The Magpies took the lead in the match but went on to fall behind twice, only to peg their opponents back both times for a final score of 3-3 and taking them all the way to penalties.
Only one spot kick was missed - unfortunately it was one from Matt Tootle, which at sudden death, gave the Iron passage to the next round of the competition.
Nolan told the official Notts website: "I never get too high when we win or too low when we lose - but I do get proud when I see a performance like that.
"The lads were really upset with their performance on Saturday but I think we showed, as a squad, what we're about.
"I'm absolutely gutted we didn't make it into the next round. We took a very good League One side all the way to the wire and on another night we could have nicked it.
"It's going to be tough because a lot of the lads have run themselves into the ground. We'll be assessing them. Some will need wrapping up in cotton wool more than others.
"We'll have as many fit and raring to go as we can going into the weekend."
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