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Nova Minerals identifies wide high-grade lithium intersections at Thompson Brothers project

Drilling identified an 18-metre intersection of spodumene-bearing pegmatite.
Lithium sample from site
The company's shares surged 20% on the back of drilling results.

Nova Minerals Ltd (ASX:NVA) has received high-grade lithium results from assays for two drill holes at its Thompson Brothers Lithium Project, triggering a 20% share price surge.

The project in Manitoba, Canada comprises 18 contiguous claims covering more than 1800 acres.

One hole returned 8.01 metres from 82.12 metres at 1.46% lithium carbonate and another 2.83 metres from 99.6 metres at 1.18% while the second hole returned 26.94 metres from 150 metres at 1.527%.

Of further importance is the additional intersection of about 18 metres of spodumene bearing pegmatite continuing at depth in a third hole.

Drilling tests for continuation of body mineralised

The exploration program is testing for continuity of the mineralised body previously identified.

Recent holes were prioritised to provide some indication as to the commercial potential of the body.

Assays from the third hole, as well as the remainder of the drilling program, could provide share price momentum for a stock that ran hard in 2017.

Shares up 300% in 2017

Between mid-November and mid-December the company’s shares increased more than four-fold from 1.3 cents to 5.4 cents.

They have continued to trade strongly in 2018, hitting what was then a 12-month high of 6.4 cents in January, prior to retracing in February/March.

This positive momentum appears to have returned this morning.

Upcoming catalysts

The Saskatchewan Research Council has been engaged by Nova Minerals for preparation of 3 kilograms of spodumene concentrate.

The concentrate will require a minimum lithium grade of 6% with the objective being to produce 3 kilograms of spodumene concentrate at or around 6% lithium.

This will potentially be used as a demonstration sample for prospective end user’s preliminary test-work, as well as offtake and/or funding discussions.

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