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