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Nova Minerals Ltd — Capital/Financing Update 2019
Sep 1, 2019
34115_rns_2019-09-01_1b65e3fe-3168-4a63-ac84-7d419a202686.pdf
Capital/Financing Update
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ASX AND MEDIA RELEASE
NOVA MINERALS LIMITED ASX: NVA FSE: QM3
Nova Minerals Limited (ASX:NVA FSE:QM3) is a minerals explorer and developer focused on gold and lithium projects in North America.
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Board of Directors: Mr Avi Kimelman Managing Director / CEO
02 September 2019
Nova Minerals Announces Discovery of High Grade Bulk Starter Pit at Estelle Gold Project
Investment highlights:
-
Assay returns grades of up to 27.6 g/t Au (hole OX-RC-16)
-
Drill hole OX-RC-16 intersects 70.1m grading 1.20 g/t Au
-
Discovery of high grade gold material for a “Starter Pit” scenario
-
Mineralisation starts from 2m from surface and extends throughout the deposit with excellent internal continuity
-
Maiden JORC Resource at Oxide Korbel now imminent
-
Resource comparable to Kinross’ Fort Knox Gold and Victoria Gold’s Dublin Gulch Eagles Gold Mine
Mr Louie Simens
Executive Director
Mr Avi Geller
Non-Executive Director
Company Secretary: Mr Adrien Wing
Management:
Mr Christopher Gerteisen General Manager Estelle / North America
Mr Dale Schultz
Technical lead / Chief Geologist
Mr Brian Youngs Head of Exploration and Logistics
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Minerals explorer and developer Nova Minerals Limited (ASX:NVA FSE:QM3)(‘Nova’ or ‘the Company’) is pleased to announce the discovery of high grade gold material for a “Starter Pit” scenario within Block B of the Oxide Korbel deposit from phase 1 resource drilling (Table 1) . These holes were drilled as part of a Reverse Circulation (RC) drill program completed during the 2019 field season. The Oxide Korbel deposit is one of fifteen known gold occurrences located on the Estelle Gold Project to follow up (Figure 3) .
Nova Minerals Managing Director Mr Avi Kimelman said: “We are excited with these high grade intercepts and the discovery of high grade material for a initial starter pit which starts near surface at the Oxide Korbel prospect so early on. In these large bulk tonnage deposits these starter pits are critical to provide more informed economic data going forward.
We have only scratched the surface in the Oxide Korbel deposit area to date. The gold mineralisation is open in all dimensions and additional diamond drilling is planned to establish the outer limits and depth extent of the deposit. Targets C and D (Figure 1) have similar geological and geophysical characteristics and will also be drill tested.
Contact:
Nova Minerals Limited Level 17, 500 Collins Street Melbourne, VIC, 3000
These drill results confirm our theory that Oxide Korbel represents a mineralised zone mirroring that of the likes of Kinross’ Fort Knox Gold and Victoria Gold’s Dublin Gulch Eagles Gold Mine.
P: +61 3 9614 0600
F: +61 3 9614 0550
W: www.novaminerals.com.au
Furthermore, this demonstrates the scale, size and robustness of our project, as it’s only our phase 1 resource drill program on less than 1% footprint of the total project area. We now look forward to updating the market of our maiden inferred gold JORC resource imminently.”
Table 1. Hole intercepts from recent RC Drilling and historic diamond drilling
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Two fences of RC drill holes were completed within the boundaries of Target B. The drill fences were completed on 200 m section spacings. The north fence centred on Section 7500 N (see Figure 2). Historical diamond drill hole SE12-004 completed in 2012 was re-sampled by Nova as part of the 2019 field program.
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Figure 1. Geology map illustrating drill hole locations relative to Target areas (blue lines). Targets A, B, C and D are based on a 10 mS/S, IP/Chargeability contour. Dill holes in this press release are all located within the footprint of Target B.
Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550
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Figure 2. Cross Section 7500 N illustrating the high-grade intervals encountered during the 2019 drilling campaign.
Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550
Internal prioritised systematic exploration strategy
The Company’s ranked and prioritised systematic exploration strategy and activities at Estelle are guided by an exploration “Project Pipeline” process to maximise the probability of multiple major discoveries ( Table 1 ). Each Milestone is defined by a specific deliverable and has each criteria needs to be ticked to determine which prospect must pass through before moving to the next Milestone. Economic criteria and probability of success increase as projects move along the pipeline. The methodology helps to ensure work is carried out across all stages of the process, cost are kept minimal and that focus is kept on the best quality targets and that the pipeline is kept full with early Milestone projects.
| EXPLORATION PROGRAM | PASS/FAIL |
|---|---|
| Big Picture (Historical Data Review) |
|
| Airborne geophysics | |
| Soil Sampling | |
| Alteration Mapping | |
| IP Surveys overlay of Alteration Zone |
|
| Target Prioritisation | |
| RC and/or DiamondDrilling |
Table 1: Prioritised Systematic Exploration Strategy
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Figure 3: Estelle Project Pipeline
Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550
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Figure 4: Location of known prospects to be followed up
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Figure 5: The Tintina Gold Belt
Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550
Competent Person statement
Mr Dale Schultz, Principle of DjS Consulting, who is Nova groups Chief Geologist and COO of Nova Minerals subsidiary Snow Lake Resources Ltd., compiled the technical information in this release and is a member of the Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS), which is ROPO, accepted for the purpose of reporting in accordance with ASX listing rules. Mr Schultz has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Schultz consents to the inclusion in the report of the matters based on information in the form and context in which it appears.
Ends
About Nova Minerals
Nova Minerals Limited (ASX:NVA FSE:QM3) is a minerals explorer and developer focused on gold and lithium projects in North America.
Nova has a diversified portfolio of projects across the US, Canada, and Australia. Two of the key projects include Nova’s Estelle Gold Project in Alaska, which holds some of North America’s largest gold deposits, and the company’s majority-owned Snow Lakes Resources, a lithium project in Canada.
Nova aims to provide shareholders with diversification through exposure to base and precious metals and to capitalise on the growing demand for lithium-based energy storage.
To learn more please visit: https://novaminerals.com.au/
Forward-looking Statements
Certain statements in this document are or may be “forward-looking statements” and represent Nova’s intentions, projections, expectations or beliefs concerning among other things, future exploration activities. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Nova, and which may cause Nova’s actual performance in future periods to differ materially from any express or implied estimates or projections. Nothing in this document is a promise or representation as to the future. Statements or assumptions in this document as to future matters may prove to be incorrect and differences may be material. Nova does not make any representation or warranty as to the accuracy of such statements or assumptions.
Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550
JORC Code, 2012 Edition – Table
The following table is provided to ensure compliance with the JORC Code (2012 Edition) for the reporting of Exploration Results
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling | • Nature and quality of sampling (e.g. cut |
The mineral resource estimate is based on a |
| techniques | channels, random chips, or specific specialised | combination of recent sampling data collected |
| industry standard measurement tools | from reverse circulation (RC) drilling resampling | |
| appropriate to the minerals under investigation, | and historical diamond drill (DD) core. | |
| such as down hole gamma sondes, or handheld | ||
| XRF instruments, etc.). These examples should | For recent (2018 and 2019) RC drilling each | |
| not be taken as limiting the broad meaning of | 1.52 m interval was riffle split to obtain a 4-6 kg | |
| sampling. | sample, which were sent to ALS laboratory in | |
| • Include reference to measures taken to |
Fairbanks for pulverization to produce a 250 g | |
| ensure sample representivity and the | sub-sample for analysis. | |
| appropriate calibration of any measurement | ||
