(MENAFN- ABN Newswire)
Since the release of the Annual Report, Nova Minerals Limited (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) has continued its fast-track exploration strategy at the district scale Estelle Gold Project in Alaska, releasing an interim JORC compliant 3.3Moz inferred resource at its Korbel prospect (Table 1*) in the September quarter (ASX 5 October 2021).
In July, Nova appointed Colin Belshaw FIMMM to the Board as a Non-Executive Director. Colin is a highly experienced mining executive, having worked with Kinross Gold Corporation, Banro Corporation and Navan Mining. Until recently, he was a Non- Executive Director of Highland Gold Mining Ltd.
On 1 September 2020, the Company announced that ~486.8 million quoted options exercisable at $0.0325 (ASX NVAO) (Options) had been exercised since January 2020, before the Options expired on 31 August 2020. Total funds raised from the exercise of the Options amounted to ~$15.8m. The remaining 3,296,099 Options that were not exercised, were cancelled on 3 September 2020.
Nova raised AUD $21 Million to accelerate drilling at Estelle (ASX 25 November 2020). The Placement was offered to sophisticated and institutional investors in Australia and offshore.
Drilling continued throughout the half year, resulting in substantial mineralization being identified within Blocks A and B, potentially converging the areas into Korbel Main (ASX 16 October 2020) (Figure 3*).
Further drill results have shown extensive mineralisation in the area South-East of Korbel Main, potentially increasing Korbel's footprint by 30% or more (Figure 2*).
Field operations are ahead of schedule and on budget. The unforeseen bottleneck has been slow returns from the assay laboratory, it having to operate under severe COVID protocols and restrictions. In mitigation, a second assay laboratory was engaged. As a result, Nova is expecting improved rates of release of assay results.
Nova has commenced economic and environmental assessment work, as part of an interim scoping study.
The Company has engaged Forte Dynamics (US) and MPH Minerals Consultants (UK) to assist with the engineering and metallurgical test work required.
The Company has also engaged Jade North LLC, a consulting firm specialising in Alaskan mining, to provide permitting guidance for the Estelle Gold project.
The Company expects to announce an updated resource estimate in April 2021.
*To view the full half year report, please visit:
https://abnnewswire.net/lnk/PTNGN4YC
( ) ( ) (OTCMKTS:NVAAF) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.
The company plans to create shareholder value through two-pronged strategy:
- Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.
- Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.
Nova Minerals LtdP: +61-3-9614-0600F: +61-3-9614-0550WWW: novaminerals.com.au
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