Nova delivers bonanza grades, visible gold at RPM Project
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Nova Minerals is fast proving its RPM gold project in Alaska is extremely high grade, with sampling of mineralised veins in drill core returning grades of up to 1,330g/t along with visible gold.
Nova Minerals (ASX:NVA), which is very close to joining the ranks of +10Moz explorers in Alaska, is continuing its success in the region with resource drilling at the RPM North deposit unveiling its wide zones of continuous mineralisation in the latest hole.
This was accompanied by visible gold observed in recent drill holes and selective sampling of mineralised veins in drill core returning an eye-watering 1,330 grams per tonne (g/t) gold.
Nova’s flagship Estelle gold project already has an indicated and inferred resource of 9.6Moz and is on track to add more ounces this year.
Earlier this month, Nova recommenced drilling west of the major discovery hole intercept of 132m at 10.1g/t gold from within a broader 400m at 3.5g/t at the high-grade RPM deposit. That intercept is ranked as one of the best drill holes in the last 10 years globally.
“The RPM deposit continues to deliver, with a similar style of strong gold mineralization now being observed in the core from the new holes RPM-007 and RPM-008, drilled up and down dip respectively of RPM-005 wherein last year we intersected 132m at 10.1g/t gold,” CEO Christopher Gerteisen says.
“We are very encouraged by initial geological observations and are now anticipating positive assay results to be returned which will show the potential for down dip continuity of the mineralisation which starts at surface to a depth of over 300m.”
Nova’s goal is to grow and convert the RPM deposit’s current high-grade resource of 1.5Moz at 2g/t into the higher confidence indicated category. This will then feed into the company’s phase two scoping study scheduled for delivery later this year.
Gerteisen says early indications from these first infill holes certainly supported the company’s main objective this year of proving up the existing inferred resource to indicated status.
“We are also now drilling at Pad 2 to step out from the existing resource area, which is aimed at expanding the resource along strike to the west of the existing resource centred around RPM-005.
“Anomalous magnetics which is picking up the gold associated minerals in the ground show a potential strike length at RPM North of 1.4km.
“We can’t cover it all this year, but the current drill programs intend to test some of that near resource strike potential with plenty of further upside remaining moving forward.”
Gerteisen says drilling has also started at RPM South on Pad 6, which has the potential to open up a new gold zone of similar size and tenor to RPM North.
“All of this bodes well for proving up and expanding the resource at RPM which will be included in our phase-two scoping study to be completed later this year. For the time being, drilling continues full steam ahead at RPM with three rigs currently operating.
“In addition, reconnaissance exploration is now underway across the wider Estelle Gold Trend. In line with our high-grade discoveries at Train and Stoney last year, we expect to report further significant discoveries this year as well.”
The Estelle Gold Trend is already bigger than projects like market darling De Grey Mining’s (ASX:DEG) Hemi deposit in WA.
Nova has already defined two large deposits, Korbel and the RPM deposit, along the 35km corridor in the Tintina gold province – one of the world’s most prolific belts and the site of an historic gold rush.
The company has also identified another 19 prospects between those two deposits.
Korbel is the larger of the two deposits, hosting 8.1Moz and with 3km of strike length remaining wide open with huge upside potential. The RPM deposit is the highest-grade, with drilling indicating Nova has clipped the side of a high-grade zone running west.
The company is embarking on its largest drilling program yet at the Estelle project with up to 50,000m planned this year.
This article was developed in collaboration with Nova Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.