My Take on Snow Lake

Mining news and a new openness from the town

Marc Jackson / Thompson Citizen

APRIL 26, 2019 12:00 AM

Spodumene sample on the Thompson Brothers Lithium property.Photograph By DALE SCHULTZ

As I have noted in the past in this column, there has been interest in the Thompson Brothers Lithium property for nearly eight decades (since 1942). In the ensuing years, numerous companies and several successful drill campaigns have turned the property situated on the northeastern shore of Wekusko Lake into a hive of activity and a positive prospect for the otherwise struggling economy of Northern Manitoba.

In an April 15 news release, directors of Nova Minerals Limited gave an operational update on their project portfolio, wherein they announced that Snow Lake Resources (SNOW) has moved to the next step of transferring title of the Thompson Brothers Lithium Project in order for them to obtain 100 per cent ownership. “Snow Lake Resources Ltd has forwarded all consideration cash and share pursuant to agreements signed between the parties,” said Nova, further noting that they intended to have title transferred over to Snow Lake Resources, and have it certified by an independent qualified person within the NI 43-101 and initial public offering prospectus to be filed by SNOW. article continues below 

Nova added that they welcome a recent announcement and developments in the region by Sinomine Rare Metals of Beijing and their acquisition of the Tanco Mine as part of the purchase of Cabot Corps specialty fluid division announced in February 2019. The Tanco Mine is located northeast of Winnipeg, on the shore of Bernic Lake. The pegmatite there has been mined since 1968 and has produced spodumene, cesium, and tantalum at various times in its mine life. “This is a significant development for the region,” said Nova. “Given the proximity, and as the Thompson Brothers Lithium Project is the most advanced in the region, this development highlights the significance of the region and allows the potential for Snow Lake and other parties to collaborate further in establishing a center for a source of spodumene.”

The current JORC resource (a mandatory system for the classification of mineral exploration results) at the Thompson Brothers Property stands at 6.3 million tonnes at 1.38 per cent Li2O, as defined by Nova Minerals.

In relation to the ongoing saga between Waterton Resources and Hudbay Minerals, the latter company announced on April 17 that the company’s largest shareholder, Letko, Brosseau & Associates Inc. (an independent investment manager that exercises investment control or direction over approximately 35,112,398 shares or 13.4 per cent of Hudbay’s issued and outstanding shares) has confirmed that it intends to vote for Hudbay’s 11 director nominees in a proxy war between rebel shareholder Waterton Global Resource Management and the company.

The spat between the two companies has seen Waterton call for change on the board and at the helm; Hudbay countering by exposing what they term as a “track record of value destruction” on the part of Waterton. Then, Waterton responding with legal proceedings against Hudbay, alleging that the company distributed information to shareholders containing misrepresentations about Waterton that could constrain their ability to solicit shareholder proxies. Hudbay’s annual and special meeting of shareholders is to be held on May 7.

In community news, the Town of Snow Lake has taken steps towards better communication between them and the citizens of the community. They have contracted me to document and distribute meeting minutes on a twice-monthly basis. I will also word and distribute news releases in respect to issues that arise from the minutes. As well, I will design, write and edit a two-page monthly newsletter on behalf of the town, as well as set up and operate an Instagram account, which will feature photos of the town and area.

The minutes and news releases will be posted on various bulletin boards around Snow Lake, as well as being featured on the town’s webpage, Facebook page and Twitter feed. They will also be posted to the community’s independent Facebook Bulletin Board. The newsletter will be placed in all community mailboxes, on local bulletin boards, as well as posted to the social media mentioned above.

The contract is for a two-month period, beginning in May 2019. At the end of the two-month period, the community’s town council will re-evaluate the idea and decide if it will continue.

Nova Minerals Ltd (ASX:NVA) Operational and Canadian Listing Update

WWW:novaminerals.com.auCompany Overview

Operational and Canadian Listing Update

Operational and Canadian Listing UpdateMelbourne, April 15, 2019 AEST (ABN Newswire) – The directors of Nova Minerals Limited (Nova or Company) (

ASX:NVA) (

FRA:QM3) are please to provide a operational update to the market across our project portfolio. 

Snow Lake Resources Ltd (SNOW) (Thompson Brothers Lithium Project) 

The Company is pleased to announce that the technical team’s work has been ongoing in the background with further QA/QP testing to be completed over the next few months. 

