Nova Minerals Limited: Half Yearly Report and Accounts

Melbourne, Australia - Nova Minerals Ltd.'s (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) vision is to develop 'Estelle' North America's next major gold trend to become a world-class, tier one, global gold producer. In pursuit of this goal Nova undertook a transformational 30,000m highly targeted diamond drill program during the 1st half of the 2023 financial year. The aim of this program is to increase both the size and confidence of the Korbel and RPM deposits, with the inclusion of the high grade RPM ore in the production schedule expected to have a significant positive impact on the key economic metrics such as NPV and IRR in the Phase 2 Scoping Study, now well underway.

The 2022 diamond drill program comprised of:

- 9,000m (24 holes) of close spaced infill and step out drilling at the RPM North deposit to prove up and expand the existing 1.5 Mozs @ 2.0g/t Inferred resource to the Indicated and Measured levels (All assay results received and upgraded resource estimate pending)

- 3,000m (8 holes) maiden drilling at the RPM South prospect (All assay results received and maiden resource estimate pending)

- 10,000m (30 holes) infill drilling at Korbel, in the saddle area within the proposed conceptual Korbel Main pit zone, with the goal being to convert additional Inferred resources from the 8.1 Moz total gold resource (3.0 Moz Indicated | 5.1 Moz Inferred) into the higher Indicated category (Assays results pending, following which an upgraded resource estimate will be undertaken)

- 5,000m (12 holes) maiden drilling at the Cathedral prospect (All assay results received and maiden resource estimate pending)

- 1,000m (12 holes) for hydro wells for ground water monitoring as part of the environmental studies currently underway.

*To view the half year report, please visit:
https://abnnewswire.net/lnk/K4Z37K71

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