GoldExplorer has a gigantic 40,000 meters of drilling Nova Minerals (WKN A2H9WL / ASX NVA) planned for 2020 on the huge Estelle project. By the end of June of this year – due to COVID – just 7,200 meters of this had been completed – and yet that is enough to significantly expand the resources!
Namely, Nova Minerals today announced an “Intermediate Resource” based solely on drill results from what is known as Block B of the Korbel Target, which were completed prior to June 30th. And with this alone, the company was able to increase the volume of resources by 61% to 291 million tons. With an average of 0.4 grams of gold per ton, the deposits (the category inferred) increased to a strong 3.3 million ounces of gold!
As stated, this is an interim result for only one of four potential resource blocks in the Korbel target, making them 3.3 million ounces of gold – at grades close to what Kinross processes at its Fort Knox mine, also located in Alaska – only the beginning, albeit a very convincing one.
For both Block B and Block A the results of 32 further holes are still pending (the now 95% completed drilling program comprises a total of 48 holes), which will be included in a new resource estimate for both blocks. Nova Minerals intends to publish this new, “global” resource in the coming year, but until then, among other things, will also drill further drilling on the new, high-grade Block B expansion zone to the southeast.
Among other things, they want to continue drilling near a well that was previously 101 meters with 1.3 g / t gold including 82 meters with 1.5 g / t, 30 meters with 2.4 g / t, 3 meters with 7, 7 g / t, 6 meters with 4.7 g / t and 3 meters with 8.2 g / t! In total, this hole alone delivers 0.6 g / t gold over a length of 429 meters from a depth of just 3 meters below the surface!
Drilling programs are expanded dramatically
As if that weren’t enough, the backwash wells on Korbel Blocks C and D and determination wells on Block have already begun, with ten wells already being completed. Nova Minerals is not giving its drilling rigs a break, has expanded the drilling program originally designed to “only” 25,000 meters to 40,000 meters in 2020 and wants to double this value again with up to 80,000 meters in 2021! That tells us two things: the company likes what it has brought to light with the previous wells – and there is no end in sight to the expansion of resources!
Nova Minerals ‘CEO Christopher Gerteisen also sees it this way, who also points out that the thickness of the mineralization on Blocks A and B of Korbel is consistently high – and sees this as an exciting opportunity to increase resources even further. Mr. Gerteisen also explained that with this type of deposit (IRGS or Intrusion Related Gold Systems) it is crucial to prove larger quantities of tonnes of ore and that Nova has achieved this goal.
According to Mr. Gerteisen, the extent of the system cannot yet be determined and the deposit remains wide open. The mineralization also begins directly on the surface, which enables mass opencast mining. This, together with the exceptional metallurgical recovery rates that have been achieved in tests so far, will have a positive impact on the profitability studies that have now started, said the Nova CEO.
And Mr. Gerteisen emphasized that in the Korbel system alone, which is only one of 15 (!) Higher-level target areas within Estelle, there is still considerable potential for expansion in view of the high-quality destinations Block C and D, Cathedral, You Beauty, Izabela and Sweet Jenny . With the backwash drilling already in progress, Nova is already generating targets that could later be deepened by diamond core drilling and which the company expects to further increase Korbel’s overall resource.
In our view, as announced by the Company, the resource estimate announced today is a strong intermediate step in the development of the Estelle Gold Project into a world-class gold district. With the few wells only in Block B, it has been possible to increase the resource there by 800,000 (!) Ounces, so that the more extensive drilling programs that have already been carried out and are still to come promise an even greater increase in resources. As we said in the title of this article: An end to the expansion of resources to Korbel and the Estelle project is not in sight – on the contrary.
In accordance with Section 34b WpHG and Section 48f Paragraph 5 BörseG (Austria), we would like to point out that clients, partners, authors and employees of GOLDINVEST Consulting GmbH hold or can hold shares in Nova Minerals and that there is therefore a possible conflict of interest. Furthermore, we cannot rule out that other stock market letters, media or research firms will discuss the values recommended by us during the same period. Therefore, symmetrical information and opinion generation can occur during this period. Furthermore, there is a consulting or other service contract between a third party in the Nova Minerals warehouse and GOLDINVEST Consulting GmbH, which creates a conflict of interest, as this third party remunerates GOLDINVEST Consulting GmbH for reporting on Nova Minerals. This third party may also hold, sell or buy Nova Minerals shares and would benefit from an increase in the price of Nova Minerals shares. This is another clear conflict of interest.
Note: PERSONAL-FINANCIAL.COM publishes analyzes, columns and news from various sources in this section. PERSONAL-FINANCIAL.COM AG is not responsible for content that is recognizable as being posted by third parties in the “News” area of this website and does not adopt it as its own. This content can be identified in particular by a corresponding “from” label below the article heading and / or by the link “To read the full article, please click here.”; The named third party is solely responsible for this content.