ACME Lithium and Snow Lake Complete Successful Field Exploration Season on the Shatford Lake Lithium Project, Manitoba

Rhea-AI Summary

ACME Lithium Inc. (CSE: ACME) (OTCQB: ACLHF) has announced the successful completion of the 2024 field exploration season on the Shatford Lake Lithium Project in southeastern Manitoba, conducted by Snow Lake Resources (NASDAQ: LITM). Key highlights include:

1. Discovery of numerous pegmatites under heavy overburden
2. Significant discovery of a ~25-30-meter-wide tantalite-bearing pegmatite on the Cat-Euclid Lake claim block
3. Potential for lithium, cesium, tantalum mineralization north of the neighboring Tanco Mine
4. Further exploration, including drilling, expected by Snow Lake in 2025

The Shatford Lake Lithium Project comprises 37 mineral claims over three project areas, totaling approximately 17,000 acres. ACME has an option agreement with Snow Lake Energy, allowing Snow Lake to earn up to a 90% interest in the project by paying CAD$500,000 and incurring CAD$1,800,000 in exploration expenses over two years.

Positive

• Discovery of numerous pegmatites under heavy overburden
• Significant discovery of a ~25-30-meter-wide tantalite-bearing pegmatite
• Potential for lithium, cesium, tantalum mineralization north of the Tanco Mine
• Further exploration, including drilling, planned for 2025
• Option agreement with Snow Lake Energy could bring in CAD$500,000 and CAD$1,800,000 in exploration expenses

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - October 16, 2024) - ACME Lithium Inc. (CSE: ACME) (OTCQB: ACLHF) (the "Company", or "ACME") is pleased to announce that the 2024 field exploration season conducted by Snow Lake Resources ltd., dba Snow Lake Energy (NASDAQ: LITM) ("Snow Lake") on the Shatford Lake Project in southeastern Manitoba has been successfully completed.

Highlights

• 2024 prospecting / reconnaissance program successfully completed
• Results included the discovery of numerous pegmatites under heavy overburden
• Significant discovery of a ~25 - 30-meter-wide tantalite-bearing pegmatite on the Cat-Euclid Lake claim block, indicating the potential for lithium, cesium, tantalum mineralization north of the neighbouring Tanco Mine
• Further exploration including drilling expected by Snow Lake in 2025

Figure 1: Looking east, a historically blasted pegmatite measuring 2 meters wide, extending for 35 meters, and interpreted to possess a strike length exceeding 150 meters.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7776/226745_371097b554f7585a_002full.jpg

Shatford Lake Lithium Project
The Shatford Lake Lithium Project is comprised of 37 mineral claims located over three project areas - Shatford Lake, Birse Lake, and Cat-Euclid Lake, totaling approximately 17,000 acres. The project is located in the Bird River Greenstone Belt in southeastern Manitoba. The region hosts hundreds of individual pegmatite bodies, many of which are classified as complex rare-element Lithium-Cesium-Tantalum ("LCT") pegmatites. Thirty-one (31) of the mineral claims are contiguous to the south of Sinomine Corporation's world class Tanco Mine, a LCT producer since 1969.

ACME entered into an option agreement with Snow Lake Energy on December 20^th, 2023, pursuant to which Snow Lake has the option to earn up to a 90% undivided interest in the Shatford Lake Lithium Project, and may exercise the Option by paying a total of CAD$500,000 and incurring a total of CAD$1,800,000, in exploration and development expenditures over a two-year period.

Tanco Mine
The Tanco Mine is located on the northwest shore of Bernic Lake, Lac du Bonnet, Manitoba, and is 100% owned and operated by Tantalum Mining Corporation of Canada Ltd. ("Tanco"), a subsidiary of Sinomine (Hong Kong) Rare Metals Resource Co. The Tanco Mine pegmatite orebody was discovered in the late 1920's and the Tanco Mine has been in commercial operation producing tantalum, cesium and lithium in Manitoba for more than 50 years. Cesium is mined in the form of the mineral pollucite at the Tanco Mine, which currently holds 82% of the world's known reserves of pollucite.

About Snow Lake Resources Ltd.
Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian clean energy exploration company listed on Nasdaq:LITM with a global portfolio of clean energy mineral projects comprised of two uranium projects and two hard rock lithium projects. The Black Lake Uranium Project is an exploration stage project located in the Athabasca Basin, Saskatchewan and the Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia. The Shatford Lake Lithium Project is an exploration stage project located adjacent to the Tanco lithium mine in Southern Manitoba, and the Snow Lake Lithium™ Project is an exploration stage project located in the Snow Lake region of Northern Manitoba.

The current focus of Snow Lake is advancing the exploration of its two uranium projects to supply the minerals and resources needed for the clean energy transition, while exploration activities on its two lithium projects will remain limited until such time as the lithium market recovers from its current depressed levels. Learn more at www.snowlakeenergy.com.

About ACME Lithium Inc.

ACME Lithium is a mineral exploration company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies in North America. ACME is advancing and developing a lithium brine resource at Clayton Valley, Nevada and has entered into strategic exploration agreements with leading partners at its Fish Lake Valley, Nevada lithium claystone project, and a group of projects in the pegmatite region of Shatford, Birse and Cat-Euclid Lakes in southeastern Manitoba. Backed by strategic investors and led by an experienced management team, the building blocks of the future are our focus today.

On behalf of the Board of Directors

Steve Hanson
Chief Executive Officer, President and Director
Telephone: (604) 564-9045
info@acmelithium.com

For Investor Inquiries:

Anthony Simone
Simone Capital
Telephone: (416) 881-5154
asimone@simonecapital.ca

Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release contains certain statements which may constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur and in this news release include but are not limited to the attributes of, timing for and expected benefits to be derived from exploration, drilling or development at ACME's project properties. Information inferred from the interpretation of drilling, sampling and other technical results may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. ACME's project location adjacent to or nearby lithium projects does not guarantee exploration success or that mineral resources or reserves will be defined on ACME's properties. Exploration, development, and activities conducted by regional companies provide assistance and additional data for exploration work being completed by ACME. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Unless otherwise indicated, the market and industry data contained herein is based upon information from industry and other publications and the knowledge and experience of management. While we believe that this data is reliable, market and industry data is subject to variations and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. We have not independently verified any of the data from third-party sources referred to in this news release or ascertained the underlying assumptions relied upon by such sources. All technical and scientific disclosure pertaining to our mineral property interests in this news release have been reviewed by a Qualified Person, meaning an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; has experience relevant to the subject matter of the mineral project and the technical report; and is a member or licensee in good standing of a professional association.

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FAQ

What were the key findings of ACME Lithium's (ACLHF) 2024 field exploration at Shatford Lake?

The key findings include the discovery of numerous pegmatites under heavy overburden and a significant ~25-30-meter-wide tantalite-bearing pegmatite on the Cat-Euclid Lake claim block, indicating potential for lithium, cesium, and tantalum mineralization.

When is ACME Lithium (ACLHF) planning further exploration at the Shatford Lake project?

Further exploration, including drilling, is expected to be conducted by Snow Lake Resources in 2025.

What is the size of ACME Lithium's (ACLHF) Shatford Lake Lithium Project?

The Shatford Lake Lithium Project comprises 37 mineral claims over three project areas, totaling approximately 17,000 acres.

What is the option agreement between ACME Lithium (ACLHF) and Snow Lake Energy for the Shatford Lake project?

Snow Lake Energy has the option to earn up to a 90% interest in the project by paying CAD$500,000 and incurring CAD$1,800,000 in exploration expenses over two years.