Nova Minerals Limited: Significant Progress Update for Snow Lake Lithium

Melbourne, Australia - Nova Minerals Ltd. (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) is pleased to provide an update for majority owned Snow Lake Lithium operations update.

Snow Lake Resources Ltd (NASDAQ:LITM) would like to update stakeholders on the excellent progress of our winter drilling program that began with a successful first hole.

The 2022 drilling campaign was designed to expand the existing defined resource and identify additional outside targets on the property for further development. Initial indications suggest that these goals have been achieved and improved upon.

Despite a slightly delayed start due to winter conditions late arrival, the Snow Lake team has delivered extremely favorable results with the initial drill on the Thompson Brothers resource.

At the moment, there are three drills operating 24/7 on site including the previously announced drill dedicated to the Sherrit Gordon (SGP) and Grass Rivers (GRP) pegmatite formations. This week all three drills have returned spodumene-bearing intersections in their current locations.

- Drill hole TBL-035 returned an intersection of spodumene bearing pegmatite from 422.12 m to 447.47 m, totaling 25.35 m. (Photo 1*).

- Drill hole BYP-001 returned an intersection from 10.55m to 20.00 m (9.45 m, Photo 2*).

- Drill hole GRP-001, an exploration hole on previously undrilled ground, returned 2 intercepts from 34.8 m to 40.48 m, and 41.86 m to 44.22 m for a total intersection of 8.04 m (Photo 3*).

All samples have been and will continue to be forwarded to SGS' Lakefield laboratory for analysis. Based on the early success of the company's winter drilling program, Snow Lake has now committed to retain all the drills on site over the spring and into the summer, utilizing airborne support in order to accelerate the progress and further resource expansion.

CEO Philip Gross commented "The success of our drilling program to date has provided critical validation to our ambitions of delivering a multi decade resource to market. We could not have hoped for a better start to our campaign and full credit is due to the dedication of our VP of Resource Development Dale Schultz and VP of Exploration Brian Youngs. With the anticipated expansion of the initial deposit at TBL, we now also have spodumene evidence of two additional target resources at Grass River and SG deposits. This will provide us with a tactical advantage of ultimately increasing our resource and providing optimal economic mining conditions. Due to these developments, we are now fully committed to extending the drilling campaign across the spring and summer and adjusting our near term PFS strategy and resource upgrade to accommodate the results of this program."

*To view tables and photographs, please visit:
https://abnnewswire.net/lnk/DT2JA0Z1

About Nova Minerals Limited:

Nova Minerals Ltd.'s (ASX:NVA) (FRA:QM3) (OTCMKTS:NVAAF) vision is to develop North America's next major gold trend. The company is focused on exploration in Alaska's prolific Tintina Gold Belt, a province which hosts a 220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including Victoria Gold's Eagle Mine and Kinross Gold Corp.'s Fort Knox Gold Mine. The company's flagship Estelle Project has a current total estimated JORC gold resource of 9.6Moz (3Moz Indicated and 6.6Moz Inferred). Estelle is a 45km long string of 15 identified gold prospects bracketed by the Korbel deposit in the north and the RPM deposit in the south. These two deposits are currently host to extensive exploration programs.

Additionally, Nova has an indirect interest in the Canadian Thompson Brothers Lithium Project through a substantial stake in Snow Lake Resources Ltd (NASDAQ:LITM) and holds a 12.99% interest in Torian Resources Ltd. (ASX:TNR), a gold exploration company based in Western Australia.

Source:
Nova Minerals Ltd.

Contact:

Nova Minerals Ltd. P: +61-3-9614-0600 F: +61-3-9614-0550 WWW: novaminerals.com.au