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Nova Minerals 2024 Sampling Finds up to 54.1% Antimony at the Styx Prospect on its Estelle Gold and Critical Minerals Project in Alaska

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Nova Minerals has announced significant antimony discoveries from its 2024 exploration season at the Styx prospect within its Estelle Gold and Critical Minerals Project in Alaska. Surface sampling revealed exceptional antimony grades up to 54.1% Sb, with additional samples showing 39.1% and 28.0% Sb. The main Styx occurrence features a ~1m thick quartz-stibnite vein with 50% stibnite, exposed over 20m. The anomaly likely extends over a 150m strike length. A 500kg bulk sample was collected for metallurgical testing. Nova, through its subsidiary, has joined the Defense Industrial Base Consortium and is advancing in the Department of Defense grant application process, noting antimony's status as a critical mineral for US security.

Nova Minerals ha annunciato importanti scoperte di antimonio nella sua stagione di esplorazione 2024 presso il prospetto Styx, parte del suo progetto Estelle Gold e Critical Minerals in Alaska. I campionamenti superficiali hanno rivelato eccezionali gradi di antimonio fino a 54,1% Sb, con campioni aggiuntivi che mostrano il 39,1% e il 28,0% di Sb. L'occorrente principale di Styx presenta un filone di quarzo-stibnite spesso circa 1 metro, con il 50% di stibnite, esposto su una lunghezza di 20 metri. L'anomalia si estende probabilmente su una lunghezza di 150 metri. È stato raccolto un campione bulk di 500 kg per test metallurgici. Nova, tramite la sua controllata, ha aderito al Defense Industrial Base Consortium e sta avanzando nel processo di richiesta di sovvenzione del Dipartimento della Difesa, sottolineando lo status dell'antimonio come minerale critico per la sicurezza degli Stati Uniti.

Nova Minerals ha anunciado importantes descubrimientos de antimonio en su temporada de exploración 2024 en el proyecto Styx, dentro de su proyecto Estelle Gold y Critical Minerals en Alaska. Los muestreos en superficie revelaron excepcionales grados de antimonio de hasta 54.1% Sb, con muestras adicionales que mostraron 39.1% y 28.0% Sb. La ocurrencia principal de Styx presenta un cuerpo de cuarzo-estibina de aproximadamente 1 metro de grosor, con un 50% de estibina, expuesto a lo largo de 20 metros. Es probable que la anomalía se extienda a lo largo de 150 metros. Se recogió una muestra a granel de 500 kg para pruebas metalúrgicas. Nova, a través de su filial, se ha unido al Defense Industrial Base Consortium y está avanzando en el proceso de solicitud de subvención del Departamento de Defensa, destacando el estatus del antimonio como un mineral crítico para la seguridad de EE. UU.

노바 미네랄스는 알래스카의 스틱스 전망에서 2024 탐사 시즌 동안 중요한 안티몬 발견을 발표했습니다. 표면 샘플링에서 54.1% Sb에 달하는 뛰어난 안티몬 함량이 확인되었으며, 추가 샘플은 39.1% 및 28.0% Sb를 보였습니다. 주요 스틱스 광상이 약 1m 두께의 석영-스틴바이트 광맥을 특징으로 하며, 50%의 스틴바이트가 포함되어 있고, 20m에 걸쳐 노출되어 있습니다. 이상은 약 150m의 연장선에 걸쳐 있을 가능성이 높습니다. 500kg 벌크 샘플이 금속 공정 테스트를 위해 수집되었습니다. 노바는 자회사를 통해 방위산업기반 컨소시엄에 가입했으며, 안티몬이 미국의 안전을 위한 중요 광물로 간주되는 점을 언급하며 국방부 보조금 신청 절차를 진행하고 있습니다.