Nova Minerals welcomes the recent announcement and developments in the region of the Thompson Brothers Lithium Project with Sinomine Rare Metals of Beijing to acquire the Tanco mine as part of the purchase of Cabot Corps specialty fluid division announced in February of 2019. The Tanco Mine is a pegmatite that has been mined since 1968 and has produced spodumene, cesium and tantalum at various times through its mine life. This is a significant development for the region. Given the proximity and as the Thompson Brothers Lithium Project is the most advanced in the region, this development highlights the significance of the region and allows the potential for Snow Lake and other parties to collaborate further in establishing a center for a source of spodumene. 

We are also pleased that Snow Lake Resources has moved to the next steps of transferring title of the Thompson Brothers Lithium Project to obtain 100% ownership. Snow Lake Resources Ltd has forwarded all consideration cash and share pursuant to agreements signed between the parties (ASX Announcement 19 November 2018). It is intended to have title transferred over to Snowlake and qualified by independent qualified person within the NI 43-101 and initial public offering prospectus to be filed by Snow Lake. 

Furthermore, Snow Lake Resource Ltd is seeking a Non-Offering Prospectus Listing on the Canadian Securities Exchange (CSE). Snow Lake has raised sufficient capital and float as announced on 14 February 2019. The CSE requires that an issuer have a public float of at least 150 public holders holding at least a board lot each of the security. The public float consists of shares held by people who are not related to the issuer. Each holder is subject to a four month holding escrow period prior to commencement of trade. Nova anticipates commencement of trade late in July or early August, 2019. 

Snow Lake Resources will keep its shareholders updated on operations and developments in due course. 

Estelle Gold Camp 

The 112km2 Estelle landholding sits adjacent to the Whistler project (+ 9.5 Moz AuEq) held by Gold Mining Inc. and in the same assemblage of rocks that hosts Northern Dynasty’s giant Pebble copper-gold-molybdenum-silver deposit (105 Moz Au). A direct correlation between gold grade and vein density is similarly reported at the Fort Knox (+ 4 Moz) and Dublin Gulch (+ 6 Moz) RIRGS deposits (Hart, 2007). Study results suggest that the 1) association of Au with Bi-Te, 2) association of Au with sheeted veins containing arsenopyrite, and 3) restriction of alteration to narrow selvages adjacent to veins at the Estelle Property are consistent with the genetic deposit model for RIRGS(see Note below). 

Following completion of our exploration targeting programme over the last seasons summer period, our prioritised drill programme aims to test all the highest- ranked prospects with a particular focus to drill Oxide North through 2019 and ready further prospects for drilling beyond 2019. Due to the size and nature of the project the Company has set a prioritised systematic exploration strategy to give the Company best indication and potential to discover multiple multi million ounce gold deposits with stringent criteria to ensure we get the greatest return on exploration dollars spent. 

Prioritised Systematic Exploration Strategy 

The Company’s ranked and prioritised systematic exploration strategy and activities at Estelle are guided by an exploration “Project Pipeline” process to maximise the probability of multiple major discoveries (see Table 1 in link below). Each Milestone is defined by a specific deliverable and has each criteria needs to be ticked to determine which prospect must pass through before moving to the next Milestone. Economic criteria and probability of success increase as projects move along the pipeline. The methodology helps to ensure work is carried out across all stages of the process, cost are kept minimal and that focus is kept on the best quality targets and that the pipeline is kept full with early Milestone projects. 

As per announcement dated 6 August 2018 (CEO’s Letter to Shareholders) we maintain a strong view that Nova Minerals should be seen through two prisms, One is as a growth story. The other is as a value play. 

The board looks forward to announcing more updates on Nova’s lead up and 2019 drill campaign in the near future. 

NVA Managing Director, Mr. Avi Kimelman said: 

“This is transformational period for the Company and we understand it has been tough market conditions and a slower IPO process then expected although despite these challenges we are pleased with the perseverance of the entire Snow Lake team to secure sufficient funding, float and moving to transfer 100% title of the Thompson Brothers Lithium Project into Snow Lake Resources Ltd in order to progress to the next stage of our IPO ambition and with a date on listing now becoming apparent. 

