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Nova Drills 29m @ 7.1 g/t Au from Surface at RPM in Advance of Resource Update

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Nova Minerals announced significant results from its final six holes of the 21-hole reverse circulation drilling program at the RPM starter pit area within the Estelle Gold Project in Alaska. Notable intercepts include 29m @ 7.1 g/t Au from surface, with some sections reaching up to 52.7 g/t Au. The 2024 drilling program extended the high-grade core zone at RPM to surface with over 20 significant broad intercepts grading >5 g/t Au. All drill holes ended in gold mineralization. A resource update including both 2023 and 2024 drill results is underway, along with a Pre-Feasibility Study focusing on developing RPM as a scalable, low-capex starter operation.

Nova Minerals ha annunciato risultati significativi dai suoi ultimi sei fori del programma di perforazione a circolazione inversa composto da 21 fori nell'area del RPM starter pit all'interno del progetto Estelle Gold in Alaska. Le intercettazioni notevoli includono 29m @ 7,1 g/t Au dalla superficie, con alcune sezioni che raggiungono fino a 52,7 g/t Au. Il programma di perforazione 2024 ha esteso la zona centrale ad alta legge del RPM fino alla superficie, con oltre 20 ampie intercettazioni significative che mostrano un grado >5 g/t Au. Tutti i fori di perforazione si sono conclusi in mineralizzazione aurifera. È in corso un aggiornamento delle risorse che include sia i risultati di perforazione del 2023 che quelli del 2024, insieme a uno studio di pre-fattibilità focalizzato sullo sviluppo del RPM come operazione iniziale scalabile e a basso costo.

Nova Minerals anunció resultados significativos de sus últimos seis pozos del programa de perforación de circulación inversa de 21 pozos en el área del RPM starter pit dentro del Proyecto Estelle Gold en Alaska. Las intercepciones notables incluyen 29m @ 7.1 g/t Au desde la superficie, con algunas secciones alcanzando hasta 52.7 g/t Au. El programa de perforación 2024 extendió la zona de núcleo de alta ley en RPM hasta la superficie, con más de 20 intercepciones amplias significativas que califican >5 g/t Au. Todos los pozos de perforación terminaron en mineralización de oro. Se está llevando a cabo una actualización de recursos que incluye tanto los resultados de perforación de 2023 como de 2024, junto con un Estudio de Pre-Factibilidad centrado en desarrollar RPM como una operación inicial escalable y de bajo capital.

노바 미네랄스는 알래스카의 에스텔 골드 프로젝트 내 RPM 스타터 핏 지역에서 21개 홀의 역순환 드릴링 프로그램의 마지막 6개 홀에 대한 중요한 결과를 발표했습니다. 주목할 만한 발견으로는 표면에서 7.1g/t Au의 29m이 있으며, 일부 구간에서는 52.7g/t Au에 달하는 결과가 나타났습니다. 2024년 드릴링 프로그램은 RPM의 고품질 핵심 구역을 표면까지 확장하여 >5g/t Au 등급의 20개 이상의 중요한 넓은 인터셉트를 기록했습니다. 모든 드릴 홀은 금 광물화에서 종료되었습니다. 2023과 2024년 드릴링 결과를 포함한 자원 업데이트가 진행 중이며, RPM을 확장 가능하고 저비용의 스타터 운영으로 개발하는 데 중점을 둔 예비타당성 조사도 진행 중입니다.

Nova Minerals a annoncé d'importants résultats de ses six derniers forages du programme de forage à circulation inverse comprenant 21 forages dans la zone du RPM starter pit, au sein du projet Estelle Gold en Alaska. Les intersections notables incluent 29m @ 7,1 g/t Au à partir de la surface, certaines sections atteignant jusqu'à 52,7 g/t Au. Le programme de forage 2024 a étendu le noyau à haute teneur de RPM jusqu'à la surface, avec plus de 20 intersections larges significatives ayant un grade >5 g/t Au. Tous les forages se sont terminés par de la minéralisation aurifère. Une mise à jour des ressources, incluant les résultats de forage de 2023 et 2024, est en cours, ainsi qu'une étude de faisabilité préliminaire axée sur le développement de RPM en tant qu'opération initiale évolutive et à faible CAPEX.

