Nova Minerals Ltd Welcomes Snow Lake Resources Progress Towards Listing

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Snow Lake is a lithium exploration company based in the province of Manitoba, Canada, whose main asset is the Thompson Brothers Lithium project.

Nova Minerals Ltd (ASX: NVA) hailed Snow Lake Resources’ progress towards an initial public offering following the filing of Amendment 2 to Form F-1 on July 30.

Snow Lake is an exploration-stage mining company engaged in exploration for lithium in the province of Manitoba, Canada.

Its main asset is the Thompson Brothers Lithium (TBL) project, 20 kilometers east of Snow Lake, Manitoba, where the company is currently working on two lithium-enriched pegmatite dyke clusters – with most recent efforts focused on the TB-1 deposit.

Background

In April 2019, Nova Minerals sold the Thompson Brothers Lithium project through Snow Lake Resources Ltd and now owns 73.8% of the company.

On January 22, 2021, Snow Lake Resources announced its intention to conduct a registered initial public offering in the United States.

ThinkEquity, a division of Fordham Financial Management Inc, is the sole bookrunner for the offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC), but is not yet effective.

Snow Lake Mission

Snow Lake is committed to being the world’s first fully renewable-powered electric mine that can deliver fully traceable, conflict-free, zero-carbon, battery-grade lithium to the consumer electric vehicle (EV) market.

It not only aspires to set the standard for responsible manufacturing of lithium batteries, but also intends to be the first lithium producer in the world to achieve Certified B Corporation status in the process.

As a Certified B Company, Snow Lake hopes to accelerate the global culture change to redefine business success and help build a more inclusive and sustainable economy.

Practical steps

Snow Lake has launched a Preliminary Economic Assessment (PEA), which will include in-depth metallurgical analysis, resource definition, engineering assessment and ore sorting optimization, among other studies, during the third calendar quarter of 2021.

During the third or fourth quarter of 2021, Snow Lake plans to begin an additional drilling program to further expand the existing resource and a magnetic drone survey that will be partially funded by a grant from the Government of Manitoba.

In 2022, Snow Lake intends to initiate a Pre-Feasibility Study (PFS) with additional exploration drill programs on the TBL property to investigate historic drill holes from Sherritt Gordon’s lithium discoveries more than 50 years old, whose records are intact.

The company will begin the environmental review process at the end of 2021, and sometime in 2022, Snow Lake will begin authorizing the start of future mining operations.

Snow Lake is confident that the company will confirm historical assessments of mineralization on the TBL property and be able to start mining operations during 2023.

Strategy respectful of the environment, sustainability and governance

Snow Lake intends to achieve its environmental, sustainable and governance-friendly strategy through the use and exploitation of the following initiatives and resources:

  • The electricity needed to operate the future lithium mine is expected to be supplied by Manitoba Hydro on a 97% renewable basis;
  • Identify sites in Manitoba for spodumene hydroxide treatment that will be powered by renewable energy sources;
  • The Arctic Gateway Group’s Hudson Bay Railway lines are located within 30 kilometers of its TBL property and will connect its lithium mining operations to the North American automotive industry with a minimal carbon footprint (a total distance between mine and manufacturer is less than 1000 miles); and
  • Apply for “B Corporation” certification, reflecting the Snow Lake company’s commitment to standards of social sustainability, environmental performance, accountability and transparency. A “Certified B Company” is one that meets the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.
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