“Snow Lake is now well positioned as we progress to IPO and look forward to introducing the Thompson Brothers Lithium Project to the North American Market and maintaining the Company’s fast track development strategy with the technical team’s ongoing background desktop work and analysis maintaining this approach. We look forward to Snow Lake announcing once completed to the satisfaction of QA/QP consultants over the coming months.” 

“As previously announced, although Nova will be a significant shareholder of Snow Lake with full board representation. Snow Lake Resources will fund itself and act completely independent of Nova with a group of professional and independent Directors and Audit committee allowing Nova to focus it reserves on developing its Gold Assets with immediate focus on the district scale Estelle project.” 

“We also look forward to updating the market on the Officer Hill Gold Project in Joint Venture with Newmont in the near term.” 

Note: Source: Ore Characterization of the Estelle Property in the South-~Central Alaska Range, Ember Flagg, University of Nevada, Las Vegas 

To view tables and figures, please visit:
http://abnnewswire.net/lnk/TIND9AR2

About Nova Minerals Ltd

Nova Minerals Limited (ASX:NVA) (FRA:QM3) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.

The company plans to create shareholder value through two-pronged strategy:

– Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.

– Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.

NVA Looks to Gold in Alaska as it Fast Tracks its Canadian Lithium Ambitions

PUBLISHED: 07-02-2019

Nimble ASX junior, Nova Minerals (ASX:NVA | FSE:QM3), is armed with a clutch of high-growth opportunities and a razor-sharp strategy for unlocking their value.

The cherry on top is its district-scale Estelle Gold Project with an exploration target of 2.2moz – 5.3moz in gold established on one of a number of prospects, which is situated in amply mineralised south-west Alaska — one of the most renowned mining jurisdictions in the world.

This Alaskan corner has attracted the attention of resources heavyweights Anglo American (LON:AAL), Barrick Gold (NYSE:ABX), BHP Billiton (ASX:BLT), Freeport-McMoRan (NYSE:FCX), Newmont Mining (NYSE:NEM), Teck Resources (TSE:TECK), Sumitomo Metal Mining (TYO:5713), and Rio Tinto (ASX:RIO).

Intriguingly, the Estelle Project sits adjacent to Gold Mining Inc.’s (TSX:GOLD | OTCQX:GLDLF) Whistler Project, which contains 6.3 million ounces of gold, and in the same assemblage of rocks that hosts Northern Dynasty’s 105 million ounce Pebble deposit — but without the latter’s environmental impediments.

There’s expansive scope for resource growth here — over US$5 million has been historically spent on ground works, with previous mapping, resource targeting and ground truthing previously completed by Millrock Resources (CVE:MRO) and Teck Resources.

Of further interest is $5 billion-capped Northern Star Resources’ (ASX:NST) positioning in the region. Northern Star has just acquired Sumitomo Corp’s Pogo high-grade underground gold mine in Alaska for $260 million…

So clearly there is something going on in the region and NVA wants a piece of the action.

That’s not all NVA is holding, either.

With a keen eye fixed on the soaring demand for lithium that’s associated with the rapidly accelerating electric vehicle (EV) boom, NVA is fast-tracking development of its high-grade Thompson Brothers Lithium Project in Canada’s mining-friendly central Manitoba region.

NVA has earnt up to 80% in this project (and 100% of the adjoining Crowduck Lithium Project) via its subsidiary, Snow Lake Resources.

This flagship project is already well advanced, with a maiden Inferred Resource of 6.3 million tonnes grading 1.38% lithium for 86,940 tonnes of the contained metal. Initial metallurgical test work shows that this project can produce a concentrate material of 6.37% lithium.

NVA has a remaining exploration target of 3 to 7 million tonnes at between 1.3 and 1.5% lithium in the immediate area of the Resource.

Moreover, this initial Resource comprises less than 5% of the project area, so this could just be scratching the surface when it comes to what NVA could unearth here.

NVA has also developed a shrewd strategy to unlock the value of this lithium asset by spinning off Snow Lake and seeking to list it in Canada via an IPO.

NVA will retain significant ownership of the listed entity. The spin-off, in turn, will leave the project with a strong balance sheet without further dilution to shareholders, enabling NVA to ride the upside wave as the project develops further.

This listing will propel the Thompson Brothers Project on its fast track development strategy.

While a further Joint Venture with Newmont on the Officer Hill Project could be the silent knight with further encouraging results at the project.

