Nova Minerals Ltd. (NVA)

Nova Minerals starts drilling at Stibium gold-antimony target

Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF) Ltd has begun a 3,000-metre diamond drilling program at its Stibium prospect, targeting a maiden Mineral Resource Estimate (MRE) for both gold and antimony. Located near the company’s Whiskey Bravo camp and Korbel gold deposit in Alaska, the campaign will test high-grade mineralisation identified in previous surface sampling. The company is also continuing to advance its application for funding through the United States Department of Defense (DoD) to accelerate its antimony value chain. If successful, the funding will support further drilling, the construction of a processing facility at Port Mackenzie, and the engagement of refining expertise and offtake partners. “We’re excited to commence the first-ever drilling at our Stibium antimony-gold prospect—an important milestone that complements, our continued focus on advancing our Tier-1 gold and antimony assets across the broader Estelle Project,” Nova CEO, Christopher Gerteisen said. “Despite highly encouraging surface sampling results collected by our geological team over the past two years, which suggest the presence of a potentially large and high-grade gold-antimony system, Stibium remains untested at depth. With this initial drilling program, our goal is to define a maiden Mineral Resource Estimate for both gold and antimony at Stibium later this year. “In parallel, we are progressing discussions with the US Department of Defense regarding funding support to fast-track antimony production—from mining through to downstream refining. Nova is well advanced in identifying a potential US-based metallurgical refining site and with potential DoD funding may rapidly expand drilling capacity at site. “Through our Estelle Project and potential partnerships with other regional sources, we believe that Nova is well positioned to help re-establish Alaska as a strategic supplier of antimony to the United States which if successful could enhance national security and reinforce supply chain resilience.” The first drill hole is focused on an area with extensive surface sampling that revealed strong gold and antimony values. Key results include rock samples assaying up to 60.5% antimony (Sb) and 141 grams per tonne (g/t) gold (Au), and soil samples showing up to 2.8% Sb and 25.6 g/t Au. The mineralised zone spans approximately 800 by 400 metres. This drilling is the first to test the system at depth and is intended to validate the scale of the mineralisation footprint. A second diamond drill rig and a company-owned reverse circulation rig are being mobilised, with drilling scheduled to start later in June. Nova’s application for potential United States Department of Defense funding aims to support downstream processing of antimony, a critical mineral for defence and industrial applications. If approved, the funding will be used to expand the drill program with additional rigs and to develop a central processing hub at Port Mackenzie. The facility would include workshops to support ongoing gold operations at RPM and Korbel and serve as a strategic antimony refining site. Nova is also in discussions with the Port Mackenzie Authority regarding a long-term lease and is evaluating options to grow the site footprint. In anticipation of a favourable funding outcome, Nova is progressing plans to secure strategic partnerships for antimony offtake and has commenced discussions with a world-renowned expert in antimony refining. The company aims to establish Alaska as a reliable domestic supplier of this critical mineral, strengthening US supply chain resilience and enhancing national security. Nova’s broader Estelle Project contains numerous gold and antimony prospects along a 35-kilometre corridor and includes two defined multi-million-ounce gold resources. The company is well positioned to expand this footprint as 2025 exploration programs progress. GameStop Corp (NYSE:GME) shares moved lower after Tuesday’s closing bell as the video game retailer reported a year-over-year drop in sales for the first quarter. Sales for the period ended May 3 were $732.4 million, down from $881.8 million in the year-ago quarter and missing Street forecasts of about $750 million. On a positive note, the company swung to a profit during the quarter, with net income of $44.8 million, compared to a net loss of $32.3 million for the comparable period a year earlier. This was in part driven by a decrease in selling, general and administrative expenses to $228.1 million, down from $295.1 million in the prior year’s first quarter. Cash, cash equivalents, and marketable securities totaled $6.4 billion at the end of the quarter, up from $1 billion in Q1 2024. Subsequent to the quarter end, GameStop completed the divestiture of its Canadian business on May 4. Between May 3 and June 10 the company purchased 4,710 Bitcoin for cash, as part of its recently announced Bitcoin treasury strategy. Shares of GameStop traded down 4% at about $29 following the release of its earnings report.