Nova Minerals Limited Engages Whittle Consulting for Estelle Optimization

NOVA MINERALS LIMITED
NOVA MINERALS LIMITED

In This Article:

Nova Minerals Limited

Optimization of the Estelle Gold Project
Optimization of the Estelle Gold Project

Nova Minerals Limited

Estelle Staged Development Options
Estelle Staged Development Options

Caufield, Australia, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Nova Minerals Limited (“Nova” and the “Company”) (NASDAQ: NVA) (ASX: NVA) (FRA: QM3), a gold and critical minerals exploration stage company focused on advancing the Estelle Gold Project in Alaska, U.S.A., is pleased to announce the engagement of mine optimization experts, Whittle Consulting (“Whittle”, more on Whittle here) for optimization of its upcoming project wide economic studies and focused RPM starter mine Feasibility Study, within its over 500km2 flagship Estelle Gold Project, located in the Tintina Gold Belt in Alaska. In support of the project, Whittle have agreed to take ~18% of their consulting fees in Nova ordinary shares.

2024 RPM drill results and antimony surface sample assays expected back in the coming weeks.

Project Optimization

The advancement of the Estelle gold and critical minerals project provides significant leverage to gold and antimony at a time when both commodities are currently at record high prices. The Company has commenced its activities with Whittle for the purposes of advancing the project optimization with the primary objective being to establish the potential scope and scale of an early small-scale operation at Estelle to produce revenue from near-surface high-grade areas at minimum capital cost and time to permit. While the study will focus on the early small-scale operation, it will also dovetail with the plan for realizing the value of the complete resource across the project area in the longer term, and in particular will direct future activities for engineering, test work, and drilling whilst moving towards a Feasibility Study (“FS”) in 2025.

To watch a short video where Nova CEO, Christopher Gerteisen, and Whittle CEO, Gerald Whittle, talk about optimization of the Estelle Gold Project
please click here

With an already defined multi-million ounce gold resource across 4 deposits, the Estelle Project has development optionality in terms of initial project size and scale. The FS currently underway is considering a strategy to achieve production with a scalable operation, subject to market conditions and strategic partners, by;

1. Establishing an initial lower capex smaller scale operation at the high-grade RPM deposit for potential near term cashflow at high margins to self-fund expansion plans.

2. Develop the higher capex larger mining operation with increased gold production, cash flow, and mine life, which is of interest to potential future large gold company strategic partners.

3. With China announcing export restrictions on antimony, the Stibium Antimony-Gold Prospect is being advanced and investigated as an additional small scale, stand-alone, quick start up cash flow opportunity, with potential US Dept. of Defense (DoD) support.


The review so far by Whittle has indicated an opportunity for their Integrated Strategic Planning methodology to substantially improve project economics by increasing cash flows in the early years of production and optimizing life-of-mine metal production. The optimization will include identifying initial high-value pit phases, mine schedule, cut-off and stockpiling to optimize plant feed grade, variable grind-size analysis to optimize production throughput versus recovery, project staging and scaling options, and inclusion of mineral resources from recent drilling. Carbon modelling and reduction options will also be considered.