(MENAFN- ABN Newswire)
Nova Minerals Limited (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is pleased to announce that its 74% owned subsidiary, Snow Lake Resources, is commencing a Preliminary Economic Assessment (PEA) for the Thompson Brothers Lithium Project in Manitoba, Canada (the Project). This represents the next step in the process of moving from exploration towards the potential to establish commercial operations.
- PEA to determine expedient path to commercialisation
- Nova owns 74% of Snow Lake Resources
- Snow Lake Resources owns 100% of the Thompson Brothers Lithium Project, located in Manitoba
- Data review for resource update from the current 6.3mt @ 1.3 Li2O (ASX 25 July 2018)
- Capital markets strategy
The PEA is expected to be completed in the coming months and will then be expanded into a Preliminary Feasibility Study (PFS) which will be used to seek funding for the development of the Project. The studies will review the test work, process design, vendor furnished equipment packages and preliminary design in addition to cost estimates for the development of a commercial spodumene floatation plant. In addition, they will examine permitting and potential environmental issues for the proposed floatation plant locations as well as operational expenditure (OPEX) and capital expenditure (CAPEX) which will be inputted into a general economic model.
Furthermore, Snow Lake has also undertaken a re-evaluation of the extensive drilling and other technical data collected over the past 50 years at the Thompson Brothers Lithium Project (Formerly known as the Viola Pegmatite Zone). This interpretation is being done in the context of considerable knowledge gained by Snow Lake on its Project in Manitoba and has highlighted excellent potential to update the resource before the PEA is finalised from the current reported resources number of 6.3mt @ 1.3 Li2O containing 86,940 tonnes of Li2O using a 0.6% Li2O cut-off grade (ASX 25 July 2018) with the deposit remains open to depth and along strike with the potential to increase the resource via future drilling. Lowering the cut off grade to add additional tonnes will also be investigated during the re-evaluation of the data.
In addition, Snow Lake has commenced a process to enable a listing of its securities on a New York exchange.
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([...] ) ([...] ) (OTCMKTS:NVAAF) is an ASX-listed minerals explorer focused on lithium, gold and mineral exploration in Canada, Alaska and Australia.
The company plans to create shareholder value through two-pronged strategy:
- Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.
- Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.
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Nova Minerals LtdP: +61-3-9614-0600F: +61-3-9614-0550WWW: novaminerals.com.au
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