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Nova Minerals Limited (ASX:NVA) Further High-Grade Gold Zones Discovered at Estelle

on 9/22/2021
Nova Minerals Limited (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) announces another major mineralised zone identified within the Company's flagship Estelle Gold Project located in the prolific Tintina Gold Belt.

- High-Grade rock samples confirm further broad surface gold zones at the Train and Shoeshine Prospects outside of the current 4.7Moz Inferred Korbel Deposit as the Nova continues to unlock the district

- High-grade gold reconnaissance rock samples from the Train and Shoeshine Prospects include:
30.4 g/t, 24.5 g/t, 21.6 g/t, 7.5 g/t, 5.7 g/t, 5.4 g/t

- Exploration mapping and sampling campaign confirms another large Intrusive Related Gold System (IRGS) exposed at surface with ~1km strike, 500m wide at Train and ~1km long at Shoeshine Prospects. Similar style of mineralization was also observed at nearby Shadow and Discovery interpreted to be part of the same mineralized system. (Figures 1,2,3*)

- Follow up geophysics and drill program planning underway for the Train Prospect and surrounds, to commence in 2022

- RPM remains on track for a Maiden Resource in late 2021 advancing the prospect through the development pipeline

- Korbel Main remains on track for a resource upgrade in Q4 with maiden scoping study to follow

- Assay results pending for over 10,000m of drilling from both Korbel Main and RPM

- Snow Lake Resource update due shortly

NVA CEO, Mr. Christopher Gerteisen commented: "More exciting news from the Estelle Gold project. The second rock chip sampling program as part of the 2021 reconnaissance exploration program has delivered more high-grade results in what appears to be another massive IRGS gold system at Train, within Estelle. There exists significant potential to add to global resource inventory moving forward, in addition to the existing 4.7Moz gold resource already delineated at the Korbel deposit, the high grade drill results we are reporting from the RPM gold deposit, and the recent exciting discovery of an extensive outcropping Polymetallic Au-Ag-Cu mineralized vein system at Stoney.

The combination of historic sampling and our recently completed sampling campaigns in the Train Prospect area have identified two discrete zones of high-grade gold mineralisation which are interpreted as part of the same very large IRGS mineralised system. Two of these areas cover several kilometres squared and highlight potential for large-scale, high-grade gold mineralisation.

Field teams will be following up on this work with detailed geophysics and mapping in preparation for a future maiden drilling program, which will commence as soon as possible.

We will continue to systematically advance these types of focused reconnaissance exploration programs, tackling 15 known prospects. We believe this will potentially lead to further similar discoveries as Train and Stoney. In time, we expect to define further multiple new shallow gold, silver and copper resources that will further support our goal of steadily growing the global resource inventory.

We expect more news of this kind as there were other prospects targeted in this year's reconnaissance exploration work. We will keep the market updated on the results of these programs as we progress. It is encouraging to know we are readily achieving our near- and long-term objectives with the resource set to grow at the 4.7Moz Korbel main deposit, the equally exciting and fast progressing RPM deposit moving through the pipeline with a Maiden Resource to be released shortly that is supported by very encouraging high-grade drill results thus far, and many years of resource expansion ahead of us across the district. We are excited by the high-grade gold, silver and copper discovered at Stoney and now also the Train prospect area, which adds significantly to the potential resource of the Estelle District. This all adds up to a large pipeline of projects we will continue to advance unabated with ongoing resource drilling in front of us. Our global resource inventory is set to increase significantly in Q4 this year as we continue our progress in unlocking the Estelle Gold district into one of the leading new gold camps in North America, and indeed the World."

The Train Prospect area is located in the central portion of the claim block along the flanks of Mount Estelle (Figure 4). The gold mineralization is hosted in a granodiorite phase of the Estelle Pluton. The goals of these sampling traverses were to collect representative chip samples of what appeared to be high-grade sheeted vein style gold mineralization typical of Intrusive Related Gold Systems found at the Estelle Gold Project. The extent of mineralization based on samples in Figures 1, 2, and 3* shows an inferred ~1km strike length, and 500m wide at the Train Prospect, and ~1km strike length at Shoeshine Prospect. Similar style of mineralized veining was also observed at nearby Shadow and Discovery Prospects. These prospects are interpreted to be surface exposures of a massive IRGS deposit.

Nova Minerals sampled the gold rich Train prospect during the 2021 reconnaissance program and discovered anomalous gold in outcrop rock samples and talus fines samples throughout a 6km traverse extending into the Shoeshine prospect. Train is hosted in a biotite-quartz monzonite which intrudes the hornfels sediments of the Kahiltna flysch sequence. Gold mineralization is dominated by a northwest striking sheeted quartz-arsenopyrite vein set dipping roughly 50 degrees to the northeast. These gold bearing veins were found throughout the traverse at Train.

Nova achieved three goals at Train during the 2021 field season:

1) Followed up anomalous rock samples from 2020 with additional rock sampling.

2) Gained a better understanding on the controls of mineralization to aid drill targeting for 2022.

3) Conducted talus fines sampling from Train towards Shoeshine to better understand mineral trends between these two prospects.

Results from the talus fines traverse can be seen below in Figure 1*. A total of 39 samples were collected, 14 of which were over 0.5 g/t, and 6 samples were over 1.0 g/t Au. Mineralization was strongest within 1km of the Train and Shoeshine prospects.

Rock sampling at Train returned three samples over 20 g/t Au all of which were associated with the northwest striking, northeast dipping, quartz-arsenopyrite veins. Two prominent veins, each about 0.3m thick, were found approximately 4m from each other and contained massive arsenopyrite with quartz. A third vein was found 130 m south that also contained massive arsenopyrite and was up to 0.3m thick. From north to south, samples of these three veins ran 2.8 g/t Au, 24.5 g/t Au, and 1.4 g/t Au, respectively. These samples, as well as some of the other impressive values, are summarized below. Figure 2 provides a closer view of the Train prospect and highlights some of the better samples collected in 2021.

The continuity of the sheeted veins at Train, and the consistency of mineralisation found in both outcrop and in talus fines proves a compelling target for drilling in 2022. More work remains at Shoeshine, as Nova continues to advance the mineral rich Estelle Gold Project.

*To view tables and figures, please visit:

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

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