Nova Pacific Metals Expands the Lara Project Westward
Nova Pacific Metals (NVPCF) has announced a strategic expansion of its Lara Project on Vancouver Island, BC, acquiring three contiguous mineral claims totaling 976 hectares. The expansion includes two significant prospects, Lady A and Lady C, which are stratabound exhalative, banded iron deposits located 900m apart. The Lady A prospect extends over 100m with a 20m width, while Lady C shows a 53m strike length and 30m thickness.
The newly acquired claims present geological targets for large massive sulphide deposits of precious metals, zinc, and copper in an established VMS district. The company plans a 10,000m drilling program, geophysical and geochemical surveys, and initial metallurgical studies. The claims were acquired from two directors for nominal out-of-pocket expenses, with no equity issuance involved.
Nova Pacific Metals (NVPCF) ha annunciato un'espansione strategica del suo Progetto Lara sull'Isola di Vancouver, BC, acquisendo tre concessioni minerarie contigue per un totale di 976 ettari. L'espansione include due prospettive significative, Lady A e Lady C, che sono depositi di ferro stratabound exhalativo a bande, situati a 900m di distanza l'uno dall'altro. La prospettiva Lady A si estende per oltre 100m con una larghezza di 20m, mentre Lady C mostra una lunghezza di colpo di 53m e uno spessore di 30m.
Le nuove concessioni acquisite presentano obiettivi geologici per grandi depositi massivi di solfuri di metalli preziosi, zinco e rame in un distretto VMS consolidato. L'azienda prevede un programma di perforazione di 10.000m, sondaggi geofisici e geochimici, e studi metallurgici iniziali. Le concessioni sono state acquisite da due direttori a spese nominali, senza emissione di azioni coinvolta.
Nova Pacific Metals (NVPCF) ha anunciado una expansión estratégica de su Proyecto Lara en la Isla de Vancouver, BC, adquiriendo tres reclamaciones minerales contiguas que suman un total de 976 hectáreas. La expansión incluye dos prospectos significativos, Lady A y Lady C, que son depósitos de hierro exhalativos estratificados a bandas, ubicados a 900m de distancia entre sí. El prospecto Lady A se extiende por más de 100m con un ancho de 20m, mientras que Lady C presenta una longitud de 53m y un grosor de 30m.
Las nuevas reclamaciones adquiridas presentan objetivos geológicos para grandes depósitos masivos de sulfuros de metales preciosos, zinc y cobre en un distrito VMS establecido. La empresa planea un programa de perforación de 10,000m, encuestas geofísicas y geoquímicas, y estudios metalúrgicos iniciales. Las reclamaciones fueron adquiridas de dos directores por gastos nominales, sin que se involucrara emisión de acciones.
노바 태평양 금속 (NVPCF)는 브리티시컬럼비아주 밴쿠버 섬에 위치한 라라 프로젝트의 전략적 확장을 발표하며 총 976헥타르에 달하는 세 개의 인접한 광물 청구권을 인수했습니다. 이번 확장에는 900m 떨어진 두 개의 중요한 광상인 레이디 A와 레이디 C가 포함됩니다. 레이디 A 광상은 100m 이상, 너비는 20m에 달하며, 레이디 C는 53m의 스트라이크 길이와 30m의 두께를 보여줍니다.
새로 인수한 청구권은 기존 VMS 지구 내에서 귀금속, 아연 및 구리의 대규모 질소 화합물 매장지를 위한 지질학적 목표를 제시합니다. 이 회사는 10,000m의 시추 프로그램, 지구물리학 및 지구화학 조사, 초기 금속 공학 연구를 계획하고 있습니다. 청구권은 두 명의 이사로부터 최소한의 비용으로 인수되었으며, 주식 발행은 포함되지 않았습니다.
Nova Pacific Metals (NVPCF) a annoncé une expansion stratégique de son projet Lara sur l'île de Vancouver, en Colombie-Britannique, en acquérant trois concessions minières contiguës totalisant 976 hectares. L'expansion comprend deux perspectives significatives, Lady A et Lady C, qui sont des dépôts de fer exhalatifs stratifiés et bandés, situés à 900 m l'un de l'autre. La perspective Lady A s'étend sur plus de 100 m avec une largeur de 20 m, tandis que Lady C présente une longueur de 53 m et une épaisseur de 30 m.
