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To: LoneClone who wrote (144620)

8/27/2020 7:57:06 PM

From: LoneClone

Read Replies (1) | Respond to of 194964

Nova Minerals (ASX:NVA) High Grade Gold Rock Samples Unlocks Further Targets

abnnewswire.net

Melbourne, Aug 26, 2020 AEST (ABN Newswire) - Nova Minerals Limited (

ASX:NVA) (

FRA:QM3) (

OTCMKTS:NVAAF) is pleased to provide an update on its field activities, within the Company's flagship Estelle Gold Project located in the prolific Tintina Gold Belt.

Reconnaissance field activity sampled on the Cathedral target just south of the Korbel blocks (Figure 1 and 2*). Sampling focused on the quartz-arsenopyrite veining what are present in the outcrops within the target area. Spectacular high-grade gold values of 2.97 g/t to 114 g/t Au were returned from the samples taken (Photos 1 and 2*). These high-grade grab samples further confirm the correlation between gold and arsenopyrite within the district and elevates the Cathedral target to one of Nova Mineral's highest priority drilling targets for the 2021 drilling campaign.

Given this confirmation, arsenopyrite is strongly associated with gold, the Company is now "fast-tracking" the Sensor Based Ore-Sorting Scoping Study being led by Brent Hilscher (P.Eng) of ABH Engineering Inc.

The objective of the Scoping Study is to confirm Ore-Sorting economic potential and define a predictive algorithm. If positive results are obtained, then a second phase of Ore-Sorting will be undertaken to confirm economic benefits to a feasibility confidence level using larger sample sizes and multiple zones. All data and findings will be used in future feasibility work. Sample collection for the ore sorting studies commenced this week.

NVA CEO, Mr. Christopher Gerteisen commented:
"These spectacular grades obtained from Cathedral alongside the encouraging drill results from the Resource Drilling at Korbel's Blocks A and B plus other known targets within Estelle, such as RPM and Shoeshine, are leading the Company to continue to advance plans to unlock a district containing multiple large scale gold deposits.

We are now "fast tracking" the Ore-Sorting Scoping study as we see a clear correlation between arsenopyrite bearing veins and high - grade gold values. We are encouraged that we will be able to use ore-sorting techniques to separate out higher-grade material, thereby decreasing the capex and opex of the future operations.

In time, we expect to define multiple new shallow gold resources that will further support our goal of building a centralised mill and heap leach facility as we continue on our path towards gold production.

Furthermore, we currently have a number of holes pending that we will incorporate into the resource update which is now scheduled for mid-September with these additional 4 holes."

*To view tables and figures, please visit:
abnnewswire.net

About Nova Minerals Ltd

Nova Minerals Limited ( ASX:NVA) ( FRA:QM3) 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.