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Nova Drills 29m @ 7.1 g/t Au from Surface at RPM in Advance of Resource Update

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Anchorage, Alaska, Oct. 23, 2024 (GLOBE NEWSWIRE) — Nova Minerals Limited (“Nova” or the “Company”) (NASDAQ: NVA) (ASX: NVA) (FRA: QM3) is pleased to announce further high-grade thick intercepts from the final six holes of the 21 hole reverse circulation (RC) drilling program conducted in the RPM starter pit area in 2024, within its over 500km2 flagship Estelle Gold Project, located in the Tintina Gold Belt in Alaska. The shallow drilling program was focused on near surface mineralization <50m in depth in support of the RPM starter mine PFS currently underway.

Highlights

To watch a 3D Vrify video commentary on the 2024 RPM drill results, with CEO, Christopher Gerteisen please click here

Nova Minerals CEO, Mr Christopher Gerteisen commented: “The 2024 drill results have confirmed a broad zone of high-grade mineralization starting at surface at RPM North. This should prove positive for our upcoming studies focused on executing our current strategy to fast track development of RPM as a scale-able low capex/high margin starter operation that we believe will generate the cash flow to facilitate future mine expansion plans and further unlock the larger Estelle Project which remains one of the largest undeveloped gold projects in the world, with significant upside remaining with gold, antimony, copper, silver, and other critical elements. These latest results of high-grade mineralization will be included in the upcoming MRE and PFS, which we look forward to providing to our shareholders in due course.”

RPM 2024 Drilling Summary

A total of 21 shallow RC holes were drilled at RPM as part of the 2024 drill program, and assay results for all holes have now been received and reported. The drilling was focused on near surface mineralization <50m in depth and had two main objectives.

1. The first and primary objective was to infill and prove up near surface inferred resources that define the up dip extension of the steep to vertical dipping RPM North high-grade core zone, where previous high-grade results included:

A new drill pad (Pad 24-1) was located between the two previous drill pads (Pad 1 and Pad 23-1) at RPM North to fill this data gap and prove up this high-grade material. Assay results from Pad 24-1 including holes RPMRC-24005 to RPMRC-24021 continue to support this objective.

2. The secondary objective of the shallow 2024 drill program was to extend drilling to the South and Southwest of the current RPM North resource to begin to test a potential link with the RPM Valley zone situated approximately 150m to the Southwest. Highly prospective mineralized intrusive rocks have been observed in this area in recent geological mapping and confirmed with anomalous surface sample results. The results returned from previously announced holes RPMRC-24001 to RPMRC-24004 indicate the RPM North deposit remains wide open to the South-Southwest and is potentially connected to the RPM Valley zone (Figure 2). This warrants further follow-up diamond drilling to test the considerable resource upside potential.

The 2024 drill program delivered over 20 significant broad intercepts from surface grading > 5 g/t Au including:

These results prove high-grade gold mineralization greater than 2 g/t Au extend to surface above the current S-K 1300 compliant pit constrained Measured (180,000 oz @ 4.1 g/t Au) and Measured and Indicated (330,000 oz @ 2.4 g/t) (Table 3) high-grade core within the existing RPM North resource area. Pending an updated Mineral Resource Estimate later this year, Nova envisions drilling from both the 2023 and 2024 campaigns will add significant ounces to the Measured and Indicated categories, which will be incorporated into an updated starter pit design (Figure 1) optimized for these high-grade, at surface resources.

The cross-sections below in Figures 3 and 4 show how this last round of assay results continue to prove that hole-after-hole gold grades are both high-grade and continuous from surface. Being hosted directly on surface enables immediate ore extraction with the optimized starter pit anticipated to have an extremely low strip ratio, which should bode well for the PFS economics. Figure 3, aligned on hole RPMRC-24017’s azimuth of 280 degrees, shows the western contact with the hornfels and how the mineralization is continuous through the intrusive across holes RPMRC-24020 and RPMRC-24021. For clarity, the previously announced assay results from the vertical hole RPMRC-008 were omitted from this figure, but hosts a grade of 3.4 g/t Au over 45 meters (ASX Announcement: 9 October 2024). Figure 4, aligned on hole RPMRC-24019’s azimuth of 130 degrees, provides a wider view showing the northwestern and southeastern contacts of the funnel-shaped mineralized intrusive with the surrounding hornfels host. Again, for clarity, assay results from RPMRC-008 were omitted from this figure.

In the central core zone where the intrusive unit is thick and continuous the deposit remains wide open with further significant resource upside potential, up-dip, down-dip, and throughout the intrusive, particularly to the South which remains largely untested by drilling.

