A Mineral exploration company, Nova Minerals Limited (ASX: NVA) has provided an operational update to the market across its project portfolio. While providing the update on its Thompson Brothers Lithium Project, the company informed that the technical team’s work has been ongoing in the background and further QA/QP testing will be completed in the next few months.
The company welcomed the recent announcement and developments in the region of the Thompson Brothers Lithium Project with Sinomine Rare Metals to acquire the Tanco mine as part of the purchase of Cabot Corps specialty fluid division which was announced in February of 2019.
Further, the company also informed that Snow Lake Resources has moved to the next steps of transferring title of the Thompson Project to obtain 100% ownership and it has forwarded all consideration cash and share as per the agreements signed between the parties.
Snow Lake is seeking a Non-Offering Prospectus Listing on the Canadian Securities Exchange (CSE) and it has raised sufficient capital and float as announced in February 2019.
While providing information about Estelle Gold Camp, the company informed that after completing its exploration targeting programme over the last seasons summer period, the company’s prioritised drill programme is aiming to test all the highest- ranked prospects with a specific focus to drill Oxide North through 2019 and ready further prospects for drilling beyond 2019.
The Company also informed that it has set a prioritised systematic exploration strategy to give the Company best indication and potential to discover multiple multimillion ounce gold deposits with stringent criteria to ensure that it gets the greatest return on exploration dollars spent.
With these updates, the company has maintained its strong view that Nova Minerals should be seen through two prisms, one is as a growth story. The other is as a value play.
As per the company’s Managing Director, Mr. Avi Kimelman, the company understands that it is going through a transformational period and it has been operating in tough market conditions and a slower IPO process than expected. But despite that the company is pleased with the perseverance of the entire Snow Lake team to secure sufficient funding, float and moving to transfer 100 percent title of the Thompson Brothers Lithium Project into Snow Lake Resources Ltd in order to progress to the next stage of its IPO ambition and with a date on listing now becoming apparent.
The company is looking forward to updating the market on the Officer Hill Gold Project in Joint Venture with Newmont in the near term. The company is also looking forward to announce more updates on Nova’s lead up and 2019 drill campaign in the near future.
At the time of writing, i.e., on 15 April 2019 AEST 2:15 PM, the stock of the company was trading at a price of A$0.015, up by 7.692% during the day’s trade with the market capitalisation of ~A$10.06 Mn.
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