- Nova Minerals’ (NVA) Snow Lake Resources has officially completed 20,000 meters of additional drilling at the Thompson Brothers lithium project in Manitoba, Canada.
- Nova has a 37 percent interest in Snow Lake and says the completed drilling will go towards the planned resource expansion of the Thompson Brothers project.
- The company says the drilling marks “significant progress” for Snow Lake’s ongoing drilling efforts as it accelerates toward commercial production
- Snow Lake is currently undergoing environmental and feasibility studies along with metallurgical testing required to verify the resource
- Nova shares were down 0.61 percent, trading at 81.5 cents as of 11:21 a.m. EST
Snow Lake Resources, a spin-off of Nova Minerals ( NVA ), has completed 20,000 meters of additional drilling at the Thompson Brothers lithium project in Manitoba, Canada.
Nova, which owns a 37 percent interest in Snow Lake, said the completed program tripled the amount of drilling that can be used in Snow Lake’s resource expansion plans for the project, which is scheduled to be completed in the US fall season.
The drilling marked significant progress in Snow Lake’s ongoing drilling campaign as it accelerates toward commercial production.
Nova CEO Christopher Gertheisen said the company is looking forward to the resource upgrade.
“Given the recent activity in the lithium market with higher prices and strong demand from the electric vehicle and battery markets, the company is well positioned to capitalize on this demand,” Mr Gertheisen said.
Snow Lake is currently continuing its environmental studies and feasibility studies in parallel with the required metallurgical testing required to verify the resource.
Snow Lake is working to become the world’s first fully renewable electric mine capable of conflict-free, net-zero carbon lithium delivery to the electric vehicle, battery and consumer markets.
Snow Lake is currently listed only on NASDAQ.
Nova shares fell 0.61 percent to trade at 81.5 cents as of 11:21 a.m. EST.