Maiden resource for Thompson Brothers Li project

Australia-based lithium developer Nova Minerals has declared a maiden resource at its Thompson Brothers lithium project in the Canadian province of Manitoba.

The inferred resource of 6.3mn t grading 1.38pc lithium oxide is estimated to contain around 85,940t of lithium oxide. The resource confirms a historical resource of 4.3mn t but covers just 5pc of the project area, the company said.

Plans are under way to prove up an additional exploration target of 3mn-7mn t in the area next to the maiden resource.

With further exploration planned, the company is optimistic that its maiden resource is "just the beginning" and that the project is well positioned to develop a world class lithium mine in Canada, said managing director Avi Kimelman.

Nova also announced plans to spin off Snow Lakes Resources on the Toronto Ventures Exchange through an initial public offering. Nova intends holding 77pc of the new company after it is listed. Snow Lakes will have a right to earn up to 80pc in the Thompson Brothers project and 100pc of the adjoining Crowduck lithium project.