Chip-Loy is likely the one they will focus on in addition to Estelle. This is the one Avi identified in last week's meeting as "highly prospective".
It's very important to note that the company has employed one of the original explorers of the Farewell Terrane Projects (from 7 February 2018 announcement):
“We are pleased and excited to have Mr. Bundtzen and Pacific Rim Geological Consulting, Inc. to join our team with his vast expertise and knowledge of the Nova Alaskan project portfolio to greatly enhancing the value of the District scale Estelle Gold Copper project, the Chip Loy Nickel Cobalt project and Bowser Creek Silver Zinc projects.”
“Mr. Bundtzen has studied, mapped and explored the Farewell Terrane for in excess of 30 years for both Business and Government departments and we believe that by combining the technical team’s knowledge and historic discoveries in the region with Mr. Bundtzen’s experience and expertise we can rapidly assess and begin to develop the overall potential of the project portfolio.”One of the directors (Denis Fry) is relocating to Alaska, primarily to focus on Estelle but will no doubt provide local assistance to Mr Bundtzen who is focused on Farewell Terrane.
The Farewell Terrance projects are apparently also all located within a 10 mile radius of each other. Develop one first and then it can provide a base for developing the others could be an approach.
The original JV announcement (20 November 2017 ) has this proposed exploration program (my annotations at the side of the timetable). The proposed program provides an indication of timelines. It's the Stage 2 field program (highlighted below) where we will start to get a better picture of the Farewell Terrance Projects.
The farm-in agreement has some specific exploration time goals which Nova Minerals (was Quantum Resources) must meet to satisfy the agreement:
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