Quarterly Report - 31 December 2018
Melbourne, Jan 24, 2019 AEST (ABN Newswire) - Nova Minerals Ltd (
ASX:NVA) provides the Company's Quarterly Activities Report for the period ended 31 December 2018.
PROJECT AND EXPLORATION UPDATE
THOMPSON BROS. LITHIUM PROJECT - MANITOBA, CANADA
Nova Minerals Limited 100% subsidiary, Manitoba Minerals Pty Ltd ("MMPL"), owns the rights to earn up to an 80% ownership interest in the Thompson Bros. Lithium Property in Wekusko Lake, Manitoba (the "Project") from Ashburton Ventures Inc. ("ABR"), by financing ABR's commitments under an Option Agreement with the current holder of the Project, Strider Resources Ltd ("SRL").
About the Thompson Bros. Lithium Project
The Thompson Bros. Lithium Project is located 20 kilometres east of the mining community of Snow Lake, Manitoba. The main highway between Thompson and Flin Flon and rail connecting Winnipeg and the seaport of Churchill both pass 40 km south of the property. Together with the 100% owned Crowduck project the total landholding is 5229 ha across all claims and is adjacent to Far Resources (CSE:FAT) Zoro Lithium Property, host to several lithium bearing pegmatite dykes with numerous high grade intersections. Manitoba is consistently ranked one of the top mining jurisdictions in the world and electricity costs are amongst the lowest in North America. The project is well advanced and with a maiden Inferred Resource of 6.3 Mt @ 1.38% containing 86,940 tonnes of Li2O with an additional exploration target of 3 to 7 Mt @ between 1.3 and 1.5% Li2O in the immediate area of the resource. Initial metallurgical test work demonstrates the project can produce a concentrate material of 6.37% Li2O using standard metallurgical laboratory test techniques.
Exploration on the Thompson Bros. Lithium Project
On 27 November 2018, the Company announced that initial reconnaissance prospecting at Sherritt Gordon has recorded multiple occurrences of high grade lithium mineralisation (>1.5% Li2O/see Figure 1 in link below) over an extensive area, with results including:
- SG1802 (104902)= 3.78 % Li2O - Grass River Pegmatite - Photo 1.0
- SG1804 (104901) = 2.15 % Li2O - SG - Pegmatite - Photo 2.0
Following Nova's discovery (ASX Release 28 August 2018) as part of compilation work of historical data, the SNOW team have discovered details on a cluster of spodumene-bearing pegmatite dykes located about 2 km southwest of the recently drilled Thomson Brothers pegmatite (see Figure 1 in link below).
This cluster, known as the Sherritt Gordon (SG) pegmatites, intrudes the outermost quartz diorite phase of the Rex Lake Pluton and was traced about 600 m along strike (see Figure 2 in link below) by Sherritt Gordon Mines in the 1940s. Dyke SG-1 ranges from 1.5 to 5 m in width and dips 80o to the southwest. Dyke SG-2 is thinner and located about 70 m to the northeast of SG-1 and dips 50deg - 70deg southwest.
In 1942, the SG-1 pegmatite was drill tested by Sherritt Gordon, and a total of twenty-one shallow drill holes totalling 608 m were completed at angles of -35o with a azimuths of 028o (see Figure 3 in link below). Rather than reporting assays for Li2O, results in the historical drill logs are reported in "Gravitational Determination Percent Spodumene". This historical drilling yielded average spodumene contents ranging from 7.22 - 31.9 percent over widths ranging from 1.52 - 5.79 m core length (see Table 1 in link below). The data contained within Table 1 is a recalculation of percent spodumene from data obtained in the 1942 drill logs. Data for hole SG-08 was not available within the drill log data file.
SG and Grass River pegmatites remain open along strike in both directions and at depth. Dyke SG-2 was never drilled historically. The SG pegmatites are interpreted to have intruded late stage, sub parallel enechelon, dilatational fractures. If both dykes are projected to depth they could merge or intersect at a depth of approximately 160 m.
SNOW intends a follow up drilling program to evaluate the SG-1, 2 and Grass River pegmatites which could contribute to increasing the overall resource inventory of the Thompson Brothers Lithium Project.
To view the full report with tables and figures, please visit:
http://abnnewswire.net/lnk/Q6UILM08
About Nova Minerals Limited
Nova Minerals Limited (ASX:NVA) (FRA:QM3) is a Gold, Antimony and Critical Minerals exploration and development company focused on advancing the Estelle Project, comprised of 514 km2 of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralized corridor of over 20 advanced Gold and Antimony prospects, including two already defined multi-million ounce resources, and several drill ready Antimony prospects with massive outcropping stibnite vein systems observed at surface. The 85% owned project is located 150 km northwest of Anchorage, Alaska, USA, in the prolific Tintina Gold Belt, a province which hosts a >220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including, Barrick's Donlin Creek Gold Project and Kinross Gold Corporation's Fort Knox Gold Mine. The belt also hosts significant Antimony deposits and was a historical North American Antimony producer.
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