Nova Pacific Metals Expands the Lara Project Westward

19.02.2025  |  Newsfile

Vancouver, February 19, 2025 - Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) (FSE: YQ10) (WKN: A40GFH) (the "Company", or "Nova Pacific") is pleased to announce a strategic expansion of the Company's flagship Lara Project on Vancouver Island, British Columbia. The new acquisition comprises three contiguous mineral claims with a combined area of approximately 976 hectares.

Nova Pacific's CEO, Mr. J. Malcolm Bell, commented, "The Chipman Creek syncline feature is likely the place to find a large, totally preserved deposit such as the "HW" orebody at Myra Falls, once the fifth largest VMS mine in Canada. In 2000, Walker and Peatfield recommended stratigraphic drilling in the Chipman Creek area, but it was never carried out due to market conditions at the time. They stated there is a much greater area of unexplored favourable lithology than was previously interpreted by operators and government geologists of the day. I am confident and encouraged by this consolidation into a larger land package since it presents strong potential for the discovery of another important VMS deposit in western Canada."

Figure 1. Location of the Lara Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10425/241419_3447fe58647c3b4c_001full.jpg

Key Highlights:

• Established Geological Setting: The newly acquired claims present a very attractive geological target for a large, massive sulphide deposit of precious metals, zinc and copper in an established VMS (volcanogenic massive sulphide) district. Prior exploration work in the area by Falconbridge, Abermin, Laramide and Minnova provides the structural, stratigraphic and geochemical elements of the target.

• Multiple High-Potential Targets: Two developed prospects, the Lady A and Lady C, are 900 m apart and are contained within newly acquired Mineral tenure #1107889. Both prospects are stratabound exhalative, banded iron deposits, located in cherty sediments of the Sicker Group rocks.

  • In addition, the "Chipman Creek Syncline" target (see Figure 2) encompasses a very strong alteration trend (sodium depletion) over a 200 m thickness that lies down section from a well-defined exhalative, oxide iron formation lying within the claims. Such exhalative iron formations are antecedent to and stratigraphically above important massive deposits and are the most favourable locations for the occurrence of a large "HW type" (Myra Falls mine) massive sulphide deposit (Dr. Giles Peatfield, Albert Reeve,1995. ARIS Property Files 680642, 680537).

  • The Lady A prospect is located in the valley of Chipman Creek, in an area of limited outcrop, and has a strike length of more than 100 m and a maximum width of 20 m. It was reported that twelve diamond drill holes totalling 392 m did not completely delimit the deposit, which was estimated to have an average grade of 25% iron (ARIS Assessment Report 12525, 1984).

  • The Lady C prospect outcrops at the base of bluffs on the north side of a fan of slide material which fills the bottom of a tributary to Chipman Creek. Like Lady A, the mineralized zone strikes northwest. The banded iron formation unit is exposed for a strike length of 53 m and has an apparent thickness of about 30 m, and was tested by two diamond drill holes. The first was drilled beneath the exposure and the entire 35 m was in iron formation. The second hole was drilled 40 m southeast and was in iron formation for its entire 48 m. length. Two additional holes drilled down dip were also in iron formation for their entire length, each being approximately 60 m in length. More drilling was recommended (ARIS Assessment Report 12525, 1984).

Figure 2. Map of Lara Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10425/241419_3447fe58647c3b4c_002full.jpg

The Company acquired ownership of the mineral claims from two directors in consideration for the repayment of their nominal out-of-pocket expenses. The claims were transferred free and clear of any encumbrances (including royalty interests), and the transaction did not involve the issuance of any equity securities.

Since Nova Pacific is a reporting issuer in the Province of Ontario, it is subject to the provisions of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The acquisition of the mineral claims constituted a "related party transaction" as that term is defined in MI 61-101, and the Company is relying on exemptions from the formal valuation and minority approval requirements under MI 61-101, and in particular, Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the transaction is not more than the 25% of the Company's market capitalization

Future Work at Lara:

Nova Pacific's newly expanded land position underscores the potential of the Lara Project. The Company is now preparing to advance its exploration efforts, with plans including:

• 10,000 m targeted drilling program to further delineate the extent of mineralization at Lara

• Geophysical and geochemical surveys outside the Lara deposit to identify new areas of interest

• Initial metallurgical studies of the Lara deposit to inform future development plans

Readers should note that while these results are promising, further work at the Lara Project is required to fully understand the extent and economic viability of the known mineralization. References to similarities between the Myra Falls deposits and the Lara Project are not necessarily indictive to similar results that may be obtained at the Lara Project.

Qualified Person

David Nelles, P.Geo., a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and verified the scientific and technical data contained in this news release.

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 entire 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. This brownfields development project boasts a significant historic resource rich in critical and precious metals situated in a prime location with excellent infrastructure. Nova Pacific's forward-looking strategy includes confirmation and infill drilling, completion of an updated mineral resource estimate (MRE) and preparation of a Pre-Feasibility Study if and as required. The Company is committed to creating value for its shareholders while maintaining environmental responsibility and strong community relationships.

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'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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241419