Les nouvelles concessions acquises présentent des cibles géologiques pour de grands dépôts massifs de sulfures de métaux précieux, de zinc et de cuivre dans un district VMS établi. L'entreprise prévoit un programme de forage de 10 000 m, des études géophysiques et géochimiques, ainsi que des études métallurgiques initiales. Les concessions ont été acquises auprès de deux directeurs pour des frais nominaux, sans émission d'actions impliquée.
Nova Pacific Metals (NVPCF) hat eine strategische Erweiterung seines Lara-Projekts auf Vancouver Island, BC, angekündigt und drei angrenzende Mineralansprüche mit einer Gesamtfläche von 976 Hektar erworben. Die Erweiterung umfasst zwei bedeutende Vorkommen, Lady A und Lady C, die stratabound exhalative, gebänderte Eisenerze sind und 900 m voneinander entfernt liegen. Das Vorkommen Lady A erstreckt sich über mehr als 100 m mit einer Breite von 20 m, während Lady C eine Strike-Länge von 53 m und eine Dicke von 30 m aufweist.
Die neu erworbenen Ansprüche bieten geologische Ziele für große massive Sulfidvorkommen von Edelmetallen, Zink und Kupfer in einem etablierten VMS-Distrikt. Das Unternehmen plant ein 10.000 m Bohrprogramm, geophysikalische und geochemische Untersuchungen sowie erste metallurgische Studien. Die Ansprüche wurden von zwei Direktoren zu nominalen Ausgaben erworben, ohne dass eine Aktienemission beteiligt war.
- Strategic expansion of land package by 976 hectares
- Acquisition completed with minimal cost (only out-of-pocket expenses)
- No shareholder dilution as transaction didn't involve equity issuance
- Two developed prospects (Lady A and Lady C) included in acquisition
- Related party transaction with company directors
- Further work required to determine economic viability
- historical drilling data available
Vancouver, British Columbia--(Newsfile Corp. - February 19, 2025) - Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) (FSE: YQ10) (WKN: A40GFH) (the "Company", or "Nova Pacific") is pleased to announce a strategic expansion of the Company's flagship Lara Project on Vancouver Island, British Columbia. The new acquisition comprises three contiguous mineral claims with a combined area of approximately 976 hectares.
Nova Pacific's CEO, Mr. J. Malcolm Bell, commented, "The Chipman Creek syncline feature is likely the place to find a large, totally preserved deposit such as the "HW" orebody at Myra Falls, once the fifth largest VMS mine in Canada. In 2000, Walker and Peatfield recommended stratigraphic drilling in the Chipman Creek area, but it was never carried out due to market conditions at the time. They stated there is a much greater area of unexplored favourable lithology than was previously interpreted by operators and government geologists of the day. I am confident and encouraged by this consolidation into a larger land package since it presents strong potential for the discovery of another important VMS deposit in western Canada."
Figure 1. Location of the Lara Project
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Key Highlights:
Established Geological Setting: The newly acquired claims present a very attractive geological target for a large, massive sulphide deposit of precious metals, zinc and copper in an established VMS (volcanogenic massive sulphide) district. Prior exploration work in the area by Falconbridge, Abermin, Laramide and Minnova provides the structural, stratigraphic and geochemical elements of the target.
Multiple High-Potential Targets: Two developed prospects, the Lady A and Lady C, are 900 m apart and are contained within newly acquired Mineral tenure #1107889. Both prospects are stratabound exhalative, banded iron deposits, located in cherty sediments of the Sicker Group rocks.
In addition, the "Chipman Creek Syncline" target (see Figure 2) encompasses a very strong alteration trend (sodium depletion) over a 200 m thickness that lies down section from a well-defined exhalative, oxide iron formation lying within the claims. Such exhalative iron formations are antecedent to and stratigraphically above important massive deposits and are the most favourable locations for the occurrence of a large "HW type" (Myra Falls mine) massive sulphide deposit (Dr. Giles Peatfield, Albert Reeve,1995. ARIS Property Files 680642, 680537).
