Nova Minerals’ (ASX: NVA) subsidiary Snow Lake Resources (Nasdaq: LITM) has expanded its land position in Manitoba after staking claims contiguous to its Thompson Brothers lithium project.
The new claims are known as the Herb bock and increase Snow Lake’s Thompson Brothers’ footprint by 57% to 21,703 acres.
Nova holds 57.52% of Snow Lake which recently raised US$24 million in a IPO via the issue of 3.2 million shares at US$7.50 each.
The company’s decision to spin-out its Thompson Brothers lithium project into Snow Lake was made to better unlock its value, while enabling Nova to focus on its flagship Estelle gold project in Alaska.
Nova chief executive officer Christopher Gerteisen said Snow Lake’s Nasdaq listing reflected the core location of its primary asset – Thompson Brothers.
He said the Nasdaq listing in the US provided Snow Lake with added exposure to the region’s broader investor pool.
This pool had previously been unable to invest in Thompson Brothers because of Nova’s ASX listing.
The Nasdaq listing for Snow Lake is also anticipated to provide access to lower-cost debt and equity capital and reduce complexity while boosting operating efficiencies.
Thompson Brothers lithium project
Snow Lake aims to develop Thompson Brothers into the first fully renewable energy powered mine in the world that delivers a traceable, conflict-free, net zero carbon, battery-grade lithium for the world’s electric vehicle market.
Thompson Brothers is 20km east of Snow Lake in Canada’s Manitoba province.
Snow Lake is advancing two lithium-enriched pegmatite dyke clusters at the project with upcoming work to comprise a preliminary economic assessment, resource expansion and technical evaluations.
Thompson Brothers has an indicated resource of 9.08 million tonnes at 1% lithium for 91,190t of contained lithium, and an inferred resource of 1.97Mt at 0.98% lithium for 19,266t.
Snow Lake chief executive officer Phil Gross noted this resource only represented 5% of the project’s footprint – and this was prior to the extra acquired ground announced today.