| tools or systems used. | Remaining half (DD) cores from historical drill | |
| • Aspects of the determination of |
holes (2011 to 2012) were sampled at 3.05 m | |
| mineralisation that are Material to the Public | intervals. Samples were sent to ALS laboratory | |
| Report. | in Fairbanks for pulverization to produce a 250 g | |
| • In cases where ‘industry standard’ work |
sub-sample for analysis | |
| has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to |
Sampling and sample preparation protocols for | |
| obtain 1 m samples from which 3 kg was | recent RC drilling and historical diamond drill | |
| pulverised to produce a 30 g charge for fire | core DD followed industry best practices and are | |
| assay’). In other cases more explanation may be | appropriate for the mineralisation type being |
|
| required, such as where there is coarse gold | evaluated. | |
| that has inherent sampling problems. Unusual | ||
| commodities or mineralisation types (e.g. | ||
| submarine nodules) may warrant disclosure of | ||
| detailed information. | ||
| Drilling techniques |
• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, |
Drill types used included recent RC (NQ size) and historic DD (NQ size). |
| Bangka, sonic, etc.) and details (e.g. core | . | |
| diameter, triple or standard tube, depth of | ||
| diamond tails, face-sampling bit or other type, | ||
| whether core is oriented and if so, by what | ||
| method) | ||
| Drill sample | • Method of recording and assessing core |
Recovery data is typically not recorded for RC |
| recovery | and chip sample recoveries and results | drilling. |
| assessed. | ||
| No recovery data was available for the historic | ||
| • Measures taken to maximise sample |
DD. | |
| recovery and ensure representative nature of | ||
| the samples. | ||
| • Whether a relationship exists between |
||
| sample recovery and grade and whether sample | ||
| bias may have occurred due to preferential | ||
| loss/gainof fine/coarse material. | ||
| Logging | • Whether core and chip samples have |
No historical (2011 to 2012) DD logs were |
| been geologically and geotechnically logged to a | available. Photographs of each core box were |
|
| level of detail to support appropriate Mineral | taken during the sampling process. Sample | |
| Resource estimation, mining studies and | intervals were recorded on a logging template | |
| metallurgical studies. | form. RC chipsample intervals were recorded |
Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Whether logging is qualitative or |
in the field on a logging template form. 100% of | |
| quantitative in nature. Core (or costean, | the chip samples were sent to ALS Fairbanks | |
| channel, etc.) photography. | and off-cut chips were submitted to Pacific Rim | |
| • The total length and percentage of the |
Geological Consulting for detailed geological | |
| relevant intersections logged. | logging. These data have been compiled | |
| digitally. | ||
| Sub- | • If core, whether cut or sawn and |
Each 1.52 m RC interval was riffle split (dry) to |
| sampling | whether quarter, half or all core taken. | obtain a 4-6 kg sample, which was sent to the |
| techniques | ALS laboratory for pulverization. | |
| and sample | • If non-core, whether riffled, tube |
|
| preparation | sampled, rotary split, etc. and whether sampled | Field duplicates (RC) for recent data were |
| wet or dry. | collected every 1 in 20 samples at the same | |
| • For all sample types, the nature, quality |
time using the same method (riffle split) as the | |
| and appropriateness of the sample preparation | parent sample. | |
| technique. | ||
| Historic DD duplicates were sampled and | ||
| • Quality control procedures adopted for all sub-sampling stages to maximise |
collected after crushing, by the laboratory, at a rate of 1 in 20. |
|
| representivity of samples. | ||
| Blank material was inserted 1 in 40 samples for | ||
| • Measures taken to ensure that the |
both RC and historic DD. | |
| sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate |
Standard Reference Material (SRM) was inserted 1 in 20 samples. Three different SRMs at three different grades levels were used. |
|
| to the grain size of the material being sampled. | ||
| Quality of | • The nature, quality and appropriateness |
The historic DD core was composited into 3.05 |
| assay data | of the assaying and laboratory procedures used | m intervals, the interval data was recorded on a |
| and | and whether the technique is considered partial | logging sheet, and each core box was |
| laboratory | or total. | photographed. The entire half-cut core was |
| tests | • For geophysical tools, spectrometers, |
placed into sample bag and sealed using zip |
