Nova Minerals Ltd: Quarterly Activities Report

Melbourne, Australia - Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) continued its fast-track exploration strategy at the district scale Estelle Gold Project in Alaska, achieving a significant milestone with the subsequent "Snap shot in time" release of a JORC compliant 3.3Moz maiden inferred interim resource at its Korbel Main prospect in the September quarter (ASX 05 October 2020).

HIGHLIGHTS

- 3.3 Million Ounce Maiden Gold Resource at Estelle

- Phase 1 Leach studies demonstrates Exceptional Gold Leach Recoveries Averaging 76% at the Korbel Deposit

- Continued Exploration Success with priority targets set on the Estelle Gold Property to increase ounces significantly

- Convergence of Blocks A and B into one zone- Korbel Main

- Strong indications for Blocks C, D, Connex and Isabella to converge into the Korbel Main deposit

- Additional results are forthcoming in current quarter with a further 38 holes now nearing completion, on-route to lab and awaiting assay

- Pad 6 south-east extension high-grade feeder system now being drilled (figure 3)

- Diamond and RC drilling to continue unabated with plans to increase from the initial 25,000m to 40,000m for 2020 and up to 80,000m for 2021

- Ore Sorting test work ongoing with commencement of Preliminary Economic Assessment (PEA) study

- Investment in Torian Resources Ltd. (ASX:TNR) holding includes 12.94% interest in TNR and 49.9 million listed options @ 2c expiring 7 Feb 2022 (ASX:TNRO).

- NVA maintains a 73.8% holding in Snow Lake Resources Ltd (Thompson Brothers Lithium project)

SUBSEQUENT EVENTS

- Increase to 3.3Moz Stage 1 Interim Mineral Resource Estimate

- All drill holes intersected thick zones of significant gold mineralisation above the nominal cut-off grade at Korbel Main

- Encouraging Mineralisation opens up a new area at Block D within the Korbel Prospect (Assays Pending)

- Drilling at Block D has commenced and is encountering Arsenopyrite-Quartz veining
- Hole KBDH-022 from Pad 2 demonstrates the continuity of mineralisation from Block B into Block A

- On 1 October 2020, the Prepayment Funding Facility (Notes) were converted to Ordinary Shares in accordance with the terms of the Issue.

To view the Quarterly Report, please visit:
https://abnnewswire.net/lnk/A16X3NM2

About Nova Minerals Ltd:

Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) 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