Snow Lake Energy Announces Commencement of Drilling on the Engo Valley Uranium Project
Snow Lake Energy (NASDAQ: LITM) has announced the start of drilling on the Engo Valley Uranium Project in Namibia. The company has initiated a two-phase drill program designed to confirm and delineate historically documented uranium mineralization. The first phase, currently underway, involves approximately 1,500 meters of reverse circulation drilling to twin and create an in-fill grid pattern between historical drill holes. Downhole radiometrics will be conducted on each new drill hole, with initial results expected shortly after completion.
A second phase, consisting of about 2,100 meters of reverse circulation drilling, will follow to expand the infill grid, aiming to produce an initial SK-1300 compliant mineral resource estimate. CEO Frank Wheatley expressed optimism about confirming and delineating uranium mineralization at Engo Valley, noting that ground geophysics have been completed and drillers are now on site.
Snow Lake Energy (NASDAQ: LITM) ha annunciato l'inizio della perforazione del Progetto Uranio Engo Valley in Namibia. L'azienda ha avviato un programma di perforazione in due fasi progettato per confermare e delineare la mineralizzazione uranifera documentata storicamente. La prima fase, attualmente in corso, prevede circa 1.500 metri di perforazione a circolazione inversa per creare un modello di riempimento tra i fori di perforazione storici. Radiometria in-foro sarà condotta su ogni nuovo foro, con risultati iniziali attesi poco dopo il completamento.
Una seconda fase, che consisterà in circa 2.100 metri di perforazione a circolazione inversa, seguirà per espandere il modello di riempimento, con l'obiettivo di produrre una stima delle risorse minerarie conforme a SK-1300. Il CEO Frank Wheatley ha espresso ottimismo riguardo alla conferma e delineazione della mineralizzazione uranifera a Engo Valley, osservando che le geofisiche di superficie sono state completate e i perforatori sono attualmente in loco.
Snow Lake Energy (NASDAQ: LITM) ha anunciado el inicio de la perforación en el Proyecto Uranio Engo Valley en Namibia. La compañía ha iniciado un programa de perforación en dos fases diseñado para confirmar y delinear la mineralización de uranio documentada históricamente. La primera fase, actualmente en curso, involucra aproximadamente 1.500 metros de perforación de circulación inversa para gemelar y crear un patrón de relleno entre los agujeros de perforación históricos. Se realizará radiometría en el pozo en cada nuevo agujero de perforación, con resultados iniciales esperados poco después de la finalización.
Una segunda fase, que consistirá en aproximadamente 2.100 metros de perforación de circulación inversa, seguirá para expandir la cuadrícula de relleno, con el objetivo de producir una estimación de recursos minerales conforme a SK-1300. El CEO Frank Wheatley expresó optimismo acerca de confirmar y delinear la mineralización de uranio en Engo Valley, señalando que se han completado las geofísicas de superficie y que los perforadores ya están en el sitio.
Snow Lake Energy (NASDAQ: LITM)는 나미비아의 Engo Valley 우라늄 프로젝트에서 시추를 시작한다고 발표했습니다. 이 회사는 역사적으로 기록된 우라늄 광물화를 확인하고 구획하기 위해 설계된 2단계 시추 프로그램을 시작했습니다. 현재 진행 중인 1단계는 약 1,500미터의 역순환 시추를 포함하여 역사적인 시추 구멍 사이에 공간을 채우는 그리드 패턴을 만들고 있습니다. 각 새로운 시추 구멍에서는 내부 방사선 측정을 실시하며, 초기 결과는 완료 후 곧바로 예상됩니다.
약 2,100미터의 역순환 시추로 구성된 2단계가 뒤이어 진행되어 그리드를 확장하고 SK-1300 준수 광물 자원 추정치를 생성하는 것을 목표로 하고 있습니다. CEO Frank Wheatley는 Engo Valley의 우라늄 광물화를 확인하고 구획할 수 있다는 것에 대해 희망적인 입장을 밝혔으며, 지면 지구물리학이 완료되었고 시추자들이 현재 현장에 있다고 언급했습니다.
