Vancouver, British Columbia–(November 14, 2024) – Nova Pacific Metals Corp. (CSE:NVPC) (OTCQB:NVPCF) (FSE:YQ10) (WKN:A40GFH) (the “Company”, or “Nova Pacific”) is pleased to report on the history and revitalization plans for its Lara Volcanogenic Massive Sulphide (VMS) deposit. The Lara property is located 15 km west of Chemainus on southern Vancouver Island, British Columbia, in a prospective belt of uplifted Sicker Group volcanics which hosts a number of former VMS mines and mineral occurrences.
The following has been excerpted from “1980-1994 FINDING LARA” by Albert Reeve, former President, Laramide Resources Ltd., April 2020, with minor changes made for consistency and clarity.
The Lara deposit, discovered in 1984 by Laramide Resources Ltd. in partnership with Abermin Corporation, was the subject of significant exploration efforts during the 1980’s, only to languish as the result of depressed metal prices through the 1990’s.
The Lara deposit’s story began when geologist Gary Belik, an expert in volcanogenic base metal deposits, staked a mineralized outcrop on ground previously held by Cominco Ltd. This serendipitous find led to a series of exploration campaigns that have progressively unveiled the deposit’s potential. Results of these efforts were highlighted by an 8.2-meter intersection of massive sulphides averaging 3.01 % zinc, 0.68% copper, 0.45% lead, 2.86 g/t gold and 55.85 g/t silver in the 12th diamond drill hole.1
Extensive exploration followed, with 61 drill holes being completed in the 1985 exploration season and the definition of what became known as the Coronation Zone and its extensions. A further 75 diamond drill holes were drilled in 1986, resulting in the definition of a high-grade trend in the Coronation Zone that was 152.4 m in length and 3.35 m thick, averaging: 6.80 g/t gold, 189.94 g/t silver, 14.9% zinc, 1.5% copper and 3.1% lead1. In addition, further exploration targets were defined along the Coronation Trend and elsewhere on the property.
Over 10,000 m of infill drilling was completed by Minnova, an investing partner, on the Coronation Zone in 1989. The following year, Minnova completed an additional 49 exploration holes totaling 11,167 m. Twenty-six (6,188 m) of these holes tested the 262 Zone, a distal exhalite horizon, sub-parallel to and in the hanging wall of the Coronation Zone.
In 1994, renowned geologists Dr. Giles Peatfield and Richard Walker conducted a comprehensive reinterpretation of the property’s geology. Their report, “Reinterpretation of Geological Relationships on the Cowichan Uplift Polymetallic Mineral Property” recommended a program of geological re-mapping and identified six drilling targets based on the concept that VMS base metal deposits typically occur in clusters.
Coronation Trench, Coronation Zone Portal
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Cautionary Statement: These results and estimates are historical and are used for reference purposes only. Nova Pacific has examined the historical drill data, sampling plans and exploration reports and believes that the historical estimates are relevant. The Company will need to complete additional drill holes to verify the historical resources in order to upgrade the estimates to make them compliant with the standards of National Instrument 43-101 (“NI 43-101”).
To date, 323 diamond drill holes totalling 58,262 m have been drilled on the property. The Company is currently implementing a rapid revitalization plan for the Lara project that includes:
- Confirmation sampling of mineralized outcrops and showings that includes some backpack drilling (results pending).
- An in-depth evaluation of historical drill results enabling site selection for an upcoming program of 40 DD holes designed to confirm previous results as well as to target infill drill locations effectively. Phase one has already completed, and the final phase is expected to be completed by year end, pending approval of necessary permits.
- Drill permits applications have been made and a reclamation bond is in place. The Company has received several drill bids; the selection will be announced once the necessary permits have been received.
- Consultation with First Nations have been initiated and meetings have been scheduled.
- Preparation of a mineral resource estimate that complies with CIM requirements once results from drilling are complete.
- Conducting optimization trials using optical mineral sorting processes in Q1, 2025 utilizing crushed portions of drill core recovered from the drill program.
Nova Pacific’s CEO, Mr. Malcolm Bell, stated: “From an examination of the existing historical data, the Company, in consultation with professional consultants, believes there is a significant opportunity to advance toward future development of the Lara deposit. A recent financing has closed and plans will soon be completed to conduct both confirmation and infill drilling within the Coronation Trend including along strike extensions. We are excited to build upon the Lara legacy and maximize the potential of this remarkable asset.”
- Albert Reeve (2020): 1980-1994 FINDING LARA.
Kingfisher Agreement
In addition, Nova Pacific announces that the Company has entered into an investor relations consulting agreement with Kingfisher Consulting Ltd. (“Kingfisher”) dated November 14, 2024, pursuant to which Kingfisher will assist the Company with its European marketing and communications strategy, including the creation of content, the coordination of press contacts and coverage, the management of social media channels and related services. The agreement is for a term of three (3) months commencing on December 1, 2024, may be extended by the mutual consent of the parties, and requires the Company to pay Kingfisher a total fee of €60,000 prior to services being rendered.
Kingfisher and the Company are unrelated and unaffiliated entities and neither Kingfisher nor its principals have an interest, directly or indirectly, in any securities of the Company. The agreement does not obligate the Company to issue any securities to Kingfisher and is subject to all necessary approvals of the Canadian Securities Exchange.
Kingfisher can be reached at Fairview Strand 23, Dublin 3, Ireland, telephone: +353-1-442-8061, email: [email protected]
Qualified Person
The technical information in this news release has been reviewed and approved by David Nelles, P.Geo., a consultant to the Company and a Qualified Person as defined by NI 43-101.
About Nova Pacific Metals
Nova Pacific is committed to advancing the Lara VMS deposit through responsible exploration and development. The Company believes that the property’s location, combined with its geological characteristics and historical exploration data, positions it as a promising project in the mining industry.
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
[email protected]
+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.