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 to demonstrate a significant portion of the indicated resource category and increase the current 4.7 million ounces.
() believes its latest infill drill results on the 4.7 million ounce Korbel deposit within Alaska’s flagship Estelle Gold Project will pave the way for an updated estimate of Indicated Mineral Resources later this year, following the continuity of mineralization and extent with high-grade “blow-out” zones.
Aggressive infill and extension (step-out) drilling is underway at Korbel Main, focusing on the high-grade SE feeder zone, with the aim of increasing the resource’s size and confidence in order to advance feasibility studies on the project accelerate.
The test results of more than 10,000 meters of drilling from Korbel Main and RPM are still pending.
On the way to bankable status in 2023
NVA CEO Christopher Gerteisen said the company’s multi-track drilling strategy is aimed at developing the Korbel Main deposit into a bankable project by 2023.
“A focus on proving the resource on the indicated status, which can then be converted into reserve ounces for our planned launch operation, while at the same time advancing the resource development program on the RPM project and tapping into the broader Estelle gold district with additional prospectuses. Go online quickly, will bring added value to the company.
“Our goal is to increase the global resource inventory and, at the same time, to advance the Korbel project.
“This approach will maximize our ability to monetize our world-class asset faster, bring production start time forward along with cash flow, and allow us to get future operations up in a short amount of time in the Korbel Valley and the wider Estelle Gold District.”
RPM could potentially add ounces to Estelle
In addition to the exciting drilling at Korbel, said Gerteisen, another important milestone is in the crosshairs.
“The drilling on the RPM prospect is now in full swing with six holes completed.
“This is very positive as we at RPM are developing a second resource deposit that has the potential to add significant ounces to the global resource inventory of the Estelle Gold Project.
“Assays for the first holes, RPM-001 and RPM-002, are in the final stages of analysis and will be announced shortly later this year.”
Drilling results
Hole KBDH-075 returned an average total grade of 0.5 g / t gold over 216 meters by 36 meters within the Korbel mineralized intrusive material which contains several high grade zones.
The latest results from this hole include 67 meters of 0.7 g / t gold, 30 meters of 0.8 g / t, 6 meters of 1 g / t, 9 meters of 1.1 g / t, 3 meters of 2 g / t and 3 meters with 2.9 g / t.
In addition, drill hole KBDH-077 averaged 0.4 g / t over 219 meters by 6 meters within the Korbel mineralized intrusive material which contains several high grade zones.
These results include 85 meters of 0.5 g / t gold, 18 meters of 0.6 g / t, 12 meters of 1 g / t, 9 meters of 1.2 g / t, 6 meters of 1.4 g / t t and 3 meters with 2.3 g / t. T.
The mineralization remains open along strike to the northwest and southeast with a projected strike length of over 3 kilometers of continuous gold mineralization.
Next Steps
Gerteisen added: “Also, an additional diamond drill has now been ordered as we want to ramp things up significantly.
“We anticipate this rig will be mobilized and will start rotating in the coming months.
“While assay lab turnaround times and supply chain disruptions remain frustrating, the newly launched on-site prep lab is already helping to alleviate some of the challenges associated with the assay turnaround.
“Well-related news and results will continue to flow throughout 2021 and beyond, along with a global resource update for the fourth quarter.”
Nova said an update on Snow Lake Resources is due shortly and is expected to add significant value to Nova Minerals in the near future.
In April 2019, Nova Minerals acquired the Thompson Brothers lithium project through Snow Lake Resources Ltd. outsourced and now owns 73.8% of the company.
Snow Lake Resources announced earlier this year that it would be jointly listing with competitors Albemarle Corporation (NASDAQ: ALB), Livent Corporation (NASDAQ: LTHM), (,) on the Nasdaq. (NASDAQ: LAC), (,,). (NASDAQ: PLL) and Tesla (NASDAQ: TSLA).