All in all, not bad for one ASX small-cap…

Given the calibre of its potentially game-changing gold and lithium assets, it would seem that the forward-focused NVA, which is currently capped at a mere $14 million, is considerably undervalued, without taking into account a further joint venture with Newmont on the Officer Hill Project.

With a cluster of catalysts looming on the not-so-distant horizon, it may not be long before investors cotton on to the full impact of this agile ASX junior. There’s clearly a lot going on here, so without further ado, let’s get straight into the nuts and bolts of this small-cap growth story.

Getting re-acquainted with:

Nova Minerals
ASX:NVA

Nova Minerals Releases Its Corporate Presentation- Envisages Bunch Of Opportunities

By Kunal Sawhney -January 18, 2019

Nova Minerals Limited (ASX: NVA) offers mining services. The Company provides extraction, exploration, and production of gold, copper, silver, and other precious metals.

The company has through the latest release on ASX gave their corporate presentation and stated that the company is very well poised for growth as it is an emerging resource company, with an extensive portfolio of undervalued projects. The firm’s focus is on discovery, development, and monetization of Project Portfolio. 

Nova Minerals Ltd (ASX:NVA) Investor Presentation – Positioned for Growth

WWW:novaminerals.com.auCompany Overview

Investor Presentation – Positioned for GrowthMelbourne, Jan 18, 2019 AEST (ABN Newswire) – Nova Minerals Ltd (

ASX:NVA) provides the Company’s latest Investor Presentation. 

WHY NOVA MINERALS? 

– Emerging resource company with extensive portfolio of undervalued projects 

– Focus is discovery, development and monetisation of Project portfolio 

– Estelle an underexplored GOLD belt with district-scale potential for multiple large deposits 

– High Grade Hard Rock Lithium project in Canada 

– Large land packages with significant exploration potential 

– Stable jurisdictions with rich mining history 

– Two GOLD Projects – two opportunities to re-rate 

– Major GOLD Discovery Potential 

– Catalysts for a Higher Valuation Leveraged to the GOLD Price 

– Management has a large equity position and aligned with shareholders 

– Exposure to an extensive multi-commodity project portfolio with strong upside potential 

To view the full presentation, please visit:
http://abnnewswire.net/lnk/7QQ04Z56

About Nova Minerals Ltd

Nova Minerals Limited (ASX:NVA) (FRA:QM3) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.

The company plans to create shareholder value through two-pronged strategy:

– Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.

– Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.

Contact
Nova Minerals Ltd
P: +61-3-9614-0600
F: +61-3-9614-0550
WWW: novaminerals.com.au

Link: Investor Presentation – Nova Positioned for Growth

Demand for lithium expected to put a charge in Manitoba’s beleaguered mining sector

Discovery of mineral used in batteries has drills turning around Snow Lake

Ian Froese · CBC News · Posted: Jan 12, 2019 6:00 AM CT | Last Updated: January 12

The growing prominence of electrified vehicles may be of huge benefit to Snow Lake, which is home to a large lithium find. The commodity is used in batteries. (Canadian Press)28 comments

It may not offset the hundreds of mining jobs that northern Manitoba is losing, but exploration companies are bullish on the potential for lithium.

One of the hubs of activity for a mineral vital in the world’s drive to electrification is around Snow Lake, 200 kilometres east of Flin Flon.

“If we get three or four mines going up there again, we could probably get 500 directly employed people,” said geologist Dale Schultz, who is collaborating with a new mining company called Snow Lake Resources.

It’s a lofty goal, but then lithium, used in batteries, is a hot commodity in the expected electrification of our society, including vehicles. And jurisdictions are taking notice: only months ago the B.C. government promised it would take steps to ensure all new cars and trucks sold in the province are emission-free by 2040.

That means the resource will become more valuable as time goes on, Schultz says.

“That’s the common wisdom right now.”

Betting on lithium

In and around Snow Lake, drills are turning for lithium. 

Snow Lake Resources has dibs on a 6.3-million-tonne resource estimate, while Far Resources is digging into an initial resource of 1.1 million tonnes.

The exploration comes amid a downturn in the province’s mining industry.

The sector faced a body blow last year when Hudbay announced its intentions to pull up stakes in Flin Flon by 2021 due to a lack of ore in the ground. In another setback, Vale laid off 169 employees last year at its Thompson mine.

