ACME Lithium and Snow Lake Initiate Exploration Program at Shatford Lake Manitoba Lithium Project

Rhea-AI Summary

ACME Lithium and Snow Lake have kicked off the 2024 exploration program at the Shatford Lake Lithium Project in Manitoba. The program, designed with Critical Discoveries, consists of four phases. Phase 1, which involved compiling past exploration data, is complete. Phase 2 has now begun with a team of geologists and field technicians focusing on prospecting and mapping, uncovering two pegmatites so far. Next, Phase 3 will involve up to 2,000 meters of diamond drilling, and Phase 4 will compile and evaluate all data and results.

The Shatford Lake Project spans 17,000 acres and contains 37 mineral claims, with many pegmatites classified as Lithium-Cesium-Tantalum (LCT). Snow Lake Energy has an option to earn up to a 90% interest in the project by paying CAD $500,000 and spending CAD $1,800,000 on exploration over two years, leading to a potential joint venture.

Positive

• Initiation of a four-phase exploration program indicates progress and commitment.
• Completion of Phase 1 demonstrates efficient project management.
• Discovery of two new pegmatites suggests potential for further valuable finds.
• Phase 3 includes a significant drilling program of up to 2,000 meters, which could lead to substantial discoveries.
• Snow Lake Energy's option to earn up to 90% interest could bring in CAD $500,000 in payments and CAD $1,800,000 in exploration expenditures.
• The Shatford Lake Project is located in a region with a high concentration of LCT pegmatites, enhancing resource potential.
• Manitoba's Tier 1 mining jurisdiction status and favorable ranking in the Fraser Institute's survey adds credibility.

Negative

• The financial commitment from Snow Lake Energy is contingent upon specific milestones, posing a risk if targets are not met.
• Exploration and development expenditures totaling CAD $1,800,000 over two years represent a significant financial outlay.
• Phase 3 drilling and subsequent phases depend on successful identification of drill targets, which is uncertain.
• The potential formation of a joint venture is conditional on a positive feasibility study, which may not materialize.

Vancouver, British Columbia--(Newsfile Corp. - May 23, 2024) - ACME Lithium Inc. (CSE: ACME) (OTCQB: ACLHF) (the "Company", or "ACME") is pleased to announce that Snow Lake Energy ("Snow Lake") (NASDAQ: LITM), has initiated the 2024 exploration program at ACME's Shatford Lake Project.

2024 Exploration Program

Snow Lake, together with Critical Discoveries, has designed a four-phase exploration program for 2024. Phase 1 consists of compiling and analyzing all past exploration data generated by ACME Lithium Inc., including all geophysical and geochemical data, as well as past drilling results, to identify targets for field work in Phase 2.

Phase 1 is complete, and Phase 2 has been initiated with the Critical Discoveries field team of 4, consisting of 2 geologists and 2 field technicians. Initial prospecting and mapping will focus on the northwest corner of the Shatford Lake Lithium Project and will then expand to cover the balance of the project.

Initial prospecting activities to date have included the discovery of two pegmatites under heavy overburden. See Figures 1 and 2 below. Samples have been taken and submitted to the assay lab for analysis.

Phase 3 is intended to be a program of up to 2,000 meters of diamond drilling, spread over approximately 10 holes of approximately 200 meters each, dependent upon appropriate drill target identification from Phase 2 of the program. Phase 4 will be compilation and evaluation of all field data, assay results, and drill results from the 2024 exploration program.

Geological Setting of Shatford Lithium Project

The Shatford Lithium Project straddles a 15 kilometers long structural trend of the Greer-Shatford Shear Zone with numerous pegmatite dykes and favorable host rocks. It is situated in the southern limb of 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 - known to account for a quarter of the world's lithium production.

The northeast corner of the Shatford Lithium Project borders the mineral lease of the Tanco mine, with the Buck, Pelgi, and Dibs pegmatites nearby.

