Nova Minerals Limited: Snow Lake Lithium Announces Drill Results

Melbourne, Australia - Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) advises Snow Lake Resources Ltd, Snow Lake Lithium Ltd. (NASDAQ:LITM) a lithium resource company committed to developing the world's first fully electric lithium mine, is pleased to provide the first assay results of its winter drilling program in the northeast extension of its Thompson Brothers (TBL) spodumene pegmatite deposit located in Manitoba, Canada. These results represent only the first 3 holes of the total 40 holes which Snow Lake has submitted for analysis. Snow Lake remains steadfast in its ongoing initiatives to accelerate the turnaround time for assay results.

Highlights

- First results delivered for 3 of the 40 active drill holes

- Intercept TBL-027 1.49% LiO2 over 34.5 meters

- Intercept TBL-025 1.52% LiO2 over 18.0 meters located close to surface

- Spring drilling program continuing with helicopter support

- Thompson Brothers Strike extended to 1.2 kilometers in length and remains open

- Drill holes extend to 500 meters and the deposit remains open at depth

- Approximately 6,000 meters drilled during the winter drilling program

Nova CEO, Mr Christopher Gerteisen commented: "As I have previously stated, we are very pleased by Snow Lake's progress and performance, as they make great strides in advancing the Thompson Brothers Lithium Project, with further results now pending and all studies ongoing concurrently. It is now evidently clear the scale of the project is growing significantly, and we see vast growth ahead as milestones are continually met."

The best intercept came from TBL-027 with an intersection of 1.49% LiO2 over 34.5m. In addition, hole TBL-025 returned an intercept of 1.52% Li2O over 18.0m located close to surface. The other holes completed to date demonstrate the "pinch and swell" character of the crystallization on the northeast extension of the TBL deposit. (See Table 1.0, Figure 1.0 and 2.0*).

The Thompson Brothers dyke appears to extend beyond depths of 500 meters. Additional drilling will be required to continue defining the deposit along strike to the northeast. As previously released (January 31, 2022 - Snow Lake Extends Strike By 10% in First Hole of Winter Drilling Campaign), we believe that the northeast extension of our TBL deposit is very promising for the location of a future open pit to start the mining of our Thompson Brothers resource.

Snow Lake CEO Philip Gross commented on the results: "The first three holes, while only representing a fraction of our sample submissions to date, are incredibly significant. Once all the results are available, we will be able to update the resource accordingly. In the meantime, our spring drilling program is continuing with helicopter support and we are very encouraged with the results to date. Like the rest of the mining industry, we are suffering the frustration of a very busy mining season and the resulting laboratory backlog. We are doing everything possible to expedite the results from our successful drilling campaign and update the market accordingly. We continue to focus on achieving our stated milestones and accelerating our progress."

Host Rock - The TBL dyke cross cuts rocks of the Missi Group (1.85-1.83 Ga), which are dominantly sedimentary rocks consisting of heterolithic conglomerates, greywackes and sandstones. There are occasional basaltic to andesitic dykes and sills within the assemblage seen in the drill core. The greywackes are typically composed of fine-grained quartz and biotite, while the conglomerate matrix is composed of biotite, actinolite, chlorite and small (2-3 mm) garnets. The mineral assemblage is typical for upper greenschist to lower amphibolite metamorphic facies rocks.

Crystalized Pegmatite - The TBL pegmatite dyke TB-1 strikes 040deg and dips about 85deg SE, cross cutting the rocks of the Missi Group. The mineralogy of the dyke is typical for Lithium bearing pegmatite dykes, and consists of potassic or albitic feldspars, quartz, muscovite and to a lesser extent biotite, tourmaline and rare garnets and very rare beryl. The lithium bearing mineral is Spodumene, which varies considerably in both grain size and distribution within the dyke. Spodumene crystals can vary in size from 1 cm to over 10+ cm in size. The distribution of the crystals within the dyke intersections is sporadic, with some sections containing up to 25 to 30 percent Spodumene, and other sections that are Spodumene poor to barren, suggesting multiple pulses of fluids and crystal mush from the parent granitic magma. The mineralogy and mineral zonation of the dyke(s) will be the subject of further study in the coming months.

Analytical - Half core samples are sent to the SGS Lakefield laboratory in Ontario for analysis. Core samples are initially crushed to a size of -12.7 mm, then fragmented to 75% passing 2mm and eventually extruded into a 250 g pulp that is pulverized to 85% passing 75 microns. Samples are sodium peroxide fused and run on ICP-AES and/or ICP- MS generating 56 element analyses.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/1JC411B2

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