Nova Minerals gab bedeutende Ergebnisse aus den letzten sechs Bohrlöchern des Bohrprogramms mit umgekehrter Zirkulation bekannt, das aus 21 Löchern im RPM Starterpit-Gebiet innerhalb des Estelle Goldprojekts in Alaska besteht. Auffällige Interzeptionswerte beinhalten 29m @ 7,1 g/t Au von der Oberfläche, wobei einige Abschnitte bis zu 52,7 g/t Au erreichen. Das Bohrprogramm 2024 erweiterte die hochgradige Kernzone bei RPM bis zur Oberfläche mit über 20 bedeutenden breiten Intercepten, die >5 g/t Au betragen. Alle Bohrlöcher endeten in Goldmineralisierung. Ein Ressourcenupdate, das sowohl die Bohrergebnisse aus 2023 als auch aus 2024 umfasst, ist in Arbeit, zusammen mit einer Machbarkeitsstudie, die sich auf die Entwicklung von RPM als skalierbare, kapitalarme Startoperation konzentriert.

Positive
  • High-grade gold intercepts found near surface, including 29m @ 7.1 g/t Au
  • All drill holes ended in gold mineralization, with one hole ending in 15.5 g/t Au
  • Low-capex starter mine potential with immediate ore extraction due to surface location
  • Anticipated low strip ratio for the optimized starter pit
Negative
  • None.

Insights

The latest drilling results from Nova Minerals' RPM deposit reveal exceptionally high-grade gold intercepts near surface, including 7.1 g/t Au over 29m from surface. These results significantly enhance the deposit's economic potential by confirming shallow, high-grade mineralization that could support a low-cost starter pit operation.

The drilling program's strategic focus on near-surface mineralization (<50m depth) directly supports the upcoming Pre-Feasibility Study for the RPM starter mine. With over 20 significant intercepts grading above 5 g/t Au, including peaks of 52.7 g/t Au, these results suggest favorable economics due to potentially low strip ratios and immediate access to high-grade ore.

The continuous nature of mineralization and all holes ending in gold mineralization indicate significant resource expansion potential. The upcoming resource update, incorporating both 2023 and 2024 drill results, could materially increase the current Measured and Indicated resource of 330,000 oz @ 2.4 g/t.

Anchorage, Alaska, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Nova Minerals Limited (“Nova” or the “Company”) (NASDAQ: NVA) (ASX: NVA) (FRA: QM3) is pleased to announce further high-grade thick intercepts from the final six holes of the 21 hole reverse circulation (RC) drilling program conducted in the RPM starter pit area in 2024, within its over 500km2 flagship Estelle Gold Project, located in the Tintina Gold Belt in Alaska. The shallow drilling program was focused on near surface mineralization <50m in depth in support of the RPM starter mine PFS currently underway.

Highlights

  • 2024 drilling extends the high-grade core zone at RPM to surface with over 20 significant broad intercepts grading > 5 g/t Au and a high of 52.7 g/t Au
  • Resource update including 2023 and 2024 drill results underway
  • High-grade gold intersections targeting near surface mineralization above the current high-grade Measured and Indicated core continue at RPM North with all holes ending in mineralization. Significant results include (Table 1 and Figures 2 to 4):

    • RPMRC-24017
      • 29m @ 7.1 g/t Au from surface including;
      • 22m @ 9.4 g/t Au from surface
      • 6m @ 19.9 g/t Au from 16m
      • 3m @ 32.2 g/t Au from 17m
      • 2m @ 52.7 g/t Au from 19m

    • RPMRC-24020
      • 28m @ 4.5 g/t Au from surface including;
      • 23m @ 5.3 g/t Au from 5m
      • 6m @ 14.3 g/t Au from 11m
      • 3m @ 25.0 g/t Au from 14m

    • RPMRC-24021
      • 34m @ 3.9 g/t Au from surface including;
      • 3m @ 8.3 g/t Au from 20m

    • RPMRC-24019
      • 66m @ 2.1 g/t Au from surface including;
      • 63m @ 2.2 g/t Au from surface
      • 25m @ 3.4 g/t Au from surface
      • 11m @ 2.8 g/t Au from 43m
  • All drill holes ended in gold mineralization, with hole RPMRC-24010 ending in 15.5 g/t Au.
  • Assay results from all 21 holes from the 2024 resource drilling program at RPM North have now all been received and reported extending the high-grade core zone at RPM to surface.
  • Resource update including both the 2023 and 2024 drill results is now underway.
  • Assay results from the over 500 soil and 225 rock samples collected as part of the extensive 2024 surface exploration and mapping program targeting gold, antimony and other critical minerals from traverses at Stibium, Wombat, West Wing, Stoney, Muddy Creek, RPM, Styx, and the new claims added in 2023, will be reported by area once received and processed.
  • RPM starter mine Pre-Feasibility Study (PFS), and updated economic study of the Estelle wide project in progress, with the aim to commence with a smaller scale, low capex, high-margin starter mine at RPM as soon as possible, which we believe will provide cash flow to fund the expansion of the larger Estelle project organically.
  • Whittle Consulting commenced project optimization work.

