Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) welcomed the news that its lithium-focused subsidiary, Snow Lake Resources Ltd, has made progress in a prospecting and mapping program on its Manitoba properties.
Snow Lake Vice President of Resource Development Dale Schultz and Vice President of Exploration Brian Youngs handled the program.
The company’s latest expedition was designed to target more lithium-bearing targets, which would be targeted for resource expansion in future drilling campaigns.
Snow Lake also undertook to confirm the locations of the previously identified Sherritt Gordon and Grass Rivers dykes and to track potential extensions of the Thompson Brothers Lithium (TBL) pegmatite.
Nova owns the majority of Snow Lake Resources Ltd, which joined the NASDAQ board in late November following a US$24 million initial public offering (IPO).
Develop the identified resource
Speaking to the program, Schultz said: “Lithium was first identified on the Snow Lake Lithium claims in the 1930s and 1940s, with subsequent drilling programs over the decades confirming the richness of pegmatites containing lithium on our property.
“The challenge now is to continue to organically develop our identified resource using all the tools at our disposal.
“Our summer prospecting program has been extremely successful and the upcoming previously announced drone survey will deploy the latest state-of-the-art technology to provide us with real-time, in-depth and layered data to further improve our understanding of the geology.
“Our exploration program is providing us with the geological information necessary to carry out what promises to be a very exciting winter drilling program which we believe will bring substantial improvements to our understanding of the resources.”
Exploring lithium potential in Manitoba
During the prospecting and mapping expedition, Snow Lake took field samples to assess their amounts of lithium oxide.
A dyke known as BY pegmatite showed promising results, grading between 1.2 wt% (wt%) and 1.6 wt% lithium oxide.
Spodumene at BY Pegmatite.
It is located to the north and east of the main TBL resource block and will represent a new target area outside of the crystallization zones already known and established in the resource.
Other targets of interest include the Grass River (GR) and the Sherritt Gordon (SG), levees located south and west of TBL across the Crowduck Channel.
Notably, a sample from the Grass River dyke returned a value of 1.27% by weight lithium oxide.
Two samples of spodumene crystals taken from the outcrops are even more interesting.
These crystals returned up to 6.86 wt% and 6.97 wt% lithium oxide, respectively.
Ultimately, this suggests that the Grass River Dyke should be able to produce concentrates at the 6% level or greater.
Spodumene crystal from GR Pegmatite.
The Sherritt Gordon dyke also gave very high figures, grading between 2.73 wt% and 3.42 wt% lithium oxide.
The Grass River and Sherritt Gordon dykes contain more coarse-grained spodumene than the TBL, with crystals over 40 centimeters long and 5 to 8 centimeters wide.
A 40 centimeter long spodumene crystal from SG Pegmatite.
All samples were sent to SRC Geoanalytical Laboratories in Saskatoon for analysis.
“One of the most promising resources”
Echoing Schultz’s comments, CEO Philip Gross said, “The results of this prospecting expedition are incredibly encouraging and confirm our belief that Snow Lake Lithium sits on one of the most promising resources in North America for the lithium supply.
“Our recent laboratory analysis results also suggest that our rock has the potential to produce a quality feedstock for the battery industry.
“As the North American market pivots toward full fleet electrification, there is currently a systemic lithium supply shortfall for this critical demand.
“Snow Lake is perfectly positioned with geographic proximity, a viable resource and access to infrastructure to play a key role in what promises to be the most significant development in the industrialized world this century.”