Nova Pacific Metals announced today the successful closing of a non-brokered private placement, raising a total of $2.6 million through the issuance of flow-through common shares.

The funds raised will be allocated towards crucial exploration activities at the Company’s Lara Project, strategically located on Vancouver Island, British Columbia. The Lara Project is a promising volcanogenic massive sulfide (VMS) deposit with a significant historical resource, rich in critical and precious metals.

According to their presser, Nova Pacific has raised $2.6 million through the issuance of 6,190,476 flow-through common shares at $0.42 per share. The funds will be allocated to finance eligible Canadian exploration expenses (CEE) for the Lara Project, with the Company intending to renounce the CEE to shareholders by December 31, 2024.

Lara Project: A Promising VMS Deposit

The Lara Project is a well-established VMS deposit with a significant historical resource. Nova Pacific's strategic focus on this project aligns with the growing demand for critical and precious metals, driven by the global shift towards clean energy and technological advancements.

Nova Pacific's exploration plans for the Lara Project involve confirmation and infill drilling to delineate mineralized zones and refine resource estimates. Additionally, the company aims to conduct an updated mineral resource estimate to comprehensively assess the project's resource potential. Furthermore, a pre-feasibility study may be undertaken to evaluate the technical and economic viability of the project, if deemed necessary.

Indigenous Communities and Sustainability

Nova Pacific is committed to responsible mining practices and fostering strong relationships with Indigenous communities. The Company recognizes the rights of all Indigenous Peoples of Canada and is actively engaged in consultation and accommodation with the Hul'qumi'num Treaty Group communities, whose traditional territories encompass the Lara Project.

By prioritizing its sustainability and community engagement, Nova Pacific aims to create long-term value for its shareholders while minimizing the impact on environment.

About Nova Pacific Metals Corp.

Nova Pacific Metal Corp. is a diversified metals and mining company focused on the exploration, development, and production of high-quality metal resources. With operations spanning North America, the company specializes in the extraction and processing of metals such as copper, zinc, and nickel. Nova Pacific emphasizes responsible mining practices, aiming to minimize environmental impact while delivering value to its shareholders. Through a commitment to technological innovation and sustainability, the company is positioning itself as a key player in the global metals market, aiming for long-term growth and profitability in the evolving energy transition sector.