The gold miner is back with a bang from its trading halt
The post Here’s why the Nova Minerals (ASX:NVA) share price jumped 17% today appeared first on The Motley Fool Australia. –
The jump follows this morning’s release of a comprehensive company report — detailing a large increase in the gold extraction expected to be reaped from its Alaskan project.
Nova Minerals estimates another 55% will be extracted from the site, totalling around 9.6 million ounces.
At the time of writing, the Nova Minerals share price is up 10.78% at $1.14. In early trading, it was as high as $1.20 — a near 17% gain on its last closing price.
Alaskan project a ‘company-making’ development
The Australian-based resource exploration company operates a flagship gold exploration site in Alaska, in an area deemed the Tintina gold province.
Within its ‘Estelle’ site, two out of 15 extraction zones have shown the promising gold deposits which are driving the Nova Minerals share price today.
These two sites are the Korbel Main deposit and the RPM deposit.
The company entered a trading halt back in October as it released its initial maiden gold resource estimate of 1.5 million ounces at the RPM deposit.
Commenting on today’s announcement, Nova Minerals chief executive Christopher Gerteisen said:
Korbel Main at our Estelle gold project is a ‘company-making’ deposit with high grades continuing to highlight the massive upside potential that remains. Korbel Main changes the future for Nova and our shareholders. It only represents a small area of the extensive local mineralised system.
Nova’s management, with much credit to our team on the ground, has taken the Estelle gold project from discovery to a multi-deposit gold district in a short timeframe and on relatively limited funding and the exciting point is that we’re only getting started.
Further updates for Nova Minerals
With further goals on target, Gerteisen said the company had discovered minerals at two more zones within the Estelle project. He said he was confident its “global resource inventory will continue to grow for many years to come”.
Gerteisen also said the company was still awaiting assay results for an already drilled 8,000m at the Korbel Main site, which are set to be released to shareholders in a mineral resource update next year.
In the meantime, multiple diamond rigs would be mustered at the site.
Pre-feasibility studies in “metallurgy, geotechnical, mining, environmental, infrastructure, and hydrogeology” are also continuing amid the drilling projects.
Nova Minerals share price snapshot
The Nova Minerals share price has dropped around 31% over the last month and year.
The company, which also has an indirect interest in lithium, has a market capitalisation of $183.8 million based on its current share price.
The post Here’s why the Nova Minerals (ASX:NVA) share price jumped 17% today appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.