The Lady A prospect is located in the valley of Chipman Creek, in an area of limited outcrop, and has a strike length of more than 100 m and a maximum width of 20 m. It was reported that twelve diamond drill holes totalling 392 m did not completely delimit the deposit, which was estimated to have an average grade of
25% iron (ARIS Assessment Report 12525, 1984).The Lady C prospect outcrops at the base of bluffs on the north side of a fan of slide material which fills the bottom of a tributary to Chipman Creek. Like Lady A, the mineralized zone strikes northwest. The banded iron formation unit is exposed for a strike length of 53 m and has an apparent thickness of about 30 m, and was tested by two diamond drill holes. The first was drilled beneath the exposure and the entire 35 m was in iron formation. The second hole was drilled 40 m southeast and was in iron formation for its entire 48 m. length. Two additional holes drilled down dip were also in iron formation for their entire length, each being approximately 60 m in length. More drilling was recommended (ARIS Assessment Report 12525, 1984).
Figure 2. Map of Lara Project
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The Company acquired ownership of the mineral claims from two directors in consideration for the repayment of their nominal out-of-pocket expenses. The claims were transferred free and clear of any encumbrances (including royalty interests), and the transaction did not involve the issuance of any equity securities.
Since Nova Pacific is a reporting issuer in the Province of Ontario, it is subject to the provisions of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The acquisition of the mineral claims constituted a "related party transaction" as that term is defined in MI 61-101, and the Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101, and in particular, Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transaction is not more than the
Future Work at Lara:
Nova Pacific's newly expanded land position underscores the potential of the Lara Project. The Company is now preparing to advance its exploration efforts, with plans including:
10,000 m targeted drilling program to further delineate the extent of mineralization at Lara
Geophysical and geochemical surveys outside the Lara deposit to identify new areas of interest
Initial metallurgical studies of the Lara deposit to inform future development plans
Readers should note that while these results are promising, further work at the Lara Project is required to fully understand the extent and economic viability of the known mineralization. References to similarities between the Myra Falls deposits and the Lara Project are not necessarily indictive to similar results that may be obtained at the Lara Project.
Qualified Person
David Nelles, P.Geo., a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and verified the scientific and technical data contained in this news release.
Rights of Indigenous Communities Statement
Nova Pacific operates on the Traditional, Ancestral and Unceded Territory of the Stz'uminus and Hul'qumi'num Treaty Group, a politically unified group that represents six Hul'qumi'num-speaking First Nations: Cowichan, Penelakut, Lyackson, Halalt, and Lake Cowichan. The Company's entire team is committed to establishing lasting relationships with local communities by fostering inclusion and contributing to a shared prosperity.
About Nova Pacific
Nova Pacific is a Canadian exploration and development company focused on the Lara Volcanogenic Massive Sulfide (VMS) Project on Vancouver Island, British Columbia. This brownfields development project boasts a significant historic resource rich in critical and precious metals situated in a prime location with excellent infrastructure. Nova Pacific's forward-looking strategy includes confirmation and infill drilling, completion of an updated mineral resource estimate (MRE) and preparation of a Pre-Feasibility Study if and as required. The Company is committed to creating value for its shareholders while maintaining environmental responsibility and strong community relationships.
For additional information please visit: www.novapacificmetals.com
On behalf of the Board of Directors
J. Malcolm Bell
Chief Executive Officer, Director
Investor inquiries, or for further information, please contact:
Nova Pacific Metals Corp.
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 including, without limitation, statements regarding the Company's exploration plans. 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.
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FAQ
What is the size of Nova Pacific's (NVPCF) new Lara Project expansion?
What are the dimensions of the Lady A prospect in NVPCF's Lara Project?
What exploration plans does NVPCF have for the expanded Lara Project?
How did NVPCF acquire the new mineral claims for the Lara Project?
What is the average grade of iron at the Lady A prospect of NVPCF's Lara Project?
