Nova Minerals (ASX:NVA) Resumes Drilling at Estelle Gold Trend, Alaska – The Market Herald

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  • Nova Minerals (NVA) resumes drilling at its Estelle Gold Trend in Alaska’s Tintina Gold Belt, following a new capital management strategy
  • The drill program will begin at the Korbel Valley project along the Estrelle trend and will include inaugural testing at the Cathedral target
  • Nova is mobilizing additional drilling crews to the project site as it prepares to ramp up drilling over the coming weeks.
  • Company says this year’s drill program will be the most “significant and transformative” for Nova to date
  • Nova Minerals shares are down 3.17% at 61 cents apiece as of 11:09 a.m. AEST

Nova Minerals (NVA) has resumed drilling at its Estelle Gold Trend in Alaska’s Tintina gold belt, following a new capital management strategy.

The strategy, announced in April, capitalized Nova with approximately $28 million in cash. The company said its drilling work in Alaska had resumed even as various optimization studies for the mine and processes, material transportation and the environment were still underway.

The drilling program will begin at the Korbel Valley project along the Estrelle trend and will include inaugural testing at the Cathedral target which contains reconnaissance rock chip samples up to 114 grams per tonne (g/t) gold.

Nova is mobilizing additional drilling crews to the project site as it prepares to ramp up drilling over the coming weeks.

The company plans to use four diamond drill rigs and one RC reconnaissance drill rig for its 2022 drilling, with the possibility of adding more drill rigs at a later date based on confirmed assay results.

Nova said this drilling program would be the “largest and most transformative” for the company to date.

CEO Christopher Gerteisen said the company is aiming to increase the size and confidence of the Korbel and RPM deposits for inclusion in a phase two scoping study, due later this year, and a pre-feasibility study (PFS). in 2023.

“We anticipate inclusion of the high-grade RPM feed ore in the project
The Korbel Central Processing Plant… will result in significantly higher economics for the project in the Phase Two scoping study expected later this year,” Gerteisen said.

“Our exploration efforts to date have produced results at an extremely low cost per discovered ounce and we intend to maintain this rate of execution with additional drill rigs and the on-site preparation laboratory resulting in cost savings. of scale.”

Nova Minerals shares fell 3.17% to 61 cents apiece at 11:09 a.m. AEST.

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