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ANCHORAGE - Nova Minerals Limited (NASDAQ: NVA) (ASX: NVA), a $73.63 million market cap mining explorer that has delivered an impressive 179% return over the past year according to InvestingPro, has commenced drilling at its Stibium prospect in Alaska, targeting both gold and antimony mineralization, according to a press release statement issued Wednesday.
A 3,000-meter diamond drill program is now underway at the site, which is located near the company’s Whiskey Bravo camp and Korbel gold deposit. The first drill hole aims to test a potential high-grade gold-antimony zone identified through surface sampling. InvestingPro analysis shows the company maintains a healthy balance sheet with a moderate debt-to-equity ratio of 0.07, providing financial flexibility for its exploration activities.
The company is mobilizing a second diamond drill rig and its company-owned reverse circulation rig, both scheduled to begin operations later this month.
Nova’s drilling program focuses on delivering a maiden Mineral Resource Estimate for both gold and antimony at Stibium. Surface sampling has confirmed a mineralized footprint approximately 800 meters long and 400 meters wide, with samples showing up to 60.5% antimony and 141 g/t gold.
The company has applied for U.S. Department of Defense funding to potentially accelerate development of its antimony assets. If successful, Nova plans to add more drill rigs, develop an antimony processing hub at Port Mackenzie, engage with potential antimony customers, and hire antimony refining expertise.
"We’re excited to commence the first-ever drilling at our Stibium antimony-gold prospect," said Christopher Gerteisen, Nova CEO. "Despite highly encouraging surface sampling results collected by our geological team over the past two years, Stibium remains untested at depth."
Nova’s 2025 drilling program primarily targets the RPM, Korbel, and Stibium prospects within its Estelle Project, which spans 514 square kilometers of mining claims in Alaska. While the company currently operates at a negative EBITDA of $8.99 million, InvestingPro data reveals strong price momentum with a score of 3.21 out of 5, suggesting market confidence in the company’s exploration strategy. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Nova Minerals has announced its plans to issue employee stock options as outlined in a recent SEC filing. The filing, dated March 14, 2025, details the company’s strategy to incentivize its workforce by aligning employee interests with those of shareholders. This move is part of Nova Minerals’ broader strategy to attract and retain talent in the competitive mining sector. The specifics of the proposed employee options were initially announced to the Australian Stock Exchange and made available on the company’s website. The company believes that offering stock options will foster a sense of ownership among employees and potentially enhance performance. The filing notes that this report is not to be considered "filed" for the purposes of the Securities Exchange Act of 1934 and should not be incorporated into any filing under the Securities Act of 1933 unless explicitly stated. Nova Minerals has not commented on the potential financial impact of this stock option plan. The company continues to navigate the complexities of the global mining industry with this human resources strategy.
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