Vancouver, British Columbia--(Newsfile Corp. - April 17, 2025) - Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) (FSE: YQ10) (WKN: A40GFH) (the "Company", or "Nova Pacific") is pleased to announce that its Phase 1 diamond drill program at the Lara Volcanogenic Massive Sulfide (VMS) Project on Vancouver Island, British Columbia will commence in early May 2025. The Company's Phase 1 plans include the drilling of a minimum 39 holes over approximately 8,500 metres of drilling.
As recommended in the Technical Report dated July 15, 2024, prepared by Wetherup Geological Consulting, the Phase 1 exploration program is intended to verify a significant portion of historical drilling along the Coronation Trend and collect additional data to support planned resource estimation activities. The Coronation Trend covers only a small portion of the Lara Project's 4,671-hectare land package. The verification program was designed by Mr. Greg Mosher, P.Geo. of Mineit Consulting, who also compiled and digitized historical records into a new geospatial dataset to support of this program.
J. Malcolm Bell, Nova Pacific's CEO, commented, "This initial program marks an important milestone in the revitalization of the Lara VMS Project. With a recently completed independent analysis of historical drilling and a systematic approach for validation of the historical resource base, we're laying the groundwork to advance Lara from a historical resource into a current and valuable deposit. It's the beginning of a long awaited new chapter for the Lara deposit, our company, and our shareholders."
Background
The Lara Project comprises 19 mineral claims totaling 4,670.74 hectares, centered about 70 kilometres northwest of Victoria, British Columbia (Figure 1). The claims encompass a 17 kilometre long, highly prospective belt of bimodal metavolcanic rocks assigned to the McLaughlin Ridge Formation, the uppermost unit of the Paleozoic Sicker Group. These rocks are correlative with the Myra Formation, host to the Myra Falls VMS deposit and associated past-producing Myra Falls mine, situated in a similar geological setting approximately 142 kilometres to the west-northwest.
The Lara deposit comprises precious metal-enriched, stratiform sulphide mineralization in three zones (collectively known as the Coronation Trend) along two stratigraphic intervals over a strike length of approximately 1.5 kilometres. The Coronation and Coronation Extension zones are composed of bands and stringers of sulphide mineralization (mainly sphalerite, pyrite, chalcopyrite, galena and tetrahedrite, the latter being the preferred host for gold) in a strongly silicified rhyolite host, whereas the Hangingwall Zone is typified by stringer mineralization.
To date, the Coronation Trend has been tested by 323 diamond drill holes totalling 58,263 metres, from which a historical resource estimate of 1,146,700 tonnes at 3.01% Zn, 32.97 g/t Ag, 1.05% Cu, 0.58% Pb and 1.97g/t Au and an inferred resource of 669,600 tonnes at 2.26% Zn, 32.99 g/t Ag, 0.90% Cu, 0.44% Pb and 1.90 g/t Au at a 1% Zn-equivalent cut-off was reported. Previous operators also undertook 679 metres of pre-production underground development in an early effort to advance the project. The historical estimate was prepared by Kelso and Wetherup in 2008. The Company cautions that a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve, and the Company is not treating the historical estimate as current mineral resource or mineral reserve.
Figure 1. Lara Project mineral tenures
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10425/248885_e34935d43411cabb_001full.jpg
While the Coronation Trend has seen the bulk of historical exploration to date, at least six other underexplored mineralized zones (Anita, Randy/Randy North, Silver Creek, 262, Lady A and Lady C) exist on or adjacent to the property. As mineralized zones in VMS deposits tend to cluster as lenses at discrete stratigraphic intervals, the potential for the discovery of additional mineralization, which could potentially expand any established resource, is believed by management to be excellent.
Corporate Update:
Effective April 16th, 2025, Mr. Dal Brynelsen has retired from the Board of Directors of the Company to balance his collective business responsibilities. Mr. Brynelsen has generously agreed to continue to support Nova Pacific and is expected to become an active member of the Company's Advisory Board. The Board extends its sincere appreciation to Mr. Brynelsen for his valuable contributions and ongoing support.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by David Nelles, P.Geo., who is a consultant to the Company and a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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 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. Nova Pacific holds an option to acquire a 100% interest in the Lara Project. The project boasts a significant historical resource rich in critical and precious metals situated in a prime location near excellent infrastructure. Nova Pacific's forward-looking strategy includes verification and exploration drilling, completion of an updated mineral resource estimate (MRE), with additional technical and exploration studies to be considered following these milestones. The Company is committed to creating value for its shareholders while supporting 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
For 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 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. The Company's actual results could differ materially from those anticipated in this forward-looking information.
Forward-Looking information in this news release includes, but is not limited to the Company's objectives, goals or future plans, statements, exploration results, potential mineralization; the Company's plans to execute its exploration program including the start of drilling and a completion of a current mineral resource; exploration and mine development plans; and the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other Indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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/248885
SOURCE: Nova Pacific Metals Corp.
