Nova Minerals Limited

Nova Minerals Limited (ASX:NVA)

Offer Price

A$0.240

per share

Offer Size

A$7,000,000

Open Now!
Express Interest
Nova Minerals Limited

Placement

Nova Minerals Limited (ASX:NVA)

NVA

Lead Manager

Offer Price

A$0.240

per share

Offer Size

A$7,000,000

Placement

Nova Minerals Limited

Offer Details

The Company is seeking to raise approximately A$7.0 million in a Placement via the issue of approximately 29.2 million new fully paid ordinary shares in the Company at A$0.24 per New Share.

This raise is an equity placement as a bridge ahead of a proposed US listing.

Directors and management reserve the right but not the obligation to subscribe for up to $500,000.

Use of Funds

Funds raised will be used for:

2024 diamond and RC drilling and exploration program including:

  • Additional diamond drilling at the high-grade RPM deposit with a focus on increasing the resource to the higher measured and indicated categories to prove up a larger ore reserve for the PFS.
  • Maiden RC drill testing at the Stibium, Train, Trumpet, Muddy Creek and Stoney prospects, to follow up on the high-grade surface samples of gold, antimony and other CM discovered in those areas last year.
  • Continued ground exploration of regional targets for gold and critical minerals, mainly Antimony.

PFS level studies, metallurgical and process test work including

  • Heap leach and agglomeration studies
  • Optimise plant and flow sheet for the PFS
  • Critical minerals extraction studies
  • Ore sorting studies to test different sensors and a pilot scale 200kt bulk test pit
  • Pit optimisation > 500
  • Haul road survey and study
  • Environmental studies

General working capital

Investment Highlights

Tier 1 Scale

Targeting world class deposits with multiple mining complexes across the single project. Vision to become a world class global gold producer – Working to get Estelle into production as fast as possible.

Alaska Tier One Jurisdiction and Tenure

On State land with no federal or native corp lands overlap.

Experience CE0 & Management Team

Alaska-based hands on CEO with over 30 years mining experience taking projects through to production and expansion.

Low Cost

Very low cost of discovery and already strong overall project economics, as demonstrated in the Scoping Study.

Open Pit Deposits

All deposits open from surface with a low strip ratio, amendable to large scale bulk mining. Thick ore zones from surface, with 3 of the best drill intercepts in the last 10 years globally.

Significant Future Resource Upside

20+ other very exciting known prospects to explore and ongoing drill programs to increase the size and confidence of the resources across the project.

Estelle Gold Project

Nova’s flagship Estelle Gold Project contains multiple resource centres across a 35km long mineralised corridor of over 20 identified gold prospects, including two already defined multi-million ounce resources across 4 deposits containing a combined 9.9 Moz Au. The project is situated on the Estelle Gold Trend in Alaska’s prolific Tintina Gold Belt, and is a year round operation accessible via air and a winter road, with base camp facilities including, a 4,000 foot airstrip, on-site sample processing facility and a 80 person fully winterised camp, which accommodates our geological, technical, and drilling contractors.

Recently the proposed West Susitna Access Road, which is situated on State land within the Matanuska-Susitna Borough and has considerable support from both the community and the State government, has progressed to the permitting stage, and is currently going through the EIS process, with construction proposed to start in 2025.

The Estelle Gold Project currently comprises of 4 mineral resource deposits:

  • The bulk tonnage Korbel Main Deposit, located in the North of the project area, has a confirmed strike length of over 2.5km and up to 500m depth, and remains open with significant potential to further extend the mineralization.
  • Cathedral is another bulk tonnage deposit nearby and similar to Korbel Main. An initial maiden Inferred resource has confirmed a strike length of at least 800m and 350m wide. The deposit remains wide open in all directions. The potential for high-grade zones exist with up to 114 g/t Au in surface rock chip samples.
  • The high-grade RPM North Deposit, located in the South of the project area, has a 450m strike length and 150m width, defined by close spaced resource drilling, and remains open. It also includes a high-grade M&I core of 100m long x 50m wide x 300m deep. Significant potential remains to further extend the mineralization.
  • RPM South is a newly discovered zone. Initial drilling as confirmed a genetically link to RPM North. Currently resources have a strike length of 400m and 250m width. Over 600m of perspective strike length connects RPM South with RPM North. This is the highest priority drill target within the Estelle Gold Project with significant positive implications for further resource upside.

Extensive diamond and RC drilling programs have been undertaken to test the extent of all deposits and infill, in support of a high confidence Mineral Resource Estimate of 9.9 Moz across the Estelle Gold Project, as released to the market on 11 April 2023. This Mineral Resource contains a proportion of Measured and Indicated classified material to support future studies and an Ore Reserve. Future targeted drilling programs are planned to upgrade both the size and confidence of the resource estimate.