To watch a 3D Vrify video commentary on the 2024 RPM drill results, with CEO, Christopher Gerteisen please click here

Nova Minerals CEO, Mr Christopher Gerteisen commented: “The 2024 drill results have confirmed a broad zone of high-grade mineralization starting at surface at RPM North. This should prove positive for our upcoming studies focused on executing our current strategy to fast track development of RPM as a scale-able low capex/high margin starter operation that we believe will generate the cash flow to facilitate future mine expansion plans and further unlock the larger Estelle Project which remains one of the largest undeveloped gold projects in the world, with significant upside remaining with gold, antimony, copper, silver, and other critical elements. These latest results of high-grade mineralization will be included in the upcoming MRE and PFS, which we look forward to providing to our shareholders in due course.”

RPM 2024 Drilling Summary

A total of 21 shallow RC holes were drilled at RPM as part of the 2024 drill program, and assay results for all holes have now been received and reported. The drilling was focused on near surface mineralization <50m in depth and had two main objectives.

1. The first and primary objective was to infill and prove up near surface inferred resources that define the up dip extension of the steep to vertical dipping RPM North high-grade core zone, where previous high-grade results included:

  • RPM-005: 400m @ 3.5 g/t Au from surface, including 132m @ 10.1 g/t Au (ASX Announcement: 11 October 2021)
  • RPM-008: 260m @ 3.6 g/t Au from 11m, including 140m @ 6.5 g/t Au (ASX Announcement: 8 August 2022)
  • RPM-015: 258m @ 5.1 g/t Au from surface, including 117m @ 11.1 g/t Au (ASX Announcement: 22 August 2022)
  • RPM-057: 211m @ 3.2 g/t Au from 3m, including 120m @ 5.0 g/t Au (ASX Announcement: 11 December 2023)

A new drill pad (Pad 24-1) was located between the two previous drill pads (Pad 1 and Pad 23-1) at RPM North to fill this data gap and prove up this high-grade material. Assay results from Pad 24-1 including holes RPMRC-24005 to RPMRC-24021 continue to support this objective.

2. The secondary objective of the shallow 2024 drill program was to extend drilling to the South and Southwest of the current RPM North resource to begin to test a potential link with the RPM Valley zone situated approximately 150m to the Southwest. Highly prospective mineralized intrusive rocks have been observed in this area in recent geological mapping and confirmed with anomalous surface sample results. The results returned from previously announced holes RPMRC-24001 to RPMRC-24004 indicate the RPM North deposit remains wide open to the South-Southwest and is potentially connected to the RPM Valley zone (Figure 2). This warrants further follow-up diamond drilling to test the considerable resource upside potential.

The 2024 drill program delivered over 20 significant broad intercepts from surface grading > 5 g/t Au including:

  • RPMRC-24017: 29m @ 7.1 g/t Au from surface, including 22m @ 9.4 g/t Au (ASX Announcement: 23 October 2024)
  • RPMRC-24016: 39m @ 5.4 g/t Au from surface, including 20m @ 10.2 g/t Au (ASX Announcement: 16 October 2024)
  • RPMRC-24005: 43m @ 4.4 g/t Au from 2m, including 13m @ 10.7 g/t Au (ASX Announcement: 9 October 2024)
  • RPMRC-24008: 45m @ 3.4 g/t Au from surface, including 31m @ 4.7 g/t Au (ASX Announcement: 9 October 2024)

These results prove high-grade gold mineralization greater than 2 g/t Au extend to surface above the current S-K 1300 compliant pit constrained Measured (180,000 oz @ 4.1 g/t Au) and Measured and Indicated (330,000 oz @ 2.4 g/t) (Table 3) high-grade core within the existing RPM North resource area. Pending an updated Mineral Resource Estimate later this year, Nova envisions drilling from both the 2023 and 2024 campaigns will add significant ounces to the Measured and Indicated categories, which will be incorporated into an updated starter pit design (Figure 1) optimized for these high-grade, at surface resources.

