Nova Minerals releases promising lithium results from Manitoba, seeks new chairman
Snow Lake Lithium currently has three rigs operating on site around the clock at the Thompson Brothers lithium project in Manitoba.
North America-focused Nova Minerals (ASX: NVA) says drilling by its majority-owned subsidiary in Manitoba looks to have identified additional lithium resources.
Nova, which is the advancing its flagship Estelle gold project in Alaska, owns 57.52% of Snow Lake Lithium (NASDAQ: LITM).
Snow Lake is exploring the Thompson Brothers project in the Canadian province of Manitoba.
It says the 2022 winter drilling campaign at Thompson Brothers was designed to expand the existing defined resource and additional outside targets on the property suitable for further development.
‘Extremely favourable’ results, drilling to be accelerated
“Initial indications suggest that these goals have been achieved and improved upon,” the company said.
“Despite the slightly delayed start due to winter conditions’ late arrival, the Snow Lake team has delivered extremely favourable results.”
One hole delivered an intersection of spodumene-bearing pegmatite from 422.12m down hole extending for 25.35m, while other intersections included lengths of 37.5m and 5.68m.
Based on the early success of the company’s winter drilling program, Snow Lake has now committed to retain all the drill rigs on site over spring and into the summer.
The company notes that the drilling program will use airborne support to accelerate work progress and seek further resource expansion.
Deposit could supply several US battery plants
Thompson Brothers is located northwest of Winnipeg and the company says is suitably located to supply existing and planned battery plants in the US, including Nevada, Michigan, Tennessee and Ohio.
Snow Lake points to the June 2021 announcement by the US Government outlining a policy to develop an end-to-end domestic supply chain located within the country, aided by US$17 billion in loans from the Department of Energy.
The DOE is now working on a lithium batteries national blueprint.
A recent Snow Lake presentation noted that China’s control of about 70% of the world’s lithium-ion battery market is seen as national security risk in the US.
Global search for new chairman, looking to Wall St
Nova Minerals, meanwhile, has begun a global search for a new chairman following the resignation of David Hersham.
Nova says it has a particular focus on a candidate with Wall Street experience to assist it “in the next stage of its journey becoming a global gold producer”.
The company is seeking what it describes as a highly qualified individual based in North America who has extensive US capital markets experience and relationships with the banking sector.
Board member Louie Simens is acting as executive chairman in the interim.