Nova Minerals Ltd. has initiated a new drill program at the RPM gold deposit on its Estelle project, located approximately 100 miles northwest of Anchorage, Alaska. This announcement follows the company’s recent successful listing on the Nasdaq Capital Market through a $3.3 million initial public offering.
CEO Chris Gerteisen highlighted that the U.S. listing aligns with the company’s strategy, as the Estelle Gold Project is a key North American asset with growing interest from U.S. investors. The listing is expected to enhance shareholder value by increasing exposure and liquidity in the U.S. market.
Prior to the listing, Nova Minerals had calculated a resource estimate for Estelle that meets the U.S. Securities and Exchange Commission’s (SEC) S-K 1300 reporting standards. The updated resource includes 244 million metric tons of measured and indicated resources averaging 0.3 grams per metric ton (2.72 million ounces) of gold, and 231 million metric tons of inferred resources averaging 0.3 g/t (2.45 million ounces) of gold.
The resource is divided between two main areas: the Korbel area and the RPM area. Korbel contains 240 million metric tons of measured and indicated resources averaging 0.3 g/t (2.39 million ounces) of gold, and 185 million metric tons of inferred resources averaging 0.3 g/t (1.65 million ounces) of gold. The RPM deposits include 4.4 million metric tons of measured and indicated resources averaging 2.5 g/t (330,000 ounces) of gold, and 46 million metric tons of inferred resources averaging 0.5 g/t (800,000 ounces) of gold.
These resources do not account for approximately 6,600 meters of drilling completed late last year. Nova is advancing a feasibility study to evaluate a smaller-scale operation at RPM for early cash flow, with plans for a larger operation at Estelle. The company has also attracted interest from major gold mining firms.
Gerreisen emphasized the company’s strategy to balance market conditions with project flexibility, aiming for a low-capex, high-margin start-up operation with potential for self-funded expansion or partnership opportunities. The 2024 drill program will focus on upgrading and expanding resources at RPM, particularly targeting a high-grade starter pit and potential near-surface extensions.
In addition to drilling, Nova plans to explore the Estelle property’s critical mineral potential, following a comprehensive surface exploration program conducted last year. This program identified significant antimony and copper occurrences, which could provide valuable by-product credits. The company is exploring federal and state grants for critical minerals development and processing plant capital needs.
