Nova Minerals Ltd., formerly Quantum Resource Ltd., said Dec. 18 that it entered into a definitive joint venture to farm in to five exploration projects in Alaska from AK Minerals Pty. Ltd.
The projects cover a total portfolio license area of 192.3 square kilometers and have a strong potential for gold, silver, zinc, nickel, copper, cobalt and rare earths.
Nova said Nov. 20 that it can acquire up to a 70% interest in three stages by spending A$3.3 million within four years, including completing a bankable feasibility study and paying A$155,000 in option fees.
If AK Minerals does not contribute to the project following the completion of a bankable feasibility study, its interest in the joint venture company will dilute to a minimum 15% and a 2% net smelter royalty.
Dennis Fry and Louie Simens will join Nova's board as part of the transaction.
The joint venture is expected to officially form within the next 30 days following completion of official documentation.
Meanwhile, Nova is planning a 5,000-meter drill campaign to expand the resource at its Thompson Bros lithium project in Manitoba following a memorandum of understanding with Far Resources Ltd.