Nova Minerals : Estelle Gold Project grows by over 50% to 9.6 million ounces

Nova Minerals increases total gold resource estimate at

Estelle Project by over 50% to 9.6 million ounces.

ASX ANNOUNCEMENT

ASX: NVA, OTC: NVAAF, FSE: QM3

23 December 2021

onlyN va Minerals Limited (ASX: NVA | OTC: NVAAF | FSE: QM3) has increased its total gold resource estimate by 54.9% to 9.6 million ounces (Moz) at its flagship Estelle Project, located in Alaska's prolific Tintina Gold Province.

useThe 9.6 Moz gold resource at Estelle is hosted at the company's primary Korbel and RPM deposits, two of 15 major prospects over a 324m2 exploration tenement, and was estimated in accordance with the JORC Code (2012) and classified as follows:

• Korbel Main Deposit - Indicated 286Mt @ 0.3 g/t Au for 3.0Mozs (cut-off 0.15 Au g/t)
• Korbel Main Deposit - Inferred 583Mt @ 0.3 g/t Au for 5.1Mozs (cut-off 0.15 Au g/t)
• RPM Deposit - Inferred 23Mt @ 2.0g/t Au for 1.5Mozs (cut off 0.30 Au g/t)

personalThe company's maiden 3.0Mozs Indicated Resource at Korbel Main follows ongoing infill and extension drilling at the site, which is located in the tenement's north. Inferred Resources at Korbel increased from 4.7Moz to 5.1 Moz. The

RPM deposit in the tenement's south maintains an Inferred Resource of 1.5Mozs after Phase 1 resource drilling in October was highlighted by bonanza grades including 132m at 10.1g/t Au.1

Nova Minerals chief executive, Mr Christopher Gerteisen, said the upgrade supported his high confidence in the

E telle Project, which shares geological characteristics analogous to other major Alaskan gold mines including Victoria Gold's Eagle Mine and Kinross Gold Corporation's Fort Knox Gold Mine.

"Korbel Main at our Estelle Gold project is a 'company-making' deposit with high grades continuing to highlight the massive upside potential that remains," Mr Gerteisen said.

"Korbel Main changes the future for Nova and our shareholders. It only represents a small area of the extensive local mineralised system.

For"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," he said.

Mr Gerteisen said assay results were still pending for over 8,000m of drilling at Korbel Main while multiple diamond rigs would be mobilised at the RPM deposit shortly ahead of the company's next mineral resource update planned for 2022.

1 Refer to ASX Announcement dated 27 October 2021 "Maiden Gold Resource of 1.5 Million Ounces at RPM North".

Nova Minerals is focused on developing its flagship Estelle Gold Project which hosts 15 major prospects in Alaska's prolific Tintina Gold Province.

Nova Minerals Limited	Office:	Contact:
ACN: 006 690 348	Suite 602, 566 St Kilda Road	P: [phone]
ASX: NVA	Melbourne, VIC, 3004	E: [e-mail]
OTC: NVAAF	Australia	W: www.novaminerals.com.au

"At Estelle, we currently have five drill rigs focused on growing the Korbel and RPM resource deposits with more rigs to follow," he said.

"At Korbel, we're targeting intrusive contact.

"With this, and no shortage of further targets, including the recently discovered mineralisation at our Train-Shoeshine

	a	d Stoney prospects, there is no doubt that our global resource inventory will continue to grow for many years to
	c	me as we continue to unlock Estelle's potential as a world class Trend," he said.
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	Mr Gerteisen said Pre-Feasibility Study level project studies, including metallurgy, geotechnical, mining,
			nvironmental, infrastructure and hydrogeology, were continuing in parallel with the resource development drilling.
	Table 1. Indicated and Inferred Resource Estimate, Korbel Main deposit, Estelle Project. Various Cut off Grades
use							Indicated							Inferred							Ind + Inf
	Cut-off Au g/t			Tonnes			Grade			Au			Tonnes			Grade			Au			Tonnes			Grade			Au
				Mt			Au g/t			Mozs			Mt			Au g/t			Mozs			Mt			Au g/t			Mozs
				0.10		392		0.3	3.5		877		0.2	6.1	1,278		0.2		9.7
				0.15			286			0.3			3.0			583			0.3			5.1			876			0.3			8.1
				0.25		155		0.4	2.2		238		0.4	2.8	396		0.4		5.1
				0.35		89		0.6	1.6		87		0.5	1.4	178		0.5		3.0
				0.45		54		0.7	1.1		48		0.6	0.9	102		0.6		2.1
				0.50		43		0.7	1.0		31		0.6	0.7	74		0.7		1.6

Table 2. Global Mineral Resource Statement, Estelle Gold Project.

