Nova Minerals Limited: New Broad Zone High-Grade Gold System Discovered at Estelle

Melbourne, Australia - Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is pleased to announce further major mineralized zones within the Company's flagship Estelle Gold Project, located in the prolific Tintina Gold Belt in Alaska.

High-Grade rock samples confirm further broad surface gold zones across the Estelle Gold Project outside of the current 9.6Moz Mineral Resource as Nova continues to unlock the district

***Resource updates for RPM and the Korbel Valley now underway with 30,000m additional drilling to be added for the Phase 2 Scoping Study***

Highlights

- Nova's 2022 exploration mapping and sampling campaign confirms the discovery of a new broad zone of high-grade gold mineralization at the recently named Trumpet Prospect, located 1.5km Northwest of Train.

- Recent high-grade gold surface samples returned from the 2022 exploration program at the newly discovered Trumpet Prospect (Figures 1, 5, 6 & 7*) include:

o 32.8 g/t, 16.6 g/t, 16.0 g/t, 13.6 g/t, 12.7 g/t

- Recent high-grade gold surface samples from the 2022 exploration program at Train Prospect (Figures 1, 2, 3 & 4*) include:

o 80.2 g/t, 17.9 g/t, 17.7 g/t, 16.6 g/t, 10.4 g/t

- Previously reported high-grade gold surface samples (ASX Announcement: 23 September 2021) from the Train and Shoeshine Prospects include:

o 30.4 g/t, 24.5 g/t, 21.6 g/t, 7.5 g/t, 5.7 g/t, 5.4 g/t

- Geological observations indicate the new discovery at Trumpet, coupled with the previously identified prospects in the Train area (Train and Shoeshine - ASX Announcement: 23 September 2021), which all contain high-grade rock samples, provides the potential for another very large Intrusive Related Gold System at the Estelle Gold Project (Figure 1*).

- Intrusive/hornfels high-grade contact style mineralization similar to RPM was observed across the Trumpet and Train prospect areas, making it a high priority RPM style target for drilling in 2023

- Additional high-grade rock samples (30.4g/t and 21.6g/t) collected in the area between Train and Trumpet (Figure 1*) are in line with NW-SE regional structural controls indicating the potential of another very large mineralized intrusive system with over 1.5km of continuity between the two prospects. Further work is planned for 2023 to confirm this connection.

- Next steps include drill testing in 2023 with the aim of defining a third gold deposit with a Maiden Resource to be completed to further increase the total global resource inventory across the Estelle Gold Project.

- 30,000m of additional step-out and infill drilling completed in 2022 to be included in the updated resource estimates now underway as part of the upcoming Phase 2 Scoping Study.

- Drill planning for 2023 is also now underway to primarily focus on further high-grade resource definition at RPM, as well as define a third resource deposit at Train.

Upcoming Milestones

- Continuous results from the 2022 drill program as they are received from the laboratory, for Korbel Main, Cathedral and You Beauty

- Resource (MRE) updates for RPM North, RPM South, Korbel Main and Cathedral

- Phase 2 Scoping Study to be produced soon after the Global MRE is complete

- PFS test work and trade off studies as they become available

- Drill planning for 2023, focusing on the RPM and Train areas

- Drilling at RPM to recommence with new drill plan upon completion of the resource estimate and Phase 2 Scoping Study

Nova CEO, Mr Christopher Gerteisen commented: "These results continue to prove the exceptional exploration upside that remains across the Estelle Gold Project. The surface sampling program in 2022, as part of our reconnaissance exploration efforts, has once again delivered more high-grade results in what appears to be another massive Intrusive Related Gold System typical within the Estelle Gold Trend, as we have already realized at RPM and Korbel. The Train area prospects, now including Trumpet, appear to be on one very large Intrusive Related Gold System, less than 7km North of the extremely high-grade RPM Deposit. We look forward to further exploring and drill testing the area in 2023, with the aim to producing a third gold resource in the near future, which provides a stronger case for another processing plant, located in the RPM Mining Complex.