To save even some of those Hudbay positions, Snow Lake is being held up as a saving grace. The miner expects to transfer employees to the Stall mill, Lalor mine and a refurbished New Brit Gold mill, all near Snow Lake.

It will lessen the blow, but it won’t save all 800 Hudbay jobs at risk in Flin Flon.  

A helicopter view of a drill rig Far Resources is using to uncover lithium deposits. (Far Resources )

That’s where further exploration may come into play.

In addition to the play for lithium, Rockcliff Metals, a Toronto-based miner, is after a gold deposit in the region. 

Toby Mayo, president and CEO of Far Resources, says there’s no denying the demand for lithium can lift the fortunes of Snow Lake. 

“There’s no reason why a huge number of additional discoveries can’t be made that will really put Snow Lake on the map — again.”

Hope during a downturn

Snow Lake has a storied mining history, but is subject to the whims of the industry’s cyclical nature.

Mayor Peter Roberts acknowledges his northern community may be approaching a time when a stream of Flin Flon residents come to their community to work, instead of a flow of citizens travelling in the opposite direction.

He’s encouraged by any sign of drilling, but said he cannot hang his hopes on firms which haven’t started mining yet. In the meantime, he’s hopeful that Hudbay, still exploring in the region, can strike riches. 

“As long as there is exploration, there’s always hope for a longer future,” he said.

In Manitoba, senior mining companies intended to spend $41.3 million toward exploration in 2018, while junior miners invested $6.3 million toward the same task, according to Natural Resources Canada figures.

Ken Klyne, president of the Manitoba Prospectors and Developers Association, said provincial exploration can rise again by simplifying the permitting process and reducing the need for onerous consultations. 

“It’s a huge problem created and we’re not going to turn it around overnight.”

Company encouraged by lithium results near Snow Lake

Eric Westhaver / Flin Flon Reminder

JANUARY 28, 2019 12:00 PM

Although it is far away from any proposed development, a mining company near Snow Lake thinks they might have a major find on their hands.

Snow Lake Resources, a spin-off group of companies Nova Minerals and Progressive Planet Solutions, has announced their latest results from the 5,600 hectares the company owns near Wekusko Lake. The company has been seeking lithium on land including the Thompson Brothers property, the Sherritt Gordon property and another property the company has named Grass River. article continues below 

Snow Lake Resources CEO Derek Knight said the Thompson Brothers and Sherritt Gordon properties have both shown high indications of lithium-containing minerals.

“They are pretty good samples,” he said.

Estimates of the area show an implied resource of 6.3 million tons. At the Thompson Brothers deposit, one area of the resource has tested at 1.3 per cent dilithium oxide.

At the Sherritt Gordon area, named for the company that formerly owned and processed the site, Knight said historical data for the site has often mentioned spodumene, a mineral that contains lithium as well as aluminum and silicon.

“In 1942, Sherritt Gordon put 20 holes into it. It’s also on our property. That’s not included in any of the estimates so far, but they had 20 holes that all had spodumene,” said Knight.

“We think there’s a very good chance for us to put a couple holes over there and increase that inferred resource.”

Both the Thompson Brothers and Sherritt Gordon areas have been prospected in the past, with historical mining data for the areas available dating back all the way to 1942. However, none of the companies examining the area thought highly of lithium. In the 20th century, lithium had little value, used mostly in glass and ceramic production, industrial greases and metal work.

Since then, lithium has grown more valuable through two uses. It is a key element in the batteries of phones, laptops, electric cars and other technology, and is used as medication for people with some forms of mental illness.

“I think for a long time, there just wasn’t a market for it. Whenever people looked for lithium, they were looking for the cheapest way to get it,” said Knight.

Knight sees lithium items as a key part for clean energy in the future, less damaging to the environment than other forms of mining and as a preferable method to find energy than other means, including fossil fuel extraction.

“I think what’s important to know is that renewable clean energy is not going away,” he said.

“The idea that we’re going to have less energy storage in northern climates, electric cars, and all that – those are certainly going to be increasing. The question is going to be if the supply matches up with the demand.”

Knight said some areas of land owned by the company have not yet been fully tested, but he is hoping for big things.

“There’s lots of other possibilities. There are lots of known pegmatite dikes that we just haven’t gotten to yet because we got the ones that are most likely and most favourable targets. There are lots more dikes that haven’t even been looked at yet,” he said.

