Image Sourced Shutterstock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Nova Minerals’ subsidiary Snow Lake Resources has signed an MoU with Tanco Mining Corporation of Canada
  • The companies will fast track development of Snow Lake’s Thompson Brother Lithium Project
  • Thompson Brother will supply lithium ore to be processed at Tanco Mining’s Tanco Mine Spodumene flotation circuit
  • Tanco Mine was previously North America’s largest and sole producer of Spodumene, Tantalum and Cesium
  • Its infrastructure is suitable for a central Spodumene processing hub

Nova Minerals has announced a signed Memorandum of Understanding (MoU) between its subsidiary Snow Lake Resources and Tanco Mining Corporation.

Under the MoU, Snow Lake and Tanco will work collaboratively on their respective projects. These include the Tanco Mine and the Thompson Brothers Lithium Project.

Discussions between the companies and all stakeholders have been ongoing for almost one year.

Nova Minerals Managing Director Avi Kimelman is pleased the agreement has finally been executed.

“After almost 12 months of discussions with all stakeholders we are delighted that Snow Lake Resources Limited and Tanco Mining Corporation of Canada Limited have reached a memorandum of understanding to work collaboratively to fast-track our development works at the Thompson Brothers Lithium Project,” Avi said.

The Tanco Mine is a unique Canadian project as it was previously North America’s largest and sole producer of Spodumene, Tantalum and Cesium on the north west shore of Bernic Lake, Manitoba. Tanco has the largest known deposit of pollucite and is the world’s largest current producer of caesium.

The MoU is intended to develop the Tanco and Thompson Brothers projects in a number of ways.

The companies will investigate the possibility of processing lithium ore, mined from Thompson Brothers, through the Tanco Mine Spodumene flotation circuit.

Snow Lake Resources considers the Tanco Mine to be a highly suitable infrastructure to be a processing hub for the lithium material from Thompson Brothers.

“We are delighted to be working with Tanco Mining Corporation of Canada Limited and building on our relationship to fast-track development of the Thompson Brothers Lithium Project and look to provide additional feed to the Tanco Mine,” CEO Derek Knight said.

The signing of the MoU demonstrates both companies’ commitment to accelerating their development strategy for production and cash flow.

Snow Lake will now be in discussions with various investment bankers and brokers for financial options and to raise further strategic funds.

NVA by the numbers
More From The Market Herald
The Market Herald Video

" NRW Holdings (ASX:NWH) flags another string of contract wins in QLD and WA

NRW Holdings (ASX:NWH) has secured and extended a string of contracts in Western Australia and Queensland,…
The Market Herald Video

" Kleos Space (ASX:KSS) secures $10m debt facility with PURE

Kleos Space (ASX:KSS) secures a four-year $10 million debt facility with PURE Asset management to help…
The Market Herald Video

" DDH1 (ASX:DDH) launches share-buy back

DDH1 (ASX:DDH) has launched an on-market share buy-back program of up to 10 per cent of…
The Market Herald Video

" Austal (ASX:ASB) wins United States Coast Guard contract worth up to US$3.3b

Austal (ASX:ASB) has been awarded a contract from the United States Coast Guard that could be…