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Nova Minerals Limited (ASX:NVA) Quarterly Activities Report
Nova Minerals Limited (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is pleased to provide the Quarterly Activity Report and attached Appendix 5B for the three-month period ended 31 March 2022.


Estelle Gold Project

- Phase 1 Scoping Study completed, shows the potential for Korbel Main to support a large standalone, bulk tonnage open pit mining operation, with ideal ore body geometry that allows mining at a very low strip ratio

- The Study, while constrained by the amount of Indicated Resources available from a single ore source within a starter pit at Korbel Main, shows the project's overall economics is very sensitive to grade and gold price, with a Phase 2 Scoping Study which will also include the high-grade RPM ore, to be completed later this year

- Study provides a proof of concept for the proposed flow sheet with a Central Processing Facility to be located at Korbel, which is scaled to receive feed from multiple ore sources, including the high-grade RPM Deposit, and across the entire Estelle Gold Trend as the years progress

- Geophysics confirmed the extension of the RPM North high-grade gold deposit up to 1 km to the West with drilling to commence shortly to both increase the size and confidence of the current Inferred Resource of 23mt @ 2g/t for 1.5Moz (ASX Announcement: 27 October 2021)

- Haulage studies investigating 4 options to haul high-grade RPM ore back to the Korbel Central Processing Facility (KCPF) commenced as part of the Phase 2 Scoping Study

- Successful winter road operation brought in over 1 million pounds of supplies and equipment to the project this year

Snow Lake Lithium

- Drone mag survey identifies multiple extension anomalies and prospective pegmatite targets on the Sherritt Gordon claims

- 3 drill rigs all returned spodumene-bearing intersections with assay results expected shortly

- Snow Lake engaged SLR Consulting Canada to complete an Initial Assessment (IA) and Technical Report Summary (TRS) as per the S-K 1300 standard of disclosure

- Expanded land holdings by 100% to more than 86 square miles


- Cash position at the end of March 2022 was $3.8M

- Subsequent to the quarter end, Nova sold 3,000,000 Snow Lake shares at US$6.00 each for a total of USD $18,000,000 to fund Estelle through to PFS

- The company is well capitalised with circa AUD$28,000,000 cash and further liquid investments

Next Steps

- Re-commence drilling at Korbel including maiden drill test at Cathedral

- Re-commence drilling at RPM

- Continue the various mine and process optimisation, material haul and environmental studies for the Phase 2 Scoping Study and PFS at Korbel and RPM

- Ore sorting results on RPM

- Continue to unlock the Estelle Gold Trend with ground truthing with RPM surrounds and Muddy Creek the company's prime focus

*To view full Quarterly Report, please visit:

Nova Minerals Ltd
P: +61-3-9614-0600
F: +61-3-9614-0550

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