Nova Minerals a annoncé des découvertes significatives d'antimoine lors de sa saison d'exploration 2024 au site Styx dans le cadre de son projet Estelle Gold et Minéraux Critiques en Alaska. Les échantillons de surface ont révélé des teneurs exceptionnelles en antimoine allant jusqu'à 54,1 % Sb, avec des échantillons supplémentaires montrant 39,1 % et 28,0 % Sb. La principale occurrence de Styx présente un filon de quartz-stibnite d'environ 1 mètre d'épaisseur avec 50 % de stibnite, exposé sur 20 mètres. L'anomalie s'étend probablement sur une longueur de 150 mètres. Un échantillon en vrac de 500 kg a été collecté pour des tests métallurgiques. Nova, par l'intermédiaire de sa filiale, a rejoint le Defense Industrial Base Consortium et progresse dans le processus de demande de subvention du département de la Défense, notant le statut de l'antimoine en tant que minéral critique pour la sécurité des États-Unis.

Nova Minerals hat bedeutende Antimonentdeckungen aus der Explorationssaison 2024 im Styx-Vorkommen innerhalb seines Estelle Gold und Critical Minerals Projekts in Alaska bekannt gegeben. Oberflächenproben zeigten außergewöhnliche Antimongehalt von bis zu 54,1% Sb, während weitere Proben 39,1% und 28,0% Sb aufwiesen. Vorkommen von Styx weist einen etwa 1 m dicken Quarz-Stibnit-Erzgang mit 50% Stibnit auf, der über eine Länge von 20 m freigelegt ist. Die Anomalie erstreckt sich wahrscheinlich über eine Streichenlänge von 150 m. Eine 500 kg-Bulkprobe wurde zur metallurgischen Prüfung entnommen. Nova hat über ihre Tochtergesellschaft dem Defense Industrial Base Consortium beigetreten und arbeitet am Antrag auf Fördermittel des Verteidigungsministeriums, wobei sie den Status von Antimon als kritisches Mineral für die Sicherheit der USA hervorhebt.

Positive
  • Exceptional high-grade antimony discoveries with samples up to 54.1% Sb
  • Significant vein system extension over 150m strike length
  • Collected 500kg bulk sample for metallurgical testing
  • Advanced position in DoD grant application process
  • Strategic position in critical minerals market with US and EU being 100% import reliant
Negative
  • None.

Insights

The discovery of high-grade antimony at Nova Minerals' Styx prospect represents a significant development. With surface samples showing up to 54.1% antimony content, this is exceptionally high-grade compared to typical antimony deposits worldwide. The project's strategic value is enhanced by antimony's classification as a critical mineral by both the US and EU, who are currently 100% import-reliant.

The company's membership in the Defense Industrial Base Consortium (DIBC) and advanced progress in DoD grant applications could accelerate development and provide potential funding support. The collection of a 500kg bulk sample for metallurgical testing indicates serious advancement toward understanding the deposit's economic potential.

The presence of gold values up to 9.8 g/t alongside antimony mineralization adds significant value potential through multi-commodity production. The surface exposure and vein thickness of ~1m over 20m strike length suggests a potentially mineable system, though more drilling is needed to establish resource dimensions.

The antimony grades reported are remarkable from a strategic metals perspective. Current global antimony production is dominated by China, making this Alaskan discovery particularly significant for US supply chain security. The 54.1% Sb grade is extraordinary - most operating antimony mines work with grades between 1.5% to 4% Sb.

With antimony prices around $25,000 per tonne and rising global demand for flame retardants and battery applications, this discovery could be economically significant. The project's location in Alaska, a mining-friendly jurisdiction with established infrastructure, adds to its strategic value. The DoD connection through DIBC membership could fast-track development given antimony's military applications in ammunition and batteries.

Anchorage, Alaska, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Nova Minerals Limited (“Nova” or the “Company”) (NASDAQ: NVA) (ASX: NVA) (FRA: QM3) is pleased to announce soil and rock chip assay results from its 2024 exploration season confirming a continued abundance of high-grade antimony at its Styx prospect, within its over 500km2 flagship Estelle Gold and Critical Minerals Project located in the Tintina Gold Belt in Alaska.

