Snow Lake Accelerates Uranium Strategy with Successful Phase 1 Results and Upcoming Phase 2 Drill Program
Snow Lake Resources (NASDAQ: LITM) has announced successful completion of its Phase 1 drill program at the Engo Valley Uranium Project, revealing significant uranium mineralization. The program comprised 1,570 meters of drilling across 20 reverse circulation drill holes, with 11 holes showing mineralized intersections exceeding 100 ppm eU3O8.
The company plans to launch a Phase 2 drill program of up to 7,500 meters, combining reverse circulation and diamond drilling, scheduled to begin in March 2025. With over $30 million in cash and equivalents, Snow Lake aims to complete a maiden mineral resource estimate in the second half of 2025.
Notable results include mineralized intersections of 232 ppm eU3O8 over 4 meters, 251 ppm eU3O8 over 3 meters, and 244 ppm eU3O8 over 13 meters. The company recently signed an MOU with Exodys Energy, positioning itself in the $6 billion global uranium market.
Snow Lake Resources (NASDAQ: LITM) ha annunciato il completamento con successo del suo programma di perforazione Fase 1 presso il Progetto Uranio Engo Valley, rivelando una significativa mineralizzazione di uranio. Il programma ha compreso 1.570 metri di perforazione attraverso 20 fori di perforazione a circolazione inversa, con 11 fori che mostrano intersezioni mineralizzate superiori a 100 ppm eU3O8.
L'azienda prevede di lanciare un programma di perforazione Fase 2 fino a 7.500 metri, combinando perforazione a circolazione inversa e perforazione a diamante, programmato per iniziare a marzo 2025. Con oltre 30 milioni di dollari in contante e equivalenti, Snow Lake mira a completare una prima stima delle risorse minerali nella seconda metà del 2025.
I risultati notevoli includono intersezioni mineralizzate di 232 ppm eU3O8 su 4 metri, 251 ppm eU3O8 su 3 metri e 244 ppm eU3O8 su 13 metri. L'azienda ha recentemente firmato un MOU con Exodys Energy, posizionandosi nel mercato globale dell'uranio da 6 miliardi di dollari.
Snow Lake Resources (NASDAQ: LITM) ha anunciado la finalización exitosa de su programa de perforación de Fase 1 en el Proyecto Uranio Engo Valley, revelando una mineralización significativa de uranio. El programa consistió en 1,570 metros de perforación a través de 20 pozos de perforación de circulación inversa, con 11 pozos mostrando intersecciones mineralizadas que superan los 100 ppm eU3O8.
La empresa planea lanzar un programa de perforación de Fase 2 de hasta 7,500 metros, combinando perforación de circulación inversa y perforación con diamante, programado para comenzar en marzo de 2025. Con más de 30 millones de dólares en efectivo y equivalentes, Snow Lake tiene como objetivo completar una estimación inicial de recursos minerales en la segunda mitad de 2025.
Los resultados notables incluyen intersecciones mineralizadas de 232 ppm eU3O8 sobre 4 metros, 251 ppm eU3O8 sobre 3 metros y 244 ppm eU3O8 sobre 13 metros. La empresa firmó recientemente un MOU con Exodys Energy, posicionándose en el mercado global de uranio de 6 mil millones de dólares.
Snow Lake Resources (NASDAQ: LITM)는 Engo Valley 우라늄 프로젝트에서 1단계 시추 프로그램을 성공적으로 완료했다고 발표하며, 상당한 우라늄 광물화를 드러냈습니다. 이 프로그램은 20개의 역순환 시추 구멍을 통해 1,570미터의 시추를 포함했으며, 11개의 구멍에서 100 ppm eU3O8를 초과하는 광물화 교차점을 보여주었습니다.
회사는 2025년 3월에 시작할 예정인 역순환 시추와 다이아몬드 시추를 결합한 최대 7,500미터의 2단계 시추 프로그램을 시작할 계획입니다. 3천만 달러 이상의 현금 및 현금성 자산을 보유한 Snow Lake는 2025년 하반기 중 최초의 광물 자원 추정치를 완료할 계획입니다.
주목할 만한 결과로는 4미터에 걸쳐 232 ppm eU3O8, 3미터에 걸쳐 251 ppm eU3O8, 13미터에 걸쳐 244 ppm eU3O8의 광물화 교차점이 포함됩니다. 회사는 최근 Exodys Energy와 양해각서를 체결하여 60억 달러 규모의 글로벌 우라늄 시장에 자리잡고 있습니다.
Snow Lake Resources (NASDAQ: LITM) a annoncé l'achèvement réussi de son programme de forage de Phase 1 au Projet Uranium Engo Valley, révélant une minéralisation significative d'uranium. Le programme comprenait 1.570 mètres de forage à travers 20 trous de forage à circulation inversée, avec 11 trous montrant des intersections minéralisées dépassant 100 ppm eU3O8.
L'entreprise prévoit de lancer un programme de forage de Phase 2 de jusqu'à 7.500 mètres, combinant forage à circulation inversée et forage au diamant, prévu pour commencer en mars 2025. Avec plus de 30 millions de dollars en liquidités et équivalents, Snow Lake vise à compléter une première estimation des ressources minérales dans la seconde moitié de 2025.
