Nova Minerals Limited announced further major mineralized zones within the Company's flagship Estelle Gold Project, located in the prolific Tintina Gold Belt in Alaska. 2022 Exploration Mapping and Sampling Program Results: Field reconnaissance exploration in 2022 extended the known mineralization at Train and lead to a new discovery at Trumpet. Highlights include an 80.2 g/t Au rock sample from subcrop at Train and a 32.8 g/t Au rock sample at the base of outcrop at Trumpet.

Numerous multi-gram samples were returned from both rocks and soils at both prospects. The new discovery at Trumpet continues to define another very large Intrusive Related Gold System at the Estelle Gold Project. Geological observations, with high-grade RPM style intrusive/hornfel contact mineralization, indicate a genetic link between the Train area prospects, now including Trumpet, making the area a high priority target for exploration drilling in 2023.

Train: In the 2022 exploration program, 17 rock samples and 11 soil samples were collected along the Northwest-Southeast trending ridge at Train. 7 soil samples measured greater than 1 g/t Au, with a high of 2.45 g/t Au. 5 rock samples measured greater than 10 g/t Au, with a high of 80.2 g/t Au.

These results are summarized in the plan view. The majority of the high-grade rock samples were collected in intrusive host rock, with sheeted veins containing quartz and massive arsenopyrite, and lesser amounts of chalcopyrite. The mineralized veins vary in thickness from a few millimetres to meter scale and have a Northwest orientation dipping steeply to the Southwest.

Granodiorite is the dominant lithology at Train. Mineralization is consistent with the reduced intrusion related gold deposit model, and Nova is targeting Train as the next priority drill target as the company continue to unlock the potential at the Estelle Gold Project. Trumpet: In the 2022 exploration field program, Nova also identified a new prospect, Trumpet, as evidenced by numerous multi-gram gold samples, located 1.5 km Northwest of Train, along an East-West trending ridge.

49 rock samples and 35 soil samples were collected along the East-West trending ridge and along base of outcrop on the cirques to the North and South of this ridge. 2 soil samples measured greater than 1 g/t Au, at 2.86 g/t and 2.06 g/t. 5 rock samples measured greater than 10 g/t Au, with a high of 32.8 g/t Au. The majority of the high-grade rock samples were collected from outcropping steeply dipping quartz-tourmaline-sulfide veins striking Northwest or Southeast.

Host lithology was almost entirely granodiorite, with a few samples of diorite and hornfels. The granodiorite has a subtle chlorite alteration. Mineralization at Trumpet is similar to Train, but with a slightly greater chalcopyrite content.

Nova is strongly encouraged by these initial results at Trumpet, and will be well positioned to drill test this prospect immediately after completing the initial drilling at Train in 2023. Further Unlocking Multiple Mining Complexes Within the Estelle Gold Project: With recent exploration programs showing that the Train area prospects, including the new discovery at Trumpet, appear to be located on one very large Intrusive Related Gold System, less than 7 km North of the extremely high-grade RPM Deposit, the case for another processing plant sited within the RPM Mining Complex is growing even stronger. Upon the completion of Phase 2 Scoping Study, PFS level trade off studies will be used to investigate the possibility of establishing an initial standalone processing plant within the RPM Mining Complex, for the initial years, with another processing plant within the Korbel Mining Complex to be commissioned in later years, as outlined in the previously released Phase 1 Scoping Study.