Figure 1: Pegmatite outcrop exposed under heavy overburden 

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Figure 2: Pegmatite outcrop exposed under heavy overburden

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https://images.newsfilecorp.com/files/7776/210164_012fb87ec4466b77_004full.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 has entered into an option agreement with Snow Lake Energy, 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, as follows:

Date for Completion	Cash Payment	Minimum Exploration and Development Expenditures	Earn In
Initial Payment	CAD $20,000
Upon Execution	CAD $130,000
First Year	CAD $150,000	CAD $600,000	51%
Second Year	CAD $200,000	CAD $1,200,000	90%

 

Once Snow Lake has earned a 90% undivided interest in the Project, and completed a positive feasibility study, a joint venture (the "Joint Venture") between Snow Lake and ACME will be formed for further development, the detailed market standard terms and conditions of which will be agreed at the time of formation of the joint venture.

Tanco Mine

Tantalum Mining Corporation of Canada Ltd. ("Tanco") is 100% owned and operated by Sinomine (Hong Kong) Rare Metals Resource Co. and operates the Tanco mine located on the northwest shore of Bernic Lake, Lac du Bonnet, Manitoba. The Tanco mine pegmatite orebody was discovered in the late 1920's and the Tanco mine has been in commercial operation producing lithium in Manitoba for more than 50 years. In addition to lithium concentrate for the lithium battery market, the Tanco mine produces cesium-based products for the North American market.

Manitoba, Canada

Manitoba is a Tier 1 mining jurisdiction and its ranking improved from 14^th to 6^th overall in the Fraser Institute's 2023 annual survey¹. Manitoba is a historic, as well as a current, mining jurisdiction with currently operating gold, nickel and lithium mines.

About Snow Lake Resources Ltd.

Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian clean energy development company listed on (NASDAQ: LITM) with a global portfolio of clean energy mineral projects comprised of two hard rock lithium projects and two uranium projects. The Snow Lake Lithium™ Project is an advanced stage exploration project located in the Snow Lake region of Northern Manitoba and the Shatford Lake Lithium Project is an exploration stage project located adjacent to the Tanco lithium mine in Southern Manitoba. 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. Snow Lake is focused on advancing all of its projects through the various phases of exploration and development and into production in order to supply the minerals and resources needed for the clean energy and electric vehicle transitions. Learn more at www.snowlakelithium.com.

About ACME Lithium Inc.

Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in a project area located in Clayton Valley, Nevada and has entered into option agreements with third parties on its Fish Lake Valley, Esmeralda County Nevada project, and at Shatford, Birse, and Cat-Euclid Lakes in southeastern Manitoba.

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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¹ Fraser Institute Annual Survey of Mining Companies 2023

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FAQ

What is the 2024 exploration program at Shatford Lake?

The 2024 exploration program at Shatford Lake by ACME Lithium and Snow Lake involves a four-phase plan including data compilation, prospecting, drilling, and data evaluation.

What is Snow Lake Energy's investment in the Shatford Lake project?

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

What have the initial prospecting activities at Shatford Lake discovered?

Initial prospecting at Shatford Lake has discovered two pegmatites under heavy overburden.

How many mineral claims are part of the Shatford Lake Lithium Project?

The Shatford Lake Lithium Project consists of 37 mineral claims across three project areas, totaling approximately 17,000 acres.

What is the geological setting of the Shatford Lake Lithium Project?

The Shatford Lake Lithium Project is situated in the Bird River Greenstone Belt in southeastern Manitoba, featuring numerous LCT pegmatites.

What is the significance of the Shatford Lake Project's proximity to the Tanco mine?

The Shatford Lake Project borders the Tanco mine, known for its lithium production, which enhances the project's resource potential.

What are the next steps in the Shatford Lake exploration program?

The next steps include Phase 3 with up to 2,000 meters of diamond drilling and Phase 4, which involves compiling and evaluating all field data and results.

What is the total area covered by the Shatford Lake Project?

The Shatford Lake Project spans approximately 17,000 acres.