Resource Definition Drilling And Exploration Programs At the Estelle Gold Project

ANCHORAGE, AK - Nova Minerals Limited announced the commencement of resource definition drilling and exploration field programs on its over 200mi2 flagship Estelle Gold Project, located in the prolific Tintina Gold Belt in Alaska.

The Company is focused on Feasibility Study (FS) stage drilling at the high-grade RPM deposit to continue to increase and prove-up resources to the higher confidence Measured and Indicated categories. With a total defined 5.2 Moz Au in-pit constrained S-K 1300 compliant resource across 4 deposits, the Estelle Gold Project has development optionality in terms of initial project size and scale, which is subject to market conditions and strategic partners to meet our objective of ultimately growing the Estelle Gold Project into a tier 1 gold producer.

the resource drilling program focused at RPM to increase and prove-up resources as part of the Feasibility Study utilizing the company owned drill rig to achieve a cost efficient program. MRE update is to include the 2023 and 2024 drilling data and to incorporate the higher gold price for an updated resource. A LIDAR, detailed survey across the property to enable detailed infrastructure design, mineral reserve classification, exploration, etc. metallurgical test work is currently underway with METS Engineering to include a low-cost gold recovery method option in the flow sheet for processing lower grade ores to potentially substantially reduce capex and increase the gold production profile.

Currently, detailed studies are underway to potentially increase pit slope angles further. Early indications show very competent geology, with the study results expected to have a significant positive impact on the project economics.  FS level test work to commence to investigate the additional benefit of using Steinart multiple sensor technologies and further improve on previous exceptional results from utilizing XRT density sorting. Ore sorting results to date have shown the potential to significantly improve resource extraction providing processing optionality, which is expected to reduce overall processing costs, increase total gold production, and increase the life of mine. In addition, planning is underway to complete a future 200kt bulk pit pilot test program to further de-risk ore sorting and optimize material handling and flow.

In addition to copper and silver, highly elevated concentrations of Antimony and other critical elements have been discovered at numerous prospects across the Estelle Project. These elements have the potential to provide significant by-product credits to the project. The Company continues to include multi-element analysis for all samples to define these resources for potential future extraction from the gold processing waste stream, and/or as a stand-alone small-scale operation for near term cash flow.

CEO, Christopher Gerteisen, said, “In less than 5 years we have taken the project from green fields to a total 5.2 Moz Au in-pit constrained S-K 1300 compliant resource with a FS now in progress. We have focused defining high confidence resources for conversion to reserves at 2 deposits, RPM and Korbel, from the over 20 prospects across the Estelle Gold Project on our path towards production. Now in the FS stage, the asset is progressing towards development with our strategy reflecting the flexibility of the project to current market conditions and our commitment to balance sheet management, with a low-capex, expected high margin, scalable start-up operation with potential self-funded expansion and/or a strategic partner to advance the full-scale production scenario to ultimately realize our goal of becoming a tier 1 gold producer with the Estelle Gold Project.”