Nova Pacific Metals Update: Expanded Lara Project, Secured Funding, and Upcoming Drill Program

Rhea-AI Summary

Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) has provided a corporate update highlighting recent achievements and future plans for growth in critical and precious metals markets. The company's flagship Lara Volcanogenic Massive Sulfide (VMS) Project on Vancouver Island, British Columbia, is positioned as their cornerstone for growth.

Key developments include:

• Submission of a drill permit application for up to 10,000 meters in 50 diamond drill holes, with approval expected soon
• Expansion of the planned drill program to 10,000 meters following analysis of historical data
• Completion of a $2,640,540 flow-through financing on December 17, 2024, fully funding the intended drill program
• Enhancement of the existing database incorporating data from 226 historical drill holes
• Confirmation of high-grade zones through man-portable drilling with impressive intercepts including 21.7 g/t Gold and 48.12% Zinc
• Strategic expansion through the acquisition of the Anita Property (658 hectares) and additional westward expansion of 976 hectares announced February 19, 2025

CEO J. Malcolm Bell stated that the upcoming drill program aims to establish an updated Mineral Resource Estimate to advance toward a mining permit application.

Positive

• Secured $2.64M flow-through financing to fully fund drill program
• Expanded planned drill program to 10,000 meters in 50 diamond drill holes
• Confirmed high-grade mineral intercepts (21.7 g/t Gold, 418 g/t Silver, 48.12% Zinc)
• Strategic expansion through acquisition of additional 1,634 hectares of land
• Drill permit application progressing favorably with approval expected soon
• Enhanced database with 226 historical drill holes to support future resource estimation

Negative

• Mining permit not yet secured
• No current mineral resource estimate established
• Drill program dependent on pending permit approval

Vancouver, British Columbia--(Newsfile Corp. - February 25, 2025) - Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) (FSE: YQ10) (WKN: A40GFH) (the "Company", or "Nova Pacific") is pleased to provide a corporate update, highlighting recent achievements, strategic acquisitions, and future plans to position the Company for growth in the critical and precious metals markets.

Lara VMS Project: Cornerstone of Growth

Nova Pacific's flagship Lara Volcanogenic Massive Sulfide (VMS) Project on Vancouver Island, British Columbia, aims to leverage off its 2024 achievement. This includes:

1. Drill Permit Application: In July 2024, the Company announced submission of a drill permit application for up to 10,000 meters in 50 diamond drill holes. This application has progressed favourably, and the Company is optimistic that the permit will be issued in the very near future.

2. Expanded Drill Program: Following a detailed analysis of historical data the planned drill program has been expanded for up to 10,000 meters. This expansion underscores the Company's confidence in the project's potential.

3. Fully Funded Drill Program: On December 17^th, 2024, the company completed a flow-through financing of $2,640,540, proceeds of which will fully fund the intended drill program.

4. Existing Database Enhancement: A comprehensive update of the historical database has incorporated data from 226 historical drill holes, and upon completion of the 2025 drill campaign will provide a robust foundation for future resource estimation and economic

5. Confirmation of High-Grade Zone: Recent man-portable drilling has confirmed the very high-grade nature of historical trench results, with intercepts including 2.2 m with 21.7 g/t Gold, 418 g/t Silver, 48.12% Zinc, 2.67% Copper and 4.95% Lead.

6. Strategic Expansion: The acquisition of the Anita Property, encompassing 658 hectares contiguous to the Lara Project, significantly enhances Nova Pacific's claim holdings. Additionally, on February 19^th, 2025, the Company announced further expansion westward with the new acquisition comprising three contiguous mineral claims with a combined area of approximately 976 hectares (Figure 1).

Figure 1. Map of the Lara Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10425/242236_1340bc4254656807_001full.jpg

J. Malcolm Bell, CEO of Nova Pacific Metals, commented, "During the past months the team has been busy preparing our plans to unlock the potential of the Lara project. Our upcoming drill program is intended to establish an updated Mineral Resource Estimate with the aim of advancing a plan to move towards application for a mining permit."

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, polymetallic, 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 this spring, completion of an updated mineral resource estimate (MRE) and preparation of a Pre-Feasibility Study in late Q3, 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 and the perceived benefits of the new member of the strategic advisory board. 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/242236

FAQ

What is the size of Nova Pacific Metals' (NVPCF) planned drill program at the Lara VMS Project?

Nova Pacific Metals has expanded its planned drill program at the Lara VMS Project to up to 10,000 meters in 50 diamond drill holes, following detailed analysis of historical data that increased the company's confidence in the project's potential.

How is Nova Pacific Metals (NVPCF) funding its 2025 drill program at the Lara Project?

Nova Pacific Metals completed a flow-through financing of $2,640,540 on December 17, 2024, which will fully fund the intended drill program at the Lara VMS Project.

What recent property acquisitions has Nova Pacific Metals (NVPCF) made to expand the Lara Project?

Nova Pacific Metals has acquired the Anita Property (658 hectares) contiguous to the Lara Project and announced further westward expansion on February 19, 2025, comprising three contiguous mineral claims with a combined area of approximately 976 hectares.

What were the high-grade mineral intercepts confirmed by Nova Pacific Metals (NVPCF) at the Lara Project?

Recent man-portable drilling confirmed high-grade historical trench results with intercepts including 2.2 meters with 21.7 g/t Gold, 418 g/t Silver, 48.12% Zinc, 2.67% Copper, and 4.95% Lead.

What is the primary goal of Nova Pacific Metals' (NVPCF) upcoming drill program at the Lara Project?

The primary goal of Nova Pacific Metals' upcoming drill program is to establish an updated Mineral Resource Estimate with the aim of advancing toward application for a mining permit.

On whose traditional territory is Nova Pacific Metals' (NVPCF) Lara Project located?

The Lara Project is located on the Traditional, Ancestral and Unceded Territory of the Stz'uminus and Hul'qumi'num Treaty Group, representing six Hul'qumi'num-speaking First Nations: Cowichan, Penelakut, Lyackson, Halalt, and Lake Cowichan.