Snow Lake Resources (Nasdaq: LITM), a subsidiary of Nova Minerals (ASX: NVA), has expanded its land position in Manitoba after staking claims adjacent to its Thompson Brothers lithium project.
The new leases are known as Herb bock and increase Thompson Brothers’ footprint of Snow Lake by 57% to 21,703 acres.
Nova owns 57.52% of Snow Lake which recently raised US$24 million in an IPO through the issuance of 3.2 million shares at US$7.50 each.
The company’s decision to divest its Thompson Brothers lithium project in Snow Lake was made to better unlock its value, while allowing Nova to focus on its flagship Estelle gold project in Alaska.
Nova chief executive Christopher Gerteisen said Snow Lake’s Nasdaq listing reflects the central location of its main asset, Thompson Brothers.
He said the Nasdaq listing in the United States gave Snow Lake additional exposure to the region’s broader pool of investors.
This pool had previously been unable to invest in Thompson Brothers due to Nova’s ASX listing.
Snow Lake’s Nasdaq listing is also expected to provide access to lower cost debt and equity capital and reduce complexity while increasing operational efficiency.
Thompson Brothers Lithium Project
Snow Lake aims to make Thompson Brothers the world’s first fully renewable energy-powered mine that provides traceable, conflict-free, and carbon-free battery-grade lithium for the global electric vehicle market.
Thompson Brothers is 20 km east of Snow Lake in the Canadian province of Manitoba.
Snow Lake is advancing two groups of lithium-enriched pegmatite dykes on the project with upcoming work including preliminary economic assessment, resource expansion and technical assessments.
Thompson Brothers has an indicated resource of 9.08 million tonnes at 1% lithium for 91,190 t of contained lithium and an inferred resource of 1.97 Mt at 0.98% lithium for 19,266 t.
Snow Lake general manager Phil Gross noted that this resource only represents 5% of the project’s footprint – and that was before the additional land acquisition announced today.