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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) responded to Concerned Shareholders who announced a special meeting for August 10, 2022. The Company states that this meeting is invalid as another meeting is already scheduled for December 15, 2022. The Board believes this timeline allows shareholders to properly consider contested board election issues without disrupting ongoing initiatives. Furthermore, Snow Lake has filed a court application declaring the Concerned Shareholders’ notice as null and void.
Snow Lake Lithium Ltd. has announced the resignation of CFO Mario Miranda, effective June 30, 2022, after serving since February 2021. He will be succeeded by Keith Li, appointed on June 3, 2022. Miranda played a key role in the company's IPO in November 2021 and is leaving to pursue other opportunities. Li brings over 15 years of financial management experience, previously serving as CFO for Branson Corporate Services Ltd. and roles at Sears Canada Inc. and McGovern, Hurley, LLP. The company aims to lead in renewable lithium mining for the North American EV market.
Snow Lake Resources Ltd. (NASDAQ:LITM) announced receiving a shareholder meeting requisition from the Kimelman Group, representing approximately 5.4% of outstanding shares. The requisition seeks to remove all current directors, set the board size at six, and elect new directors nominated by the Kimelman Group. The Board confirmed a special meeting alongside the annual shareholder meeting, scheduled for around December 15, 2022, to address these matters. Shareholders will be notified in advance, with no immediate action required.
Snow Lake Lithium Ltd. (NASDAQ:LITM) announced a Memorandum of Understanding (MOU) with Epiroc Canada Inc. to support the development of the world's first fully electric lithium mine at its Snow Lake Lithium project in Manitoba. The partnership aims to enhance site planning and technical design, advancing Snow Lake's goal of commercial lithium production. Recent drilling results from the Thompson Brothers dyke revealed high-grade lithium intercepts, including 1.53% Li2O over 24.94 meters. The mine is positioned as a key contributor to North America's EV ecosystem.
Snow Lake Lithium Ltd. (NASDAQ:LITM) announced its participation at two important upcoming events. The PDAC 2022 Convention will include a panel presentation on June 13, featuring CEO Philip Gross discussing investment opportunities in Canada’s EV supply chain. The Benchmark Mineral's Battery Gigafactories USA 2022 conference will take place from June 23-24, where Gross will engage in one-on-one meetings. Snow Lake is focused on operating a fully sustainable lithium mine, covering a 55,318-acre area with an estimated resource of 11.1 million metric tonnes of lithium.
Snow Lake Lithium (NASDAQ:LITM) announced a collaboration with the University of Manitoba to explore critical mineral inventory at its Snow Lake Lithium site. This two-year research project aims to enhance understanding of lithium deposits and will inform Canada's minerals strategy to meet rising lithium demand. Snow Lake is developing the world's first all-electric lithium mine, expecting to produce 160,000 tonnes of lithium spodumene annually. The company plans to transition to commercial production by late 2024, utilizing almost 100% renewable hydroelectric power.
Snow Lake Lithium Ltd. (Nasdaq: LITM) announced the resignation of Chairman Louie Simens, effective May 29, 2022, with CEO Philip Gross appointed as his successor. Simens had been with the company since November 2018 and was a key figure during its IPO. Gross expressed gratitude towards Simens for his service and highlighted Snow Lake's goal to establish itself as a leading player in the North American EV ecosystem. The company aims to become the first fully electric lithium mine, recently validating resource expansion with high-grade drilling results across various targets.
Snow Lake Lithium Ltd. (NASDAQ:LITM) reported significant drilling results from its Northern Manitoba project, identifying four high-grade lithium pegmatite dykes with intercepts above 1% Li2O. Key results include:
- 1.84% Li2O over 6.32 meters (SGP)
- 1.36% Li2O over 17.97 meters (TBL)
- 1.50% Li2O over 7.00 meters (BYP)
Snow Lake Lithium Ltd. (NASDAQ:LITM) reported promising results from initial drill tests at the Grass River Pegmatite in Snow Lake, Manitoba. The drilling revealed a potential new starter pit with a high-grade intercept of 3.35% Li2O over three meters, at widths of five to six meters. The company has also secured a three-year extension on its exploration permits. CEO Philip Gross expressed enthusiasm over the strong results, which support the prospect of a high-grade open-cut lithium mine.
Snow Lake Lithium Ltd. (Nasdaq:LITM) announced an investor webinar scheduled for May 11, 2022, at 8:30 a.m. ET, hosted by CEO Philip Gross. The session aims to discuss recent corporate developments and will include a live Q&A. Interested parties can register here. A replay will be available on their website. Snow Lake Lithium is focused on creating a carbon-neutral lithium mine and has identified an estimated 11.1 million metric tonnes of lithium resources across 55,318 acres in the Thompson Brothers Project.
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