Company
ASX:NVA
Nova Minerals is a mining exploration and development company focused on advancing its Alaskan district-scale Estelle Project toward production.
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Snow Lake Resources has hit the ground running since its November IPO, expanding its Manitoba landholding by staking more acreage claims next to its existing Thompson Brothers project.
Snow Lake began trading on the Nasdaq Capital Market today under the ticker LITM and had an immediate impact, with shares of the stock more than doubling in early trading and up as high as 145% at one point.
The company has now unlocked three high priority targets and the potential for another large-scale mineralised system.
The Alaska-focused gold explorer’s latest MRE brings the total global resource for the Estelle Gold District to 6.2 million ounces and counting.
“We currently have 4.7 million ounces at the Korbel Main deposit which is expected to grow and the RPM maiden resource is to be added in the short term, representing just the beginning of our Estelle journey with our global resource base se
The company’s shares jumped as high as 64% higher intra-day to 18 cents and were last trading at 17 cents.
Aggressive infill and extension drilling is ongoing at Korbel Main with the goal of substantially increasing the 4.7-million-ounce resource and upgrading the resource in size and confidence to expedite project feasibility studies.
The cash injection will help Nova ramp up development, grow resources and further unlock the Estelle Gold District — a pocket of highly prospective precious metal tenements within Alaska’s prolific Tintina Gold Province.
High-grade rock samples confirm further broad surface gold zones at the Train and Shoeshine prospects outside of the current 4.7 million-ounce inferred Korbel deposit as Nova continues to unlock the district.
Whilst developing and expanding its current 4.7-million-ounce Korbel deposit and in line with its plans of unlocking the district, Nova plans geophysical programs to better define the extent of the Stoney Prospect and nearby splays.
“This news adds serious depth to the Estelle Gold Project, which has an already world-class resource development project at Korbel, and now has a second at RPM, being advanced towards production,” says CEO.
Infill drilling results show that the Korbel Main deposit has “significant” and growing scale with high-grade ‘blow out’ zones within the continuous mineralisation.
The latest results will form part of the global resource update planned for Q4 2021 and will incorporate the Korbel Main resource infill and extension drilling with the aim of proving up a significant portion to the indicated resource categ
Snow Lake is an exploration lithium company based in the province of Manitoba, Canada, with its primary asset being the Thompson Brothers Lithium Project.
Over the June quarter, Nova grew the gold resource at Estelle’s Korbel Main deposit to 4.7 million ounces and advanced exploration ahead of a further resource upgrade and a scoping study, while the Thomson Brothers Lithium project expanded
Over the June quarter, Nova grew the gold resource at Estelle’s Korbel Main deposit to 4.7 million ounces and advanced exploration ahead of further resource upgrade and a scoping study, while the Thomson Brothers Lithium project expanded ah
The mineral resource estimates are planned for Q4 for an upgrade at the 4.7-million-ounce Korbel Main deposit and maiden resources for RPM.
Correlating mineralisation at the RPM prospect hints at the potential for a second large intrusive-related gold system on the Alaskan Estelle Gold Project.
The latest round of gold findings are primed to support an upcoming scoping study for Nova’s cornerstone Alaskan gold asset, which hosts around 4.7 million gold ounces across less than 2% of the total project area.
It is set to benefit from the development and growth of RX through its 9.9% interest in the company and plans to use these aircraft at its flagship Estelle Gold Project in Alaska.