With more than 20 already known prospects, exploration work conducted to date has shown there is the potential for many additional discoveries across the Estelle Gold Project and as the field teams continue to systematically advance their focused reconnaissance exploration programs, planned in 2023 and beyond, we are confident of making further discoveries like the recent success at the Trumpet Prospect. It's important to note that Estelle is virgin ground and mostly outcropping throughout the project area. Making new discoveries does not require expensive, complex, deep searching exploration techniques. Our methods are simple, old school, boots on the ground, geologists observing mineralization on the surface at their feet and kicking up new gold showings literally every day while out there. This has allowed us to keep our cost per discovery ounce at less than $4/oz. By this metric, Nova is a clear industry leader, and will continue to be moving forward. In time, we expect to define further multiple new shallow gold, silver and copper resources that will support our goal of steadily growing the global resource inventory.

With an additional 30,000m of definition and extensional drilling conducted in 2022, the global resource is set to grow in size and confidence from the current 9.6 Moz and we look forward to its delivery in the coming weeks. Following that the Phase 2 Scoping Study will be completed with PFS level drilling focused mainly on RPM and now the Train areas commencing soon after.

With long-term opportunity and the prospect of multiple mining complexes and processing plants across the single project, we continue on our path to becoming a world class, global gold producer."

2022 Exploration Mapping and Sampling Program Results

Field reconnaissance exploration in 2022 extended the known mineralization at Train and lead to a new discovery at Trumpet. Highlights include an 80.2 g/t Au rock sample from subcrop at Train and a 32.8 g/t Au rock sample at the base of outcrop at Trumpet. Numerous multi-gram samples were returned from both rocks and soils at both prospects (Figure 1*).

The new discovery at Trumpet continues to define another very large Intrusive Related Gold System at the Estelle Gold Project. Geological observations, with high-grade RPM style intrusive/hornfel contact mineralization, indicate a genetic link between the Train area prospects, now including Trumpet, making the area a high priority target for exploration drilling in 2023.

Train

In the 2022 exploration program, 17 rock samples and 11 soil samples were collected along the Northwest-Southeast trending ridge at Train (shown below in Figure 2*). 7 soil samples measured greater than 1 g/t Au, with a high of 2.45 g/t Au. 5 rock samples measured greater than 10 g/t Au, with a high of 80.2 g/t Au. These results are summarized in the plan view in Figure 3* below. The majority of the high-grade rock samples were collected in intrusive host rock, with sheeted veins containing quartz and massive arsenopyrite (Figure 4*), and lesser amounts of chalcopyrite. The mineralized veins vary in thickness from a few millimetres to meter scale and have a Northwest orientation dipping steeply to the Southwest. Granodiorite is the dominant lithology at Train.

Mineralization is consistent with the reduced intrusion related gold deposit model, and Nova is targeting Train as the next priority drill target as we continue to unlock the potential at the Estelle Gold Project.

Trumpet

In the 2022 exploration field program, Nova also identified a new prospect, Trumpet (Figure 5*), as evidenced by numerous multi-gram gold samples, located1.5 km Northwest of Train, along an East-West trending ridge.

49 rock samples and 35 soil samples were collected along the East-West trending ridge (shown in Figure 5*) and along base of outcrop on the cirques to the North and South of this ridge. 2 soil samples measured greater than 1 g/t Au, at 2.86 g/t and 2.06 g/t. 5 rock samples measured greater than 10 g/t Au, with a high of 32.8 g/t Au. These results can be seen below on Figure 6*. The majority of the high-grade rock samples were collected from outcropping steeply dipping quartz-tourmaline sulfide veins striking Northwest or Southeast (Figure 7*). Host lithology was almost entirely granodiorite, with a few samples of diorite and hornfels. The granodiorite has a subtle chlorite alteration. Mineralization at Trumpet is similar to Train, but with a slightly greater chalcopyrite content.

Nova is strongly encouraged by these initial results at Trumpet, and will be well positioned to drill test this prospect immediately after completing the initial drilling at Train in 2023.

Further Unlocking Multiple Mining Complexes Within the Estelle Gold Project

With recent exploration programs showing that the Train area prospects, including the new discovery at Trumpet, appear to be located on one very large Intrusive Related Gold System (Figures 1 & 8*), less than 7 km North of the extremely high-grade RPM Deposit, the case for another processing plant sited within the RPM Mining Complex is growing even stronger (Figure 9*).

Upon the completion of Phase 2 Scoping Study, PFS level trade off studies will be used to investigate the possibility of establishing an initial standalone processing plant within the RPM Mining Complex, for the initial years, with another processing plant within the Korbel Mining Complex to be commissioned in later years, as outlined in the previously released Phase 1 Scoping Study (ASX Announcement 28 February 2022).

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/04X3NDGN

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