Ann: Nova Discovers New Gold Prospect at Wombat, page-27

Article from Axinocapital- translated from German with Deepl-translator

29.01.2024

Soil samples with up to 24.2 g/t gold discovered at Wombat

The analyses of the soil samples from the new Wombat deposit are so attractive that the first drillings to pursue these targets could also be scheduled here in the not too distant future.

Over the past year, Nova Minerals Limited (ASX: NVA, FSE: QM3) field crews have taken numerous samples across the Estelle project. 52 samples were taken from the Wombat deposit. Sixteen of these samples assayed greater than 1.0 g/t gold, with gold grades peaking at 24.2 g/t. On average, the samples contained 1.7 g/t gold and 0.5 percent copper.

Many investors are unlikely to have heard of the Wombat deposit, even those who are familiar with the development of the Estelle gold project and follow the individual steps closely. However, this is likely to change soon, as Nova Minerals has discovered a new gold system at Wombat that contains the thickest gold-bearing quartz veins that have been located on the Estelle project to date.

The new deposit has a good chance of becoming one of the most interesting gold deposits on the project, as the quartz veins not only have a strike length of up to one kilometer. The new gold discovery is also supported by the fact that the Wombat samples, with thicknesses of up to four meters and gold grades of up to 24.2 g/t, are among the most productive of the entire project.

Nova Minerals' Estelle gold project now comprises more than 20 attractive gold deposits

Nova Minerals has not only been able to detect attractive gold contents in the samples. Copper in the form of bornite and bhalcopyrite was also identified in several samples. Five samples stood out from the total number of samples. They contain 6.1%, 3.0%, 2.3%, 1.3% and 1.2% copper.

Although not all results from the laboratory are yet available and the results of the airborne magnetic survey are still pending, it is already clear that Nova Minerals has once again succeeded in making a particularly attractive discovery at the Estelle Gold Project.

Exploration Manager Hans Hoffman and CEO Christopher Gerteisen were correspondingly enthusiastic. Hans Hoffman pointed out that both the veins on the north and south sides of the slope are worth seeing and could represent attractive drill targets. Therefore, Nova's Chief Geologist expects that it will be possible to "develop Wombat into a viable drill target", which would further fill the pipeline of undeveloped gold deposits.

This upgrade of the Estelle project is not yet on the radar of many investors

CEO Christopher Gerteisen pointed out that Nova Mineral has literally only scratched the surface at Wombat so far and yet has already been able to present such impressive results. As the entire claim block covers an area of 513 km² and attractive copper deposits have been identified in addition to gold, this again shows that the Estelle project has potential on many deposits that, in addition to gold, also include numerous other attractive metals and minerals, including antimony, copper, silver and certain other critical elements.

If these are also included in the extraction and production planning, there will be considerable additional income from the sale of by-products in addition to gold, which have not even been taken into account in the studies carried out to date. This upgrading of the Estelle project is taking place on the one hand quietly and on the other hand against the background that the exclusive extraction of gold alone promises a considerable return potential.