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Initial gold resource for Nova Minerals' Estelle project defines 2.5 Moz

An initial estimate for Nova Minerals Ltd.'s Estelle project in Alaska defined inferred resources containing 2.5 million ounces of gold within 181.3 million tonnes grading 0.43 g/t at the Oxide Korbel deposit, using a 0.18 g/t cutoff.

The company said Sept. 11 that the resource starts from less than 2 meters from surface and covers less than 1% of the total project area. The company is earning up to an 85% interest in the project under a late 2017 deal.

Nova Minerals plans to conduct further diamond drilling aiming to upgrade and increase resources, with further exploration drilling planned to test the RPM and Shoeshine targets.

In August, the company's subsidiary Snow Lake Resources Ltd. signed a memorandum of understanding with Tanco Mining Corp. of Canada Ltd. to fast-track development at the Thompson Brothers lithium project in Manitoba.