NVA - valuation $0.148 for Estelle based on Maiden JORC Oxide Korbel and RPM Hole SE12-008

DYOR. Not intended to be advice. Make your own investment decisions.​

NVA have re-assayed hole SE12-008 at RPM.

https://www.asx.com.au/asxpdf/20190917/pdf/448lk8p886h9hc.pdf




This means I can calculate approximate ounces we can associate with this one hole. Estelle is prospective for bulk mineralisation styles as shown by IP survey and drilling at Oxide Korbel.

NVA used 140m radius as a key assumption in their Maiden JORC at Oxide Korbel. Let's assume average grade 0.79 g/t in in a cylinder volume at 140m radius defined by this intercept.



Without further drilling we can assume a minimum 0.72 Moz au at this prospect. Obviously there will be much more drilling to come but this is just the start ...


So now updating my valuation:

• Potential globally significant district-scale asset in Alaska
• Potential for large open-pit deposits
• Potential Tier 1 asset and ore bodies and corporate target
• Significant historic results will accelerate exploration of other prospects
• Currently 51%-owned and progressing towards next earn-in stage
• Low-risk stable mining jurisdiction (Alaska, USA) sought by the Majors
• Mining camp to be established
• Large drill campaign planned
• Alaska-based Ex-Newmont geo to Manage exploration efforts
• Potential for near-term exploration targets to be added for other prospects
• Oxide Korbel 2.5 Moz Inferred JORC
• RPM minimum 0.82 Moz from re-assayed drill hole.

Sum of the parts valuation ( current ):

• $0.094 for Oxide Korbel Maiden Inferred JORC of 2.5 Moz
• $0.027 for RPM based on re-assayed drill hole ( they should comfortably identify other ounces here due to mineralisation style which is a broad interval )
• $0.027 for additional 5 Moz of general exploration upside ( historic prospects )
• $0.148 = total valuation (fair value current) just for Estelle