Join our daily newsletter At The Bell to receive exclusive market insights
- Nova Minerals’ (NVA) majority-owned Snow Lake Lithium is pleased with results received from its drilling program at the Thompson Brothers lithium project in Canada
- Snow Lake reported “extremely favourable” spodumene-bearing pegmatite results which will assist with its plan to expand the current mineral resource
- Nova Minerals is on the hunt for a new global chairman to drive its strategy of becoming a global gold producer
- Until it finds a permanent candidate, Executive Director Louie Simens has been appointed interim chairman
- Company shares are up 4.63 per cent to trade at 56.5 cents
Nova Minerals (NVA) has reported “extremely favourable” results in an update on drilling operations undertaken by its majority-owned Snow Lake Lithium in Canada.
Snow Lake Lithium, which recently listed on the US Nasdaq index, has been progressing a drilling program at the Thompson Brothers lithium project in Manitoba province.
Drilling was designed to expand the existing resource and identify any further potential targets for development.
Snow Lake said that while winter delayed the start of the program, the team has delivered “extremely favourable” results with the initial drilling on the Thompson Brothers resource.
Drill hole TBL-035 intersected 25.35 metres of spodumene-bearing pegmatite, BYP-001 intersected 9.45 metres and GRP-01, an exploration hole on a previously undrilled area, returned two intercepts for a total intersection of 8.04 metres of spodumene-bearing pegmatite.
Snow Lake CEO Philip Gross said the success of the drilling program so far has validated the company’s goal of delivering a multi-decade resource to market.
“With the anticipated expansion of the initial deposit at Thompson Brothers, we now also have spodumene evidence of two additional target resources at the Grass River and SG deposits. This will provide us with a tactical advantage of ultimately increasing our resource and providing optimal economic mining conditions,” he said.
Based on the success, the company is expanding the drilling program and adjusting its pre-feasibility strategy and resource upgrade for Thompson Brothers.
In addition, Nova Minerals has launched a global search for a new company chairman to assist with its goal of becoming a global gold producer. It says it is focused on finding a candidate with Wall Street experience and based in North America.
This follows David Hersham’s resignation from his role as Non-Executive Chair, effective immediately.
Nova said it has already received some candidates directly through its directors and investment banking relationships. Until it finds a permanent chair, Executive Director Louie Simens has been appointed interim Chairman.
Company shares were up 4.63 per cent to trade at 56.5 cents at 11:49 am AEDT.