Snow Lake Energy (NASDAQ: LITM) a annoncé le début des forages sur le projet Uranium Engo Valley en Namibie. L'entreprise a lancé un programme de forage en deux phases conçu pour confirmer et délimiter la minéralisation d'uranium historiquement documentée. La première phase, actuellement en cours, implique environ 1.500 mètres de forage à circulation inverse pour jumeler et créer un modèle de remplissage entre les trous de forage historiques. Une radiométrie en forage sera effectuée sur chaque nouveau trou de forage, avec des résultats préliminaires attendus peu après l'achèvement.
Une deuxième phase, consistant en environ 2.100 mètres de forage à circulation inverse, suivra pour étendre le modèle de remplissage, visant à produire une estimation des ressources minérales conforme à SK-1300. Le PDG Frank Wheatley a exprimé son optimisme quant à la confirmation et à la délimitation de la minéralisation d'uranium à Engo Valley, notant que la géophysique au sol a été achevée et que les foreurs sont maintenant sur place.
Snow Lake Energy (NASDAQ: LITM) hat den Beginn der Bohrungen im Engo Valley Uran-Projekt in Namibia angekündigt. Das Unternehmen hat ein zwei-phasiges Bohrprogramm initiiert, das darauf abzielt, die historisch dokumentierte Uranmineralisierung zu bestätigen und abzustecken. Die erste Phase, die sich derzeit in der Durchführung befindet, umfasst etwa 1.500 Meter Rückbohrung, um historische Bohrlöcher zu verdoppeln und ein Auffüllmuster zu erstellen. Downhole-Radiometrie wird bei jedem neuen Bohrloch durchgeführt, wobei erste Ergebnisse kurz nach Abschluss erwartet werden.
Eine zweite Phase, die etwa 2.100 Meter Rückbohrung umfasst, wird folgen, um das Auffüllmuster zu erweitern, mit dem Ziel, eine erste SK-1300-konforme Schätzung der Mineralressourcen zu erstellen. CEO Frank Wheatley äußerte Optimismus hinsichtlich der Bestätigung und Absteckung der Uranmineralisierung im Engo Valley und stellte fest, dass die geophysikalischen Arbeiten abgeschlossen sind und die Bohrer bereits vor Ort sind.
- Commencement of drilling on the Engo Valley Uranium Project in Namibia
- Two-phase drill program to confirm and delineate historical uranium mineralization
- Potential for producing an initial SK-1300 compliant mineral resource estimate
- None.
Insights
The commencement of drilling at Snow Lake Energy's Engo Valley Uranium Project marks a significant step in confirming historical uranium mineralization. The two-phase drill program, totaling 3,600 meters of reverse circulation drilling, is designed to verify and expand upon previous findings. This approach is important for developing an SK-1300 compliant mineral resource estimate, which is essential for investors to assess the project's potential value.
The use of downhole radiometrics in each new drill hole is a standard and effective method for detecting uranium mineralization. This technique will provide rapid initial results, allowing for quick decision-making on subsequent drilling targets. The combination of twinning historical holes and initiating an infill grid pattern is a sound strategy to both confirm previous data and potentially expand the known mineralized zones.
However, investors should note that while historical records suggest uranium mineralization, the extent and economic viability remain uncertain until the current program is completed and analyzed. The success of this drilling campaign could significantly impact Snow Lake Energy's valuation, particularly if substantial uranium deposits are confirmed in a geopolitically stable region like Namibia.
Winnipeg, Manitoba--(Newsfile Corp. - October 22, 2024) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake") announces the commencement of drilling on the Engo Valley Uranium Project in Namibia.
