Estelle hits 9.6Moz

NOVA Minerals has reported a further 54.9% increase in the resource for its Estelle gold project in Alaska to 9.6 million ounces.
Estelle hits 9.6Moz Estelle hits 9.6Moz Estelle hits 9.6Moz Estelle hits 9.6Moz Estelle hits 9.6Moz

Drilling at Estelle

Staff reporter

The Korbel Main deposit contains an indicated and inferred 8.1Moz at 0.3 grams per tonne gold, at a 0.15gpt cut-off, while the RPM deposit contains an inferred 1.5Moz at 2gpt gold, at a 0.3gpt cut-off.

The deposits are two of 15 prospects covering Nova's 324sq.km ground.

Nova CEO Christopher Gerteisen said Korbel Main was a company making deposit with huge upside.

"Korbel Main changes the future for Nova and our shareholders. It only represents a small area of the extensive local mineralised system," he said.

"Nova's management, with much credit to our team on the ground, has taken the Estelle gold project from discovery to a multi-deposit gold district in a short timeframe and on relatively limited funding and the exciting point is we're only getting started."

Results are pending for a further 8000m of drilling.

Five rigs are drilling at Korbel and RPM.

The company has started prefeasibility study work.

The resource was announced on December 23 and Nova shares have risen from A$1.11 to $1.19 since then.