Join our daily newsletter At The Bell to receive exclusive market insights
- Nova Minerals’ (NVA) majority owned, NASDAQ-listed Snow Lake Resources receives the first assay results from its Thompson Brothers spodumene pegmatite deposit in Canada
- Results come from the first three holes of the 40-hole program with a best intercept of 1.49 per cent lithium oxide over 34.5 metres
- The results received to date indicate the Thompson Brothers dyke extends beyond 500 metres with further drilling required to define the deposit to the northeast
- Nova believes the northeast extension of the deposit is promising for the location of a future open pit to begin the mining of the Thompson Brothers resource
- Shares in Nova are down 1.97 per cent and are trading at 74.5 cents
Nova Minerals’ (NVA) majority owned, NASDAQ-listed Snow Lake Resources has received the first assay results from its Thompson Brothers (TBL) spodumene pegmatite deposit in Canada.
Results come from the first three holes of the 40-hole program with a best intercept of 1.49 per cent lithium oxide over 34.5 metres.
Additionally, hole TBL-025 returned an intercept of 1.52 per cent lithium oxide over 18 metres.
The results received to date indicate the Thompson Brothers dyke extends beyond 500 metres with further drilling required to continue defining the deposit along strike to the northeast.
Nova believes the northeast extension of the deposit is promising for the location of a future open pit to begin the mining of the Thompson Brothers resource.
“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,” CEO Christopher Gerteisen commented.
“It is now evidently clear the scale of the project is growing significantly, and we see
vast growth ahead as milestones are continually met.”
Despite only receiving results for the first three holes, Snow Lake CEO Philip Gross said the grades are “incredibly significant”.
“The first three holes, while only representing a fraction of our sample submissions to date, are incredibly significant,” he said.
“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.”
Shares in Nova were down 1.97 per cent and were trading at 74.5 cents at 10:47 am AEST.