Highlights
- A two-phase drill program designed to confirm the existence, and to delineate the extent, of historically documented uranium mineralization
- The first phase is underway, consisting of approximately 1,500 meters of reverse circulation drilling, to both twin and initiate an in-fill grid pattern between the historical drill holes
- Downhole radiometrics will be undertaken on each new drill hole, with initial results expected shortly after drilling is completed
- A second phase of drilling, consisting of approximately 2,100 meters of reverse circulation drilling, will be undertaken after the first phase to expand the infill grid with spacing sufficient to produce an initial SK-1300 compliant mineral resource estimate
"Historic records document the existence of uranium mineralization at Engo Valley, and we have high hopes that our current drill program will confirm the presence and begin to delineate the extent of such mineralization," commented Frank Wheatley, CEO of Snow Lake. "We have completed our ground geophysics program, and our drillers are now on site to begin the first phase of our planned drill program."
About the Engo Valley Uranium Project
The Engo Valley Uranium Project (the "Project") is located on the Skeleton Coast of northwest Namibia, approximately 600 kilometers north of Swakopmund. Namibia is currently the world's third-largest producer of uranium, accounting for
The Project holds Exclusive Prospecting License 5887 which covers an area of 69,530 hectares and is valid until February 12, 2026. Snow Lake currently holds an effective
Current uranium development activities in Namibia include: Deep Yellow Limited (ASX: DYL) progressing the development of its Tumas Uranium Project, with commercial production projected for 2026 and Bannerman Energy Ltd. (ASX: BMN) undertaking early works activities on its Etango Uranium Project as it advances towards a final investment decision. If these two projects reach commercial production, they will join the three currently operating uranium mines: Rossing, Husab and Langer Heinrich. Forsys Metals Corp. (TSX: FSY) has reached the mineral resource estimate stage of development on its Norasa Uranium Project.
Uranium and Nuclear Energy
Current uranium production will not meet forecasted uranium demand over the next decade. New sources of primary uranium supply will need to be developed to meet this demand.
Uranium is used primarily to produce fuel for nuclear power plants for the generation of electricity. Nuclear energy provides clean, carbon and emissions free, reliable base-load, low-cost energy with greater generating capacity per land footprint than other fuel sources.
Nuclear energy underpins the three major global trends of electrification, decarbonization, and energy security.
Electrification – replacing technologies or processes that use fossil fuels with electrically-powered equivalents. Global demand for electricity is estimated to grow by approximately
Decarbonization – process of reducing greenhouse gas emissions to net zero to limit global warming. Effective decarbonization actions include shifting the energy mix away from fossil fuels and toward zero emissions electricity and other low-emissions energy carriers such as hydrogen, adapting industrial and agricultural processes, and increasing energy efficiency.
Energy security – the uninterrupted availability of energy sources at an affordable price. Geopolitical events, supply chain disruptions and the COVID pandemic have all renewed the global focus on energy security.
Clean Energy Opportunities
As a clean energy company, Snow Lake continues to review North American net-zero resource opportunities in the clean energy space that have the potential to be commercialized, create shareholder value, and complement its current portfolio of uranium and lithium projects.
About Snow Lake Resources Ltd.
Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian clean energy 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 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. The Shatford Lake Project is an exploration stage project located adjacent to the Tanco tantalum, cesium, and lithium mine in Southern Manitoba, and the Snow Lake Lithium™ Project is an exploration stage project located in the Snow Lake region of Northern Manitoba.
The current focus of Snow Lake is advancing the exploration of its two uranium projects to supply the raw materials needed for the clean energy transition and emissions free power, while exploration activities on its two lithium projects will remain limited until such time as the lithium market recovers from its current depressed levels. 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
+1 (604) 562-1916
Investor Relations
Investors:
ir@snowlakelithium.com
Website:
www.snowlakeenergy.com
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1 Fraser Institute. GlobalData's Global Uranium Mining to 2026 Report.
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FAQ
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When does Snow Lake Energy (LITM) expect initial results from the Engo Valley drilling program?
