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Nova Minerals Limited (ASX: NVA) Infill drilling paves the way for Korbel Indicated MRE Update

Infill drilling paves the way for Korbel Indicated MRE UpdateMelbourne, September 1, 2021 AEST (ABN Newswire) – Nova Minerals Limited (ASX: NVA) (AB: QM3) (OTCMKTS: NVAAF) is pleased to announce its current infill drilling program to mitigate risk and expand its Korbel Main project within the company’s flagship Estelle gold project in the productive Tintina gold belt.

Infill drilling is a major focus with the aim of upgrading the majority of the Inferred Resource to the Indicated Category. This significantly reduces the project risk and enables Nova to advance the financing options.

Korbel Drilling will continue, more results will follow in the near future. The company currently uses the laboratory facility for on-site sample preparation, which will result in a lower cost per assay and faster turnaround time.

Infill drilling confirms continuity of mineralization within the 4.7 million ounce Korbel Principal Resource:

The latest results include:

KBDH-075
o 67 m @ 0.7 g / t Au
o 30 m @ 0.8 g / t Au
o 6 m @ 1.0 g / t Au
o 9 m @ 1.1 g / t Au
o 3 m @ 2.0 g / t Au
o 3 m @ 2.9 g / t Au

(KBDH-075 returned an average total grade of 0.5 g / t Au over 216 meters of 36 meters within the Korbel mineralized intrusive which contains several high grade zones)

KBDH-077
o 85 m @ 0.5 g / t Au
o 18 m @ 0.6 g / t Au
o 12 m @ 1.0 g / t Au
o 9 m @ 1.2 g / t Au
o 6 m @ 1.4 g / t Au
o 3 m @ 2.3 g / t Au

(KBDH-077 averaged 0.4 g / t Au over 219 meters by 6 meters within the Korbel mineralized intrusive which contains several high grade zones)

– These results continue to indicate that the Korbel Main deposit is of substantial size with high grade “blow-out” zones within the continuous mineralization.

– The mineralization remains open along strike to the northwest and southeast with a projected strike length of over 3 km of continuous gold mineralization

– Assay results pending for over 10,000m of wells from Korbel Main and RPM

– The latest results will be part of the global resource update planned for Q4 2021 and will include the infill and extension drilling of the Korbel Main resource with the aim of proving a significant portion of the indicated resource category

– Aggressive infill and extension (step-out) drilling is ongoing at Korbel Main, currently focusing on the high-grade SE feeder zone, with the aim of recovering the 4.7 million ounce (ASX 7th) feasibility study for projects to speed up.

– The metallurgical test work of the Korbel Main PFS is now under way

– RPM remains on track for a Maiden resource through the end of 2021 with initial results now in the lab’s fire testing phase

– The status update from Snow Lake Resources (a majority-owned lithium company) is expected shortly and is expected to add significant value to Nova Minerals in the near future.

Christopher Gerteisen, CEO of NVA, commented, “Nova’s multi-track drilling strategy aims to move the Korbel Main deposit towards a bankable project by 2023. Our planned start-up operation, while at the same time advancing the resource development program on the RPM project and the broader Estelle Gold District, with more prospectuses going online quickly, will add value to the company as we advance the Korbel Project in parallel. This approach will maximize our ability to monetize our prime asset faster, bring production start time forward along with cash flow, and allow us to future operations in a short time in the Korbel Valley and the broader Estelle Gold District.

In addition to the exciting drilling at Korbel, another important milestone is in the crosshairs. Drilling at the RPM area is now in full swing with 6 holes completed. This is very positive as we are developing a second resource deposit at RPM that has the potential to add significant ounces to the global resource inventory of the Estelle Gold Project. Assays for the initial holes RPM-001 and RPM-002 are in the final stages of analysis and will be announced shortly, with results from the remaining holes to follow. Based on this drilling, we plan to release a Maiden RPM resource estimate later this year.

At the same time, the regional exploration exploration teams have now completed their activities. More news will follow based on their findings as we advance the other high-priority targets across the project area as part of our mission to develop the district and develop a pipeline of deposits.

Please note that an additional diamond drill rig has now also been ordered as we want to ramp things up significantly. We expect this drill rig to be mobilized and begin rotating in the coming months. While assay lab turnaround times and supply chain disruptions continue to be frustrating, the newly commissioned on-site prep lab is already helping to alleviate some of the challenges associated with the assay turnaround. Drilling news and results will continue throughout 2021 and beyond, along with a global resource update for the fourth quarter. ”

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About Nova Minerals Limited

Nova Minerals LtdNova Minerals Limited (ASX: NVA) (FRA: QM3) (OTCMKTS: NVAAF) is a dynamic discoverer and developer of its flagship property Estelle Gold in the Tintina Gold Belt. Nova’s strategy is to significantly increase the current 4.7 million ounce resource on the Korbel project. It then continues to secure value by shifting Korbel towards production while increasing the resource base via the pipeline of targets within the Estelle gold district. Nova Minerals also has strategic interests in Snow Lake Resources Ltd (Thompson Brothers Lithium Project), Torian Resources Ltd (ASX: TNR) and RotorX Aircraft Manufacturing Co.

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