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Snow Lake Resources Ltd. (NASDAQ: LITM), doing business as Snow Lake Energy, is a Canadian clean energy development company primarily focused on the exploration and development of lithium and uranium projects. Based in Winnipeg, Manitoba, Snow Lake's core operations involve the exploration of lithium in Manitoba, Canada, and uranium on a global scale.
The company's flagship projects include the Thompson Brothers Lithium Project, located in the Snow Lake region of Northern Manitoba, and the Shatford Lake Lithium Project adjacent to the Tanco lithium mine in Southern Manitoba. Snow Lake Lithium™ Project is an advanced-stage exploration project aimed at supplying high-demand minerals for the clean energy transition and electric vehicle (EV) markets.
Recently, Snow Lake has expanded its portfolio through the acquisition of significant uranium projects. The Engo Valley Uranium Project, situated in the Skeleton Coast of Namibia, and the Black Lake Uranium Project in the Athabasca Basin of Saskatchewan, Canada, are at the forefront of the company’s uranium exploration efforts. These projects are structured to benefit from modern exploration techniques and are poised to meet the global demand for nuclear fuel minerals.
Snow Lake has initiated its 2024 exploration programs across its various projects. The Engo Valley Uranium Project's first phase includes ground geophysics and radon cup surveys to confirm historical data and identify new exploration targets. Concurrently, the Shatford Lake Lithium Project has begun its four-phase exploration, which includes diamond drilling and extensive fieldwork to uncover prospective lithium deposits.
Financially, Snow Lake maintains a robust exploration budget, underpinning its strategic initiatives aimed at resource optimization. The company's recent advancements include finalizing partnerships with consultants and service providers to accelerate its exploration and development activities.
Strategically positioned in leading mining jurisdictions, Snow Lake leverages its expertise and modern technologies to advance its projects from exploration to production. The company continues to engage in significant industry partnerships to enhance its operational capabilities and resource estimates, aiming to establish itself as a key supplier of essential minerals for the clean energy industry.
For more detailed information and the latest updates, visit www.snowlakelithium.com.
Snow Lake Resources, trading as Snow Lake Energy (NASDAQ: LITM), has initiated its 2024 exploration program at the Engo Valley Uranium Project in Namibia. This marks the first exploration at the site since the 1970s. Current activities include topographical and radon cup surveys, locating historic drill collars, and preparing for a 1,000-meter reverse circulation drill program. The project spans 69,530 hectares under Exclusive Prospecting License 5887, valid until February 2026. Snow Lake aims to acquire up to 85% of Namibia Minerals and Investment Holding, which owns the project. Namibia, a prominent uranium producer, ranks 5th in Africa for mining investment.
Snow Lake Resources , trading as Snow Lake Energy (NASDAQ: LITM), received a notification from Nasdaq on May 24, 2024, regarding non-compliance with the minimum bid price requirement. The company's shares have closed below $1.00 for 30 consecutive business days. Although this notification does not mean immediate delisting, Snow Lake has until November 20, 2024, to regain compliance by maintaining a minimum closing bid price of $1.00 for at least ten consecutive business days. If unsuccessful, the company may be eligible for an additional 180 days if it meets certain conditions, including a possible reverse stock split. Business operations remain unaffected by this notification.
Snow Lake Resources, trading as Snow Lake Energy (NASDAQ: LITM), has initiated its 2024 exploration program at the Shatford Lake Lithium Project. The project, in collaboration with Critical Discoveries, will be executed in four phases. Phase 1, which involved analyzing past exploration data, is complete, and Phase 2 has begun with initial prospecting and mapping. Two pegmatites have been discovered under heavy overburden, and samples are sent for analysis. The Shatford Lake Lithium Project spans approximately 17,000 acres and is located in the Bird River Greenstone Belt in southeastern Manitoba. Snow Lake aims to earn up to a 90% interest in the project, with significant cash payments and exploration expenditures planned over two years. The project is strategically positioned near the Tanco mine, known for its lithium production.
Snow Lake Resources , d/b/a Snow Lake Energy, announced the results of its 2024 Annual General & Special Meeting. The Company fixed the number of directors, re-elected nominees to the board, re-appointed an accounting firm, approved continuance into another province, amended by-laws, authorized share consolidation, and approved changing the company name.
Snow Lake Resources , d/b/a Snow Lake Energy, (NASDAQ: LITM) announced the adjournment of its 2024 Annual Meeting of Shareholders to May 8, 2024, due to a lack of quorum. The meeting will be held virtually, and shareholders can vote on proposals. The Company has engaged a proxy solicitor to help achieve the required quorum. Shareholders are urged to vote before the new meeting date to avoid additional adjournment costs.
Snow Lake Resources , d/b/a Snow Lake Energy, believes that the Prohibiting Russian Uranium Imports Act passed by the United States will support its uranium projects in Canada and Namibia. The Act bans the import of enriched uranium from Russia into the U.S., aiming to enhance energy security and reduce dependence on Russia for nuclear fuels. Snow Lake has two uranium exploration projects, the Black Lake Uranium Project in Canada and the Engo Valley Uranium Project in Namibia, which will benefit from the Import Ban.
CEO Frank Wheatley stated that the global uranium market will be further challenged by geopolitical events, and the Import Ban will aid in exploring and developing Snow Lake's uranium projects in Saskatchewan and Namibia. The U.S. Senate has unanimously passed the Import Ban, which is considered a national security priority by the White House and aims to increase domestic uranium production.
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