Announcement Date: 2022-02-28
Announcement Type: Scoping Study
Announcement Code: JORC
Company name: Nova Minerals Ltd.
Project name: Estelle
Location: United States
Commodities: Gold
Highlight: Scoping Study results incl. NPV (5%) of US$381M & IRR of 20.4%
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: The Scoping Study referred to in this ASX release has been undertaken for the purpose of initial evaluation of a potential development of the Korbel Gold Project in Alaska. The Scoping Study is a preliminary technical and economic study of the potential viability of the Korbel Main Deposit as a stand-alone starter operation. The Scoping Study outcomes, production target and forecast financial information referred to in this release are based on low level technical and economic assessments that are insufficient to support estimation of Ore Reserves. The Scoping Study is presented in US dollars to an accuracy level of +/- 35% with a 90% level of confidence. While each of the JORC modifying factors was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the production target itself will be realised. Further exploration and evaluation work and appropriate studies are required before Nova will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case. The production target stated in this announcement is based on Nova’s current expectations of future results or events and should not be relied upon by investors when making investment decisions. Further evaluation work and studies are required to establish sufficient confidence that the production target will be met. Accordingly, given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study.
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