Nova Minerals unveils ‘significant’ lithium results at subsidiary Snow Lake’s project

Nova Minerals ASX Snow Lake resources LITM NASDAQ Grass River Pegmatite
Drilling at the Grass River pegmatite uncovered 3m at 3.35% lithium.

Nova Minerals’ (ASX: NVA) subsidiary Snow Lake Resources (Nasdaq: LITM) has received “significant” assays from the Grass River pegmatite dyke (GRP) within its Thompson Brothers lithium project in northern Manitoba.

The first drill tests at GRP dyke have defined mineralised widths of between 5m and 6m, including intercepting high-grade spodumene material from the third hole.

That hole returned an assay of 3.35% lithium oxide over a width of 3m.

These are the first results from GRP and the company says additional analysis will be needed in order to put an orientation and clear dip on this dyke swarm.

Results to be included in next resource update

Nova Minerals notes that current drilling will continue to focus on delineating the geometry of the dyke.

Data collected as part of this drill campaign will be included in Snow Lake’s next resource update for the project.

In addition, Snow Lake’s exploration permits have been extended for a further three years by the Manitoba provincial government.

The dyke is within the US company’s Thompson Brothers project.

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.

Deposit could supply several US battery plants

Thompson Brothers is northwest of Winnipeg and the company has said previously that it is suitably located to supply existing and planned battery plants in the US, including in Nevada, Michigan, Tennessee and Ohio.

Snow Lake sees itself as part of the US Government’s 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 (DOE).

The DOE is now working on a lithium batteries national blueprint.

A previous Snow Lake presentation points out that China’s control of about 70% of the world’s lithium-ion battery market is seen as national security risk in the US.

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