Nova Minerals Ltd (OTCMKTS:NVAAF) (ASX:NVA) (FRA:QM3) has welcomed a resource update from the Thompson Brothers Lithium Project in Canada through its majority- owned subsidiary Snow Lake Resources Ltd.
The indicated resource estimate is 9.08 million tonnes at 1% Li2O using a 0.3% Li2O cut-off grade and the inferred resource estimate is 1.97 million tonnes at 0.98% Li2O using a 0.3% Li2O cut-off grade.
Notably, the resource represents less than 5% of the project area and is entirely from a single high-grade lithium-bearing pegmatite dyke partially outcropping at surface which remains open along strike and to depth.
“Resource update a major milestone”
Snow Lake chief executive officer Phil Gross said: “This resource update represents a major milestone in achieving our ambitions of becoming North America’s first fully sustainable, carbon neutral and fully traceable lithium supplier.
“To date, the exploration budget has been relatively modest and with the current resource limited to 5% of our property footprint, Snow Lake has the potential of being leveraged into a world-class lithium producer.
“As we enter the tipping point of vehicle electrification, we will be in a unique position to play an important role and fully integrate into the EV industry supply chain.”
Map showing the area covered by mineral claims owned by SLR.
Upside compared to peers
Nova has a diversified portfolio of projects, including the Thompson Brothers Lithium Project and the Estelle Gold Project in Alaska – which holds some of North America’s largest gold deposits.
The company aims to provide shareholders with diversification through exposure to base and precious metals and to capitalise on the growing demand for lithium-based energy storage.
Nova believes the resource provides upside when compared to Galaxy Resources Limited’s (ASX:GXY) similar resource at its Mt Cattlin Project in Western Australia.
Galaxy recently revised the Mt Cattlin mineral resource estimate to 11 million tonnes at 1.2% Li2O and 151 parts per million Ta2O5, and revised the ore reserve estimate to 8 million tonnes at 1.04% Li2O and 139 parts per million Ta2O5.
It also provides encouragement for Nova to continue progressing the project as it aims to grow towards Galaxy’s $2 billion market cap.
Story by ProactiveInvestors
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