Due to such a low EMC value (4,849), the large blast radius, and its lossless drop rate, the Nova Cataclysm is an extremely efficient mining tool.
One suggestion for use: Bring around 10-20 Nova Cataclysms, 2 or 3 differently colored Alchemy Bags, a large amount of torches (at least 1 1/2 stacks), a redstone torch, and an iron pickaxe or two (or some other sort of mining tool), as well as some food, and explode around elevation 15. Light up the area, blow up the next one at the far end of the cavern, again, at elevation 15 (approximate), rinse and repeat. Depending on how many Nova Cataclysms you brought, you will have varying amounts of loot when you return. 10 should fill about 1 1/2 Alchemy Bags. Using a Void Ring will pull in dropped items and condense them into items of higher EMC.