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Nova Minerals Ltd — Capital/Financing Update 2024
Jan 28, 2024
34115_rns_2024-01-28_7b6eb7c7-d046-4c94-9538-ea9532d8a702.pdf
Capital/Financing Update
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29 January 2024
ASX RELEASE
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Nova Discovers New Gold Prospect at Wombat
Thickest gold-bearing quartz veins to date discovered with up to 1km long strike length at the new Wombat occurrence, with grades up to 24.2 g/t Au
Highlights
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Field observations and assay results from exploration surface samples have confirmed the presence of a new gold anomaly with up to a 1km long strike length at the Wombat prospect area (Figures 3 and 4 and Tables 1 and 2).
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Surface sampling traverses unearthed massive – up to 4m thick – gold-bearing quartz veins with best results up to 24.2 g/t Au (Figure 4)
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Copper associated with several samples in the form of bornite and chalcopyrite with five samples grading 6.1% , 3.0%, 2.3%, 1.3%, and 1.2% Cu
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Final results of an airborne magnetic survey are pending
Nova Head of Exploration, Mr Hans Hoffman commented: “Nova geologists have discovered an impressive zone hosting gold-bearing massive quartz veins. Numerous arsenopyrite-bearing quartz veins 1 to 4 meters in width have been discovered across an approximately 1km strike length. Goldgrades are better in the veins outcropping on the southern side of the ridge, but the miarolitic cavities with well-developed quartz crystals on the northern side of the ridge is a site to be seen. Given the size and frequency of these large veins, we feel Wombat can be developed into a viable drill target to further feed the project’s pipeline of developing gold deposits.”
Nova CEO, Mr Christopher Gerteisen further commented: “The Wombat discovery further highlights the massive exploration upside potential across the Estelle Project area. We have truly only scratched the surface out there and expect further discoveries as we systematically explore the 513km[2] claim block. In addition to high-grade gold in sets of thick quartz veins, we are also seeing high grade copper. We are beginning to recognize the multi-element potential within numerous prospects across Estelle, including antimony, copper, silver, and certain critical elements. These elements have the potential to add significant by-product credits in any future production scenarios. As these are coincident with the gold, an analysis of these elements is something we plan to include in our upcoming exploration programs. Wombat adds to the already over 20 known prospects we have identified at Estelle. As we move forward, we will prioritize this plethora of prospects for advancement towards resource definition.”
Nova Minerals Limited ( Nova or the Company ) ( ASX: NVA, OTC: NVAAF, FSE: QM3 ) is pleased to announce the discovery of the vein-hosted Wombat prospect in the central portion of the claims tenements within the company's flagship Estelle Gold Project located in the prolific Tintina Gold Belt in Alaska.
2023 Exploration Mapping and Sampling Program Results
During the 2023 field season Nova’s Head of Exploration, Mr Hans Hoffman, undertook an extensive
Corporate Suite 5, 242 Hawthorn Road, Caulfield, VICTORIA 3161, Australia Phone +61 2 9537 1238
Main Operations Whiskey Bravo Airstrip Matanuska-Susitna Borough, Alaska, USA 1150 S Colony Way Suite 3-440, Palmer, AK 99645
ASX: NVA | OTC: NVAAF | FSE: QM3 www.novaminerals.com.au 1 Email [email protected]
ACN 006 690 348
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surface exploration mapping and sampling program across the entire Estelle Gold Project comprising of over 45 traverses covering 100-line kilometers, 674 soil samples, 446 rock samples and 21 stream sediment samples (Figure 1).