The ultimate goal for the project is to have a fully functioning lithium mine somewhere near Snow Lake. Snow Lake Resources has a public offering in the works and Knight hopes the recent buzz will help the company further their findings.

“We’re planning on moving this project along, hopefully to the stage where we can create some jobs in the area,” said Knight.

Nova Minerals Ltd (ASX:NVA) Potential for a Globally Significant Gold Project at Estelle

WWW:novaminerals.com.auCompany Overview

Potential for a Globally Significant Gold Project at EstelleMelbourne, Dec 3, 2018 AEST (ABN Newswire) – The directors of Nova Minerals Limited (Nova or Company)

ASX:NVA)

FRA:QM3) are pleased to announce a significant upward revision to the Estelle Exploration Target Estimate (EETE) to 2.2 to 5.3 Moz gold based on the results of the scout drilling and the utilisation of pathfinder element geochemistry obtained from the chip samples/mapping campaign completed this past summer on the Oxide gold prospect. 

HIGHLIGHTS 

– Pathfinder element geochemistry demonstrates major gold system situated in an emerging large scale gold camp 

– Upward revision to the Estelle Exploration Target estimate that will provide additional potential mineralisation to one of 15 significant targets 

– Exploration Target* supported by whole rock analysis, chip sample assay results, soil geochemical assessment, historical drilling, scout drilling, detailed geological modelling and analysis of geophysical data 

– Further focused geophysics surveys are planned to refine the existing targets and define new targets for the next round of drilling at Oxide 

The new data from Oxide adds an exciting new dimension to the Company’s ongoing search for a world-class gold deposit that shares many similar characteristics with the Pebble Project in Alaska. Analysis of all the data collected during the limited summer field season demonstrates that the Oxide project has the potential to host large scale bulk minable mineralisation and the project remains firmly on track regardless of the minor delays in drilling. The Oxide prospect is one of 15 highly prospective occurrences on the Estelle project and these outside occurrences may also host large-scale gold mineralisation. 

NVA Managing Director, Mr. Avi Kimelman said: 

“We are extremely pleased with the findings in our very first pass exploration activities on the Estelle Gold project in Alaska with a major upward revision in the exploration target at Oxide, which is only one of the 15 known prospects on the project. This exploration target outlines the larger scale potential and scope of these systems within the project area. Besides some early delays we have come away with great pathfinder geochemical tools for identifying economic mineralisation and see a great opportunity to develop a significant bulk minable deposit within the Estelle Gold land holding. Moreover, we think the region shows positive indicators for additional gold and we believe that many other large scale bulk minable deposit could be found within the project area” 

“Alaska is well known as elephant country and was the focus of the 1890’s gold rush; it has experienced a resurgence of activity since the late 1990’s, stemming from major discoveries such as the 45Moz Donlin Creek, 105Moz Pebble Project and 12Moz Fort Knox deposits. Also, major and mid-tier miners including Barrick, Teck, South 32, Newmont, Hecla, Royal Gold Inc, Kinross and Coeur Mining are extremely active in the region. To add to the majors entering the region, our local ASX listed peer Northern Star Resources (

ASX: NST) recently acquired the Pogo gold mine. Alaska is a tier 1 jurisdiction, pro-development and supportive of mining; we believe our project is in the right address to unlock another globally significant gold project.” 

Estelle gold project (Oxide) Exploration Target Estimate (EETT) 

Nova is pleased to advise that it has upgraded its Exploration Target* on a very small area of the Estelle gold project (Oxide prospect) between 115Mt and 249Mt grading 0.6 to 0.67 g/t Au for a total of 2.2 to 5.3 Moz Au. 

The Exploration Target* is supported by whole rock assay results, soil geochemical assessment, historical drilling, first pass drilling completed in September 2018, detailed geological mapping, modelling and analysis of geophysical data. 

The original exploration target defined in November 2017 assumed the strike was orientated southeasterly to northwesterly in-line with historic drilling. New information from the 2018 exploration program shows the strike for all zones sampled is orientated on north-south strike. Detailed geological mapping and sampling conducted exceeds the Exploration Target* zone which shows substantial dimensions with length up to 1000m and width up to 550m. The Exploration Target* zone (Figure 1 in link below) includes the higher grade zone to the south of the original exploration target defined in November 2017. 

