Nova Minerals has unearthed bonanza grade gold at its RPM North prospect, part of the Estelle gold project in Alaska.
Drilling assays included 132 metres at 10.1 grams per tonne of gold and returned an overall average grade of 3.5 grams per tonne of gold over 400 metres.
The company is now planning a work program for the next round of drillings to expand the RPM North prospect following the discovery.
Nova chief executive officer Christopher Gerteisen said the broad zone of high-grade gold suggest the prospect is hosting a very large gold system.
“This marks a major milestone for Nova Minerals. RPM is now confirmed to be the second significant project development area at Estelle and will be a key component of our ongoing resource development work on our path towards production at the Estelle Gold project,” Gerteisen said.
RPM is the second development area of Estelle along with Korbel with assay results pending for more than 10,000 of drilling between the two prospects.
“This is what unlocking a district looks like, and we will continue to do so with Korbel and RPM representing only two of 15 known prospects with the wider Estelle gold project claims,” Gerteisen said.
“The drill program at Korbel will continue for the rest of the year, and we look forward to bringing shareholders further results as they become available.
“In time, we expect to define multiple new shallow gold resources that will further support our goal of aggressively growing the resource inventory as we continue to move towards gold production at the Estelle gold project.
“Remember, we are on the fast-track towards production – that is our goal. We currently have 4.7 million ounces at the Korbel Main deposit, which represents just the beginning of our Estelle journey with the global resource inventory expected to increase significantly in the near term, especially now with RPM’s maiden resource expected later this year.”
Nova minerals’ share price is trading at $0.16 per share at the time of writing, compared with its previous close at $0.11 per share.