Since the start of the month the company says it has confirmed a "significant" gold discovery at the RPM North prospect, while surface sampling has flagged the presence of high-grade gold zones at the Train and Shoeshine intrusive-related gold system prospects, and high-grade gold, silver, and copper at Stoney.

 

It has taken advantage of interest from institutional and sophisticated investors to raise A$12 million at 11c, a 15.4% discount to its 30-day trading levels. The placement was managed by Evolution Capital Advisors.

 

CEO Christopher Gerteisen said Nova's "scaled back" raising resulted from it trying strike the delicate balance between finding the least dilutionary funding option, while ensuring the company had sufficient capital to meet its strategic needs.

 

Nova, which started the quarter with $15 million, said the extra funding would allow it to mobilise additional rigs to the Tintina Belt to accelerate the drill-out of its flagship 4.7 million ounce Korbel deposit to support scoping and prefeasibility studies, plus additional drilling at RPM and regional targets across Estelle.

 

It aims to deliver an updated resource for Korbel and a maiden RPM resource before the end of the year.

 

Gerteisen said Nova was keen to maintain its momentum as it entered into a "transformational" quarter, with multiple rigs on the Korbel Main system, which remains open along strike and at depth.

 

The focus is on extensional drilling to the north-west, towards the Isabella, and the south-east extension feeder system, as well as infill resource drilling to upgrade inferred resources.

 

It has around 10,000m of core pending assays.

 

The cash will allow more focus to be given to RPM and the Greater Korbel valley area, including Stoney and Train, plus the 30km of strike that has yet to be drilled. 

 

The company is also finalising plans for its Canadian lithium interests, Snow Lake Resources, which is being piloted through a US$23 million initial public offer in the US.

 

Nova's shares have traded between A9.5-23.5c over the past year, last closing at 14.5c, valuing it at $244 million.

 

It last raised A$21 million at 17c in November.