Key Points
- Nova Minerals Estelle Gold Project is major gold resource in the Tier 1 Tintina Gold Belt
- >20 gold prospects identified over 36km on tenement
- Gold resources established so far totalling 1,100m tonnes with 9.89moz @ 0.3g/t
- Korbel 6.6moz @ 0.26g/t (gross value US$17/t)
- 3.09moz Ind
- Cathedral 2.0moz @ 0.3g/t(g v US$19/t)
- RPM 1.24moz @ 0.6g/t (g v US$39/t)
- 0.34moz Meas & Ind
- New drilling results increased total resources but new modelling downgraded some inferred resource components
- The new numbers should have no negative impact on project economics based on Scoping Study 1 and its ~180kozpa from just 1.9moz from Korbel
- Scoping Study 2 due April/May
- PFS due mid 2024
- DFS and financing due early 2025
- Four rigs drilling in 2023
- Three on RPM
- Additional resources expected
- One on Cathedral
- This deposit could match Korbel’s >6moz
- Additional resources expected on Trumpet and Train
- Estelle is a developing project with high probabilities of >20moz within 5 years
- Market cap A$64m on 210.9m shares @ A$0.31
- ~A$40m (A$0.19/sh) in cash and liquid assets
- ~A$20m (A$0.09/sh) for 10moz! A$2/oz!
- This company is completely misunderstood and is absurdly cheap.
- 17m share turnover may have marked the end of the stale bulls!
Nova Minerals has beendeveloping a major new gold project in the important Tintina Gold Belt inAlaska and over the past four years has delineated almost 10moz in low gradegold resources.
The deposits are similarin size and grade to other well known operating mines in the Belt and havesignificant potential for additional gold resources.
The above is from Barry Dawes from MPS securities.
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