1st Quarter Activities and Cashflow Report
- 2.5 Million Ounce Maiden Gold Resource at Estelle
- Discovery of High Grade Bulk Starter Pit at Estelle Gold
- Continued Exploration Success on the Estelle Gold Property
- Snow Lake Signs Major MOU to Fast Track Lithium Development
- Logistics Assessment for majority-owned lithium project
- Nova Strengthens Board with Key Appointment
- Share Purchase Plan Closes 200% Oversubscribed
- Cash on hand at the end of the quarter of $2.631m
In addition, Nova is Planning/permitting/application approval for a much broader exploration area and camp infrastructure with the Company is progressing works and establishing budgets to prepare the next round of drilling to commence as soon as practical to increase size and confidence of resource and test new targets.
Furthermore, Dale Schultz and Christopher Gerteisen recently conducted a field trip to Southern Manitoba Tanco mining district. The purpose was to meet with Tanco Mine officials, and map out a future working relationship between Snow Lake Resources and Tanco Mining Corporation of Canada Limited in line with the Memorandum of Understanding (MoU) signed on 2 August 2019 (ASX 2 August 2019), whereby Snow Lake Resources will deliver lithium ore to the Tanco Mine.
Nova controlled entity Snow Lake Resource Ltd continued to progress its strategic Discussion, with Company executives attending strategic meetings in Manitoba together with downstream spodumene participants, to further advance interest from such strategic parties for the potential of a relatively quick to cash flow Direct Shipping Ore (DSO) operation. Furthermore, the company has engaged with the mines branch to commence to approval process, local mining contractors and ore-sorting engineering firm to fast track development.
The milestones achieved this Quarter reinforces the Company is genuinely and continues delivering on its strategy to increase ounces at Estelle Gold Project Significantly and 'fast-track' Thompson Brother lithium project's development.
The Company raised a total of ~$3 million (from a significantly oversubscribed placement and SPP). The company returned cash to shareholder through an equal scale back of 20% to avoid dilution with the medium to long-term term growth plans outlined.
Following the Company's successful progress to date at the Estelle Gold Project and Thompson Brothers Lithium Project, the Company intends to maintain this rapid progress and is in discussion with multiple parties to advance our interests for the benefit of all stakeholders.
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About Nova Minerals Ltd
The company plans to create shareholder value through two-pronged strategy:
- Capitalise on the growing demand for energy storage and the resulting demand for lithium, cobalt and nickel by fast-tracking exploration and development activities in our North American assets with particular focus on our flagship lithium project and prospective Chip-Loy Nickel Cobalt Sulphides project.
- Diversification by gaining exposure to base and precious metals through our farm-in JV at our district scale Estelle gold copper silver project and our Northern Australian gold exploration assets.
Nova Minerals Ltd