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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
o
easting and northing of the drill hole
RL of drill hole collars recorded in NAD 83 Zone
collar 5.
o
elevation or RL (Reduced Level –
elevation above sea level in metres) of the drill Drill HoleAzimuth is the 360obearing of the
hole collar hole orientation.
o
dip and azimuth of the hole
o
down hole length and interception depth

Drill Hole Dipis the inclination of the drill hole
o
hole 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