High-Grade rock samples confirm further broad surface gold zones across the
***Resource updates for RPM and the
Highlights
- Nova's 2022 exploration mapping and sampling campaign confirms the discovery of a new broad zone of high-grade gold mineralization at the recently named Trumpet Prospect, located 1.5km Northwest of Train.
- Recent high-grade gold surface samples returned from the 2022 exploration program at the newly discovered Trumpet Prospect (Figures 1, 5, 6 & 7*) include:
o 32.8 g/t, 16.6 g/t, 16.0 g/t, 13.6 g/t, 12.7 g/t
- Recent high-grade gold surface samples from the 2022 exploration program at Train Prospect (Figures 1, 2, 3 & 4*) include:
o 80.2 g/t, 17.9 g/t, 17.7 g/t, 16.6 g/t, 10.4 g/t
- Previously reported high-grade gold surface samples (ASX Announcement:
o 30.4 g/t, 24.5 g/t, 21.6 g/t, 7.5 g/t, 5.7 g/t, 5.4 g/t
- Geological observations indicate the new discovery at Trumpet, coupled with the previously identified prospects in the Train area (Train and Shoeshine - ASX Announcement:
- Intrusive/hornfels high-grade contact style mineralization similar to RPM was observed across the Trumpet and Train prospect areas, making it a high priority RPM style target for drilling in 2023
- Additional high-grade rock samples (30.4g/t and 21.6g/t) collected in the area between Train and Trumpet (Figure 1*) are in line with NW-SE regional structural controls indicating the potential of another very large mineralized intrusive system with over 1.5km of continuity between the two prospects. Further work is planned for 2023 to confirm this connection.
- Next steps include drill testing in 2023 with the aim of defining a third gold deposit with a Maiden Resource to be completed to further increase the total global resource inventory across the
- 30,000m of additional step-out and infill drilling completed in 2022 to be included in the updated resource estimates now underway as part of the upcoming Phase 2 Scoping Study.
- Drill planning for 2023 is also now underway to primarily focus on further high-grade resource definition at RPM, as well as define a third resource deposit at Train.
Upcoming Milestones
- Continuous results from the 2022 drill program as they are received from the laboratory, for
- Resource (MRE) updates for RPM North, RPM South,
- Phase 2 Scoping Study to be produced soon after the Global MRE is complete
- PFS test work and trade off studies as they become available
- Drill planning for 2023, focusing on the RPM and Train areas
- Drilling at RPM to recommence with new drill plan upon completion of the resource estimate and Phase 2 Scoping Study
Nova CEO, Mr
With more than 20 already known prospects, exploration work conducted to date has shown there is the potential for many additional discoveries across the
With an additional 30,000m of definition and extensional drilling conducted in 2022, the global resource is set to grow in size and confidence from the current 9.6 Moz and we look forward to its delivery in the coming weeks. Following that the Phase 2 Scoping Study will be completed with PFS level drilling focused mainly on RPM and now the Train areas commencing soon after.
With long-term opportunity and the prospect of multiple mining complexes and processing plants across the single project, we continue on our path to becoming a world class, global gold producer."
2022 Exploration Mapping and Sampling Program Results
Field reconnaissance exploration in 2022 extended the known mineralization at Train and lead to a new discovery at Trumpet. Highlights include an 80.2 g/t Au rock sample from subcrop at Train and a 32.8 g/t Au rock sample at the base of outcrop at Trumpet. Numerous multi-gram samples were returned from both rocks and soils at both prospects (Figure 1*).
The new discovery at Trumpet continues to define another very large Intrusive Related Gold System at the
Train
In the 2022 exploration program, 17 rock samples and 11 soil samples were collected along the Northwest-Southeast trending ridge at Train (shown below in Figure 2*). 7 soil samples measured greater than 1 g/t Au, with a high of 2.45 g/t Au. 5 rock samples measured greater than 10 g/t Au, with a high of 80.2 g/t Au. These results are summarized in the plan view in Figure 3* below. The majority of the high-grade rock samples were collected in intrusive host rock, with sheeted veins containing quartz and massive arsenopyrite (Figure 4*), and lesser amounts of chalcopyrite. The mineralized veins vary in thickness from a few millimetres to meter scale and have a Northwest orientation dipping steeply to the Southwest. Granodiorite is the dominant lithology at Train.
Mineralization is consistent with the reduced intrusion related gold deposit model, and Nova is targeting Train as the next priority drill target as we continue to unlock the potential at the
Trumpet
In the 2022 exploration field program, Nova also identified a new prospect, Trumpet (Figure 5*), as evidenced by numerous multi-gram gold samples, located1.5 km Northwest of Train, along an
49 rock samples and 35 soil samples were collected along the
Nova is strongly encouraged by these initial results at Trumpet, and will be well positioned to drill test this prospect immediately after completing the initial drilling at Train in 2023.
Further Unlocking Multiple Mining Complexes Within the
With recent exploration programs showing that the Train area prospects, including the new discovery at Trumpet, appear to be located on one very large Intrusive Related Gold System (Figures 1 & 8*), less than 7 km North of the extremely high-grade RPM Deposit, the case for another processing plant sited within the
Upon the completion of Phase 2 Scoping Study, PFS level trade off studies will be used to investigate the possibility of establishing an initial standalone processing plant within the
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/04X3NDGN
About
Additionally, Nova has an indirect interest in the
Contact:
P: +61-3-9614-0600
F: +61-3-9614-0550
WWW: novaminerals.com.au
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