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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 Lithium (NASDAQ:LITM) has announced the successful acquisition of additional land claims in Manitoba's historic mining district, increasing its total land holdings to 24,114 hectares (59,587 acres), up approximately 8% from its previous resource base. The Company staked nine new claims near Dion Creek and Lost Frog Lake, areas noted for pegmatite occurrences. This strategic expansion aims to enhance the Company's resource portfolio and drive shareholder value while maintaining a commitment to sustainable operations.
Snow Lake Lithium (NASDAQ:LITM) announced the invalidity of a shareholder meeting purportedly set by dissidents for December 23, 2022. The Company clarified that its official annual and special meeting is rescheduled for January 17, 2023. Concerns over proxy solicitation and inadequate disclosure from the dissidents prompted this postponement. CEO Philip Gross urged shareholders to disregard the dissidents' claims and emphasized the importance of proper proxy procedures to protect shareholder value.
Snow Lake Lithium (NASDAQ:LITM) has addressed misleading information from dissident shareholders regarding a shareholder meeting. The company confirmed that the annual general meeting has been postponed to January 17, 2023, and any claims of a meeting on December 15, 2022 are false. The board urges shareholders to disregard the dissidents' attempts to mislead. Snow Lake Lithium is focused on establishing a sustainable, carbon-neutral lithium mine, covering 55,318 acres with an identified resource of 11.1 million metric tonnes of lithium.
Snow Lake Lithium (NASDAQ:LITM) has postponed its annual general and special shareholders' meeting originally set for December 15, 2022, to January 17, 2023. This decision follows the actions of dissident shareholders questioning proxy validity and making potentially misleading disclosures. The postponement aims to maintain the integrity of the voting process amid ongoing investigations by the Australian Securities and Investments Commission. Shareholders from the October 27, 2022 record date remain entitled to attend and vote.
Snow Lake Lithium Ltd. (NASDAQ:LITM) has reported significant results from its recently completed Grass River drilling campaign. Notable intercepts include:
- 2.8% Li2O over 2.8 meters at 174.5 meters (SGP-005)
- 3.0% Li2O over 1.6 meters at 197.3 meters (GRP-014)
Analysis reveals a complex pegmatite geology with potential for additional lithium resource discoveries. Future drilling will seek to define the extent of the identified dykes. Snow Lake aims to initiate site development in 2024 for a commercial mine.
Snow Lake Lithium Ltd. (Nasdaq:LITM) has withdrawn its Form F-1 registration statement following a court order from the Court of King's Bench in Manitoba, which prevents the issuance of new securities before October 27, 2022. This action was taken after a group of concerned shareholders expressed their dissatisfaction. The registration statement, filed on September 26, 2022, was never effective, and no securities were sold. Snow Lake Lithium aims to operate a sustainable lithium mine and has identified an 11.1 million metric tonne resource at its site.
Snow Lake Lithium (NASDAQ:LITM) is progressing towards establishing a lithium hydroxide processing plant in Manitoba, Canada, in partnership with LG Energy Solution. The collaboration aims to bolster the domestic supply chain for North America's electric vehicle market, critical for the region's automotive industry's sustainability. With plans to produce 160,000 tonnes of lithium spodumene annually, this project is set to enable the powering of 5 million electric vehicles. Snow Lake is committed to renewable energy, projecting commercial production to begin in 2025.
Snow Lake Lithium (LITM) announced on September 19, 2022, that it received a Notification Letter from Nasdaq regarding non-compliance with audit committee requirements due to the removal of Mr. Nachum Labkowski. The company has a cure period until either the next annual meeting or September 7, 2023, to regain compliance. If compliance is not achieved, the company risks delisting but can appeal. Despite this, the company's shares will continue trading uninterrupted. Snow Lake Lithium is actively searching for a new director to meet Nasdaq requirements.
Snow Lake Lithium has signed a non-binding Memorandum of Understanding (MOU) with LG Energy Solution to develop a domestic lithium supply chain for North America's electric vehicle market. The collaboration aims to establish one of Canada's first lithium hydroxide processing plants in Manitoba and supply LG with lithium for 10 years starting in 2025. With an operational goal to power 5 million electric vehicles, this partnership supports local sourcing of critical minerals, addressing energy demands and sustainability in the EV sector.
Snow Lake Lithium has successfully completed over 20,000 meters of drilling in its 2022 campaign, achieving a success ratio of 83% by intercepting spodumene in 89 of 107 drill holes. Notably, drill hole GRP-027 revealed spodumene-bearing pegmatite with an estimated 20% spodumene content. The company is on track to triple its resource estimation this fall, positioning itself to begin site development in 2024. Additionally, further lab assay results are anticipated shortly, enhancing their resource validation process.
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