Nova Minerals Limited (ASX:NVA FSE:QM3) is planning to aggressively target an expansion of the resource at the Officer Hill Gold Project in Australia’s Northern Territory with an expanded drilling campaign.
The news follows the receipt of positive results in the company’s joint venture with Newmont Goldcorp Tanami Pty Ltd.
Assay results received from two recent diamond drill holes contained numerous zones of anomalous gold values including significant intercepts of 1.0m @ 14 g/t Au and 0.9m @ 2.75g/t Au, 3.0m @ 1.94g/t Au, including 1m @ 4.36g/t Au and 1.0m @ 1.44g/t Au.
Nova Managing Director, Avi Kimelman, said mineralisation consisted of shear zone hosted quartz-chlorite-pyrite veins within variably bedded sandstone and laminated siltstones. Alteration is dominated by the regional greenschist facies metamorphic assemblage.
“We are encouraged by the latest results from the diamond drilling program on the Officer Hill Gold Project.”
“The exploration effort was designed to test a wide area and map out the larger foot print of the system. Follow up drilling is aimed at continuing to vector towards economic mineralisation. The continued results provide encouragement to Nova and is a testament to Newmont Goldcorp’s ability to effectively and efficiently evaluate the tenement.”
“The encouraging results at the Officer Hill Project are a bonus for Nova, with Nova remaining focused on expanding on its flagship Alaskan Estelle Gold Project’s maiden 2.5Moz inferred gold resource, confirmed at Blocks A and B which remains open at length and depth within the Oxide Korbel prospect last month, represents less than 1% of the Project area.
“Blocks C and D at Oxide Korbel host larger and stronger chargeability anomalies, and will also be in our next phase of fieldwork – and have the potential to significantly expand the Project’s resource, we plan to fast tracking drilling with results and resource upgrades to shadow our critical path to meet these objectives across a number of prospects as announced on the 8th October, 2019 and provided in this announcement. We look forward to updating the market in the near term and as we progress,” Mr Kimelman said.
The Officer Hill Project covers 206 sq. km and is located 34km southwest of the Callie deposit at Dead Bullock Soak part of Newmont Goldcorp’s Tanami Operations. The exploration program is targeting Callie-style mineralisation.