Nova Minerals Advances Estelle Gold District with Phase 2 Scoping Study and Drill Program
Nova Minerals Limited
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Nova Minerals Advances Estelle Gold District with Phase 2 Scoping Study and Drill Program

Nova Minerals Limited has released its Quarterly Activities and Cashflow Report for the period ending June 30, 2023, highlighting its continued progress in unlocking the potential of the Estelle Gold Project located in Alaska, USA.

The Phase 2 Scoping Study, which assessed a mining scenario targeting higher-grade surface deposits, confirmed the commercially robust potential of the project with pre-tax Net Present Value (NPV5%) of US$654 million, Internal Rate of Return (IRR) of 53% pre-tax, and an undiscounted net free cashflow of US$945 million pre-tax. The project is expected to have an 11-month payback period and an annual free cash flow after the payback period of around US$56 million pre-tax.

Nova Minerals also initiated a 15,000-meter drill program, aimed at growing the size and confidence of the large 9. 9-million-ounce gold resource already established at Estelle. The RPM and Train areas are the focus of the program, which began at the end of June 2023, with multiple rigs being mobilised to the RPM area.

To align its valuation with its peers, Nova Minerals is exploring listing options on a major US stock exchange.

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The company acknowledges that the process of attaining approval to trade its shares on a major US stock exchange can take time and is in the early stages of discussions.

In the meantime, Nova Minerals remains confident in Estelle's potential and is committed to unlocking its value through disciplined exploration and value-adding activities.

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