With the 2024 drill program now complete, Nova has sent the assay data to the resource modeler to complete a mineral resource estimate update using the drill data from both the 2023 and 2024 drill programs. This is expected to be completed later this year.

Figure 1. RPM area showing potential RPM starter pit

Figure 2. RPM North plan view with all drill holes to date

Figure 3. RPM North Section A-A’_280azi showing continuity of mineralization

Figure 4. RPM North Section B-B’_130azi showing continuity of mineralization

Table 1. Significant intercepts (At 0.1 g/t Au cutoff and a minimum 10m width)

Hole_ID From (m) To (m) Interval (m) Au g/t
RPMRC-24010 0 43 43 2.3
RPMRC-24017 0 29 29 7.1
including 0 22 22 9.4
  16 22 6 19.9
  17 20 3 32.2
  19 20 2 52.7
RPMRC-24018 0 16 16 1.9
including 5 16 11 2.5
RPMRC-24019 0 24 24 2.1
including 3 8 5 3.0
  16 25 9 2.6
RPMRC-24020 0 28 28 4.5
including 5 28 23 5.3
  11 17 6 14.3
  14 17 3 25.0
RPMRC-24021 0 34 34 3.9
Including 20 23 3 8.3


Table 2. Drill hole details

Hole_ID UTM_E UTM_N ELEV
(m)		 EOH
(m)		 AZI DIP Assays
RPMRC-24001 501995 6848795 1772 31 180 -45 Reported 9/10/24
RPMRC-24002 501991 6848802 1772 48 270 -60 Reported 9/10/24
RPMRC-24003 501992 6848801 1771 42 210 -60 Reported 9/10/24
RPMRC-24004 501993 6848802 1773 34 0 -90 Reported 9/10/24
RPMRC-24005 501955 6848871 1743 45 70 -60 Reported 9/10/24
RPMRC-24006 501955 6848869 1744 23 100 -50 Reported 9/10/24
RPMRC-24007 501954 6848868 1746 16 130 -50 Reported 9/10/24
RPMRC-24008 501954 6848868 1742 47 0 -90 Reported 9/10/24
RPMRC_24009 501954 6848869 1746 47 145 -50 Reported 16/10/24
RPMRC_24010 501954 6848869 1746 43 145 -70 Reported 23/10/24
RPMRC_24011 501954 6848870 1744 21 150 -50 Reported 16/10/24
RPMRC_24012 501954 6848869 1743 40 160 -50 Reported 16/10/24
RPMRC_24013 501953 6848870 1744 34 175 -50 Reported 16/10/24
RPMRC_24014 501952 6848871 1745 24 190 -50 Reported 16/10/24
RPMRC_24015 501953 6848870 1743 26 220 -60 Reported 16/10/24
RPMRC_24016 501953 6848870 1744 39 250 -60 Reported 16/10/24
RPMRC_24017 501954 6848869 1743 29 280 -70 Reported 23/10/24
RPMRC_24018 501956 6848868 1745 16 130 -50 Reported 23/10/24
RPMRC_24019 501955 6848869 1744 66 130 -70 Reported 23/10/24
RPMRC_24020 501957 6848869 1743 28 115 -60 Reported 23/10/24
RPMRC_24021 501956 6848870 1742 34 85 -70 Reported 23/10/24


Table 3. S-K1300 compliant pit constrained mineral resource estimate

Notes to Table 3:

1. A mineral resource is defined as a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity, that there are reasonable prospects for economic extraction.
2. The mineral resource applies a reasonable prospect of economic extraction with the following assumptions:

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 SEC Regulation SK-1300 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 SK-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.

Data Verification

For the 2024 reverse circulation drilling program, 1.52m chip samples were riffle split (dry) to obtain 3-5 kg samples at the drill site, these samples were crushed to achieve >90% passing a 2mm sieve and split down to 225 g to 275 g samples at Nova’s on-site prep facility. Samples were then sent to ALS Fairbanks for additional prep and chemical analysis. Field duplicates (RC) for recent data were collected every 1 in 20 samples at the same time using the same method (riffle split) as the parent sample. Blank material was inserted 1 in 40 samples. Standard Reference Material (SRM) was inserted 1 in 20 samples. Three different SRMs at three different grades levels were used.

ALS is a certified commercial laboratory and is independent of Nova Minerals. Gold analyses were completed by Au-ICP21 which is gold by fire assay and ICP-AES. For overlimits greater than 10 g/t Au analyses were completed by fire assay and gravimetric finish.

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 final prospectus related to the public offering filed with the Securities and Exchange Commission. 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


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