		Deposit	Category		Cut off		Mt	Au g/t	Mozs
		Korbel Main	Ind + Inf	0.15	876	0.3	8.1
		RPM	Inferred	0.30	23	2.0	1.5
		Total	Ind + Inf			899	0.3	9.6
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	Table 3. Inferred Resource Estimate, RPM deposit, Estelle property. Various Cut off Grades - 31 g/t Au Cap
									Inferred
			Cut-off Au g/t			Tonnes Mt			Grade Au g/t			Au Mozs
		0.10			39				1.3				1.6
For
	0.20			29				1.6				1.5
			0.30			23				2.0				1.5
	0.40			19				2.3				1.4
	0.50			15				2.8				1.4

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onlyuse

personalFigure 1. Oblique view map of the Indicated and Inferred Resource Estimate block model (at 0.15 g/t Au Cut-Off Grade) of the Korbel Main gold deposit

For

Figure 2. Long Section of the Indicated and Inferred Resource Estimate block model (at 0.15 g/t Au Cut-Off Grade) of the Korbel Main gold deposit

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Figure 3. Block Model and plan view of the drill holes - Korbel
This announcement has been authorised for release by the Board of Directors.
Further information:
Christopher Gerteisen	Ian Pamensky
CEO and Executive Director	Company Secretary
E:[e-mail]	E:[e-mail]
For	P: [phone]
P: [phone]

C mpetent Person Statements

Data Compilation and Project Manager

Mr Dale Schultz P.Geo., Principle of DjS Consulting, who is Nova groups Chief Geologist and COO of Nova Minerals subsidiary Snow Lake Resources Ltd., compiled and helped evaluate the technical information in this release and is a member of the Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS), which is ROPO, accepted for the purpose of reporting in accordance with ASX listing rules. Mr Schultz has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Schultz consents to the inclusion in the report of the matters based on information in the form and context in which it appears.

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QA/QC Checks

Vannu Khounphakdee provides the mining industry with expert analytical quality control advice and database support, ensuring onlythat you and all stakeholders have confidence in your data. Vannu has provided quality control services to mineral exploration

and mining operation clients throughout North America, SE Asia and abroad. His comprehensive range of services includes database auditing, analysis and reporting of quality control data, site-specific quality control training program, NI 43-101 and JORC reporting for sampling and analytical quality control. Mr. Vannu has been retained by Nova Minerals. He specializes in all aspect of quality assurance and quality control in the context of mine geology and exploration, including generation of site- specific certified reference materials, laboratory audit, and database management. Proficient in Micromine and software for managing geological and analytical databases. He has reviewed CRM, Blank, and Duplicates and found 99.9% of the data falls within acceptable tolerances. He has recommended additional re-assay of selective samples and sending 5% of the total sample sets for External Laboratory Check Assays. All QA/QC data that is included in this Resource update was sent to Vannu for review

useand reporting

Re ource Estimation

Frank Hrdy M.Sc., MBA, P.Geo serves as the QP for this Resource Estimation in a manner consistent with the 2014 CIM Definition Standards.

Qualifications

personalI, Frank Hrdy, B.Sc Honours, M.Sc., MBA, P.Geo, am employed as a Professional Geoscientist with Canmine Consultants. I am a Professional Geoscientist (10226) with the Association of Professional Engineers and Geoscientists of Saskatchewan, Canada. I

h ve practiced my profession since 1984 and have worked as a geologist (junior to senior, executive), in gold, silver, copper and Lithium exploration, gold production and gold, silver, copper and lithium resource evaluation positions. I have never visited the Korbel property due to the Corona-19 pandemic and so rely on Mr. Dale Schultz to be the QP for the site visit and for the drilling a d data QAQC. I am independent of Nova Minerals. I prepared the Resource Estimate for the Korbel Gold Deposit. As of the effective date of this News Release, to the best of my knowledge, information and belief, the Resource Estimate contain all scientific and technical information that are required to be disclosed to make this Resource Estimate not misleading.

Core Logging

William J. Burnett, MSc, CPG-11263 has over 25 years of experience in operations and exploration, mine and project management. He has worked in both surface and underground mines and held positions including General Mine Manager, Exploration Manager, Chief Geologist, Mine Engineer and geologist.

In 2009, Mr. Burnett started a consulting company called Yukuskokon Professional Services, LLC. (YKPS). YKPS had since grown into a full-service exploration company providing project management, environmental permitting, logistics, core drilling support and drill pad construction, core drilling, geological, engineering and metallurgical support for exploration and mining projects.

ForYukuskokon owns and operates track mounted and fly core drills with locations in Alaska, Nevada and Oregon. During his time operating Yukuskokon Professional Services, he has worked on various projects (from mining to environmental) in Alaska, Mexico and Nova Scotia. In addition to his duties at Yukuskokon, Mr. Burnett also serves as Director and CFO for Intercept Minerals Corp. and serves on the University of Alaska Anchorage Geological Advisory Board. Mr. Burnett is a member of the American Institute of Professional Geologists. He has a Master of Science degree in Economic Geology from Colorado State University, and a Bachelor of Science degree in Geology from Fort Lewis College.

Forward-looking Statements and Disclaimers

This ASX announcement ("Announcement") has been prepared by Nova Minerals Limited ("Nova" or "the Company") and contains summary information about Nova, its subsidiaries and their activities, which is current as at the date of this Announcement. The information in this Announcement is of a general nature and does not purport to be complete nor does it contain all the information, which a prospective investor may require in evaluating a possible investment in Nova.

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