Nova Minerals Ltd (ASX:NVA) has welcomed Snow Lake Resources’ progress towards an initial public offering following its filing of the Amendment No 2 to Form F-1 on July 30.
Snow Lake is an exploration-stage mining company engaged in lithium exploration in the province of Manitoba, Canada.
Its primary asset is the Thompson Brothers Lithium (TBL) Project, 20 kilometres east of Snow Lake, Manitoba, where the company is currently working on two lithium enriched pegmatite dyke clusters – with its most recent efforts focused on the TB-1 deposit.
Background
In April 2019, Nova Minerals spun out the Thompson Brothers Lithium Project through Snow Lake Resources Ltd and now owns 73.8% of the company.
On January 22, 2021, Snow Lake Resources announced that it planned to conduct a registered initial public offering in the United States.
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.
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 (EV) consumer market.
It 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, Snow Lake hopes to accelerate the global culture shift to redefine business success and help build a more inclusive and sustainable economy.
Practical steps
Snow Lake has launched a preliminary economic assessment (PEA), which will include in-depth metallurgy analysis, resource definition, engineering assessment and ore sorting optimisation, 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 pre-feasibility study (PFS) with additional drilling exploration programs on the TBL property to survey historical drilling holes from Sherritt Gordon’s lithium discoveries more than 50 years ago, the records of which are intact.
The company will begin the environmental studies process during late 2021, and sometime in 2022, Snow Lake will begin permitting for the start of future mining operations.
Snow Lake is confident that the company will confirm the historical mineralisation assessments on the TBL property and be in a position to launch mining operations during 2023.
Environmental, sustainability and governance friendly strategy
Snow Lake intend to achieve its environmental, sustainability and governance-friendly strategy through the utilisation and operation of the following initiatives and resources:
- Power to operate the future lithium mine is expected to be supplied by Manitoba Hydro on a 97% renewable basis;
- Identify sites within Manitoba for the 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 kilometres of its TBL property and will connect its lithium mining operations to the North American auto industry with a minimum carbon footprint (a total mine to manufacturer distance of less than 1,000 miles); and
- Apply for “B Corporation” certification, reflecting Snow Lake's corporate dedication to social sustainability standards, 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.