Nova Minerals subsidiary Snow Lake Resources identifies lithium targets at Thompson Brothers project
The assessment will be expanded into a pre-feasibility study to seek funding for the Canadian project’s development.
Nova Minerals’ (ASX: NVA) US-based subsidiary Snow Lake Resources has identified several highly-prospective targets from a drone magnetic survey over the Sherritt Gordon pegmatite dykes within the Thompson Brothers lithium project in Canada.
Initial images from the Grass River target area have shown a correlation between magnetic lows from the drone work and known lithium pegmatite dykes which were sampled during a prospecting campaign during the previous exploration season.
The drone system’s ability to fly low to the canopy and maintain centimetre precision RTK (real-time kinematic) navigation was reported to have resulted in a precise level of detail to the data, revealing features not seen before in the area.
In addition to known pegmatites, the drone survey identified several other magnetically-low lineaments with favorable structural orientations in the vicinity of Sherritt Gordon and Grass River.
The dykes will be the primary targets for exploration by Ontario-based Forage BRL Drilling during Snow Lake’s winter campaign using a third diamond rig.
Lithium history
The Sherritt Gordon claims have a long history of lithium exploration dating back to the 1940s when they were originally drilled.
Snow Lake chief executive officer Philip Gross said the company was entering “exciting times” as the project moved towards mining and full commercial production.
“The drone data we obtained can now identify previously unknown extensions that greatly multiply the potential of this property,” he said.
“We are excited to start drilling these anomalies as soon as possible and to begin to establish our operations.”
The drone survey is scheduled to continue over the Thompson Brothers area this week.
Increasing prices
Snow Lake was publicly listed on the Nasdaq in November in a bid to capitalise on increasing world lithium prices.
Nova had maintained the Thompson Brothers project to be development ready in anticipation of stronger prices and the electric car revolution.
The deposit remains open along strike and to depth, with a maiden resource of 6.3 million tonnes grading 1.3% lithium oxide.
Mr Gross said Snow Lake was committed to operating a fully renewable and sustainable lithium mine.
“We plan to develop the project in a way that delivers a completely traceable, carbon neutral and zero harm product to the electric vehicle and battery market in North America,” he said.
“Our geographic proximity to the region’s expanding industry positions us as an integral provider of sustainable raw materials.”