The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
North of 60 Mining News - April 17, 2024
Based on drilling completed through March of last year, Nova Minerals' Estelle project in Alaska hosts 476 million metric tons of S-K 1300-compliant resource (all categories) averaging 0.3 g/t (5.2 million oz) gold.
Nova Minerals Ltd. April 16 reported the calculation of a resource estimate for its Estelle gold project in Alaska that is compliant with the U.S. Securities and Exchange Commission's (SEC) S-K 1300 reporting guidelines.
Nova's securities are currently primarily listed on the Australian Stock Exchange (ASX). Looking for greater exposure to North American capital for its flagship Estelle gold project, the Australia-based mineral exploration company has filed to also be listed on an exchange in the U.S.
One of the keys to accomplishing this is to recalculate the Estelle mineral resource to meet SEC's S-K 1300 standards.
According to an early 2023 resource calculated in compliance with Australian Joint Ore Reserves Committee (JORC) standards, Estelle hosts 325 million metric tons of measured and indicated resources averaging 0.3 grams per metric ton (3.43 million ounces) gold, plus 777 million metric tons of inferred resource averaging 0.3 g/t (6.46 million oz) gold.
The new S-K 1300 pit-constrained resource for Estelle outlines 244 million metric tons of measured and indicated resources averaging 0.3 g/t (2.72 million oz) gold, plus 231 million metric tons of inferred resource averaging 0.3 g/t (2.45 million oz) gold.
While the same drill holes drilled up until the end of last March were used for the 2023 JORC-compliant and 2024 S-K 1300-compliant resource estimates, there are differences in the technical and economical parameters which account for the 9.9 million oz of gold in the JORC resource and 5.2 million oz reporting to the pit-constrained S-K 1300 resource.
With the new S-K 1300 resource estimate calculated, Nova has filed for a public offering and to be listed on a national securities exchange in the U.S.
"The completion of the S-K 1300 MRE (mineral resource estimate) and technical report marks a major milestone in support of our proposed U.S. listing," said Nova Minerals CEO Chris Gerteisen.
Nova's proposed fundraising and U.S. listing are expected to be completed by the end of June, subject to market conditions, market listing approval, and satisfaction of U.S. regulatory requirements.
The company will maintain its existing listing on the ASX under the trading symbol NVA.
Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.
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