Nova Minerals Limited (ASX: NVA) is backing the strategy unveiled for development of the Thompson Brothers Lithium Project, through its majority owned investment in Snow Lake Resources.
Snow Lake Chairman, Nachum Labkowski, has announced that the company’s central focus is on creating a staged and responsible approach to project development, which shortens the overall production timeline. Specifically, a Preliminary Economic Assessment (PEA) which considers the possibility of Direct Shipping Ore (DSO) will be commissioned.
He said this process may involve selectively mining and / or ore sorting. Beginning the development process through DSO will fast track the development of our project as it removes many of the permitting and capital spending hurdles whilst generating cash flow for the Company.
The inclusion of DSO into the company’s strategy offers additional assurance of supply to our potential offtake partners.
“Importantly, the PEA will also investigate a complete flow sheet which will include a DMS / concentrator operation, which we will look to fund through cash flows generated through DSO.”
Snow Lake recently increased its land holdings to 59,587 acres of prospective lithium ground. The company plans to conduct a field exploration campaign once the snow melts. The campaign’s objective will be to identify additional lithium-bearing pegmatite swarms across the project.
“The company then plans to commence exploration drilling on any high priority targets generated through the campaign, with the objective of increasing its projects tonnage,” Mr Labkowski said.
“Finally, we plan to continue to evaluate M&A opportunities in the region as we work to grow our project portfolio via accretive acquisitions.”
Nova CEO, Christopher Gerteisen said that this approach, is well thought out and prudent for the benefit of shareholders, and Nova looks forward to reporting further progress as Snow Lake Lithium implements its new strategy.
For further information please visit: https://novaminerals.com.au/