Nova Resources reports 2.5 million ounce maiden resource in Alaskan property
(Kitco News) - Australian-listed Nova Resources has released a maiden resource estimate for its Estelle project in Alaska.
In a press release Tuesday the junior explorer said that the property has an estimated resource of 2.5 million ounces of gold, in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).
The resource estimate also shows a grade of 0.43 grams per tonne.
“The Resource Estimate starts from less than 2 m from surface and occurs on less than 1 % of the total project area. The mineral deposit type is comparable to Kinross’ Fort Knox Gold and Victoria Gold’s Dublin Gulch Eagles Gold Mine,” the company said in the press release.
Avi Kimelman, managing director at Nova, said that the company is planning an aggressive drill program to further define the maiden resource and grow it.
“We intend to use multiple diamond drill rigs to define the footprint of Oxide Korbel deposit, expand the resource and test additional gold targets on the Estelle property,” Kimelman said.
The property is situated within the Koyukuk terrane in Alaska, one of several arc assemblages accreted late into the North American Cordillera.