Nova Minerals Limited: Investment in Snow Lake Lithium Unlocks Further Targets

Melbourne, Australia - Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) Notes Snow Lake Resources Ltd., d/b/a Snow Lake Lithium Ltd. (Nasdaq:LITM) ("Snow Lake" or the "Company") has updated the market on Drone Mag Survey works.

Snow Lake Lithium's First Results from Drone Mag Survey Identify Multiple Extension Anomalies and Prospective Targets on SG Claims

Snow Lake Resources Ltd., (NASDAQ:LITM) is pleased to report that the first batch of data received from its drone magnetic survey first announced (November 29, 202), identified several highly prospective targets in the Company's Sherritt Gordon (SG) pegmatite dykes.

Initial images from the EarthEx Drone Magnetic survey on the Snow Lake Lithium SG - Grass River (GR) Target area show noticeable correlation between magnetic lows in the data and the known pegmatite dykes that were sampled during last fall's prospecting campaign. The drone system's unique ability to fly low to the canopy and maintain centimeter precision RTK (real-time kinematic positioning) navigation results in exceptional levels of detail in the data, revealing features not before seen (Figure 1.0*).

In addition to the known pegmatites, the EarthEx survey has revealed several other magnetically low lineaments with favorable structural orientations in the vicinity near the SG and GR dykes. The survey will continue over the Thompson Brothers Lithium deposit area this week.

Both the SR and GR dykes will be the primary targets for drill #3 being mobilized by BRL Drilling (February 2, 2022 - Snow Lake Lithium Contracts Additional Drill to Project After Extending the Strike Zone on First Hole ).

CEO Philip Gross commented "These are very exciting times for Snow Lake as we continue to progress the project and accelerate towards mining and full commercial production. The Sherritt Gordon claims have a long history of lithium attached to them, dating back to the 1940's when they were originally drilled. The drone data we obtained can now identify previously unknown extensions that greatly multiply the potential of this property. With the third drill en route, we are excited to start drilling these anomalies as soon as possible and to begin to establish our operations."

Daniel Card, President of EarthEx Geophysical Solutions Inc. stated "We are delighted to be working with Snow Lake Lithium on what is a very exciting and promising lithium project.

We are thrilled with the effectiveness with which known pegmatites and new targets are being mapped in the data and we are proud to provide Snow Lake with such an effective exploration tool."

About EarthEx Geophysical Solutions Inc.

EarthEx Geophysical Solutions Inc was founded in 2014 in Selkirk Manitoba Canada by its Chief Geophysicist, Daniel Card. Mr Card, P.Geo, RPGeo, a professional Geophysicist, who holds a BSc. Hons degree from the University of Manitoba and is currently registered in Canada and Australia.

Since its inception, EarthEx has gained widespread recognition for its scientific accomplishments for its clients & partners.

EarthEx is specialized in the acquisition of high-resolution geophysical data from UAV (drone) based platforms, data interpretation, 3D modelling and target definition for hard-rock minerals. Working with cutting edge technologies and data analysis algorithms and methodology EarthEx is known for providing high quality exploration targets and tools to its clients.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/9UR8142Z

About Nova Minerals Limited:

Nova Minerals Ltd.'s (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) vision is to develop North America's next major gold trend. The company is focused on exploration in Alaska's 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 Victoria Gold's Eagle Mine and Kinross Gold Corp.'s Fort Knox Gold Mine. The company's flagship Estelle Project has a current total estimated JORC gold resource of 9.6Moz (3Moz Indicated and 6.6Moz Inferred). Estelle is a 45km long string of 15 identified gold prospects bracketed by the Korbel deposit in the north and the RPM deposit in the south. These two deposits are currently host to extensive exploration programs.

Additionally, Nova has an indirect interest in the Canadian Thompson Brothers Lithium Project through a substantial stake in Snow Lake Resources Ltd (NASDAQ:LITM) and holds a 12.99% interest in Torian Resources Ltd. (ASX:TNR), a gold exploration company based in Western Australia.

Source:
Nova Minerals Ltd.

Contact:

Nova Minerals Ltd. P: +61-3-9614-0600 F: +61-3-9614-0550 WWW: novaminerals.com.au