Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF) and its 37%-owned affiliate Snow Lake Lithium have completed a further 20,000 metres of drilling at the Snow Lake Lithium Project in Manitoba, Canada, tripling the amount of drilling data that can be leveraged for an upcoming resource upgrade.
The incremental drilling program had a high success rate of 83%, with 89 of 107 diamond drilled holes intercepting spodumene prospective for lithium.
Of particular note was drill hole GRP-027 which struck a spodumene intersection from 39.36 to 69 metres; Snow Lake Lithium estimates the spodumene content of that particular dyke to be about 20%.
Positioned to capitalise on market demand
“We look forward to the resource upgrade and development at our majority owned Thompson Brothers Lithium Project through Snow Lake Resources,” Nova Minerals CEO Christopher Gerteisen said.
“Given the recent activity in the lithium market with higher prices and strong demand from the electric vehicle and battery storage markets the company is well positioned to capitalise on this demand.”
Laboratory assay results are in backlog but are expected in the coming weeks.
Snow Lake Lithium is also concurrently progressing both environmental and feasibility studies in parallel with metallurgical testing required for resource validation.
The company expects to produce an upgraded resource this spring.