Nova Minerals Ltd.
Update from the CEO of Nova Minerals Ltd (NVA.AX) to shareholders
Melbourne, Australia, May 19, 2021 – (ABN Newswire) – Nova Minerals Ltd. (ASX: NVA) (HAM: QM3) (OTCMKTS: NVAAF) had another year of tremendous growth in 2020. We started the year with a 2.5 ounce resource at the Korbel Main deposit and with all drill holes through December 2020, the resource increased to 4.7 million ounces (ASX April 7, 2021). Korbel Main remains open to further resources. Therefore, our drilling programs in Korbel Main this year are focused on ongoing infill and extension drilling in order to further increase the global resource and to demonstrate the resource in the measured and specified categories. In addition to Korbel Main, further wells are planned for other targets in the Korbel Valley, including Isabella, You Beauty and Cathedral. Our goal is to provide Korbel with the next global resource update this year.
A preliminary scoping study is currently underway and delivery is scheduled for July 2021. This study is based on the current 4.7 ounce resource in Korbel Main. The reported conceptual process flow diagram (ASX, May 5, 2021) marks an important milestone in providing key input for the completion of this study. The study is intended to provide a “snapshot in time” to show a potentially feasible path to production and at the same time act as a stepping stone for a PFS that will begin immediately.
Unlocking the significant upside potential for resources in the Greater Estelle Gold Project is a top priority in 2021. In order to exploit this potential, the high-level RPM perspective will be further developed in the direction of resource delimitation. RPM is ready to drill and we expect to mobilize the drill rig in the coming weeks to begin drilling to complete an initial resource estimate to be reported later in 2021. This will add serious depth to the project and have the potential to add significant global resource inventory, potentially opening a second reservoir for resource development. Over 20 km of highly prospective mineralized strike length separates Korbel and RPM and is paved with 15 other known prospects and numerous unnamed gold occurrences. Geological mapping and sampling teams are waiting to hit the ground in the coming months to improve these prospects and create additional drill targets. Exciting times lie ahead as we continue our mission to unlock the district’s gold assets.
We are currently building a sample preparation laboratory facility on site, the construction of which is about to be completed. The first samples are expected to be processed in the laboratory and will be shipped in the coming weeks. The prep laboratory offers significant savings due to a cost structure between owner and operator, as well as significantly reduced freight costs, with samples being 1/10 of their original weight. A drastic improvement in test results lead times was a major motivator for setting up our on-site preparation laboratory. As we are waiting for the on-site preparation laboratory to go into operation, we have temporarily started sending samples from the ongoing drilling program in 2021 to the commercial laboratory. We expect these test results to be returned in the coming weeks and will report these results to the market as soon as they become available. Geologically, some of these samples look very promising, showing encouraging gold grade indicators for mineralogy and high vein densities.
Nova is full steam ahead as we continue to seek, in our view, a world-class resource while moving our fast track toward production. By executing our dual exploration and development strategy, we aim to maximize our ability to create value for shareholders through resource growth and project development.
Additionally, we have started our environmental studies, which include wetlands, fisheries, hydrology and geochemistry, while managing the permitting process in line with the company’s goal of moving Korbel to production quickly.
RotorX, 9.9% owned by Nova, continues to sell helicopter kits and parts for the Phoenix A600 Turbo, an advanced, high-quality two-seat helicopter with a range of 170 miles. Orders can be placed online and directly at RotorX. The team, based in Chandler, Arizona, is now 20 strong. The current and forecast result looks very promising.
Starting April 2021, Rotor X is developing an electric version of the Phoenix A600 helicopter and hybrid versions of the Transporter A and B, which are autonomous aircraft designed to carry payloads out of range. RotorX aims to revolutionize the electric air taxi industry by developing vehicles that outperform the competition in terms of reliability, performance, maintainability and cost.
The corresponding patents will be registered shortly.
More information is available at www.rotorxaircraft.com
2021 focus highlights
– 4.7 million ounces of preliminary gold resource at Korbel alone
– Strong safety and environmental performance through proactive implementation of COVID-19 guidelines for testing, tracking and isolating
– Phase 2 metallurgical test work, including bulk ore sorting studies
– Continuation of exploration success with priority targets for the Estelle gold property to significantly increase ounces
– Convergence of blocks A and B in one zone – Korbel Main
– The results of the Korbel main drilling identify high quality domains
– Strong evidence that Blocks C, D, Connex and Isabella are converging into the main Korbel deposit
– The high-grade feeder system to expand the southeast of Pad 6 will continue along the strike.
– Extensive diamond and RC drilling program is ongoing
– RPM Expands the resource drilling footprint for 2021 to include RPM1 and RPM2
– Exceptional results of the ore sorting of phase 1 – The bulk ore sorting alone showed a 25% improvement in the forage quality of 0.25 g / t with a sorting waste quality of 0.06 g / t.
– Interim scoping study for Korbel well advanced
– Jade North, LLC has been appointed to advance the environmental work program and provide permit guidance for Nova’s main 4.7-ounce Korbel deposit in Alaska
– Nova has hired environmental and licensing specialists Ed Fogels and Bob Loeffler, principals at Jade North, to build on Nova’s ESG commitments.
– Basic environmental field studies and approval paths began as indicated
– Updating and exploring resources
o Follow drilling results
o Further updates to the Korbel main resource will follow
o RPM Maiden Resource Drill Program Virgin Resource Estimate follows
o Geochemical sampling and mapping programs for all claims priority on Shoeshine, Stoney, T5, train 20 mile strike length with numerous unnamed color anomalies to be investigated
– Economical and permissible:
o Basic environmental studies and start of approval
o Economic evaluation Mine optimization Mine design and infrastructure Optimal engineering design Compromise studies Economic evaluation
– The stake in the stake of Torian Resources Ltd (ASX: TNR) comprises 12.99% of the shares in TNR
– 9.9% stake in the manufacture of RotorX aircraft that have grown by leaps and bounds and receive news on their electric version of the Phoenix A600 helicopter. At the same time, hybrid versions of Vans A and B are being built, which are autonomous aircraft designed to transport payloads out of range.
– Building a strong team in Snow Lake Resources
o New York IPO on track
Aggressive exploration programs are planned for the Estelle Gold Project to both expand existing deposits and identify new targets. We recently expanded our land holdings by filing additional claims to break some of this promising new land and expanded the claim block to 324 km2. The geological evidence shows that the Estelle Gold Project has significant upside potential, which is reflected in the results of our ongoing aggressive work programs for the coming year and beyond. Our primary goal is to be the next low cost gold producer in Alaska while growing gold resources through the continued development of known prospects and further discoveries.
This is a transformation time for Nova Minerals with an interest in two companies that are asset-driving at the same time, with crucial minerals in the long-term bull markets. Both gold and lithium show a clear upward trend in the short term and further added value. I strive to achieve our goals, meet your expectations, maintain open communication and implement our value creation strategy.
Although the news flow started slowly in 2021, it is in full swing and we are only just getting started with the Estelle Gold Project.
About Nova Minerals Ltd:
Nova Minerals Limited (ASX: NVA) (FRA: QM3) (OTCMKTS: NVAAF) is a dynamic explorer and developer of its flagship Estelle Gold district in the Tintina Gold Belt. Nova’s strategy is to significantly increase the current 4.7 ounce resource for the Korbel prospectus. The value is then to be increased further by moving Korbel towards production, while at the same time increasing the resource base via the target pipeline 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.
Contact:
Nova Minerals Ltd.
P: + 61-3-9614-0600
F: + 61-3-9614-0550
WWW: novaminerals.com.au
Source:
Nova Minerals Ltd.
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