Nova Minerals’ (NASDAQ: NVA) (ASX: NVA) shares soared on Wednesday after the Alaska-focused gold explorer delivered high grades from the final six holes of its 21-hole drill program at the RPM starter pit of its flagship Estelle project.

The primary objective of the program was to infill the near-surface inferred resources that define the up-dip extension of RPM North core zone, a high-grade discovery located in the southern part of the Estelle project area. Previous drilling at RPM North returned gold grades as high as 11.1 grams per tonne.

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The secondary objective was to extend drilling from current RPM North resource and test a potential link with the newly discovered RPM Valley zone situated 150 metres to the southwest. Previous drilling indicated that the RPM North deposit remains wide open to that direction.

Backed by the latest drill results, Nova considers the 2024 program to have accomplished both objectives. In particular, it was able to extend the RPM North core zone to surface with over 20 board intercepts from grading over 5 g/t gold and a high of 52.7 g/t. Highlighting the new results was one intercept of 29 metres at 7.1 g/t from surface.

“The 2024 drill results have confirmed a broad zone of high-grade mineralization starting at surface at RPM North. This should prove positive for our upcoming studies focused on executing our current strategy to fast track development of RPM as a scale-able low capex/high margin starter operation,” Nova Minerals CEO Christopher Gerteisen said in a news release.

The new results, combined with that from last year’s program, are expected to support Nova’s mineral resource update for RPM North due later this year, as well as the pre-feasibility study that is underway. Nova anticipates that the 2023-24 drilling will “add significant ounces” to the measured and indicated categories, which currently total 330,000 oz. at 2.4 g/t.

The company is looking to commence the starter mine at RPM as soon as possible to generate cash flow for the larger 500 km2 Estelle project located along Alaska’s Tintina gold belt. An updated economic study is currently being prepared for the project, which comprises four deposits across two main areas (Korbel and RPM). Their combined resources in all categories are estimated at 1.1 billion tonnes grading 0.3 g/t for 9.9 million oz.

According to Gerteisen, the Estelle project remains one of the largest undeveloped gold projects in the world, with significant upside remaining with gold, antimony, copper, silver and other critical elements.

Nova Minerals’ stock rose 11.3% by 11:45 a.m. ET on the Nasdaq following the new drill results. The company’s market capitalization is just under $40.6 million.