| handheld XRF instruments, etc., the parameters | ties. | |
| used in determining the analysis including | ||
| instrument make and model, reading times, | The RC samples were collected in a 5 gallon | |
| calibrations factors applied and their derivation, | bucket and then riffle split by a Gilson Co. | |
| etc. | splitter twice to bring sample weights down to | |
| • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, |
between 4 to 6 Kg. The split material was then place into sample bags and sealed by zip ties. |
|
| external laboratory checks) and whether | ||
| acceptable levels of accuracy (i.e. lack of bias) | ||
| _and precision have been established. _ | ||
| Verification | • The verification of significant |
The verification of significant intersections has |
| of sampling | intersections by either independent or alternative | been completed by company personnel and the |
| and | company personnel. | competent persons. |
| assaying | ||
| • The use of twinned holes. |
No drill holes within the resource were twinned. | |
| • Documentation of primary data, data |
For RC drilling each 1.52 m sample was sent to | |
| entry procedures, data verification, data storage | ALS Fairbanks and an off cut of chips were | |
| (physical and electronic) protocols. | generated form each 1.52 metre and provided to | |
| Pacific Rim Geological Consulting for detailed | ||
| • Discuss any adjustment to assay data. |
chip logging. RC data was logged digitally into Excel templates and validated. |
|
| Historic DD sample intervals were logged onto | ||
| paperand subsequently enteredinto excel |
Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550
| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| spreadsheets. Photos were taken of each core | |||
| box. | |||
| Recent Assay files are received from the | |||
| laboratory in CSV format and these files were | |||
| made available to the Deposit Modeler. | |||
| No historic DD logs or assay data was available. | |||
| All the available data was made available to the | |||
| deposit modeler. | |||
| There were no adjustments to assay data. | |||
| Location of | • | Accuracy and quality of surveys used to | Collar coordinates for all RC drill holes were |
| data points | locate drill holes (collar and down-hole surveys), | located in the field by the Project Manager using |
|
| trenches, mine workings and other locations | a Garman 650 handheld GPS. | ||
| used in Mineral Resource estimation. | |||
| • | Specification of the grid system used. | Grid system was NAD 83 Zone 5 | |
| No down hole survey instrument was use on the | |||
| RC drill holes. | |||
| • | Quality and adequacy of topographic | ||
| control. | All historic DD locations were located in the field | ||
| by the Project Manager using Garman 650 | |||
| handheld GPS. | |||
| No down hole survey data was available for | |||
| historicDD. | |||
| Data spacing | • |
Data spacing for reporting of Exploration | The drill hole spacing is sufficient to |
| and | Results. | demonstrate geological and grade continuity | |
| distribution | appropriate for the Mineral Resource | ||
| • | Whether the data-spacing and | ||
| distribution is sufficient to establish the degree of | The drill spacing applied to each deposit is |
||
| geological and grade continuity appropriate for | considered suitable for the style of | ||
| the Mineral Resource and Ore Reserve | mineralisation and mineral resource estimation | ||
| estimation procedure(s) and classifications | requirements. | ||
| applied. | |||
| • | Whether sample compositing has been | ||
| applied. | |||
| Orientation | • | Whether the orientation of sampling | Drill holes were drilled predominantly |
| of data in | achieves unbiased sampling of possible | perpendicular to mineralised domains where | |
| relation to | structures and the extent to which this is known, | possible. No orientation based sampling bias | |
| geological | considering the deposit type. | has been identified in the data. | |
| structure | • | If the relationship between the drilling | |
| orientation and the orientation of key mineralised | |||
| structures is considered to have introduced a | |||
| sampling bias, this should be assessed and | |||
| reported if material. | |||
| Sample security |
• The measures taken to ensure sample security. |
Nova Minerals personnel managed the sample chain of custody. Both RC and historic DD core samples were securely stored on site prior to being dispatched |
|
| to the ALS Fairbanks laboratory for assay analysis. | |||
| Dispatch sheets were used to document sample | |||
| numbers through the delivery process. |
Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550
| Criteria | JORC | Code explanation | Commentary |
