Nova Pacific Metals Corp. [CSE: NVPC; OTCQB: NVPCF; FSE: YQ10; WKN: A40GFH] reported 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 Greg Mosher, P.Geo. of Mineit Consulting, who also compiled and digitized historical records into a new geospatial dataset to support of this program.
Malcolm Bell, 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.”
The Lara Project comprises 19 mineral claims totaling 4,670.74 hectares, centered about 70 km northwest of Victoria, British Columbia. The claims encompass a 17-km 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 km 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 km. 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 1.97 g/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.
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.
Effective April 16, 2025, Dal Brynelsen retired from the Board of Directors of the company to balance his collective business responsibilities. Mr. Brynelsen has agreed to continue to support Nova Pacific and is expected to become an active member of the company’s Advisory Board.
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.
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.