The northern part of the Exploration Target* zone is evident of higher tonnage lower grade as per Nova’s previous exploration target announced on 27 November 2017; Nova has assumed the same weighted average of mineralisation within this zone at 0.60 g/t Au. 

Nova has calculated the weighted average mineralisation contained within historic drill hole SE12-004 (as announced by Nova on 27 April 2018), which is located within the southern part of the Exploration Target* zone, at 0.80 g/t over 99m (Table 1 in link below). 

The Exploration Target* now includes both northern and southern zones where Nova has calculated the combined weighted average grade at between 0.60 g/t Au and 0.67 g/t Au. 

Conservatively the Specific Gravity (SG) of 2.6 has been used for the calculation which is based on the nearby Whistler gold-copper deposit (Gold Mining Inc.) and reported with Nova’s (formally Quantum Resources) previous exploration target announced on 23 November 2017. 

To view tables and figures, please visit:
http://abnnewswire.net/lnk/92FCDJ51

About Nova Minerals Ltd

Nova Minerals Limited (ASX:NVA) (FRA:QM3) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.

The company plans to create shareholder value through two-pronged strategy:

– Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.

– Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.

Newmont executes JV with Nova in Tanami

July 30, 2018News Australian Mining

Latest News

Newmont Mining will form a joint venture with Nova Minerals at the Officer Hill gold project in the Tanami region, Northern Territory.

The project is thought to host steeply plunging shoots similar to those at Newmont’s Tanami gold mine, according to Nova.

Newmont has completed its funding commitments for the Officer Hill joint venture agreement to take a 70 per cent share in the project.  Nova retains a 30 per cent working interest.

The two companies will establish an operating committee to progress Officer Hill, with Newmont to manage the project.

Nova managing director Avi Kimelman said, “The decision by Newmont to proceed with the joint venture agreement is a ringing endorsement of the quality of the Officer Hill gold project and its exploration upside in the Tanami region of Northern Territory, particularly with the project’s close proximity to the 400,000oz per year Tanami gold mine and located within the 13Moz Tanami endowment.

“Newmont’s commitment to the joint venture brings valuable technical expertise and insights to the project.”

Nova plans to separately release a 2018/19 exploration program for Officer Hill.

Newmont Takes 70-percent Stake in Nova’s Officer Hill Gold Project

Olivia Da Silva – July 30th, 2018

Through a newly formed joint venture, Newmont Mining will gain a 70-percent stake in Nova Minerals’ Officer Hill gold project in Australia.

Newmont Mining (NYSE:NEM) is moving forward with a joint venture with Nova Minerals (ASX:NVA) on the Officer Hill gold project in the Tanami region of Australia’s Northern Territory.

The project, which was previously owned in full by Nova, will now be held 30 percent by Nova and 70 percent by Newmont Tanami, a wholly owned subsidiary of Newmont.

According to a press release from Nova, the two companies will establish an operating committee to make headway on Officer Hill, while Newmont will manage the project.

Are gold stocks a good idea for 2019?

Get your free market forecast today

Give me my free report!

“The decision by Newmont to proceed with the joint venture agreement is a ringing endorsement of the quality of the Officer Hill gold project and its exploration upside in the Tanami region of Northern Territory, particularly with the project’s close proximity to the 400Koz per year Tanami gold mine and located within the ~13 million ounce Tanami endowment,” Nova Managing Director Avi Kimelman said.

“Newmont’s commitment to the joint venture brings valuable technical expertise and insights to the project,” he added.

Similar to the Tanami gold mine, owned by Newmont, Officer Hill is considered highly prospective for its potentially steeply plunging shoots.

The full area of the lease for Officer Hill covers just over 206 square kilometers and is located 34 kilometers southwest of the Callie gold mine, also operated by Newmont. Callie had a gold resource of 5.6 million ounces as of year end 2015 and puts out 419,000 ounces of gold a year.

To earn its 70-percent stake in the asset, Newmont had to spend $500,000 over three years, $100,000 of which was spent in the first year.

Historic exploration at Officer Hill has found sporadic mineralization through drilling, including 4 meters at 4.64 g/t, several short intervals of 1 to 4 g/t and a number of wide intercepts at 0.1 to 1 g/t. A proposed 2018/2019 exploration program for Officer Hill will be separately released by Nova.

As of 1:30 p.m. EST on Monday (July 30), Nova’s share price was sitting at AU$0.027.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.