Nova Minerals Limited: Concentrate Leach Recoveries of over 96% achieved at RPM

Melbourne, Australia - Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is pleased to advise that it has received highly encouraging results from its first phase metallurgical test work on mineralization from its high-grade RPM North Deposit in Alaska.

High-grade gold with high gold recoveries at RPM lays a solid foundation for improved economics in the Phase 2 Scoping Study

Highlights

- Outstanding metallurgical results demonstrate gold recoveries of over 96% through the leach circuit at the RPM North Deposit;

o The average head grade of the RPM metallurgical composite was 1.34 g/t Au. The overall average tail grade achieved from the composite was less than 0.15 g/t Au.

- The tail grades achieved at RPM of less than 0.15 g/t Au are very encouraging and have resulted from optimization of the process flowsheet and test work parameters since testing commenced on greater Estelle samples. Further test work will be undertaken at head grades that are in line with the expected process plant feed grades emanating from the Phase 2 Scoping Study, due later this year.

- The flow sheet for the test work comprises conventional flotation concentrate followed by fine grind cyanide leaching.

- Test work continues across all the Estelle Gold Trend deposits for inclusion in the PFS due late 2023, which will include the RPM North, RPM South, and the Korbel Deposits.

- RPM continues to deliver thick high-grade interceptions with RPM-008 recently returning 140m @ 6.5 g/t Au (ASX Announcement: 8 August 2022) following on from the previous announced RPM-005 discovery hole of 132m @ 10.1 g/t Au (ASX Announcement: 11 October 2022).

- Continuous flow of drill results from the ongoing Korbel and RPM programs to be reported throughout the year, as assay results become available from the laboratory.

Nova CEO, Mr Christopher Gerteisen commented: "The new metallurgical test work from the RPM Deposit at Estelle continues to demonstrate encouraging gold recoveries on the high-grade deposit using composite samples of only 1.34 g/t. These results from RPM are a significant improvement on the positive results already achieved from the Korbel Deposit and harmonized with the existing flowsheet (ASX Announcement: 5 May 2021). The consistently low tail grades achieved in test work at RPM will be carried through into the project studies and evaluations.

Metallurgical test work continues to provide confidence with improved high recovery expect achieve CAPEX and OPEX savings in fine grinding and leaching circuits.

The Phase 2 Scoping Study is a further snapshot in time and further test work and trade off studies will optimize capital, operating costs, recoveries and operability to enable the Company to select the optimum route for the project to make the most money and demonstrate the highest NPV in the PFS, with ABH Engineering and Whittle Consulting working in tandem to find the optimum."

Leach

Tests were conducted at Bureau Veritas Vancouver to determine the potential for intensive leach of gold contained in flotation concentrate. Results were outstanding with 96.2% of gold recovered.

Concentrate leach recovery was calculated by Bureau Veritas based on gold recovered into solution and gold left in solid tailings. Relatively minor losses can be expected from the electrowinning circuit.

Flotation

Tests were conducted at Bureau Veritas Vancouver to determine the potential for flotation to concentrate gold. Results were outstanding with 92.4% of gold recovered into a concentrate with 14.3% of the flotation feed mass. A high flotation concentration ratio is important as it allows fine grinding and intensive leaching of a small flotation concentrate, at a reasonable cost.

Test Work

Flotation and leach recoveries were 92.4% and 96.2% respectively. Combined Flotation and leach recovery is 88.9% using 73 microns in flotation and 16 microns in leaching. Minor losses could be expected.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/3COXN8W6

About Nova Minerals Limited:

Nova Minerals Ltd.'s (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) vision is to develop North America's next major gold trend. The company is focused on exploration in Alaska's prolific Tintina Gold Belt, a province which hosts a 220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including Victoria Gold's Eagle Mine and Kinross Gold Corp.'s Fort Knox Gold Mine. The company's flagship Estelle Project has a current total estimated JORC gold resource of 9.6Moz (3Moz Indicated and 6.6Moz Inferred). Estelle is a 45km long string of 15 identified gold prospects bracketed by the Korbel deposit in the north and the RPM deposit in the south. These two deposits are currently host to extensive exploration programs.

Additionally, Nova has an indirect interest in the Canadian Thompson Brothers Lithium Project through a substantial stake in Snow Lake Resources Ltd (NASDAQ:LITM) and holds a 12.99% interest in Torian Resources Ltd. (ASX:TNR), a gold exploration company based in Western Australia.

Source:
Nova Minerals Ltd.

Contact:

Nova Minerals Ltd. P: +61-3-9614-0600 F: +61-3-9614-0550 WWW: novaminerals.com.au