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Nova Lithium Announces Option to Acquire the Lara VMS Deposit
Vancouver, British Columbia--(Newsfile Corp. - June 20, 2024) - Nova Lithium Corp. ("Nova" or the "Company") (CSE: NVLI) (OTC Pink: NVLIF) (FSE: YQ1 | WKN: A3DM
About this update from Nova Pacific Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 20, 2024) - Nova Lithium Corp. (\"Nova\" or the \"Company\") (CSE: NVLI) (OTC Pink: NVLIF) (FSE: YQ1 | WKN: A3DMP6) is pleased to announce that the Company has entered into an option agreement dated June 14, 2024 (the \"Option Agreement\") with two arm's length vendors to acquire a 100% interest in four mineral claims hosting a significant Polymetallic Volcanogenic Massive Sulfide (VMS) deposit, known as the \"Lara\" deposit (the \"Lara Project\"). The claim package, which is easily accessible year-round, consists of approximately 1,848 hectares and is located approximately 20 km west of Duncan on Vancouver Island, British Columbia. The Lara Project was the subject of previous exploration activity in the 1980's consisting of 311 historical drill holes totalling more than 55,712 metres, as well as 770 metres of pre-production underground access and drifting. In 2008, Caracle Creek International Consulting completed a historic resource for Treasury Metals Inc. described in an Independent Technical Report and Mineral Resource Estimation, Lara Polymetallic Property, April 2008 (Iain Kelso, H.B.Sc., P.Geo., and Stephen Wetherup, B.Sc., P.Geo., co-authors). The historical estimate was prepared using wireframe models for zinc thresholds, with grade interpolation completed using the inverse power of distance method. The reliability of the historical estimate is considered reasonable, but a qualified person has not completed sufficient work to classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource. To upgrade the historical resource to a current resource a constrained mineral estimation should be constructed by a qualified person. Nova intends to use this work to guide further exploration on the Lara Project. The Lara Project is along strike from the nearby Mount Sicker mine and approximately 150 km southeast of the historical Myra Falls mine, which over a 35 year mine life, has produced more than 800,000 metric tonnes of zinc, lead, and copper ore per year with mineralogy not unlike the Lara deposit (BC Minfile 092-B001). \"The Lara Project is a significant asset and provides an outstanding opportunity for Nova to continue exploration and development from where previous operators left off sim...