Nova Pacific Metals Commences Drilling at Lara VMS Project and Announces Appointment of New CEO
Rhea-AI Summary
Nova Pacific Metals (NVPCF) has initiated its Phase 1 diamond drill program at the Lara VMS Project on Vancouver Island, British Columbia. The project spans 4,671 hectares across 19 mineral claims and includes the Coronation Trend, which has historically been tested with over 58,000 metres of drilling in 323 holes.
Additionally, the company announced a leadership transition with founder Sam Eskandari appointed as CEO, replacing retiring J. Malcolm Bell, who will continue as Chairman of the Advisory Board. The drilling program aims to verify historical drilling data and support an updated Mineral Resource Estimate, following recommendations from a July 2024 NI 43-101 Technical Report.
The project features six additional underexplored mineralized zones beyond the Coronation Trend, suggesting significant exploration potential. The company maintains active engagement with First Nations communities to ensure local support and collaboration.
Positive
- Project location in proven VMS district near past-producing Myra Falls Mine
- Extensive historical drilling data with 58,000 meters in 323 holes
- Six additional underexplored mineralized zones offering expansion potential
- Smooth leadership transition with experienced CEO appointment while retaining former CEO's expertise
Negative
- Historical resource is non-current and requires verification
- Project success depends on drilling results validation of historical data
News Market Reaction 1 Alert
On the day this news was published, NVPCF gained 8.51%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - May 16, 2025) - Nova Pacific Metals Corp. (CSE: NVPC) (OTCQB: NVPCF) (FSE: YQ10) (WKN: A40GFH) (the "Company", or "Nova Pacific") is pleased to announce that the Company has commenced its Phase 1 diamond drill program at the Lara Volcanogenic Massive Sulfide (VMS) Project, located on Vancouver Island, British Columbia. The Company is also pleased to announce the appointment of its founder, Sam Eskandari, as Chief Executive Officer following the retirement of J. Malcolm Bell, who will continue to serve as Chairman of Nova Pacific's Advisory Board.
Lara VMS Drilling Program Now Underway
This highly anticipated Phase 1 program is designed to verify and expand upon the extensive historical drilling along the Coronation Trend and to support the development of an updated Mineral Resource Estimate (MRE) on the Lara Project. The drilling follows recommendations from the NI 43-101 Technical Report dated July 15, 2024, prepared by Wetherup Geological Consulting.
The Lara Project comprises 19 mineral claims totaling 4,671 hectares in a 17-kilometre-long belt of the McLaughlin Ridge Formation - a correlative of the Myra Formation that hosts the past-producing Myra Falls VMS Mine approximately 140 km to the northwest. Lara's Coronation Trend alone has been tested by over 58,000 metres of historical drilling in 323 holes and hosts a non-current historical resource with strong grades across multiple metals.
While the Coronation Trend has received the majority of past attention, six additional mineralized zones on the project remain underexplored, presenting a compelling upside. The potential for lens-stacking and stratigraphic clustering, common to VMS systems, further strengthens the Project's discovery thesis.
Leadership Transition: Mr. Eskandari Appointed as CEO, Mr. Bell Assumes Advisory Chair Role
Nova Pacific is pleased to announce the formal appointment of Mr. Sam Eskandari as Chief Executive Officer effective May 16, 2025. Mr. Eskandari, who has served as a founding Director since the Company's inception, succeeds J. Malcolm Bell, who is retiring from his executive and directorial roles but will continue to serve Nova Pacific as Chairman of the Advisory Board.
Mr. Bell's contributions to Nova Pacific have been foundational, and the Company is fortunate to retain his strategic insight and knowledge gained from over 55 years of industry experience. Nova Pacific's Advisory Board is an active and growing force within the Company, comprised of technical and market professionals who contribute meaningfully to exploration decisions, capital market strategy, and corporate governance.
Mr. Eskandari brings nearly a decade of senior executive experience across the public mining sector. He has successfully led capital raises, structured growth strategies, and built operational teams for multiple ventures. His academic background in Molecular Biology, Biochemistry, and Chemistry from Simon Fraser University, coupled with a strong track record of entrepreneurship and leadership in retail and mining ventures, brings a unique blend of technical insight and market foresight.
"This is a pivotal moment for Nova Pacific," commented Mr. Eskandari. "With drilling underway at Lara, we finally have the opportunity to validate a compelling historical dataset and unlock the project's full potential. I'm honored to lead the Company at this stage and grateful to Mr. Bell for his guidance and continued support as Chair of our Advisory Board."
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by David Nelles, P.Geo., who is a consultant to the Company and a "Qualified Person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Rights of Indigenous Communities Statement
Nova Pacific pursues early and meaningful engagement with First Nations communities to ensure that the Company's mineral exploration and development activities are well co-ordinated and broadly supported by addressing local priorities and concerns, while optimizing opportunities for collaboration. In particular, the Company seeks to establish mutually beneficial partnerships with indigenous groups within whose traditional territories the Company's projects are located. All work programs are carefully planned to achieve high levels of environmental and social performance.
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. Nova Pacific holds an option to acquire a
For additional information please visit: www.novapacificmetals.com.
On behalf of the Board of Directors
Sam Eskandari, CEO
For investor inquiries, or for further information, please contact:
Nova Pacific Metals Corp.
+1-416-918-6785
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 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. The Company's actual results could differ materially from those anticipated in this forward‐looking information.
Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans; statements regarding exploration results or potential mineralization; the Company's plans to execute its exploration program including the start of drilling and a completion of a current mineral resource estimate; exploration and mine development plans; and the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; inability to fulfill the duty to accommodate First Nations and other Indigenous peoples; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates; and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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/252356
FAQ
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