Nova Minerals Ltd: Confirms Exceptional Ore Sorting Viability at Korbel

Melbourne, Australia - Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is pleased to advise that it has received highly encouraging results from further ore sorting test work on mineralization from its bulk tonnage Korbel Main deposit in Alaska, confirming the potential for this technology to significantly enhance the project.

Samples for this test work were selected from KBDH-005 and KBDH-025. These holes represent the discovery holes from the South-East extension drilled in 2020. The South-East extension will be explored further in the 2021 spring drilling campaign.

Both of these holes were sampled top to bottom and split into two lots. One lot was kept at the project in Alaska for back-up and future test work, and the second lot was sent to TOMRA in Castle Hill, Sydney for XRT Sorting (Photo 1). TOMRA then blended the material together and split them into two sub-lots of 588 kg each. TOMRA will keep one sub-lot for future test work; the second lot was run through the XRT Sorting Equipment.

Nova's CEO said the latest test work results provide a unique opportunity for Nova to ensure an optimum mine design, schedule & processing solution for the Korbel Main deposit.

"These latest results demonstrate the potential to considerably improve project economics. Significant increases in mine productivity could be achieved through the rejection of a considerable proportion of lower grade rock before processing. By using an XRT sort, we would prospectively reduce the volume of ore and lift the grade appreciably, rejecting lower grade material ahead of the milling and processing circuit. This would minimize energy requirements, tailings generation, and would lower processing costs overall.

This provides Nova with the opportunity to operate at a lower cut-off grade, and potentially increase the ounce per annum profile of the project. By utilising ore sorting, and increasing production efficiency through this now proven and increasingly used technology, Nova's environmental footprint could also be reduced, in line with our ESG strategy.

With the resource upgrade due imminently and the scoping study to follow suit, it is full steam ahead as we continue on our path to production."

-Christopher Gerteisen, CEO.

Brent Hilscher of ABH Engineering who is leading the ore sorting test work as well as the overall scoping study said:

"This deposit has a majority of its gold contained in discrete high grade sheeted vein rocks which are easily concentrated with existing DE- XRT ore sorting technologies. Once concentrated, we have several options to achieve higher gold recovery at a very low overall cost."

-Brent Hilscher, ABH Engineering.

Conclusion - Sensor based particle sorting tests on a 588kg sample confirmed the viability for it to be included in the upcoming Scoping Study. By concentrating the highest-grade rocks into a relatively small mass, Nova Minerals could create a high value material that is suited for high recovery extraction through to cyanidation. This method is intended to reduce cost per oz, lower cut-off grade, lower energy usages and increase gold production.

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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