Nova Minerals Limited (Nova or Company) (ASX: NVA, OTC: NVAAF, FSE: QM3) advises that 74% owned Snow Lake Resources filed a registration statement on Form-11 on Friday with the Securities and Exchange Commission (SEC) to raise up to $23 million in an initial public offering(IPO). Snow Lake is an exploration stage mining company engaged in lithium exploration in the province of Manitoba, Canada.
The Directors of Nova Minerals Limited (Nova or Company) (ASX:NVA OTC:NVAAF FSE:QM3) announce an on-market Buy-Back of ordinary fully paid shares in the Company for up to a value of $5,000,000 (Buy-Back).
Ore Sorting results show up to 10x upgrade from a 588kg coarse rock sample.
Potential of further value-adding by processing of the reject material is also being investigated.
Ore sorting test work programmes conducted by TOMRA in Sydney demonstrate the potential of ore sorting using X-ray transmission (XRT) technology to successfully separate the gold-bearing veins at Korbel Main.
The results demonstrate the significant benefits that may be expected from the application of Ore Sorting technology at Korbel Main, including the potential to increase mine production and enhance the project economics through:
Work is continuing on the Mineral Resource upgrade for Korbel Main which is expected to be completed imminently.
Interim scoping study is well underway.
Snow Lake Resources IPO is fast progressing -update to follow
PEA to determine expedient path to commercialisation.
Nova owns 74% of Snow Lake Resources.
Snow Lake Resources owns 100% of the Thompson Brothers Lithium Project, located in Manitoba.
Data review for resource update from the current 6.3mt @ 1.3 Li2O (ASX: 25 July 2018)