Les résultats notables incluent des intersections minéralisées de 232 ppm eU3O8 sur 4 mètres, 251 ppm eU3O8 sur 3 mètres et 244 ppm eU3O8 sur 13 mètres. L'entreprise a récemment signé un MOU avec Exodys Energy, se positionnant sur le marché mondial de l'uranium de 6 milliards de dollars.
Snow Lake Resources (NASDAQ: LITM) hat den erfolgreichen Abschluss seines Bohrprogramms der Phase 1 im Engo Valley Uranprojekt bekannt gegeben, das eine signifikante Uranmineralisierung offenbart. Das Programm umfasste 1.570 Meter Bohrung in 20 Reverse-Circulation-Bohrlöchern, wobei 11 Löcher mineralisierte Schnitte mit mehr als 100 ppm eU3O8 zeigten.
Das Unternehmen plant, ein Bohrprogramm der Phase 2 von bis zu 7.500 Metern zu starten, das Reverse-Circulation- und Diamantbohrungen kombiniert, und soll im März 2025 beginnen. Mit über 30 Millionen Dollar in bar und Äquivalenten beabsichtigt Snow Lake, in der zweiten Hälfte von 2025 eine erste Schätzung der Mineralressourcen abzuschließen.
Bemerkenswerte Ergebnisse umfassen mineralisierte Schnitte von 232 ppm eU3O8 über 4 Meter, 251 ppm eU3O8 über 3 Meter und 244 ppm eU3O8 über 13 Meter. Das Unternehmen hat kürzlich ein MOU mit Exodys Energy unterzeichnet und sich im 6 Milliarden Dollar schweren globalen Uranmarkt positioniert.
- 11 out of 20 drill holes showed significant uranium mineralization (>100 ppm eU3O8)
- Strong cash position of over $30 million to fund operations
- Successful validation of historical uranium mineralization from 1970s
- Multiple high-grade uranium intersections confirmed in Phase 1
- Maiden resource estimate not available until second half of 2025
- Phase 2 drilling results pending and subject to execution risks
Insights
The Phase 1 drilling results from Snow Lake's Engo Valley Project demonstrate promising uranium mineralization, with 11 out of 20 drill holes returning grades exceeding 100 ppm eU3O8. The standout intersections, including 244 ppm eU3O8 over 13 meters and 269 ppm eU3O8 over 7 meters, while modest compared to high-grade deposits, are significant for sandstone-hosted uranium deposits. These grades, found at relatively shallow depths of 11-62 meters, suggest potential for cost-effective extraction.
The planned 7,500-meter Phase 2 program represents a strategic scaling of operations, with the combination of reverse circulation and diamond drilling designed to establish a maiden resource estimate by H2 2025. The company's strong cash position of $30 million provides ample runway for this extensive program without immediate dilution concerns.
Snow Lake's presence in Namibia is particularly noteworthy, as the country accounts for approximately 12% of global uranium production. The project's location in a proven uranium jurisdiction, combined with the country's stable mining regulations and established infrastructure, significantly de-risks the development pathway.
The timing of this development aligns with a transformative period in the uranium market. The recent designation of uranium as a critical mineral by various governments, coupled with expanding nuclear energy programs globally, has created a structural supply deficit. The positive correlation between radiometric and chemical assays in Phase 1 provides technical validation of the historical data, reducing exploration risk as the project advances toward resource definition.
Winnipeg, Manitoba--(Newsfile Corp. - February 13, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a leading uranium exploration company, is pleased to announce the successful completion of the Phase 1 drill program at its Engo Valley Uranium Project ("Engo Valley"), confirming significant uranium mineralization and setting the stage for an ambitious Phase 2 drill campaign.
Highlights
- Phase 1 drill program consisted of 1,570 meters of drilling in 20 reverse circulation drill holes, with downhole radiometrics completed on each drill hole
- 11 of the 20 drill holes in Phase 1 returned mineralized intersections greater than 100 ppm eU3O8, ranging from 1 meter to 20 meters in width
- Initial chemical assays confirm a positive correlation between chemical assays and equivalent radiometric assays
- Geology of the twinned drill holes confirm a positive correlation to the lithologies from the exploration work undertaken in the 1970s
- Phase 2 drill program is planned to consist of up to 7,500 meters of a combination of reverse circulation and diamond drilling, and is designed to provide a drill database sufficient to calculate a uranium maiden resource estimate in accordance with SK-1300
- The global uranium market is valued at over
$6 billion annually, with significant growth forecast by increasing demand driven by the U.S. government's commitment to nuclear energy security
- Recent MOU with Exodys Energy positions Snow Lake as a key player in securing a reliable uranium supply for increased energy demand and progress projects across the nuclear energy supply chain.
CEO Frank Wheatley's Excitement on Progress:
"We are thrilled by the success of our Phase 1 drill program, which has validated the uranium mineralization discovered in the 1970s at Engo Valley. These results confirm our confidence in the project's potential and give us the momentum to launch an expansive Phase 2 program," said Frank Wheatley, CEO of Snow Lake.
