and indicated categories, with a focus on high-grade zones within the core of the RPM deposit. The Lidar terrain analysis is expected to improve targeting for future drilling efforts.
About Nova Minerals Limited
Nova Minerals Limited is dedicated to exploring and developing critical minerals, particularly gold. The Estelle Gold Project encompasses 513 km2 of mining claims and features several mining complexes along a 35 km long mineralized corridor. The company is committed to advancing its exploration initiatives and ensuring the security of the supply chain for critical minerals.
For More Information, Please Contact
Craig Bentley
Director of Finance & Compliance & Investor Relations
E: craig@novaminerals.com.au
M: +61 414 714 196
Frequently Asked Questions
What is the Estelle Gold-Antimony Project?
The Estelle Gold-Antimony Project is Nova Minerals' flagship initiative located in the Tintina Gold Belt, covering over 500 km2 and featuring multiple gold prospects.
What drilling activities are currently taking place?
Nova is actively conducting drilling programs at both the RPM and Stibium prospects, aimed at increasing estimates of gold and antimony resources.
What is the significance of the Stibium prospect?
The Stibium prospect is particularly valuable due to its rich antimony content, which has gained importance following export restrictions from China.
How does Nova Minerals plan to develop the RPM deposit?
Nova aims to establish a lower capex operation at the RPM deposit to generate cash flow while also exploring larger-scale mining options to enhance production.
Who can I contact for more information about Nova Minerals?
For inquiries, please reach out to Craig Bentley, Director of Finance & Compliance & Investor Relations, at craig@novaminerals.com.au.
