Nova Minerals Provides an Update on its Estelle Gold-Antimony Project, in Alaska
Anchorage, Alaska, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Nova Minerals Limited (“Nova” or the “Company”) (NASDAQ: NVA) (ASX: NVA) (FSE: QM3) is pleased to provide an update on its 2024
drilling and exploration field programs on its over 500km2 flagship Estelle Gold Project, located in the prolific Tintina Gold Belt in Alaska, where RPM drilling for the completion of
its Feasibility Study (FS) is progressing, and surface sampling for gold-antimony at its Stibium prospect continues to impress.
Highlights
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Development Optionality:
The Feasibility Study (FS) currently underway is considering a strategy to achieve production as soon as possible with a scalable operation, subject to market conditions and strategic partners, by;
- Establishing an initial lower capex smaller scale operation at the high-grade RPM deposit for potential near term cashflow at high margins to self-fund expansion plans; and/or
- Develop the higher capex larger mining operation with increased gold production, cash flow, and mine life, which is of interest to potential future large gold company strategic partners.
- With China announcing export restrictions on antimony, the Company is now also investigating the possibility to fast track the Stibium gold-antimony prospect development option with potential US Dept. of Defense (DoD) support.
- Environmental studies progressing and Lidar survey completed for detailed technical studies, infrastructure, and access road design.
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RPM:
- Resource definition drilling is progressing with 11 holes completed to date targeting near surface high grade inferred material to increase and prove up resources for the FS (Figures 1 and 2)
- Extensive surface exploration sampling program underway around the wider RPM area to extend existing and delineate additional high-grade mineralized zones
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Stibium:
- Extensive surface exploration sampling program also underway at Stibium, to follow up a 2m wide surface vein containing stibnite (Antimony) over 30m in strike length previously discovered with results including 12.7 g/t Au and 60.5% Sb (Antimony) (ASX Announcement: 10 October 2023) (Figures 3 and 4)
- Several tons of bulk sample on antimony rich material is being collected at Stibium for metallurgical test work at laboratories in Alaska and Australia
- Approximately 1km2 of prospective additional claims have been staked at Stibium (Figure 5)
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