"With the U.S. government prioritizing nuclear energy and looking at recognizing uranium as a critical mineral, we are in the right place at the right time. The demand for uranium is surging as countries worldwide accelerate their clean energy initiatives, and Snow Lake is positioned to capitalize on this opportunity.
Moreover, our recently announced MOU with Exodys Energy strengthens our commitment to building a robust uranium supply chain, and we are eager to move forward with Phase 2 drilling to unlock what we believe could be a significant economic uranium resource in Namibia - one of the world's best uranium mining jurisdictions."
Phase 2 Drill Program
The Phase 2 drill program ("Phase 2") is currently planned to consist of an aggregate of up to 7,500 meters of a combination of reverse circulation and diamond drill holes in an in-fill grid pattern sufficient to allow the calculation of a maiden mineral resource estimate. Phase 2 will be focused on the MUO and D1. A number of drill holes will be undertaken on some of the targets identified by the Radon Survey outside of the MOU and D1. Downhole radiometrics will be conducted on each drill hole.
Phase 2 is currently scheduled to begin mobilization to site in March 2025, and assuming drilling goes according to plan and assay results are received in a timely fashion, the preparation of a maiden mineral resource estimate is targeted for completion during the second half of 2025.
With over
Uranium: The Cornerstone of Energy Security
As nuclear power gains global momentum, the demand for uranium is reaching unprecedented levels. The United States is ramping up efforts to secure domestic uranium supply, recognizing its essential role in energy independence and sustainability. Namibia, the world's third-largest uranium producer, provides an excellent jurisdiction for Snow Lake to establish a long-term, economic resource that can help meet this growing demand.
Phase 1 Drill Program
The Phase 1 drill program ("Phase 1") consisted of 1,570 meters of reverse circulation drilling in 20 holes. A total of 8 drill holes were completed on the Main Uranium Occurrence ("MUO"), 5 drill holes were completed on the D1 target area ("D1"), and 7 holes were completed on a variety of targets identified by the radon cup survey (the "Radon Survey") completed in 2024 by Snow Lake.
Phase 1 was designed to confirm historical uranium mineralization, identified in the sandstones and conglomerates at the MUO and D1 in the 1970's, through twinning historical drill holes and starting an in-fill grid pattern between the historical drill holes.
Downhole radiometrics were completed on each Phase 1 drill hole with a gamma spectrometer probe. The reader is cautioned that Snow Lake uses eU3O8 calculations as a preliminary indication for chemical grades that have yet to be confirmed by chemical assays. Snow Lake considers all eU3O8 readings below 50 ppm as background radioactivity, and not mineralised ground.
Notable results from the downhole radiometrics include:
- Mineralized intersection of 232 ppm eU3O8 over a 4 meter ("m") interval from 11 m depth, associated with sandstone, observed from drill hole ERCH001
- Mineralized intersection of 251 ppm eU3O8 over a 3 m interval at 25 m depth, associated with sandstone, observed from drill hole ERCH001
- Mineralized intersection of 244 ppm eU3O8 over a 13 m interval from 17 m depth, associated with sandstone, observed from drill hole ERCH002
- Mineralized intersection of 183 ppm eU3O8 over a 2 m interval from 34 m depth, associated with sandstone, observed from drill hole ERCH002
- Mineralized intersection of 269 ppm eU3O8 over a 7 m interval from 27 m depth, associated with sandstone, observed from drill hole ERCH007
- Mineralized intersection of 225 ppm eU3O8 over a 9 m interval from 62m depth, associated with shale, observed from drill hole ERCH009
- Mineralized intersection of 260 ppm eU3O8 over a 6 m interval from 19m depth, associated with shale, observed from drill hole ERCH010
Qualified Person
Technical information in this news release has been reviewed and approved by Milton Misihairabgwi (AusIMM), a professional geologist with Namib Geological Services, who is a Qualified Person as defined by the Securities and Exchange Commission's Regulation S-K 1300.
About Snow Lake Resources Ltd.
Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian mineral 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 Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia, and the Black Lake Uranium Project is an exploration stage project located in the Athabasca Basin, Saskatchewan. The Shatford Lake Project is an exploration stage project located adjacent to the Tanco lithium, cesium and tantalum mine in Southern Manitoba, and the Snow Lake Lithium™ Project is an exploration stage project located in the Snow Lake region of Northern Manitoba. Learn more at www.snowlakeenergy.com.
Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd.. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law.
| Contact and Information Frank Wheatley, CEO | Investor Relations Investors: ir@snowlakelithium.com Website: www.snowlakeenergy.com | Follow us on Social Media Twitter: www.twitter.com/SnowLakeEnergy LinkedIn: www.linkedin.com/company/snow-lake-energy |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240768
FAQ
What are the key findings from LITM's Phase 1 uranium drilling program?
When will LITM begin its Phase 2 uranium drilling program?
What is the timeline for LITM's maiden resource estimate?
How much funding does LITM have for its uranium exploration program?
What were the highest-grade uranium intersections in LITM's Phase 1 drilling?