The cross-sections below in Figures 3 and 4 show how this last round of assay results continue to prove that hole-after-hole gold grades are both high-grade and continuous from surface. Being hosted directly on surface enables immediate ore extraction with the optimized starter pit anticipated to have an extremely low strip ratio, which should bode well for the PFS economics. Figure 3, aligned on hole RPMRC-24017’s azimuth of 280 degrees, shows the western contact with the hornfels and how the mineralization is continuous through the intrusive across holes RPMRC-24020 and RPMRC-24021. For clarity, the previously announced assay results from the vertical hole RPMRC-008 were omitted from this figure, but hosts a grade of 3.4 g/t Au over 45 meters (ASX Announcement: 9 October 2024). Figure 4, aligned on hole RPMRC-24019’s azimuth of 130 degrees, provides a wider view showing the northwestern and southeastern contacts of the funnel-shaped mineralized intrusive with the surrounding hornfels host. Again, for clarity, assay results from RPMRC-008 were omitted from this figure.

In the central core zone where the intrusive unit is thick and continuous the deposit remains wide open with further significant resource upside potential, up-dip, down-dip, and throughout the intrusive, particularly to the South which remains largely untested by drilling.

With the 2024 drill program now complete, Nova has sent the assay data to the resource modeler to complete a mineral resource estimate update using the drill data from both the 2023 and 2024 drill programs. This is expected to be completed later this year.


Figure 1. RPM area showing potential RPM starter pit


Figure 2. RPM North plan view with all drill holes to date


Figure 3. RPM North Section A-A’_280azi showing continuity of mineralization


Figure 4. RPM North Section B-B’_130azi showing continuity of mineralization

Table 1. Significant intercepts (At 0.1 g/t Au cutoff and a minimum 10m width)

Hole_IDFrom (m)To (m)Interval (m)Au g/t
RPMRC-24010043432.3
RPMRC-24017029297.1
including022229.4
 1622619.9
 1720332.2
 1920252.7
RPMRC-24018016161.9
including516112.5
RPMRC-24019024242.1
including3853.0
 162592.6
RPMRC-24020028284.5
including528235.3
 1117614.3
 1417325.0
RPMRC-24021034343.9
Including202338.3


Table 2.
Drill hole details

Hole_IDUTM_EUTM_NELEV
(m)
EOH
(m)
AZIDIPAssays
RPMRC-240015019956848795177231180-45Reported 9/10/24
RPMRC-240025019916848802177248270-60Reported 9/10/24
RPMRC-240035019926848801177142210-60Reported 9/10/24
RPMRC-2400450199368488021773340-90Reported 9/10/24
RPMRC-24005501955684887117434570-60Reported 9/10/24
RPMRC-240065019556848869174423100-50Reported 9/10/24
RPMRC-240075019546848868174616130-50Reported 9/10/24
RPMRC-2400850195468488681742470-90Reported 9/10/24
RPMRC_240095019546848869174647145-50Reported 16/10/24
RPMRC_240105019546848869174643145-70Reported 23/10/24
RPMRC_240115019546848870174421150-50Reported 16/10/24
RPMRC_240125019546848869174340160-50Reported 16/10/24
RPMRC_240135019536848870174434175-50Reported 16/10/24
RPMRC_240145019526848871174524190-50Reported 16/10/24
RPMRC_240155019536848870174326220-60Reported 16/10/24
RPMRC_240165019536848870174439250-60Reported 16/10/24
RPMRC_240175019546848869174329280-70Reported 23/10/24
RPMRC_240185019566848868174516130-50Reported 23/10/24
RPMRC_240195019556848869174466130-70Reported 23/10/24
RPMRC_240205019576848869174328115-60Reported 23/10/24
RPMRC_24021501956684887017423485-70Reported 23/10/24


Table 3.
S-K1300 compliant pit constrained mineral resource estimate


Notes to Table 3:

1. A mineral resource is defined as a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity, that there are reasonable prospects for economic extraction.
2. The mineral resource applies a reasonable prospect of economic extraction with the following assumptions:

  • Gold price of US$2,000/oz
  • 5% royalty on recovered ounces
  • Pit slope angle of 50o
  • Mining cost of US$1.65/t
  • Processing cost for RPM US$9.80/t and Korbel US$5.23/t (inclusive of ore sorting for Korbel)
  • Combined processing recoveries of 88.20% for RPM and 75.94% for Korbel
  • General and Administrative Cost of US$1.30/t
  • Tonnages and grades are rounded to two significant figures and ounces are rounded to 1000 ounces, subject to rounding.

