Sampling at Nova Minerals’ (ASX: NVA) Thompson Brothers lithium project in Canada has generated several new exploration targets and the potential to extend known mineralisation.
Soil samples were taken from the project’s southern and northern regions and sent for analysis which revealed several lithium anomalies that follow or continue from known pegmatite dykes.
However, the company formerly known as Quantum Resources, did not disclose the actual lithium values returned from the sampling program.
Based on the results, Nova plans to undertake drilling, which will initially focus on likely mineralisation extensions to the project’s north and other targets generated from the program.
“We are extremely pleased with the results from the recent geochemical program, which give us further targets to potentially grow our resource and now move the project into an advanced exploration phase,” Nova chief executive officer Avi Kimelman said.
Situated in Manitoba the Thompson Brothers lithium project has a historic NON-JORC compliant resource of 4.3 million tonnes grading 1.3% lithium with mineralisation remaining open at depth and along strike.
“The historic resource is a small portion of our overall tenement package and leaves considerable upside as we broaden our drill horizons and continue to expand our exploration program,” Mr Kimelman said.
Nova has scheduled to begin an initial 5,000m drilling program at Thompsons Brothers this month, subject to the company gaining final approvals.
“Given the numerous advantages inherent in our location in Manitoba, including outstanding infrastructure, a strong local work force and proximity to important lithium processing facilities and other downstream customers, we are keen to advance the project with a view to establishing a potentially strategic high value long life battery materials operation to take advantage of the developing North American market,” Mr Kimelman said.
Nova is earning an 80% interest in Thompson Brother from Ashburton Ventures. The company also executed a definitive joint venture agreement in late December to earn up to 85% in multi-mineral prospective tenements in Alaska’s south-west.
Additionally, Nova is furthering memorandum of understanding discussion with FAR Resources and Ashburton Ventures regarding unlocking lithium potential in Manitoba.
By early afternoon trade, Nova’s share price was unchanged at A$0.046, despite an early morning run which saw the share price hit A$0.051 before slipping back.