Nova’s subsidiary Snow Lake Resources uncovers more lithium potential at Thompson Brothers

Nova Minerals’ (ASX: NVA) lithium plans are picking up pace after its majority owned subsidiary Snow Lake Resources revealed up to 6.97% lithium had been uncovered during a recent field work program at its Thompson Brothers project in Manitoba.

The August field work program comprised mapping and prospecting with the goal of firming up additional lithium targets at the project.

It also aimed to confirm previously identified lithium.

The August program identified a new area at the BY Pegmatite which is northeast of the main resource.

Samples collected from BY Pegmatite returned between 1.20% and 1.60% lithium.

Meanwhile, at the Grass River dyke, 1.27% lithium was found in a sample.

Snow Lake noted that two samples of spodumene crystals were taken from outcrops at Grass River and assayed at 6.86% lithium and 6.97% lithium.

Snow Lake chief executive officer Philip Gross said the prospecting results were “incredibly encouraging” and affirm the company’s belief that the project hosts one of the most “promising resources” for the North American lithium supply.

“Our recent laboratory analysis results would also suggest that our rock is amenable to producing a quality raw material for the battery industry.”

Mr Gross pointed out that as North America transitions to electric vehicles, there is a “systemic deficit” in lithium supplies to meet demand.

“Snow Lake is perfectly positioned with geographic proximity, a viable resource and access to infrastructure to play a key role in what promises to be the most significant development in the industrialised world this century.”

Unlocking Thompson Brothers lithium project

Snow Lake vice president of resource development Dale Schultz said lithium had been discovered at Thompson Brothers in the 1930s and 1940s.

Subsequent drilling programs across the project have confirmed it is rich in lithium.

“The challenge now is to continue to organically expand our identified resource using all the tools at our disposal,” he said.

“Our summer prospecting program was extremely successful, and the upcoming previously announced drone survey will deploy the latest state of the art technology to give us real-time, in-depth and layered data to further improve our understanding of the geology.”

Mr Schultz said the prospecting program had provided the company with “geological intelligence” to underpin a “very exciting” winter drilling campaign.

Thompson Brothers has a current indicated resource of 9.08 million tonnes grading 1% lithium for 91,190t of contained lithium, and an inferred resource of 1.97Mt grading 0.98% lithium for 19,266t.

Last week, Nova announced Snow Lake had expanded its land position by staking claims contiguous to the project.

Thompson Brothers now covers 21,703 acres in Manitoba.

Nova owns 57.52% of Snow Lake.