Vancouver, British Columbia--(Newsfile Corp. - November 8, 2024) - Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) (FRA: YQ10) (WKN: A40GFH) (the "Company", or "Nova Pacific") is pleased to announce that planning is underway for a proposed 2025 exploration program at the Company's Lara Volcanogenic Massive Sulfide (VMS) Project near Duncan, BC (the "Property"). Nova Pacific is currently soliciting and reviewing drill bids with a start date for the program anticipated following the receipt of all required permits.
In preparation for the program, a permit application for a proposed 40-hole infill drill program was submitted to the British Columbia Ministry of Energy, Mines and Low Carbon Innovation as part of the Company's Notice of Work in late June 2024. Following the Ministry's acknowledgement and acceptance of the application, Nova Pacific recently paid a reclamation bond of $11,000 at the Ministry's request. Engagement with First Nation communities are progressing favourably.
The purpose of the program is to confirm historical drill results and tighten up the drill spacing in order to support the preparation of an updated mineral resource estimate (MRE) on the Property. The Company has retained Mineit Consulting Inc. of Vancouver BC, under the supervision of Shervin Teymouri, B.A.Sc., M.Eng., P.Eng., CEO & Principal Mining Engineer, to design the layout of the drill program which will provide sufficient new information to support a MRE that meets the requirements of National Instrument 43-101 and can be included in an updated technical report on the Property. The proposed layout for the drill program is presented in Figure 1.
Figure 1: Lara Property Proposed Drill Holes
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The Property is approximately 75 kilometres (km) north of Victoria, 15 km northwest of Duncan, and 12 km west of the village of Chemainus and is accessible via a network of logging and forestry roads. The Property was explored by geological mapping, geochemical and geophysical surveys, and diamond drilling between 1981 and 1999. In 2008, a MRE was completed for the Coronation Zone and five other zones.
The Property has been tested by approximately 470 drill holes, most of which were drilled between 1984 and 1990 (Figure 2). Numerous occurrences of mineralization were discovered, the most significant of which are the Coronation Zone and the nearby Coronation Extension and Hanging wall Zones. In 1988, the Coronation Zone was explored by 700 metres (m) of underground development. Of the 470 holes drilled, 180 tested the Coronation and adjacent zones (Figure 3).
Figure 2: Lara Property Historical Drill Hole Locations
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Several key aspects of the program will be to carry out internal engineering studies (e.g., trade-off and scoping studies) to determine the recovery and mining methods, and economic potentials for the project. Results from the recovery and mining methods, and economic potentials of the project may also be included into an updated technical report depending on the outcome of the scoping studies.
Figure 3: Lara Property Coronation Zone Historical Drill Hole Locations
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Mr. J. Malcolm Bell, CEO of Nova Pacific, commented: "As we wait for approval to commence the 2025 drill program we are actively planning for success and being proactive in our preparations for all aspects of the 2025 program. These activities will include contracting a highly competent drill contractor, carrying out an update to the Preliminary Environmental Baseline Study completed in 2015, and finalizing the engagement of Sacré-Davey Engineering Inc., which will undertake an in-depth mechanical ore sorting study utilizing selected drill core segments generated from initial drill holes. In addition, our plan is to commission a Preliminary Economic Assessment (PEA) once infill and confirmation drilling has been completed on the project. Our team is highly motivated, and we are eager to achieve the results we know are possible from this exciting opportunity."
Additional Matters
Further to Nova Pacific's news release dated October 29, 2024, the Company would like to confirm that certain insiders subscribed for $103,750 worth of the private placement referenced in the news release, or 415,000 units. Each of these transactions constituted a "related party transaction" as that term is defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on exemptions from the formal valuation and minority approval requirements under MI 61-101 for those transactions, and in particular, Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transactions was not more than the 25% of the Company's market capitalization.
Further to Nova Pacific's news release dated October 31, 2024, the Company would like to confirm that it has engaged both Native Ads Inc. ("Native Ads") and Alphai News Corp. ("Alphai News") to conduct Promotional Activity (as that term is defined in the policies of the Canadian Securities Exchange) on the Company's behalf. Native Ads can be reached at 244 Fifth Avenue, Suite N-249, New York NY 10001, telephone: 1.866.773.3540, email: jon@nativeads.com, while Alphai News can be reached at 21475 102B Avenue, Maple Ridge, BC telephone: 778.988.5503, email: admin@alphainews.com.
Qualified Person Statement
The technical information in this news release has been reviewed and approved by Jeremy Hanson a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI43-101").
About Nova Pacific Metals Corp.
Nova Pacific Metals Corp. is a Canadian exploration and development company focused on high-potential mineral projects. Our key asset is the Lara Volcanogenic Massive Sulfide (VMS) Project on Vancouver Island, British Columbia. This brownfields development boasts a significant polymetallic deposit exhibiting good grades in gold, silver, copper, and zinc, situated in a prime location with excellent infrastructure.
Led by industry veterans with a track record of significant discoveries, Nova Pacific is well-positioned for growth. Nova Pacific's team, including J. Malcolm Bell and Dal Brynelsen, brings extensive experience in mineral exploration and mine development. With a clear pathway to production, including planned infill drilling and a feasibility study, the Company is committed to creating value while maintaining environmental responsibility and strong community relationships.
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.
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