What Were the Key Achievements of Nova Minerals in 2023 at the Estelle Gold Project?
Nova Minerals Limited
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What Were the Key Achievements of Nova Minerals in 2023 at the Estelle Gold Project?

Nova Minerals' Landmark Year and Forward Momentum into 2024

Nova Minerals Limited (Nova or the Company), trading under ASX: NVA, OTC: NVAAF, and FSE: QM3, has provided a comprehensive summary of its achievements in the past year. The company has made considerable strides with its flagship Estelle Gold Project in Alaska's Tintina Gold Belt. Key highlights include a robust phase 2 scoping study, successful drilling programs, and extensive surface exploration across the vast 513km2 project site.

2023: A Year of Outstanding Drill Results and Discoveries

Nova's 2023 campaign was marked by exceptional drilling results, particularly at the RPM North area. High-grade infill and step-out drilling confirmed the continuity of mineralization and the potential for resource extension. Notable results from RPM North include broad intersections grading over 5 g/t Au, with RPM-056, RPM-057, and RPM-065 showing remarkable gold grades. These results highlight the project's upside potential and resource expansion capabilities.

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Additionally, assay results from the RPM Valley area are anticipated to further validate resources in this new zone.

Extensive Surface Exploration and New Prospects

Under the leadership of Mr. Hans Hoffman, Head of Exploration, Nova conducted a thorough surface exploration program. The program yielded significant discoveries, including high-grade rock chip samples at the Shoeshine and Shadow prospects and the identification of continuous high-grade zones at the new Discovery and Muddy Creek prospects. The Stibium and Styx areas also emerged as new gold-antimony prospect areas.

Phase 2 Scoping Study: Confirming Commercial Viability

The phase 2 scoping study delivered by Nova in 2023 significantly de-risked the Estelle Gold Project. It confirmed the potential for a commercially robust mining operation, with an NPV5% of US$654M, an IRR of 53%, and a rapid capital payback period of just 11 months.

Antimony: A New Avenue of Value

The discovery of high-grade stibnite, a primary ore source for antimony, marked a significant development. Given antimony's status as a critical and strategic mineral to the US, with no current domestic supply, this discovery could add substantial value to the project. Nova is actively pursuing US federal grants and funding opportunities to explore this avenue.

Strategic Review and PFS Level Studies

Nova's strategic review, part of its ongoing PFS level studies, involved appointing leading mining and metallurgical engineers to optimize the project. The review focuses on lowering initial capital costs, improving recovery rates, and establishing a scalable startup operation. Geotechnical work has already suggested potential economic benefits, such as increasing pit slope angles.

Looking Ahead to 2024

With a strong balance sheet and no capital raise required in 2023, Nova is well-positioned for 2024. The company plans to continue its targeted drill programs at RPM and Train areas and complete an updated global mineral resource estimate. Additionally, Nova aims to finalize its listing on a major US exchange and continue exploring the potential of antimony.

Nova's CEO, Mr. Christopher Gerteisen, expressed gratitude to the team, investors, and consultants for their contributions in 2023. As Nova moves forward, the focus remains on unlocking the full potential of the Estelle Gold district and advancing towards production. The company's diligent approach, combined with strategic planning and exploration, positions it well for continued success in 2024 and beyond.

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