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

Highlights

  • Nova Minerals’ investee company Snow Lake has delivered results from prospecting and mapping program undertaken in August 2021 on its Manitoba properties.
  • The results delivered excellent values between 1.20 to 1.60 wt% Li2O obtained from a dyke.
  • A key objective of the program was to confirm the locations of earlier identified Sherritt Gordon Dyke and Grass Rivers Dyke.

Nova Minerals Limited’s (ASX:NVA) majority owned Snow Lake Resources Limited (Nasdaq: LITM) has been making notable developments at the Thomson Brothers Lithium Project in Manitoba, Canada. Earlier, Snow Lake had executed prospecting and mapping program on its Manitoba properties near the town of Snow Lake, Manitoba in August 2021.

Snow Lake, the investee company of NVA, has now reported results from this prospecting and mapping program across its Manitoba properties.

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

Results deliver excellent Li2O values

The results delivered outstanding values in the range of 1.20 to 1.60 wt% Li2O, which were obtained from a dyke (BY Pegmatite) located to the north and east of the main resource block of Thompson Brothers Lithium Pegmatite (TBL). Based on this, Snow Lake remains confident that this will signify a new target area beyond the already known and recognised crystallisation areas in the resource.

wt% Li2O for Snow Lake Lithium's August 2021 Prospecting and Mapping program.

Source: Snow Lake press release 06 December 2021

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

The Grass River and the Sherritt Gordon dykes are the other areas of interest for Snow Lake as one sample from the Grass River dyke returned a value of 1.27 wt% Li2O. Additionally, two samples of spodumene crystals taken from the outcrops, returned values of 6.86 and 6.97 wt% Li2O respectfully.

Spodumene at the BY Pegmatite

Source: Snow Lake press release 06 December 2021

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

Targets of interest

Given such results, it is believed that concentrates at the 6.0% level or beyond can possibly be produced from the Grass River dyke. Besides this, very strong numbers of between 2.73 and 3.42 wt% Li2O were also returned from the Sherritt Gordon dyke.

Both these targets are a host to substantially coarser grained spodumene as compared to TBL, with crystals measuring upwards of 40cm long and 5cm to 8cm wide.

40cm long spodumene crystal from the SG Pegmatite

Source: Snow Lake press release 06 December 2021

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

The program aimed at identifying additional lithium bearing targets for resource expansion during upcoming drilling campaigns was presided over by Dale Schultz, VP of Resource Development and Brian Youngs, VP of Exploration. The program also aimed at confirming the locations of the earlier identified Sherritt Gordon Dyke and Grass Rivers Dyke and follow up on prospective extensions to the TBL.

“The challenge now is to continue to organically expand our identified resource using all the tools at our disposal. Our summer prospecting program was extremely successful and the upcoming previously announced drone survey will deploy the latest state of the art technology to give us real time, in depth and layered data to further improve our understanding of the geology. Our prospecting program is providing us with the geological intelligence to perform what promises to be a very exciting winter drilling program that we believe will deliver substantial enhancements to our resource comprehension"- Dale Schultz, VP of Resource Development at Snow Lake.

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

NVA stock was noted at AU$1.235, up by 0.035% on 07 December 2021.

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