Nova Minerals Ltd: Officer Hill Gold Joint Venture 2018 Exploration Program
Melbourne, Australia - Following the decision by Newmont Tanami Pty Ltd (Newmont) (a wholly owned subsidiary of Newmont Mining Corp.) to form a joint venture with Nova Minerals Ltd. (Nova or Company) (ASX:NVA) (FRA:QM3) in relation to the Officer Hill Gold Project (Project), the directors of Nova are pleased to provide details of the proposed exploration program for the remainder of 2018.The Officer Hill Project on EL23150 covers 206km2 and is located 34km south west of the Callie deposit which is part of Newmont's Tanami Operations. The exploration program is targeting Callie-style mineralisation within EL23150.
Newmont has successfully completed its sole funding commitments pursuant to the terms of the Officer Hill Joint Venture Agreement. Newmont has earned a 70% interest in EL23150 whilst Nova retains a 30% interest in the tenement. The operating committee for the Project has approved exploration activities including follow up diamond drilling (see Figure 1 in link below), an airborne gravity gradiometry survey and follow up geochemistry around the Paris prospect in the western portion of EL23150. The Paris prospect was identified in 2017 using Newmont's Proprietary Deep Sensing Geochemistry (DSG) (Table 1).
Approvals have been received for the current Mining Management Plan and an Exploration Works Program submitted to DPIR and the Central Land Council respectively. Newmont is responsible for managing the Project.
Table 1: Program and activities approved
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Proposed Program 2018 (H2) Units
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DSG Infill samples at Paris Prospect (Phase 1) 249
Airborne Gravity Gradiometry (CGG) (Phase 1)
Diamond Drilling 4,100m
3x 700m (Phase 1) 2,100m
2x 1,000m Phase 2) 2,000m
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NVA Managing Director, Mr. Avi Kimelman said:
"We are excited with the commencement of the Joint Venture and approval of the program as it is the first major step in advancing the Officer Hill Gold Project. This is an exciting phase for Nova across the project as it is located within the ~13 million ounce Tanami endowment and within close proximity to Newmont's Tanami Gold Mine".
"Newmont's involvement brings valuable technical expertise and insights to the Project, and provides further endorsement of Nova's exploration package at the Officer Hill gold project."
"Concurrent with Officer Hill exploration program, Nova is fast tracking its Estelle Gold Copper project exploration and development activities in Alaska and Thomson brothers lithium project operations and corporate development strategy which will deliver a parallel approach to enhance shareholder value across our company's project portfolio as quickly as possible."
To view tables and figures, please visit:
http://abnnewswire.net/lnk/AIN6GVV3
About Nova Minerals Ltd:
Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.
The company plans to create shareholder value through two-pronged strategy:
- Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.
- Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.
Source:
Nova Minerals Ltd.
Contact:
Nova Minerals Ltd. P: +61-3-9614-0600 F: +61-3-9614-0550 WWW: novaminerals.com.au