Core Viewpoint - Nova Minerals Limited has announced positive results from shallow reverse circulation drilling at the Korbel Main Deposit, indicating the potential for a higher-grade starter pit within its Estelle Gold and Critical Minerals Project in Alaska [1][3][4]. Drilling Results - A total of 14 reverse circulation (RC) holes were drilled at the Korbel Main Deposit, targeting a near-surface, higher-grade core within a bulk-tonnage resource of 2.7 million ounces (Moz) of gold at a grade of 0.3 grams per tonne (g/t) [5][7]. - Significant intercepts from the drilling program include: - 19 meters at 0.6 g/t Au from surface, including 6 meters at 1.0 g/t Au [7][18]. - 25 meters at 0.5 g/t Au from 1 meter, including 8 meters at 0.8 g/t Au [7][18]. - 9 meters at 1.2 g/t Au from 1 meter [7][18]. - The drilling results support the planning of a potential pilot starter pit approximately 250 meters long, 80 meters wide, and 20 meters deep [5][7]. Economic Implications - With current gold prices around US$4,600 per ounce, the combined resource of 4.05 Moz at Korbel is expected to significantly contribute to the economics of the ongoing feasibility study [4][6]. - The potential for ore sorting has been highlighted, with previous tests showing the ability to upgrade material from 0.4 g/t Au to over 6 g/t Au, which could lower processing costs and increase production [5][7]. Project Overview - The Estelle Gold and Critical Minerals Project is located in the Tintina Gold Belt, which is known for its substantial gold endowment [29]. - The project hosts two defined multi-million-ounce gold resources and is advancing towards production, with a focus on securing a domestic supply of critical minerals [28][29]. Future Developments - Upcoming milestones include further results from surface exploration, updates on the feasibility study, and ongoing metallurgical and environmental test work [31].
Nova Confirms Higher-Grade Starter Pit Potential within the 4.05 Moz Pit-Constrained Korbel Gold Deposit