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Nova Minerals’ (ASX:NVA) investee Snow Lake all set to launch drilling campaign on lithium project

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Image Source: Big Ice Services Winter Road (Image source: Company update, 14 December 2021)

Highlights 

  • Nova’s investee Snow Lake receives permitting to carry one winter drilling campaign.
  • Snow Lake has contracted a Canadian firm to provide necessary winter drill access to its drilling sites.
  • QB Drilling has been contracted to provide drilling crews and drilling rigs for the upcoming drilling operation.

Nova Minerals Limited’s (ASX:NVA|OTC: NVAAF|FSE: QM3) investee company Snow Lake Resources (NASDAQ:LITM) has published an important update on its upcoming drilling campaign on its flagship Thomson Brothers Lithium Project. Snow Lake has received the necessary permits to carry out the winter drilling campaign.

Related read: Nova Minerals’ (ASX:NVA) Snow Lake delivers excellent results from lithium asset

Snow Lake will build a 12km long ice trail

Snow Lake has contracted a Canadian company based in Creighton, Saskatchewan- Big Ice Services to provide winter drill access to the sites. The ice trail will facilitate the movement of diamond drill rigs and crews to the property. Snow Lake will share the access trail with Kinross Gold (TSX:K). Kinross will share the cost of the portion of the trail it will use.  

Winter road map (Image source: Company update, 14 December 2021)

Drilling contract finalised for the upcoming campaign

Snow Lake has contracted QB Drilling to undertake the drilling operation on the property. QB Drilling will provide drilling crews and drill rigs that will allow Snow Lake to drill between 5,000-15,000m of core, depending on the weather conditions.

Related read: Nova Minerals’ (ASX:NVA) investee Snow Lake beefs up footprint at its flagship lithium project

The objective of the drilling operation is to further expand the deposit to depth and along strike on the current Thomson Brothers Lithium Project Resource block. Snow Lake will take on additional drilling on other pegmatite targets that have been identified from the historical drilling data and recent prospecting expeditions undertaken by the Company.

The drilling crew will be working 24X7 to drill maximum depth over the course of the winter campaign.

Share price movement

Nova shares appreciated around 0.8% today and was trading at AU$1.21 with a market cap of AU$216.24 million as of 14 December 2021.   

Also read: Nova (ASX:NVA) jumps on investee Snow Lake’s stellar NASDAQ debut


 


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