16:49:07 EDT Wed 22 Sep 2021
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

Nova Minerals Limited (NVAAF) Thompson Brothers Lithium Project Listing Update

2021-08-01 18:48 ET - News Release

Melbourne, Australia, Aug 2, 2021 - (ABN Newswire) - Nova Minerals Limited (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) advises that 74% owned Snow Lake Resources filed its Amendment No 2 to Form F-1 on 30 July 2021 with the Securities and Exchange Commission (SEC) to raise up to $23 million in an initial public offering (IPO) (ASX 30 March 2021). Snow Lake is an exploration stage mining company engaged in lithium exploration in the province of Manitoba, Canada. ThinkEquity, a division of Fordham Financial Management Inc. is the sole bookrunner for the offering. A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. A copy of the registration statement can be obtained from the Company Secretary by emailing info@novaminerals.com.au.

Snow Lake's Mission

Snow Lake is committed to being the first fully renewable energy powered electric mine in the world that can deliver a completely traceable, conflict free, net zero carbon, battery grade lithium to the electric vehicle, or EV, consumer market. Snow Lake aspires to not only set the standard for responsible lithium battery manufacturing but intends to be the first lithium producer in the world to achieve Certified B Corporation status in the process. As a Certified B Corporation (defined on page 3 of F1 Filling), Snow Lake would hope to participate in accelerating the global culture shift to redefine success in business and help to build a more inclusive and sustainable economy.

Mineral Resource Estimate (ASX 3 June 2021):

o Indicated Resource Estimate of 9.08 Mt @ 1.00 % Li2O using a 0.3 % Li2O cut-off grade and;

o Inferred Resource Estimate of 1.97 Mt @ 0.98 % Li2O using a 0.3 % Li2O cut-off grade.

Snow Lake is committed to being the first, fully renewable energy powered electric mine in the world that can deliver fully traceable, conflict free, net zero carbon, battery grade lithium to the electric vehicle consumer market. Snow Lake intends not only to set the standard for responsible battery manufacturing but also to become the first lithium producer in the world to achieve Certified B Corporation status in the process.

Snow Lake intend to achieve environmental, sustainability and governance friendly strategy through utilization and operation of the following initiatives and resources:

- Snow Lake have entered into a memorandum of understanding (MOU), with Meglab Electronique Inc. for Meglab's delivery to of the first all-electric lithium mine in the world.

Snow Lake have also entered into a MOU with CentrePort Canada Inc. to have CentrePort as the potential location to build a hydroxide plant.

- In April 2021, Snow Lake entered into a MOU with IMG Investitions- und Marketinggesellschaft Sachsen-Anhalt mbH, the economic development agency for the state of Saxony-Anhalt, to consider investment in a lithium hydroxide plant in the Saxony-Anhalt region for final processing. Snow Lake cannot guarantee however, that the above nonbinding MOUs will lead to definitive agreements.

- Power to operate the future lithium mine is expected to be supplied by Manitoba Hydro on a 97% renewable basis;

- Snow Lake are currently identifying sites within Manitoba for hydroxide processing of spodumene that will be powered by renewable energy sources;

- The Arctic Gateway Group's Hudson Bay Railway lines are located within 30 kilometers of our TBL property will connect our lithium mining operations to the North American auto industry with a minimum carbon footprint, with total mine to manufacturer distance of less than 1,000 miles; and

- Snow Lake intend to apply for "B Corporation" certification reflecting our corporate dedication to standards of social sustainability, environmental performance, accountability and transparency. A "Certified B Corporation" is a business that meets the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. Snow Lake have begun the preliminary process to become a "pending" B corporation and expect to formally apply for B Corporation status approximately one year after completion of this offering and ramp up its operations. There can be no assurance at this time that Snow Lake will receive "pending" B corporation status, that Snow Lake will be able to apply for full B Corporation status within the time frame referenced above or that Snow Lake will be successful in achieving B Corporation status.

These factors will give Snow Lake a competitive edge and first mover status in delivering a fully verifiable, environmentally friendly product to a rapid growth market that is consumer driven to demand a new level of transparency and responsibility.

Practical Steps

Snow Lake have launched a PEA, which will include in depth metallurgy analysis, resource definition, engineering assessment and ore sorting optimization, among other studies, during the third calendar quarter of 2021. During the third or fourth quarter of 2021, Snow Lake plans to begin an additional drilling program to further expand the existing resource and a mag drone survey that will be partially financed by a grant from the Manitoba Government. In 2022, Snow Lake intends to initiate a PFS with additional drilling exploration programs on the TBL property to survey historic drilling holes from Sherritt Gordon's lithium discoveries more than 50 years ago, the records of which are intact. Snow Lake will begin the environmental studies process during late 2021, and sometime in 2022 Snow Lake will begin the permitting for the start of future mining operations. Snow Lake is confident that the company will confirm the historic mineralization assessments on the TBL property and be in a position to launch mining operations during 2023.


About Nova Minerals Limited:

Nova Minerals Limited (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is a dynamic explorer and developer of its flagship Estelle Gold district in the Tintina gold belt. Nova's strategy is to substantially increase the current 4.7Moz resource on the Korbel prospect. Subsequently to continue to lock in value through moving Korbel towards production whilst increasing the resource base across the pipeline of targets within the Estelle gold district. Nova Minerals also holds strategic investments in Snow Lake Resources Ltd (Thompson Brothers Lithium Project), Torian Resources Ltd (ASX:TNR) and RotorX Aircraft Manufacturing Co.

Contact:
 
Nova Minerals Ltd
P: +61-3-9614-0600
F: +61-3-9614-0550
WWW: novaminerals.com.au
 


Source:
Nova Minerals Limited

Copyright (C) 2021 ABN Newswire. All rights reserved.

© 2021 Canjex Publishing Ltd. All rights reserved.