|---|---|---|---|
| ALS maintains a Webtrieve application to confirm and | |||
| monitor samples and jobs within the laboratory | |||
| process. | |||
| Audits or | • | The results of any audits or reviews of | External review confirms sampling protocols are |
| reviews | sampling techniques and data. | within industry best practices for RC drilling and | |
| for re-samplingof historic DD. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | JORC Code explanation | Commentary |
|---|---|---|---|
| Mineral | • | Type, reference name/number, location | The Estelle project is comprised of one hundred |
| tenement | and ownership including agreements or material | and eighty Six (186) State of Alaska mining | |
| and land | issues with third parties such as joint ventures, | claims consisting of one hundred and eighty two | |
| tenure status | partnerships, overriding royalties, native title | (182) x 160 acres per claim and four (4) x 40 | |
| interests, historical sites, wilderness or national | acres per claim for a total or 29,280 acres | ||
| park and environmental settings. | (118.5km2) for the entire claim group. | ||
| The mining claims are wholly owned by AKCM | |||
| (AUST) Pty Ltd. (an incorporated Joint venture | |||
| (JV Company between Nova Minerals Ltd and | |||
| AK Minerals Pty Ltd) via 100% ownership of | |||
| Alaskan incorporate company AK Custom | |||
| Mining LLC. AKCM (AUST) Pty Ltd is owned | |||
| 51% by Nova Minerals Ltd 49% by AK Minerals | |||
| • | The security of the tenure held at the | Pty Ltd. | |
| time of | reporting along with any known | ||
| impediments to obtaining a licence to operate in | Nova owns 51% of the project and has the right | ||
| the area. | to earn up to 85% of the project through the joint | ||
| venture agreement. | |||
| There are no native title interests in or over any | |||
| of the claims and they are not located within any | |||
| environmentally sensitive areas including | |||
| National Parks, Conservation Reserves or | |||
| Wilderness areas. | |||
| The Company is not aware of any other | |||
| impediments that would prevent an exploration | |||
| or mining activity. | |||
| Exploration | • | Acknowledgment and appraisal of | The Estelle prospect has undergone both |
| done by | exploration by other parties. | surface and sub-surface exploration | |
| other parties | intermittently since the 1970’s. The latest | ||
| exploration was conducted between 2011 and | |||
| 2014 which was previously reported by Nova | |||
| Minerals Limited (formally Quantum Resources). | |||
| Geology | • | Deposit type, geological setting and | The Oxide deposit is classified as a Reduced |
| style of | mineralisation. | Intrusion-Related Gold Deposit (RIRG) type. | |
| RIRG deposits typically occur associated with | |||
| moderately reduced intrusions in reduced | |||
| siliciclastic Sequences. Key characteristics of | |||
| these deposits include low sulfide content with | |||
| associated with reduced mineral and metal | |||
| assemblages of Au>Ag,Bi,As,W,and Mo. The |
Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| mineralisation occurs in multiphase granitic | ||
| stocks and plutons. Gold is hosted in sheeted | ||
| veins, which are coeval with their causative | ||
| intrusions. Although these deposits do not have | ||
| a significant hydrothermal alteration footprint, | ||
| there are often peripheral mineralisation | ||
| occurrences and proximal thermal alteration, | ||
| which have a predictable distribution pattern, | ||
| including secondary aluminosilicates, biotite, | ||
| and tourmaline, skarns and polymetallic veins. | ||
| • | ||
| Drill hole | • A summary of all information material to |
Drilling information used used for the estimation |
| Information | the understanding of the exploration results | of mineral resources included the following: |
| including a tabulation of the following information | ||
| for all Material drill holes: | Location dataincluding Easting, Northing and | |
oeasting and northing of the drill hole |
RL of drill hole collars recorded in NAD 83 Zone | |
| collar | 5. | |
oelevation or RL (Reduced Level – |
||
| elevation above sea level in metres) of the drill | Drill HoleAzimuth is the 360obearing of the | |
| hole collar | hole orientation. | |
odip and azimuth of the hole |
||
odown hole length and interception depth |
Drill Hole Dipis the inclination of the drill hole |
|
ohole length. |
from horizontal. | |
| • If the exclusion of this information is |
||
| justified on the basis that the information is not | Down Hole Lengthis the distance down the | |
| Material and this exclusion does not detract from | inclination of the hole and is measured as the |
