Korbel’s Bulk-Tonnage Resource Faces Cost and Production Tests Ahead

Context and Significance

Nova Minerals Limited has announced encouraging results from its 2025 shallow reverse circulation (RC) drilling program at the Korbel Main Deposit, part of its flagship Estelle Gold and Critical Minerals Project in Alaska. The drilling campaign has delineated a near-surface, higher-grade core within the bulk-tonnage resource, which totals an impressive 6.64 million ounces of gold at an average grade of 0.3 grams per tonne across 800 million tonnes of ore.

This discovery is pivotal as it supports the feasibility of a pilot starter pit roughly 250 metres long and 80 metres wide. Such a starter pit could provide early-stage ore for further processing trials, particularly ore sorting, which has previously demonstrated the ability to upgrade low-grade material by more than tenfold. This could materially reduce processing costs and enhance gold production efficiency.

Drilling Highlights and Resource Context

The 14-hole RC drilling program targeted the granodiorite host rock intersected by mineralised quartz veins, with assays revealing intercepts such as 9 metres at 1.2 g/t gold from near surface and 22 metres at 0.7 g/t gold including 9 metres at 1.1 g/t from surface. These results confirm a zone of increased vein density, the primary driver of gold mineralisation at Korbel.

Korbel forms part of a broader gold resource that includes the Cathedral Deposit, which hosts an additional 2.01 million ounces of gold. Combined, the Korbel Gold Deposit resource stands at 8.65 million ounces, positioning it as a significant bulk-tonnage asset within the prolific Tintina Gold Belt, a region renowned for hosting some of the world’s largest gold deposits.

Economic Implications and Next Steps

With gold prices hovering around US$4,600 per ounce, the Korbel resource is expected to play a substantial role in the economics of the ongoing pre-feasibility study (PFS) for the Estelle Project. The identification of a higher-grade starter pit could accelerate early production phases and improve project cash flow dynamics.

Nova’s CEO, Christopher Gerteisen, emphasised the importance of these results, noting the potential for ore sorting to significantly upgrade material grades, thereby lowering processing costs and increasing production rates. The company is also awaiting further assay results from extensive surface sampling and exploration conducted in 2025, which could add to the resource base or identify new targets.

Additional milestones on the horizon include metallurgical and environmental test work, airborne geophysical surveys planned for spring 2026, and updates to the mineral resource estimate. These steps will be critical in refining the project’s development pathway and confirming its economic viability.

Broader Strategic Positioning

Beyond gold, Nova Minerals is advancing a critical minerals strategy, notably for antimony, supported by a substantial US Department of Defense award. This diversification aligns with growing demand for critical minerals in technology and defence sectors, potentially enhancing the company’s long-term value proposition.

Situated in Alaska, a tier-one mining jurisdiction, the Estelle Project benefits from stable regulatory conditions and infrastructure access, factors that underpin Nova’s confidence in progressing towards production.