Highlights

  • Follow-up reconnaissance mapping and sampling has proven an extensive antimony rich quartz-stibnite vein system with grades up to 54.1% Sb.
  • Best 2024 surface sampling results at Styx include (Table 1 and Figures 5 and 6):
    • 54.1% Sb
    • 39.1% Sb
    • 28.0% Sb, 2.8 g/t Au
    • 20.7% Sb
    • 3.0% Sb, 5.6 g/t Au
    • 1.0% Sb, 5.5 g/t Au
    • 0.3% Sb, 9.8 g/t Au

  • The main Styx occurrence is a ~1m thick quartz-stibnite vein (50% stibnite) with excellent outcrop exposure over 20m (Figure 2).

  • Samples from the main vein occurrence in 2023 measured 19% and 21.7% Sb (ASX Announcement 10 October 2023). Additional sampling of splays around this occurrence show the anomaly likely extends over a 150m strike length (Figure 5).
  • A 500kg bulk sample was also collected for metallurgical test work (Figure 4).
  • Nova Minerals, through its 100% owned subsidiary Alaska Range Resources LLC, became a member of the Defense Industrial Base Consortium (DIBC) over 6 months ago, and as an early mover is well advanced with the Dept of Defense (DoD) grant application process.
  • Antimony is listed as a critical and strategic mineral to US economic and national security interests by the US Department of Interior. The European Union also has antimony on their critical materials list and both are 100% import reliant.

Nova Head of Exploration, Mr Hans Hoffman commented: “Field crews visited the Styx prospect this year to follow-up on the initial Antimony discovery made in 2023. There was so much stibnite just sitting on surface that we soon realized this would be too much to carry out, but it was also too impressive to leave behind. We were sitting on 500kg of potentially high-grade material in no time and brought it back to camp for metallurgical test work. We believe that plenty more remains as we look deeper into the Styx occurrence.”


Figure 1. Estelle property map showing the sampling program undertaken in 2024

2024 Exploration Mapping and Sampling Program Results

During the 2024 field season Nova’s Head of Exploration, Mr. Hans Hoffman, continued the surface exploration mapping and sampling program across the Estelle claim block with a particular focus on following up results at prospects identified in the 2023 season. 511 soil samples, 225 rock samples, and approximately 5 tons of bulk sample material were collected across the property (Figure 1).

Assay results from soil and rock chip samples collected from the Styx prospect have all been received and are reported in this announcement. Further results from the soil and rock chip samples taken from across the project area in 2024 will be reported once received and processed.

Styx Surface Sampling

Field crews collected a total of 11 rock samples at Styx, 6 of which were greater than 1 g/t Au or 1% Sb, including a high of 9.8 g/t Au and 54.1% Sb. 10 soil samples were also collected in the vicinity of Styx. Table 1 provides a summary of the gold, antimony, and gold equivalent grades for the 11 rock samples collected.

Sample_IDAu_ppmSb_ppmAuEq_ppm*EastingNorthing
E4067952.828000090.14964776856006
E4067965.63020015.14964736856005
E4067970.04570.24964166855921
E4067981.04811.24963496855964
E4067992.498605.64962446855886
E4069369.8317010.94964606856026
E4069375.5103008.84964616856022
E4069380.4391000122.54964616856023
E4069390.011550.44964666856011
E4069400.920700065.34963366855965
E4069410.1541000168.44963346855967

Table 1. Top antimony rock sample results at Styx (*Refer gold equivalent calculation below)

The majority of the sampling focused on the main vein occurrence (Figure 2) and splays running oblique to it. The quartz-stibnite veins are hosted in the hornfelsed Kahiltna flysch sedimentary rocks. A quartz diorite intrusive rock (E406939) containing mm-scale quartz calcite veins was sampled close to the main stibnite occurrence. Quartz monzonite dikes were sampled further to the west and to the south (E406797) of occurrence but were weakly mineralized.


Figure 2. Styx quartz-stibnite vein (~1m x 20m exposure)

Sample E406941 had the highest antimony content at 54.1%. As shown in Figure 3, it exhibits well-developed crystals with shiny metallic luster. This sample was from a newly discovered outcropping quartz vein located approximately 130 meters southwest and 100 meters in elevation below the main occurrence. This may be an extension of the main occurrence, but is difficult to determine due to the undulating nature of both the veins (Figure 5).


