In This Article:
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) (FSE: YQ10) (WKN: A40GFH) (the "Company", or "Nova Pacific") is pleased to announce the engagement of Mineit Consulting Inc. ("Mineit") in collaboration with Sacré-Davey Engineering Inc. ("Sacré-Davey"), to conduct a comprehensive analysis of the Company's Lara polymetallic volcanogenic massive sulfide ("VMS") property (the "Lara Project").
Key Highlights:
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Mineit and Sacré-Davey will perform a mineral resource gap analysis and provide exploration program recommendations.
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The project aims to analyze data from years of exploration at the Lara Project including the data generated from 323 drill holes.
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The goal is to create a geological model and design an exploration program to increase tonnage and grade of the Lara Project resource.
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The project will be carried out in two phases to systematically identify the Lara Project's mineral resource potentials and economics.
The first phase of the project will include:
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A thorough review of existing data to assess the existing historical mineral resource estimate.
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Recommendations for improving the mineral resource estimate and accounting.
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Identification of areas where additional exploration drilling can better define the Lara Project deposit.
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Recommendations for up to 40 new drill hole locations to further identify the potential of the deposit.
Nova Pacific's CEO, J. Malcolm Bell, commented, "We are excited to work with Mineit and Sacré-Davey on this crucial project. Their expertise will be invaluable in helping us unlock the full potential of our Lara property. This engagement represents a significant step forward in our mission to increase the value of our resources and advance the Lara Project."
In addition, Nova Pacific announces that, in order to reduce the size of the Company's property portfolio and the associated maintenance costs, the claims comprising the Company's Deer Musk West lithium project located in Clayton Valley, Nevada, have not been renewed for the coming year. As a result, the Lara Project is now the sole property in which Nova Pacific holds an interest, and the Company intends to focus all its efforts and resources on advancing the Lara Project.
About Nova Pacific Metals Corp.
Nova Pacific is a Canadian exploration and development company focused on pursuing projects with a significant mineral discovery thus providing a viable pathway to potential development. The key project being developed by the Company is its recently acquired Lara VMS Project located on southern Vancouver Island, British Columbia. The Lara Project is principally a brownfields development asset with excellent potential for expansion and near-term production.