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Figure 1. Estelle property map showing the extensive exploration program undertaken in 2023
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As a result of that program, and reported to date:
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Nova staked additional State of Alaska mining claims with the project area now over 513km[2] (ASX Announcement: 6 October 2023)
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Assay results from soil and rock chip samples identified two new gold-antimony prospect areas, Stibium and Styx (ASX Announcement: 10 October 2023)
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Assay results and the re-examination of multi-element data from historical samples identified further high-grade gold, silver, copper and antimony at the Train and Trumpet prospects (ASX Announcement: 16 November 2023), and
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Assay results and the re-examination of multi-element data from historical samples at the Shoeshine and Shadow prospects identified a record 1,290 g/t Au rock chip sample along with many other samples returning high-grades for gold, antimony, copper and silver
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Assay results and the re-examination of multi-element data from historical samples at the Shoeshine and Shadow prospects identified a record 1,290 g/t Au rock chip sample along with many other samples returning high-grades for gold, antimony, copper and silver (ASX Announcement: 20 November 2023)
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Assay results from soil and rock chip samples at Revelation identified two broad zones of mineralization (ASX Announcement: 23 November 2023), and
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Assay results from soil and rock chip samples identified one of the most continuous high-grade zones of mineralization on the property at the Discovery and Muddy Creek prospects with a 1.5km long surface gold anomaly and 18 rock samples grading > 10 g/t Au and over 80% of soil samples returning > 1 g/t Au (ASX Announcement: 5 December 2023)
Assay results from exploration undertaken in 2023 at the new Wombat prospect have now also been received back from the laboratory, with the thickest gold-bearing quartz veins to date discovered in the area, as reported in this announcement.
Further results from the soil and rock chip samples taken from across the project area in 2023, as well as re-examining multi-element data from historical samples to determine the presence of antimony, will be reported by area once received and processed in the coming weeks.
Wombat Surface Sampling
Multiple large-scale arsenopyrite-bearing quartz veins have been discovered at Nova’s new Wombat prospect. These veins are hosted in granodiorite to quartz monzonite phases of the Estelle pluton. They follow a similar trend to what is seen elsewhere on the property – steeply dipping and trending NNW-SSE. These large veins are also associated with smaller, mm-scale veins and fracture fill sulfides which may extend grades beyond the large veins themselves. Nova believes this vein system could potentially host an economic gold deposit and will develop plans to further test this theory.
Field crews collected a total of 52 rock samples, 16 of which were greater than 1 g/t Au, including a high of 24.2 g/t Au, and an average grade of 1.7 g/t Au. In addition to gold, these rock samples averaged 0.5% copper, with five samples greater than 1% Cu, and a high of 6% Cu. Table 1 provides a summary of the gold and copper grades for the 16 rock samples greater than 1 g/t Au.
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| Sample ID | Sample Type | Au_ppm | Ag_ppm | Cu_ppm | Sb_ppm | Au *Eq ** |
|---|---|---|---|---|---|---|
| E408580 | Outcropvein | 24.2 | 22 | 5490 | 454 | 25.3 |
| E408577 | Outcropvein | 15.2 | 54 | 30100 | 287 | 19.8 |
| E408702 | Outcropvein | 7.4 | 21 | 540 | 401 | 7.8 |
| E408704 | Outcropvein | 4.5 | 4 | 83 | 604 | 4.7 |
| E408572 | Outcropvein | 4.2 | 61 | 22900 | 1020 | 8.1 |
| E408710 | Outcropvein | 3.7 | 40 | 12200 | 37 | 5.7 |
| E408578 | Outcropvein | 3.1 | 4 | 363 | 28 | 3.2 |
| E408706 | Outcropvein | 2.6 | 4 | 27 | 330 | 2.7 |
| E408575 | Float high-grade | 2.4 | 35 | 6730 | 19 | 3.7 |
| E399789 | Outcropvein | 2.3 | 18 | 13250 | 148 | 4.3 |
| E408714 | Outcropvein | 1.9 | 6 | 1665 | 7 | 2.1 |
| E408588 | Outcropvein | 1.7 | 26 | 9120 | 24 | 3.2 |
| E408590 | Composite chip | 1.3 | 144 | 60800 | 114 | 10.9 |
| E408703 | Outcropvein | 1.3 | 5 | 343 | 245 | 1.4 |
| E408573 | Outcropvein | 1.0 | 23 | 3340 | 58 | 1.8 |
| E408573 | Outcropvein | 1.0 | 23 | 3340 | 58 | 1.8 |
Table 1. Top gold rock sample results at Wombat (Refer gold equivalent calculation below )*
45 soils have also been collected at Wombat, including 5 of which were greater than 1 g/t Au including a high of 2.8 g/t Au, and an average grade of 0.4 g/t. Copper in soils averaged slightly less than 0.1% Cu, but one sample returned a high of 1.3% Cu. Table 2 provides a summary of the top ten soil sample results from Wombat.
