Nova Minerals Limited (ASX: NVA) is a mineral explorer and engaged in operations of a range of commodities, which includes lithium, gold and base metals in several locations, including Canada, Alaska and Northern Australia. The group is headquartered in Collins Street, Melbourne, Australia. The group has Estelle gold and copper project in Alaska and manages lithium gold and base metalsâ exploration in Canada.
The company today, on 2 April 2019, provided an update on the Thompson Brothers Lithium Project. After the company has financed the commitments relating to their Option Agreement with Strider Resources Ltd, it has earned the right to earn up to 80% interest in the ownership of the Thompson Bros. Lithium Project from Ashburton Ventures Inc.
The project is in progress with an initial content of inferred Resource of 6.3 Mt @ 1.38% containing 86,940 tonnes of lithium oxide. It has an additional exploration target of 3 to 7Mt @ between 1.3 and 1.5% lithium oxide in the immediate area of the resource. The project has the capability of producing a concentrated material of 6.37% lithium oxide using standard metallurgical laboratory test techniques, as demonstrated by the initial metallurgical test work.
The company will be holding a majority economic interest after spinning off the asset onto Canadian exchange. Nova is an owner of 51% and has the rights to earn up to 85% ownership interest of the Alaskan project portfolio from AK Minerals Pty Ltd., as they are financing their commitments relating to the JV Agreement.
A huge range of projects is included in the Alaskan project portfolio starting from more advanced exploration projects with ore grade drill intersections to brownfield tenements. The most advanced projects include the Estelle gold project, the Chip-Loy nickel, cobalt, copper project, the Bowser creek silver, zinc, lead project and the Windy Fork REE project. The government of the US has spent more than $7 million on Bowser creek silver, zinc, lead project. Estelle gold project has a gold exploration target of 2.2 to 5.3 million ounces.
The company in the recent past has provided an update on the fast progress of the future exploration program at the Estelle Gold Project.
The contractor procurement for the campaign is in its advanced stages, with planning underway for the proposed 2019 Exploration Campaign at the Estelle gold camp. The focus will be on deploying the Induced Polarization survey crew onsite, post which potential diamond drill mobilisation will occur approximately after 30 days. The diamond drill will test the total depth of mineralisation.
On the price-performance front, the stock of Nova Minerals Limited traded at A$0.015, with a market capitalisation of A$10.06 million (At market close on 2 April 2019). The stock has generated a negative YTD return of 35.0% and generated a negative return of 48.0% and 18.75% over the past six months and one month, respectively. Its 52-week high price stands at $0.042, and 52-week low price stands at $0.013, with an average trading volume of 807,516.
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