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- Nova Minerals (NVA) spinout Snow Lake Resources officially completes 20,000 metres of additional drilling at the Thompson Brothers lithium project in Manitoba, Canada
- Nova has a 37-per-cent interest in Snow Lake and says the completed drilling will go towards a planned resource expansion of the Thompson Brothers project
- The company says the drilling marks a “significant advancement” of Snow Lake’s ongoing drilling campaign as it accelerates towards commercial production
- Currently, Snow Lake is progressing its environmental and feasibility studies alongside the metallurgical testing work required to deliver resource validation
- Shares in Nova are down 0.61 per cent, trading at 81.5 cents as of 11:21 am AEST
Nova Minerals (NVA) spinout Snow Lake Resources has completed 20,000 metres of additional drilling at the Thompson Brothers lithium project in Manitoba, Canada.
Nova, which has a 37-per-cent interest in Snow Lake, said the completed program tripled the amount of drilling that could be used in Snow Lake’s resource expansion plans for the project, scheduled to be completed in the US’s autumn season.
The drilling marked a significant advancement of Snow Lake’s ongoing drill campaign as it accelerates towards commercial production.
Nova CEO Christopher Gerteisen said the company was looking forward to the resource upgrade.
“Given the recent activity in the lithium market with higher prices and strong demand from the electric vehicle and battery storage markets the company is well positioned to capitalise on this demand,” Mr Gerteisen said.
Currently, Snow Lake is progressing its environmental and feasibility studies in parallel with the requisite metallurgical testing that is required to deliver resource validation.
Snow Lake is working toward to becoming the first fully renewable energy-powered electric mine in the world capable of delivering conflict-free, net-zero carbon, battery-grade lithium to the electric vehicle, battery storage and consumer markets.
Snow Lake is currently only listed on the NASDAQ.
Shares in Nova were down 0.61 per cent, trading at 81.5 cents as of 11:21 am AEST.