| Sample_ID | Sample Type | Au_ppm | Ag_ppm | Cu_ppm | Sb_ppm | Au Eq* |
|---|---|---|---|---|---|---|
| E404326 | Talus fines | 2.8 | 21 | 1910 | 43 | 3.3 |
| E404330 | Talus fines | 2.5 | 29 | 1025 | 47 | 3.0 |
| E408967 | Talus fines | 2.3 | 69 | 13150 | 111 | 4.9 |
| E408646 | Talus fines | 1.8 | 8 | 674 | 20 | 1.9 |
| E404329 | Talus fines | 1.1 | 26 | 1220 | 54 | 1.6 |
| E408647 | Talus fines | 0.8 | 2 | 726 | 10 | 0.9 |
| E408964 | Talus fines | 0.7 | 1 | 1190 | 4 | 0.8 |
| E408963 | Talus fines | 0.6 | 3 | 301 | 7 | 0.7 |
| E408966 | Talus fines | 0.5 | 9 | 7880 | 40 | 1.6 |
| E408968 | Talus fines | 0.5 | 2 | 337 | 20 | 0.6 |
Table 2. Top gold soil sample results at Wombat (*Refer gold equivalent calculation below)
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Multiple rock samples were collected from outcropping quartz veins on the northern side of the ridge returning values of 1.3 to 3.7 g/t Au. While these grades were lower than the samples south of the ridge, several large quartz cavities were observed as shown in Figure 2 below.
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Figure 2. Miarolitic quartz cavities at the Wombat prospect
A sample summary is shown below on Figure 3. Detail for the 24.2 g/t Au sample is provided in Figure 4. These veins can be traced running up the hillside to the north and can be observed outcropping on both sides of the ridge. Additional vein exposures remain to be sampled, and Nova now considers this a high priority exploration target.
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Figure 3. Wombat Au sample results plan view map
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Figure 4. Vein detail for sample 408580 – 24.2 g/t Au
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Gold Equivalent Calculation
Gold equivalent (AuEq) values were calculated using the formula below:
AuEq g/t= Au g/t + (Ag_ppm XAg) + (Cu_ppm XCu) + (Sb_ppm* XSb)
AuEq values were calculated using a gold price of $1,850/oz, a silver price of $22/oz, a copper price of $3.5/lb, and an antimony price of $12,000/ton, all with recovery rates of 90% as shown below.
Gold Equivalent Factors (XXx):
(XAg)= [US$22/oz silver price x 0.90 silver recovery] / [US$1,850/ troy ounce gold price x 0.90 gold recovery] = 0.011892
(XCu)= [US$3.50/lb copper price x (1lb/14.583 troy ounces) x 0.90 copper recovery] / [US$1,850/ troy ounce gold price / 31.10348 grams per troy ounce x 0.90 gold recovery] = 0.000130
(XSb)= [US$12,000/tonne antimony price x (1tonne/1000000grams) x 0.90 antimony recovery] / [US$1,850/ troy ounce gold price / 31.10348 grams per troy ounce x 0.90 gold recovery] = 0.000202
Cautionary Statement: For many projects at the exploration results stage, metallurgical recovery information may not be available or able to be estimated with reasonable confidence. In such cases reporting of metal equivalents may be misleading.
