Nova Minerals upgrades Alaskan gold resource to 3.3Moz

Nova Minerals (ASX:NVA) has cranked up resources at the Korbel blocks of its Estelle gold project in Alaska’s prolific Tintina Gold Belt by 32 per cent to 3.3 million oz.

The resource for the Korbel Block A and B is expected to increase further given that the current resource is based only on drilling results received to June 30 2020.

Additionally, Block B Southeast Extension, Blocks C and D, Cathedral, You Beauty, Izabela and Sweet Jenny are not included in the resource and provides substantial resource upside.

Nova has increased its drilling campaign for 2020 to 40,000m, from 25,000m previously, and plans to drill 80,000m in 2021.

The additional 2020 drilling will be included in the global resource upgrade planned for 2021, which the company expects will shift a significant portion of the resource into the higher confidence measured and indicated categories.

Nova says this global resource will be key for upcoming economic studies.

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High-grade gold hits

Nexus Minerals’ (ASX:NXM) reverse circulation drilling at the Templar prospect of its Wallbrook project in Western Australia’s Eastern Goldfields region has returned high-grade hits including 2m at 12.93 grams per tonne (g/t) gold and 1m at 12.48g/t gold.

Both are located within broader zones of 3m at 8.67g/t gold from 94m and 10m at 3.94g/t gold from 38m, respectively.

The company said 18 of the first 20 holes in the program had intersected gold.

A second batch of assays from drilling at Templar is pending, along with assays from drilling at the Branches prospect.

Drilling is also underway at the Golden Dyke prospect before the rig moves to the Crusader prospect.

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Gold plays increasing exploration footprint

Carnavale Resources (ASX:CAV) has expanded its prospective gold footprint with the signing of an option agreement to acquire 80 per cent of the Ora Banda south project near Kalgoorlie from private company Western Resources.

The underexplored project covers 15km of strike along the Kurrawang Conglomerate and Black Flag Group contact defining the Carnage Shear Zone, and is surrounded by numerous large gold mines.

It is within a similar geological setting to the +2 million oz Invincible gold mine and contains 4km and 1.2km long auger gold anomalies along the Carnage Shear Zone in the southern portion of the tenement package.

Limited aircore and rotary air blast drilling by previous explorers returned shallow bedrock results such as 8m at 2.58g/t gold from 32m and 4m at 0.72g/t gold from 60m in the same hole.

Carnavale plans to carry out a systematic exploration program, including soil sampling and aircore drilling, over the tenement package.

Last month, the company expanded its footprint over the Kookynie project.

Meanwhile, Los Cerros (ASX:LCL) has executed an agreement to acquire AngloGold Ashanti’s (ASX:AGG) interests in the Chuscal gold project in Colombia in exchange for LCL shares and options.

Under the agreement, the previous Chuscal joint venture agreement has been terminated, with Los Cerros now issuing more than 10.4 million shares and 15.4 million options exercisable at 16c and expiring 12 months from issue to AngloGold.

Maiden drilling completed in January demonstrated that porphyry-associated gold is more widespread than previously assumed.

Notable results were 350m at 0.57g/t gold from surface and 320m at 0.43g/t gold from 32m.

S2 Resources (ASX:S2R) has signed a binding agreement to earn into the privately-held Jillewarra project about 50km west of Meekatharra, Western Australia.

The 790sqkm project covers 50km of strike over a relatively unexplored greenstone belt that is considered to be highly prospective for lode gold and volcanogenic massive sulphide-style base metals.

It contains historical gold workings that returned drill intercepts of up to 3m at 40.9g/t gold and 9m at 21g/t gold in shallow holes.

S2 can earn a 51 per cent interest by spending $5m over five years and can increase this to 70 per cent by completing a study on a minimum 250,000oz gold resource.