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Nova Minerals affiliate Snow Lake Lithium delivers encouraging assays at Thompson Brothers Project in Canada; adds mining expert to board

Published: 22:48 02 May 2022 EDT

Nova Minerals Ltd - Nova Minerals L affiliate Snow Lake Lithium delivers encouraging lithium assays at Thompson Brothers Lithium Project in Canada and adds Mining expert to the Nova board
New director Rodrigo Pasqua.

Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) affiliate Snow Lake Lithium has delivered encouraging lithium assays in first results from a winter drilling program at the northeast extension of its Thompson Brothers (TBL) spodumene pegmatite deposit in Manitoba, Canada.

To date, the best intersection is from TBL-027 with 34.5 metres at 1.49% lithium oxide.

In addition, hole TBL-025 returned an intersection of 1.52% lithium oxide over 18 metres situated close to surface.

Notably, the TBL strike has been extended to 1.2 kilometres in length and remains open.

Moving forward, Snow Lake is awaiting further assays from the remaining 37 holes from the winter program while the spring drilling program is underway with helicopter support.

“Growing significantly”

Commenting on Snow Lake’s results, Nova CEO Christopher Gerteisen said: “As I have previously stated, we are very pleased by Snow Lake’s progress and performance, as they make great strides in advancing the Thompson Brothers Lithium Project, with further results now pending and all studies ongoing concurrently.

“It is now evidently clear the scale of the project is growing significantly, and we see vast growth ahead as milestones are continually met.”

Drill program

Snow Lake’s winter drilling program comprised 40 holes totalling 6,000 metres at TBL.

The results represent only the first three holes of the total 40 holes that Snow Lake has submitted for analysis.

Notably, the drill holes extend to 500 metres and the deposit remains open at depth.

Apart from TBL-027 and TBL-025, the other holes completed to date demonstrate the 'pinch and swell' character of the crystallisation on the northeast extension of the TBL deposit.

Forward plan

The Thompson Brothers dyke appears to extend beyond depths of 500 metres and additional drilling will be required to continue defining the deposit along strike to the northeast.

Interestingly, Snow Lake believe that the northeast extension of its TBL deposit is a promising location for future open-pit mining.

Snow Lake CEO Philip Gross said: "The first three holes, while only representing a fraction of our sample submissions to date, are incredibly significant.

“Once all the results are available, we will be able to update the resource accordingly.

"In the meantime, our spring drilling program is continuing with helicopter support and we are very encouraged with the results to date.

“Like the rest of the mining industry, we are suffering the frustration of a very busy mining season and the resulting laboratory backlog.

“We are doing everything possible to expedite the results from our successful drilling campaign and update the market accordingly.

“We continue to focus on achieving our stated milestones and accelerating our progress.”

Nova board appointment

Nova has appointed experienced mining executive Rodrigo Pasqua, to the Board of Directors to provide technical and corporate advice as the company progresses the development of its flagship Estelle Gold Project in Alaska.

Of the appointment, Gerteisen said: “Having worked with Rodrigo as a consultant over the past couple of months we have been extremely impressed with the contributions he has made as we embark on the next stage of developing the Estelle Gold Trend.

“Rodrigo’s vast experience in unlocking the value of mining projects across the world, including specific expertise in large-tonnage bulk mining operations, has already proven valuable as we progress our next level studies, and we are extremely pleased that he has agreed to join the Nova board at this exciting time in the company’s development.

"At his tenure at Evolution Mining Limited, amongst many other projects and sites, Rodrigo was involved with the Cowal Open Pit project and was also instrumental in the Red Lake mine turnaround."

Gerteisen said, “In addition, Rodrigo has worked in many other acquisitions, studies, startups and turnarounds through Harpia Group and other past positions, and we look forward to working with him as part of our experienced mining team as we continue on our path to production, with our ultimate goal of becoming the next tier one, global gold producer.”

Commenting on joining the Nova board, new director Rodrigo Pasqua said: “I'm very excited to join Nova and assist them in their vision of unlocking one of the most exciting undeveloped gold resources on the market.

“The company is led by a team of genuine, dedicated and capable individuals committed to developing Estelle as the next significant US gold producer. The combination of the bulk, low-cost mining approach combined with the latest intercepts seen at RPM (132 metres at 10.1 g/t gold), is prompt to deliver very interesting returns to shareholders.”

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on 01/23/2024