The 3D Vrify decks on the company’s website will be updated with the 2023 surface sampling exploration results when all the assays for the soil and rock chip samples taken across the entire Estelle Gold Project have been received back from the laboratory.
Further discussion and analysis of the Estelle Gold Project is available through the interactive Vrify 3D animations, presentations and videos all available on the Company’s website. www.novaminerals.com.au
This announcement has been authorized for release by the Executive Directors.
Christopher Gerteisen Craig Bentley CEO and Executive Director Director of Finance & Compliance E: [email protected] Finance & Investor Relations E: [email protected] M: +61 414 714 196
Competent Person Statements
Mr Vannu Khounphakdee P.Geo., who is an independent consulting geologist of a number of mineral exploration and development companies, reviewed and approves the technical information in this release and is a member of the Australian Institute of Geoscientists (AIG), which is ROPO accepted for the purpose of reporting in accordance with ASX listing rules. Mr Vannu Khounphakdee has sufficient experience relevant to the gold deposits under evaluation to qualify as a Competent Person as defined in the 2012 edition of the ‘Australian Code for Reporting of Exploration Results, Mineral
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Resources and Ore Reserves’. Mr Vannu Khounphakdee is also a Qualified Person as defined by S- K 1300 rules for mineral deposit disclosure. Mr Vannu Khounphakdee consents to the inclusion in the report of the matters based on information in the form and context in which it appears.
The information in the announcement dated today that relates to exploration results and exploration targets is based on information compiled by Mr. Hans Hoffman. Mr. Hoffman, Owner of First Tracks Exploration, LLC, who is providing geologic consulting services to Nova Minerals, compiled the technical information in this release and is a member of the American Institute of Professional Geologists (AIPG), which is ROPO, accepted for the purpose of reporting in accordance with ASX listing rules. Mr. Hoffman has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which 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. Hoffman consents to the inclusion in the report of the matters based on information in the form and context in which it appears.
The Exploration results were reported in accordance with Clause 18 of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) (JORC Code).
Nova Minerals confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements, and in the case of the exploration results, that all material assumptions and technical parameters underpinning the results in the relevant market announcement continue to apply and have not materially changed Forward-looking Statements and Disclaimers
This news release contains “forward-looking information” within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget” “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or indicates that certain actions, events or results “may”, “could”, “would”, “might” or “will be” taken, “occur” or “be achieved.” Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labor costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein. Apparent inconsistencies in the figures shown in the MRE are due to rounding.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labor costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade
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for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation.
Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forwardlooking information. Forward looking information is made as of the date of this announcement and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.
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Appendix 1: JORC Code, 2012 Edition – Table 1 Estelle Gold Project - Alaska
Section 1 Sampling Techniques and Data
| Criteria | JORC Code Explanation | Commentary |
|---|---|---|
| Sampling techniques | • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse Au that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. |
• Rock chip samples were collected from outcrop in-situ lithology or local float where noted • Rock samples collected were representative • Sampling practice is appropriate and complies with industry best practice. • Sample preparation and analysis was performed by ALS laboratories in Fairbanks, following industry best practice standards. |
| Drilling techniques | • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) |
• Not applicable – No drilling reported |
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| Criteria | JORC Code Explanation | Commentary |
|---|---|---|
| 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, etc.). |
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| Drill sample recovery | • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample 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/gain of fine/coarse material |
• Not applicable – No drilling reported |
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. • The total length and percentage of the relevant intersections logged. |
• For rock chip samples, logging is qualitative and descriptive. |
| Sub-sampling techniques and sample preparation |
• If core, whether cut or sawn and whether quarter, half or all core taken. |
• Rock samples were collected in dry conditions. • Insertion of standards and blanks by the company was not necessaryforthe type ofsampling undertaken. Routine QA/QC |
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| Criteria | JORC Code Explanation | Commentary |
|---|---|---|
| • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second- half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled |
processes at the ALS Laboratory included insertion of duplicates, blanks and standards as per standard procedures. |
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| Quality of assay data and laboratory tests |
• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. |
• Samples are tested for gold using ALS Fire Assay Au-ICP21 technique. This technique has a lower detection limit of 0.001 g/t with an upper detection limit of 10 g/t. If samples have grades in excess of 10 g/t then Au-GRA21 is used to determine the over detect limit. Au-GRA21 has a detection limit of 0.05 g/t and an upper limit of 1000 g/t. |
| Verification of sampling and assaying |
• The verification of significant intersections by either independent or alternative company personnel. |
• Assay data are compiled by the CP and then verified by corporate management prior to the release to the public |
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| Criteria | JORC Code Explanation | Commentary |
|---|---|---|
| • The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. |
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| Location of data points | • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control |
• All maps and locations are in UTM grid (NAD83 Z5N) and have been measured by hand-held GPS with a lateral accuracy of ±4 metres and a vertical accuracy of ±10 metres. |
| Data spacing and distribution |
• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. |
• Rock samples were taken from areas across the Estelle Gold Project with the focus on collecting material from Quartz- Arsenopyrite Veins. |
| Orientation of data in relation to geological structure |
• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • 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. |
• Several structural measurements were taken for the veins where possible. The veins dominant orientations were 320 degrees dipping steeply to the southwest |
| Sample security | • The measures taken to ensure sample security | • A secure chain of custody protocol has been established with the site geologist locking samples in secure shipping container at site until loaded on to aircraft and shipped to the secure restricted access room at Fairbanks ALS Laboratory for processing. |
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| Criteria | JORC Code Explanation | Commentary |
|---|---|---|
| Audit or reviews | • The results of any audits or reviews of sampling techniques and data. |
• Detailed QA/QC analysis is undertaken on an ongoing basis by Qualitica Consulting. |
Section 2 Reporting of Exploration Results
| Criteria | JORC Code Explanation | Commentary |
|---|---|---|
| Mineral tenement and land tenement status |
• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
• The Estelle Gold Project is comprised of 513km2State of Alaska mining claims • 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 85% by Nova Minerals Ltd, 15% by AK Minerals Pty Ltd. AK Minerals Pty Ltd holds a 2% NSR (ASX Announcement: 20 November 2017). Nova owns 85% of the project through the joint venture agreement. • The Company is not aware of any other impediments that would prevent an exploration or mining activity. |
| Exploration done by other parties |
• Acknowledgement and appraisal of exploration by other parties |
• Geophysical, Soil testing, and drilling was completed by previous operators in the past. Nova Minerals has no access to this data. |
| Geology | • Deposit type, geological setting and style of mineralisation |
• Nova Minerals is primarily exploring for Intrusion Related Gold System (IRGS) type deposit within the Estelle Gold Project |
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| Criteria | JORC Code Explanation | Commentary |
|---|---|---|
| Drill hole information | • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: - easting and northing of the drill hole collar - elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar - dip and azimuth of the hole - down hole length and interception depth -hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. |
• Not applicable – No drilling reported |
| Data aggregation methods |
• In reporting Exploration Results, weighting averaging techniques, maximum 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 short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. |
• Raw assay information was reported without any aggregation for surface samples. |
| Relationship between mineralisation widths and intercept lengths |
• These relationships are particularly important in the reporting of Exploration Results. |
• Not applicable – No drilling reported |
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| Criteria | JORC Code Explanation | Commentary |
|---|---|---|
| • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).. |
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| Diagrams | • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
• Plan view map shows the location of the prospects with respect to other prospects within the Estelle Gold Project. |
| Balanced reporting | • Where comprehensive reporting of all 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. |
• Does not apply. All Nova results have been disclosed to the ASX via news releases. |
| Other substantive exploration data |
• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
• No other substantive exploration data has been collected. |
| Further work | • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
• Diamond drilling for 2023, and all assay results from it, have been received and announced, with the 2024 drill program currently being planned. |
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