How is Nova Minerals Advancing Its Exploration at the Stibium and Styx Prospects?
Nova Minerals Limited
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How is Nova Minerals Advancing Its Exploration at the Stibium and Styx Prospects?

Nova Minerals Limited Announces Exciting Developments in Gold Exploration

Nova Minerals Limited, listed on the ASX, has reported significant progress in its exploration activities, particularly in gold, antimony, copper, and silver, across various prospects in Western Australia.

Remarkable High-Grade Discoveries

A record rock chip sample of 1,290 g/t Au, along with numerous high-grade samples for gold, antimony, copper, and silver, has been reported at the Shoeshine and Shadow prospects (ASX Announcement: 20 November 2023).

Discovery and Muddy Creek Prospects

The company has discovered a continuous high-grade zone at the new Discovery and Muddy Creek prospects, featuring a 1. 5km long surface gold anomaly. This includes 18 rock samples grading over 10 g/t Au, with a peak of 127. 5 g/t Au, and 15 soil samples over 2/g/t Au, with a maximum of 6. 1 g/t Au (ASX Announcement: 5 December 2023).

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New Gold-Antimony Prospect Areas

Two new prospect areas, Stibium and Styx, have been identified with surface samples returning up to 12. 7g/t Au, 2. 1% Sb, 1600g/t Ag, and 1. 5g/t Au, 60. 5% Sb (ASX Announcement: 10 October 2023).

High-Grade Findings at Train and Trumpet Prospects

Significant high-grade gold, silver, copper, and antimony results have been recorded at the Train and Trumpet prospects, including a high of 132. 5 g/t Au, 1. 2% Cu, and 0. 1% Sb, with one sample showing an exceptionally high 16. 8% Sb (ASX Announcement: 16 November 2023).

Expansion of Mining Claims

Nova has staked additional State of Alaska mining claims, expanding the project area to over 513km² (ASX Announcement: 6 October 2023).

Antimony Discovery and Strategic Review

The high-grade stibnite discovery, a primary source for antimony, is strategically significant due to its association with the gold systems at several prospects. Nova has appointed a national consulting group and assembled an internal team to access potential US federal grants and funding (Figures 7 and 8).

Strategic Review for PFS Level Studies

Nova appointed METS Engineering and Rough Stock Mining Services to establish a right-sized starter operation, focusing on minimizing capex and finding a steady-state mine plan (ASX Announcement: 6 November 2023).

Snow Lake Lithium Portfolio Expansion

Nova owns a 32. 5% share in Snow Lake Lithium, which has expanded its lithium claims next to the Tanco mine in Manitoba, Canada.

Corporate and Financial Health

Nova maintains a strong financial position with approximately $17m in cash and liquid investments, including valuable positions in Snow Lake Lithium Ltd and Asra Minerals Limited.

Next Steps: US Listing and Updated Global MRE

Nova is fast-tracking its efforts for a US exchange listing and expects to release material PFS test work results, trade-off studies, and updated global MRE. The company is also awaiting updates on critical minerals grant and funding options from US departments.

CEO Christopher Gerteisen's Statement

Mr. Gerteisen highlights the significant period of progress for Nova, including high-grade intercepts from RPM North, which should positively impact the RPM resource update. He emphasizes the strategic importance of antimony in conjunction with gold mineralization.

RPM North Drilling

The drilling at RPM North in 2023 aimed to expand the existing resource shell, confirming the continuity of high-grade gold mineralization and identifying potential extensions to the existing resource.

Nova Minerals Limited's Continued Exploration Success

Nova Minerals Limited's exploration activities have yielded promising results, positioning the company for further discoveries and progress in its quest to develop its gold and antimony projects effectively.

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