Nova Pacific Metals Announces Engagement of Mineit and Sacré-Davey for Lara Property

Rhea-AI Summary

Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) has engaged Mineit Consulting Inc. and Sacré-Davey Engineering Inc. to conduct a comprehensive analysis of its Lara polymetallic volcanogenic massive sulfide (VMS) property. The project aims to analyze data from 323 drill holes, create a geological model, and design an exploration program to increase tonnage and grade of the Lara Project resource.

The project will be carried out in two phases, with the first phase including a review of existing data, recommendations for improving the mineral resource estimate, and identification of areas for additional exploration drilling. Up to 40 new drill hole locations will be recommended to further identify the deposit's potential.

Nova Pacific has also announced that it will not renew the claims for its Deer Musk West lithium project in Nevada, making the Lara Project its sole property. The company intends to focus all its efforts and resources on advancing the Lara Project.

Positive

• Engagement of expert consultants Mineit and Sacré-Davey for comprehensive analysis of Lara Project
• Planned creation of geological model and exploration program to increase resource tonnage and grade
• Recommendations for up to 40 new drill hole locations to further identify deposit potential
• Focus of all company efforts and resources on advancing the Lara Project

Negative

• Non-renewal of claims for Deer Musk West lithium project, reducing property portfolio

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:

• Mineit and Sacré-Davey will perform a mineral resource gap analysis and provide exploration program recommendations.
• The project aims to analyze data from years of exploration at the Lara Project including the data generated from 323 drill holes.
• The goal is to create a geological model and design an exploration program to increase tonnage and grade of the Lara Project resource.
• 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:

• A thorough review of existing data to assess the existing historical mineral resource estimate.
• Recommendations for improving the mineral resource estimate and accounting.
• Identification of areas where additional exploration drilling can better define the Lara Project deposit.
• 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.

For additional information please visit: www.novapacificmetals.com

Rights of Indigenous Communities Statement

Nova Pacific recognizes the Rights of all Indigenous Peoples of Canada. The Company is committed to consultation and accommodation with the Hul'qumi'num Treaty Group communities on whose Traditional, Ancestral and Unceded Territory the Lara Property is located. The Hul'qumi'num Treaty Group is a politically unified group that represents six Hul'qumi'num-speaking First Nations: Cowichan, Stz'uminus, Penelakut, Lyackson, Halalt, and Lake Cowichan.

On behalf of the Board of Directors

J. Malcolm Bell
Chief Executive Officer, Director

For Further Information, please contact:

Nova Pacific Metals Corp.
Investor Inquiries
info@novapacificmetals.com
+1-416-918-6785

The Canadian Securities Exchange has not in any way passed upon the merits of the matters referenced herein and has neither approved nor disapproved the contents of this news release.

Forward-Looking Information

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company's strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225759

FAQ

What firms has Nova Pacific Metals (NVPCF) engaged for its Lara Project analysis?

Nova Pacific Metals has engaged Mineit Consulting Inc. and Sacré-Davey Engineering Inc. to conduct a comprehensive analysis of its Lara polymetallic VMS property.

How many drill holes' data will be analyzed for the Lara Project of Nova Pacific Metals (NVPCF)?

The project aims to analyze data from 323 drill holes at Nova Pacific Metals' Lara Project.

What is the main goal of Nova Pacific Metals' (NVPCF) Lara Project analysis?

The main goal is to create a geological model and design an exploration program to increase tonnage and grade of the Lara Project resource.

How many new drill hole locations might be recommended for Nova Pacific Metals' (NVPCF) Lara Project?

The analysis may recommend up to 40 new drill hole locations to further identify the potential of the Lara Project deposit.

Which project did Nova Pacific Metals (NVPCF) decide not to renew claims for in October 2024?

Nova Pacific Metals decided not to renew claims for its Deer Musk West lithium project located in Clayton Valley, Nevada.