Nova on target to define antimony resource at Estelle Gold and Critical Minerals Project

Nova Minerals is on target to define an antimony resource at the Estelle gold and critical minerals project in Alaska’s Tintina Belt.

Pic: Getty Images

• Nova Minerals has received final results from its follow-up mapping and sampling program at the high-grade Stibium gold and antimony prospect

Special Report: Nova Minerals is off to a flying start in 2025, identifying drill-ready gold and antimony resource targets at its flagship 9.9Moz Estelle gold and critical minerals project in Alaska.

• The results have enabled Nova to identify resource drill targets at the prospect within its flagship 9Moz Estelle gold and critical minerals project in Alaska

• Nova has a well advanced US grant application for antimony and critical minerals development

Final soil results from Nova Minerals' (ASX:NVA) 2024 follow-up mapping and sampling program have given the company a clearer picture of the high-grade Stibium prospect at Estelle, which lies within the prolific Tintina Belt.

Highlights from the program include an eye-popping 56.7% antimony, which confirmed the initial discovery in 2023 when 60.5% was reported. Best rock samples for gold include 141 grams per tonne, reported in December.

The mineralised occurrence at the prospect is hosted over an extensive zone of approximately 800m by 400m, which is still open.

With the final results back from the lab, Nova is now on an even more solid pathway to achieving one of its key goals for 2025: Defining a gold-antimony resource at Stibium and advancing towards antimony production, potentially as soon as this year.

Springboard for growth

Nova has also started 2025 debt-free and well funded to both develop Estelle and grow the already significant resource.

Last week Nebari Gold Fund extinguished its convertible debt facility by converting the full outstanding balance of US$5.42 million (A$8.8 million) into ordinary shares at 25c per share.

The conversion of the Nebari Note came just a week after Nova sold its non-core investment in Snow Lake Resources Ltd, which realised gross proceeds of US$6.73 million (A$10.85 million).

Rigs ready to spin

Nova CEO Christopher Gerteisen said the final soil results confirmed a well defined high-grade gold-antimony target at Stibium that was now ready for resource drilling.

“Defining a gold-antimony resource at Stibium and advancing towards antimony production is a top priority for the company, which is seeking US government grant funding to aggressively pursue this opportunity,” Gerteisen said.

“We are currently preparing and gearing up to commence 2025 field activities as soon as possible, which includes resource drilling programs at Stibium and the RPM deposit.

“The Estelle gold and critical minerals project is in the right place, at the right time, with the right commodities.”

Nova Head of Exploration Hans Hoffman said he was looking forward to the next phase of exploration at Stibium.

“We can now clearly see from the heat map the extent of this impressive gold and antimony anomaly,” he said.

“The main ridge at Stibium offers great access to the north and the south where we intend to drill the identified high-grade stibnite (antimony) veins, gold-bearing quartz veins, and the mineralised hydrothermal breccia.

“The ridge will provide for easy startup in 2025 requiring minimal drill pad construction and easier access to water due to its lower altitude than other Estelle prospects.”

Hot semi-metal

Antimony prices skyrocketed about 250%in the latter part of last year after China imposed first restrictions, then a full ban, on exports to the US.

Prices of the critical mineral used in a wide range of military applications and semiconductors had hit all time highs of up to US$40,000 per metric tonne by the end of 2024 and metals traders expect more hikes this year.

As the US races to develop its own supply chain of the semi-metal, Nova – through its 100% owned subsidiary Alaska Range Resources – has a well advanced grant application with US Department of Defense. Subject to receiving such a grant, Nova could kickstart antimony production as soon as this year.

Nova is now eagerly anticipating results from the soil and rock chip samples taken from other parts of Estelle in 2024, including the 1.24Moz RPM deposit and polymetallic Stoney area prospects.

This article was developed in collaboration with Nova Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Nova on target to define antimony resource at Estelle Gold and Critical Minerals Project