Nova Minerals Limited (ASX:NVA) has announced the commencement of an exciting targeted drilling campaign at the Train area, a key prospect within its Estelle gold district. The company’s proactive efforts to unlock the region’s potential are evident through the deployment of an additional drilling rig, dedicated to exploring the highly prospective Train area.
Expanding the Gold Resource: Maiden Drill Program Underway
Nova Minerals is leveraging the untapped potential of the Train area by initiating a maiden drill program. This strategic move aims to further bolster the existing 9.9 million ounces (Moz) gold resource and strengthen confidence in its presence. The Train area, positioned approximately 7 kilometres north of the RPM deposit, has garnered significant attention due to the promising gold occurrences detected on the surface over the years.
The maiden drill program is designed to be a comprehensive effort, encompassing up to 12 diamond holes that will target select prospective areas. These areas, characterised by intrusion-related gold structures and shear-hosted mineralised zones, are expected to hold the key to unlocking additional gold resources. Nova Minerals’ exploration strategy is poised to yield a valuable inferred resource in the Train area within this year.
Exploration Focus and Strategy
The Train area’s significance lies in its potential to host a substantial intrusion-related gold structure (IRGS) akin to the high-grade structure found at RPM. The gold trend in focus spans approximately 1.5 kilometres and has been the source of high-grade rock chip samples, indicating rich mineralisation. By directing exploration efforts towards never-before-drill-tested structures, Nova Minerals aims to discern the origins of the observed surface gold expressions.
Nova’s CEO, Mr. Christopher Gerteisen, expressed the company’s enthusiasm about the Train prospect’s potential. He noted that the first-phase exploration drilling at Train this year aims to shed light on mineralised structures, mineralisation types, and alteration styles, providing valuable insights into the source of surface gold occurrences. The data collected from these efforts will guide the company’s strategy towards developing a maiden inferred resource in the Train area.
Strategic Review and Fast-Tracking Commercial Production
In a bid to expedite the Estelle gold district’s commercial production phase, Nova Minerals’ board has initiated a comprehensive strategic review. The focus is on optimising and streamlining the pathway to production, utilising insights gathered from ongoing Pre-Feasibility Study (PFS) test work. This strategic approach aligns with Nova’s commitment to bringing the Estelle project to fruition as quickly and efficiently as possible.
Upcoming Milestones and Growth Trajectory
As Nova Minerals continues its rigorous exploration and development efforts, several upcoming milestones are anticipated to shape the company’s growth trajectory. These include updates on potential US listing options, material PFS test work results, drilling and assay results from both the RPM and Train areas, an updated global Mineral Resource Estimate (MRE) reflecting assay result improvements, and ongoing results from exploration mapping and sampling programs.
With a strategic focus on commercial production and the continuous evaluation of optimisation opportunities, Nova Minerals is on track to establish itself as a significant player in North America’s gold sector. The company’s commitment to unlocking the Estelle gold district’s full potential remains unwavering as it progresses through the 2023 exploration season.
