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

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Image Source: Snow Lake’s website

Highlights

  • Nova’s investee Snow Lake expanded 7,875 acres of land holdings at its lithium project.
  • Snow Lake received a grant of CAD62,000 from the Manitoba Chambers of Commerce.
  • The fund will be utilised to support UAV drone magnetic survey over the Thompson Brothers Lithium Project.
  • Snow Lake is poised to leverage the growing EV and battery market of North America.

Nova Minerals Limited’s (ASX:NVA) investee Snow Lake Resources is making some serious strides at its Thomson Brothers Lithium Project in Manitoba, Canada. Snow Lake (NASDAQ:LITM) added significant land holdings contiguous with its current claim block. With this the Company’s footprint increased by 7,875 acres (22 claims) to 21,703 acres. Snow Lake, previously, owned and operated on 13,828 staked acres of landholdings in the region.

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

Location Map of Herb Claim Block (Image source: Company update, 1 December 2021)

Snow Lake secures government grant of CAD62,000

Snow Lake Resources Limited after a successful listing to the US capital market, has achieved another milestone. The Company secured a government grant to fund a geophysical survey over its flagship Thompson Brothers Lithium Project.

Snow Lake reported that it had received a grant of CAD62,000 from the Manitoba Chambers of Commerce. The fund will be utilised for the UAV drone magnetic survey over the project. Snow Lake has hired the services of EarthEx geophysical Solutions Inc to carry out the survey work.

Related read: Nova Minerals (ASX:NVA) hits jackpot at Estelle; unlocks 1.5Moz maiden resource at RPM

The Thompson Brothers Lithium Project is spread across an area of 13,828 acres (previously), and according to Snow Lake, only 5% of the total tenement area has been explored so far. The Company reported a Mineral Resource Estimate (MRE) of 11.1Mt from the project. Snow Lake believes that the project has major upside potential if the majority of the tenement area is brought under exploration.

The project tenement had historically undergone a fixed-wing SPECTRUM survey and demonstrated a correlation between the Thomson Brothers Lithium Deposit and a magnetic low trend. Snow Lake has access to the historical data, but the data set lacks sufficient resolution for accurate and efficient drill targeting.

Related read: With discovery of gold on RPM, Nova (ASX:NVA) ends September quarter on high note

EarthEx’s drone survey would provide the highest resolution aeromagnetic maps as per the current industry standards. Snow Lake expects that the survey would provide credible and critical data to identify further anomalies that can potentially host lithium pegmatite targets for additional resource expansion.

Snow Lake’s CEO, Mr Philip Gross, said that the grant from the Manitoba government demonstrates the constructive nature of the Company’s collaboration and relationship as it strategically executes on its path to lithium production.

We look forward to working closely with the government of Manitoba in the coming months and years as we help to establish the province as a key facilitator in the North American fleet electrification", Mr Gross concluded.

Related read: Nova (ASX:NVA) reports additional high-grade broad zones at RPM


 


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