Qualified Persons

Vannu Khounphakdee, Professional Geologist and member of Australian Institute of Geoscientists contracted by Nova Minerals to provide geologic consulting services. Mr. Khounphakdee holds a Master of Science in Mine Geology and Engineering. He is a qualified person with at least 5 years experience with this type of project. By reason of education, affiliation with a professional association, and past relevant work experience, Mr. Khounphakdee fulfills the requirements of Qualified Person (QP) for the purposes of SEC Regulation SK-1300 for data QA/QC checks relevant to this announcement.

Hans Hoffman is a State of Alaska Certified Professional Geologist contracted by Nova Minerals to provide geologic consulting services. Mr. Hoffman is a member of the American Institute of Professional Geologists and holds a Bachelor of Science degree in Geological Engineering with a double major in Geology and Geophysics. He is a qualified person with at least 5 years of experience with these types of projects. By reason of education, affiliation with a professional association, and past relevant work experience, Mr. Hoffman fulfills the requirements of Qualified Person (QP) for the purposes of SEC Regulation SK-1300 for the technical information presented in this announcement.

Christopher Gerteisen, Chief Executive Officer of Nova Minerals, is a Professional Geologist and member of Australian Institute of Geoscientists, and has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein. Mr. Gerteisen is a "qualified person" for the purposes of SEC Regulation S-K 1300.

Data Verification

For the 2024 reverse circulation drilling program, 1.52m chip samples were riffle split (dry) to obtain 3-5 kg samples at the drill site, these samples were crushed to achieve >90% passing a 2mm sieve and split down to 225 g to 275 g samples at Nova’s on-site prep facility. Samples were then sent to ALS Fairbanks for additional prep and chemical analysis. Field duplicates (RC) for recent data were collected every 1 in 20 samples at the same time using the same method (riffle split) as the parent sample. Blank material was inserted 1 in 40 samples. Standard Reference Material (SRM) was inserted 1 in 20 samples. Three different SRMs at three different grades levels were used.

ALS is a certified commercial laboratory and is independent of Nova Minerals. Gold analyses were completed by Au-ICP21 which is gold by fire assay and ICP-AES. For overlimits greater than 10 g/t Au analyses were completed by fire assay and gravimetric finish.

About Nova Minerals Limited

Nova Minerals Limited is a Gold, Antimony and Critical Minerals exploration and development company focused on advancing the Estelle Project, comprised of 514 km2 of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralized corridor of over 20 advanced Gold and Antimony prospects, including two already defined multi-million ounce resources, and several drill ready Antimony prospects with massive outcropping stibnite vein systems observed at surface. The 85% owned project is located 150 km northwest of Anchorage, Alaska, USA, in the prolific Tintina Gold Belt, a province which hosts a >220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including, Barrick's Donlin Creek Gold Project and Kinross Gold Corporation's Fort Knox Gold Mine. The belt also hosts significant Antimony deposits and was a historical North American Antimony producer.

Further discussion and analysis of the Estelle Gold Project is available through the interactive Vrify 3D animations, presentations, and videos, all available on the Company’s website. www.novaminerals.com.au

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Nova Minerals Limited’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Nova Minerals Limited undertakes no duty to update such information except as required under applicable law.

For Additional Information Please Contact
Craig Bentley
Director of Finance & Compliance & Investor Relations
E: craig@novaminerals.com.au
M: +61 414 714 196


FAQ

What were the key drilling results from Nova Minerals' RPM project in 2024?

The key result was 29m @ 7.1 g/t Au from surface, including sections up to 52.7 g/t Au. The program delivered over 20 significant broad intercepts grading >5 g/t Au from surface.

How many holes were drilled in Nova Minerals' (NVA) 2024 RPM drilling program?

Nova Minerals completed 21 shallow reverse circulation (RC) holes in the 2024 drilling program at RPM.

What is the current status of Nova Minerals' (NVA) RPM resource update?

A resource update incorporating both 2023 and 2024 drill results is currently underway and expected to be completed later in 2024.

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