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Nova raises funds for Alaskan exploration

15th January 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Nova Minerals has completed a share placement to raise A$4.3-million to continue exploration and development work at its Korbel deposit, in southern Alaska.

The company issued more than 91.48-million shares, at an issue price of 4.7c each, with 45.74-million free attaching options exercisable at 3.25c each and expiring at the end of August this year.

“These funds now allow the company to move forward as quickly as possible with the projected increase of the current 2.5-million-ounce gold resource, which remains open in all directions at Korbel, one of 15 known targets, in addition to defining new targets and driving exciting new blue sky opportunities at the Estelle gold district,” said Nova MD Avi Kimelman.

The company was planning to fast-track exploration at Estelle, with the funds going towards a series of ongoing exploration campaigns, including targeting, mapping and drilling programmes.

Edited by Creamer Media Reporter

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