- Nova Minerals (NVA) is set to commence a preliminary economic assessment (PEA) for its Thompson Brothers Lithium project in Manitoba, Canada
- The project is run through Nova’s subsidiary, Snow Lake, which has whole-ownership of the Thompson Brothers project
- It is hoped the PEA will help transition the project from the exploration to the commercialisation stage
- Snow Lake is also looking to upgrade its mineral resource at the project, which currently sits at 6.3 million tonnes at 1.3 per cent lithium oxide
- Nova Minerals shares have jumped 9.38 per cent on the back of the announcement, trading at 17.5 cents
Nova Minerals (NVA) is set to commence a preliminary economic assessment (PEA) for its Thompson Brothers Lithium project in Manitoba, Canada.
The project, which is run through its 74 per cent owned subsidiary, Snow Lake Resources, is hoped to progress the project from the exploration to the commercialisation stage.
Snow Lake has whole-ownership of the Thompson Lithium project, which was formally known as the Viola Pegmatite Zone.
A company statement from NVA says the PEA is set to be completed over the coming months and lead into a preliminary feasibility study, which aims to seek further funding for the project.
The studies are set to review the test work, process design, vendor furnished equipment packages and preliminary design, as well as giving the company a better indication of cost estimates for a commercial spodumene floatation plant.
Snow Lake is also looking to upgrade its mineral resource at the project, which currently sits at 6.3 million tonnes at 1.3 per cent lithium oxide.
The company has indicated potentially lowering the cut-off grade to add additional tonnes during the re-evaluation of the data.
In additional news, Snow Lake has hinted at a potential listing on an unconfirmed New York Stock exchange.
Nova Minerals shares have jumped 9.38 per cent on the back of the announcement, trading at 17.5 cents at 12:03 pm AEDT.