|
| the understanding of the report, the Competent | distance from the collar to the end of hole. | |
| Person should clearly explain why this is the | ||
| case. | Intercept Depthis the distance from the start of | |
| the hole down the inclination of the hole to the | ||
| depth of the zone of interest. | ||
| The listing of the entire drill hole database used | ||
| to estimate the mineral resource was not | ||
| considered relevant for this release. | ||
| Data | • In reporting Exploration Results, |
Reported intercepts quoted in the report are length |
| aggregation | weighting averaging techniques, maximum | weighted. No top cuts were applied. |
| methods | and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate |
Lower cut-off grade applied was 0.4 g/t. Maximum consecutive 4m of internal dilution within a reported interval was used. Minimum intercept length of 3m down hole. |
| short lengths of high-grade results and longer | ||
| lengths of low grade results, the procedure used for such aggregation should be stated and some |
Accuracy of the survey measurements is considered to meet acceptable industry standards. Metal |
|
| typical examples of such aggregations should be | equivalent values are not used in reporting. |
|
| shown in detail. | ||
| • The assumptions used for any reporting |
||
| of metal equivalent values should be clearly | ||
| _stated. _ | ||
| Relationship between mineralisatio |
• These relationships are particularly important in the reporting of Exploration Results. |
Reporting of mineralisation width and intercepts are deemed acceptable by the Competent Persons. Zones of mineralisation are based on interpreted |
| n widths and | • If the geometry of the mineralisation with |
geology recorded in drilling logs. |
| intercept lengths |
respect to the drill hole angle is known, its nature should be reported. • If it is not knownand only the down hole |
Drill holes were orientated to intersect mineralisation at a perpendicular angle. |
Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| lengths are reported, there should be a clear | |||
| statement to this effect (eg ‘down hole length, | |||
| _true width not known’). _ | |||
| Diagrams | • Appropriate maps and sections (with |
Appropriate figures are provided in the ASX | |
| scales) and tabulations of intercepts should be | release and depict the key results from the | ||
| included for any significant discovery being | Resource Study. | ||
| reported These should include, but not be | |||
| limited to a plan view of drill hole collar locations | |||
| _and appropriate sectional views. _ | |||
| Balanced | • Where comprehensive reporting of all |
As above | |
| reporting | Exploration Results is not practicable, | ||
| representative reporting of both low and high | |||
| grades and/or widths should be practiced to | |||
| avoid misleading reporting of Exploration | |||
| _Results. _ | |||
| Other | • Other exploration data, if meaningful |
Geological consultants completed geological | |
| substantive | and material, should be reported including (but | mapping within the prospect area in the past. | |
| exploration | not limited to): geological observations; | ||
| data | geophysical survey results; geochemical survey | Rock chip and channel samples collected during | |
| results; bulk samples – size and method of | reconnaissance are reported and tabularised in | ||
| treatment; metallurgical test results; bulk | full and locations plotted on generated maps in | ||
| density, groundwater, geotechnical and rock | this report. | ||
| characteristics; potential deleterious or | |||
| contaminating substances. | Major geological | observations have been | |
| reported. | |||
| Further work | • The nature and scale of planned further |
Nova is in the process of planning future | |
| work (eg tests for lateral extensions or depth | exploration and drilling activities. | ||
| extensions or large-scale step-out drilling). | |||
| • Diagrams clearly highlighting the areas |
Additional areas | require have follow-up work in | |
| of possible extensions, including the main | future drill program. | ||
| geological interpretations and future drilling | |||
| areas, provided this information is not | |||
| _commercially sensitive. _ |
| HOLE-ID OX-RC-16 OX-RC-17 OX-RC-18 SE12-004 |
LOCATIONX | LOCATIONY | LOCATIONZ | LENGTH | AZIMUTH | DIP |
|---|---|---|---|---|---|---|
| 6875022 | 505400 | 920 | 80.77 | 270 | -50 | |
| 6875022 | 505250 | 940 | 70.1 | 90 | -60 | |
| 6875022 | 505250 | 940 | 86.87 | 270 | -75 | |
| 6875114.7 | 505404.4 | 908.6 | 181.97 | 235 | -52 |
Nova Minerals Ltd. Level 17, 500 Collins Street, Melbourne, VIC, 3000. Phone: +61 3 9614 0600 Fax: + 61 3 9614 0550