Figure 3. Sample E406941: 54.1% Sb

In addition to the sampling shown above, a 500kg bulk sample was collected for metallurgical testing. It was collected from surface material at the main vein and from splays above it. This sample material is shown in Figure 4 below.


Figure 4. Styx bulk sample material (500kg)

The 2024 sampling results - along with 2023 shown as transparent - are shown below in Figure 5 (antimony) and Figure 6 (gold equivalent). Gold equivalent values were calculated using updated metals prices described below.

Gold Equivalent Calculation

Gold equivalent (AuEq) values were calculated using the formula below:

AuEq g/t= Au g/t + (Ag_ppm* XAg) + (Cu_ppm* XCu) + (Sb_ppm* XSb)

AuEq values were calculated using a gold price of $2,500/oz, a silver price of $30/oz, a copper price of $4/lb, and an antimony price of $25,000/ton, all with recovery rates of 90% as shown below.

Gold Equivalent Factors (XXx):

(XAg)= [US$30/oz silver price x 0.90 silver recovery] / [US$2,500/ troy ounce gold price x 0.90 gold recovery] = 0.012

(XCu)= [US$4/lb copper price x (1lb/14.583 troy ounces) x 0.90 copper recovery] / [US$2,500/ troy ounce gold price / 31.10348 grams per troy ounce x 0.90 gold recovery] = 0.000109715

(XSb)= [US$25,000/tonne antimony price x (1tonne/1000000grams) x 0.90 antimony recovery] / [US$2,500/ troy ounce gold price / 31.10348 grams per troy ounce x 0.90 gold recovery] = 0.000311035

Cautionary Statement: For many projects at the exploration results stage, metallurgical recovery information may not be available or able to be estimated with reasonable confidence. In such cases reporting of metal equivalents may be misleading.

Defense Industrial Base Consortium (DIBC) Membership and Grant Application Progress

Nova Minerals, through its 100% owned subsidiary Alaska Range Resources LLC, has been a member of the DIBC for over 6 months and has positively progressed with the resources and synergies it provides. The DIBC enables rapid research, access to commercial solutions for defense requirements, and innovations from industry, academia, and non-traditional contractors. DIBC members focus on identifying, developing, and testing cutting-edge capabilities at the speed of innovation.

Recognizing the potential of its antimony discovery early on, Nova is now well advanced within the Dept of Defense (DoD) grant application process to potentially rapidly develop its antimony and other critical minerals prospects identified across the Estelle Gold and Critical Minerals District. The Company looks forward to keeping the market updated on this progress.


Figure 5. Styx Antimony Results


Figure 6. Styx Gold Equivalent Results

The 3D Vrify decks on the company’s website will be updated with the 2024 surface sampling exploration results when all the assays for the soil and rock chip samples taken across the entire Estelle Gold and Critical Minerals Project have been received back from the laboratory.

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 Securities and Exchange Commission (SEC) Regulation S-K1300 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 S-K 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.

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 Company’s Annual Report on Form 20-F for the year ended June 30, 2024 filed with the SEC. 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 highest antimony grades found at Nova Minerals' Styx prospect in 2024?

The highest antimony grade found was 54.1% Sb, followed by samples containing 39.1% Sb and 28.0% Sb with 2.8 g/t Au.

What is the size of the main Styx occurrence at Nova Minerals' (NVA) Estelle project?

The main Styx occurrence consists of a ~1m thick quartz-stibnite vein with 50% stibnite content, showing excellent outcrop exposure over 20m and likely extending over a 150m strike length.

How much bulk sample material did Nova Minerals (NVA) collect from Styx in 2024?

Nova Minerals collected a 500kg bulk sample from the main vein and splays for metallurgical test work.

What is Nova Minerals' (NVA) involvement with the Defense Industrial Base Consortium?

Nova Minerals, through its subsidiary Alaska Range Resources , has been a DIBC member for over 6 months and is advancing in the Department of Defense grant application process.

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