Northern exposure: Nova Minerals targets Alaskan antimony-gold resource at Stibium prospect

Nova Minerals has kicked off a maiden drill program at the Stibium prospect within its Estelle project in Alaska.

Alaska is a rich hunting ground for Nova Minerals. Pic via Getty Images

• Nova Minerals’ drill campaign at Stibium targets gold and antimony with the aim to deliver a maiden Mineral Resource Estimate (MRE) for the prospect at Estelle

• This first hole is designed to test a high-grade zone identified by surface sampling

• Nova’s funding application for Department of Defense (DoD) support is progressing as the US looks to shore up domestic critical mineral sources

Special Report: Nova Minerals is hot on the trail of critical mineral antimony and more gold at its flagship 9.9Moz gold Estelle Project in Alaska.

A maiden 3000m diamond drill program is now underway at the Stibium prospect, with the company focused on delivering a maiden Mineral Resource Estimate (MRE) for both gold and antimony this year.

In addition to its substantial prospectivity, Stibium is conveniently close to Nova Minerals’ (ASX:NVA) Whiskey Bravo camp and Estelle’s 6.64Moz bulk tonnage Korbel Main gold deposit.

The first drill hole is designed to test a potential high-grade gold-antimony zone, which was delineated through extensive surface sampling.

This confirmed a significant mineralised footprint of approximately 800 metres by 400 metres. Standout results included 12 rock samples of at least 30 per cent antimony with a high of 60.5 per cent, and 16 samples of more than 5 grams per tonne (g/t) gold with a high of 141 g/t.

A second diamond drill rig, along with Nova’s owned reverse circulation (RC) rig, is being mobilized to add to the exploration effort later this month.

Hot opportunities in chilly Alaska

Meanwhile Nova’s application for US Department of Defense (DoD) funding is continuing to progress as the US races to bolster its energy security and cut dependence on mineral imports.

If it’s successful, Nova intends to fast track its antimony assets from mining to refining. One of the first initiatives would be adding more diamond drill rigs to this year’s exploration program.

The company would also develop a state-of-the-art antimony metallurgical processing hub at Port Mackenzie in Alaska. Nova has already submitted applications for the facility and is in discussions with the Port Mackenzie Authority to secure a long-term land lease, with the potential to expand the site footprint.

A recent Executive Order aims to accelerate project development and channel increased funding into Alaska’s mining sector as the state takes on a key role in the US mineral production strategy.

That backs up another recent Executive Order to prioritise the expansion of US mineral production as the trade tensions with China fuel supply and security concerns.

Other activities to be launched on receipt of DoD grant funds would be engagement with potential antimony off take partners and progressing discussions with the aim of employing a world-leading antimony refining expert.

Right time, top place

Nova CEO Christopher Gerteisen commented: “We’re excited to commence the first-ever drilling at our Stibium antimony-gold prospect. It’s an important milestone that complements our continued focus on advancing our Tier-1 gold and antimony assets across the broader Estelle Project.

“Despite highly encouraging surface sampling results collected by our geological team over the past two years, which suggest the presence of a potentially large and high-grade gold-antimony system, the Stibium prospect remains untested at depth.

“With this initial drilling program, our goal is to define a maiden Mineral Resource Estimate (MRE) for both gold and antimony at Stibium later this year.

“In parallel we are progressing discussions with the US Department of Defense regarding funding support to fast-track antimony production, from mining through to downstream refining.

“Nova is well advanced in identifying a potential US-based metallurgical refining site and, with potential DoD funding, has the ability to rapidly expand drilling capacity at site.

“Through our Estelle Project and potential partnerships with other regional sources, we believe that Nova is well positioned to help re-establish Alaska as a strategic supplier of antimony to the US. This would enhance national security and reinforce supply chain resilience.”

High-value prospects

The antimony price has more quadrupled in the past year, rising from around US$13,000 to US$60,000 per ton following China’s export restrictions, then complete ban, of the mineral to the US. It’s used in a swathe of applications from weapons, flame retardants to solar panels, making it essential for national security and energy reliability.

Better known is gold’s upward price trajectory, which is forecast to continue on to ~US$5000 by the end of this decade.

Drilling has started at the newly built pad at Stibium. Pic: NVA

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 Northern exposure: Nova Minerals targets Alaskan antimony-gold resource at Stibium prospect