Snow Lake Energy Announces Positive Preliminary Results from Drill Program at the Engo Valley Uranium Project
Snow Lake Resources (NASDAQ: LITM) announces positive preliminary results from eight reverse circulation drill holes at the Engo Valley Uranium Project in Namibia. Key findings include a mineralized intersection of 355 ppm eU3O8 over a 12-meter interval in drill hole ERCH002, and 137 ppm eU3O8 over a 20-meter interval in ERCH007. Five of eight holes drilled returned intersections above 100 ppm eU3O8. The company also initiated a winter drill program at its Snow Lake Lithium Project, which has a projected pre-tax NPV of USD$1.7 billion. The drilling program aims to confirm historical mineralization in sandstones and conglomerates through twinning of historical drill holes.
Snow Lake Resources (NASDAQ: LITM) annuncia risultati preliminari positivi da otto fori di perforazione a circolazione inversa nel progetto Uranio Engo Valley in Namibia. I principali risultati includono un'intersezione mineralizzata di 355 ppm eU3O8 su un intervallo di 12 metri nel foro di perforazione ERCH002 e 137 ppm eU3O8 su un intervallo di 20 metri in ERCH007. Cinque dei otto fori perforati hanno restituito intersezioni superiori ai 100 ppm eU3O8. L'azienda ha anche avviato un programma di perforazione invernale nel suo progetto Snow Lake Lithium, che ha un valore attuale netto pre-tasse previsto di 1,7 miliardi di USD. Il programma di perforazione punta a confermare la mineralizzazione storica in arenarie e conglomerati attraverso la perforazione in corrispondenza dei fori storici.
Snow Lake Resources (NASDAQ: LITM) anuncia resultados preliminares positivos de ocho perforaciones de circulación inversa en el Proyecto de Uranio Engo Valley en Namibia. Los hallazgos clave incluyen una intersección mineralizada de 355 ppm eU3O8 en un intervalo de 12 metros en el hueco de perforación ERCH002, y 137 ppm eU3O8 en un intervalo de 20 metros en ERCH007. Cinco de los ocho huecos perforados devolvieron intersecciones por encima de 100 ppm eU3O8. Además, la compañía ha iniciado un programa de perforación de invierno en su Proyecto de Litio Snow Lake, que tiene un valor presente neto previo a impuestos proyectado de 1,7 mil millones de USD. El programa de perforación tiene como objetivo confirmar la mineralización histórica en areniscas y conglomerados mediante la perforación en paralelo de los huecos históricos.
스노우 레이크 리소스(Snow Lake Resources, NASDAQ: LITM)가 나미비아의 Engo Valley 우라늄 프로젝트에서 8개의 역순환 드릴 홀의 긍정적인 예비 결과를 발표했습니다. 주요 발견 중 일부는 ERCH002 드릴 홀에서 12미터 구간에 걸쳐 355 ppm eU3O8의 광물화가 확인되었고, ERCH007에서는 20미터 구간에 137 ppm eU3O8이 발견되었습니다. 드릴링한 8개 홀 중 5개가 100 ppm eU3O8 이상의 교차점을 기록했습니다. 회사는 또한 스노우 레이크 리튬 프로젝트에서 겨울 드릴 프로그램을 시작했으며, 이 프로젝트는 세전 NPV가 17억 달러로 예상됩니다. 드릴링 프로그램은 기존 드릴 홀의 쌍을 통해 사암과 응회암의 역사적 광물화를 확인하는 것을 목표로 합니다.
Snow Lake Resources (NASDAQ: LITM) annonce des résultats préliminaires positifs de huit trous de forage à circulation inverse au projet uranium Engo Valley en Namibie. Les principales conclusions incluent une intersection minéralisée de 355 ppm eU3O8 sur un intervalle de 12 mètres dans le trou de forage ERCH002, et 137 ppm eU3O8 sur un intervalle de 20 mètres dans ERCH007. Cinq des huit trous forés ont rendu des intersections supérieures à 100 ppm eU3O8. L'entreprise a également lancé un programme de forage hivernal sur son projet Snow Lake Lithium, qui dispose d'une VAN avant impôt projetée de 1,7 milliard USD. Le programme de forage vise à confirmer la minéralisation historique dans les grès et les conglomérats par la duplication des anciens trous de forage.
Snow Lake Resources (NASDAQ: LITM) gibt positive vorläufige Ergebnisse von acht Druckluftbohrungen im Uranprojekt Engo Valley in Namibia bekannt. Zu den wichtigsten Erkenntnissen gehört eine mineralisierte Schnittstelle von 355 ppm eU3O8 über einen 12-Meter-Intervall in Bohrloch ERCH002 und 137 ppm eU3O8 über einen 20-Meter-Intervall in ERCH007. Fünf der acht gebohrten Löcher lieferten Schnittstellen über 100 ppm eU3O8. Das Unternehmen hat auch ein Winter-Bohrprogramm in seinem Snow Lake Lithium-Projekt gestartet, das einen prognostizierten vorsteuerlichen NPV von 1,7 Milliarden USD aufweist. Ziel des Bohrprogramms ist es, die historische Mineralisierung in Sandsteinen und Konglomeraten durch die Wiederholung historischer Bohrlöcher zu bestätigen.
- Five out of eight drill holes showed uranium intersections above 100 ppm eU3O8
- Strong mineralization results with 355 ppm eU3O8 over 12m interval in ERCH002
- Additional mineralization of 137 ppm eU3O8 over 20m interval in ERCH007
- Snow Lake Lithium Project has projected pre-tax NPV of USD$1.7 billion
- None.
Insights
The preliminary drill results from Snow Lake Energy's Engo Valley Uranium Project show promising mineralization, with notable intersections including 355 ppm eU3O8 over 12 meters and 137 ppm eU3O8 over 20 meters. While these grades are relatively modest compared to high-grade uranium deposits, they warrant further exploration given the strategic location in Namibia, the world's third-largest uranium producer.
The company's positioning in both uranium and lithium exploration provides diversification in critical minerals. The Snow Lake Lithium Project's preliminary economic assessment suggests significant potential with a
The broader context of uranium market fundamentals supports exploration initiatives. Growing demand from AI data centers, coupled with traditional nuclear power growth, is creating a compelling supply-demand dynamic. Major tech companies like Amazon's
However, investors should note that Snow Lake is still in early exploration stages and faces significant competition from more advanced uranium projects in Namibia, including Deep Yellow's Tumas and Bannerman's Etango. The company's small market cap of
Winnipeg, Manitoba--(Newsfile Corp. - November 14, 2024) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration company, announces positive preliminary results from the first eight reverse circulation drill holes on the Engo Valley Uranium Project in Namibia (the "Project"), and commencement of a winter drill program at the Snow Lake Lithium Project.
Highlights
- Winter drill program initiated at the Snow Lake Lithium Project (Preliminary Economic Assessment dated July 2023 projecting a base-case pre-tax NPV of USD
$1.7 billion )1
- Mineralised intersection of 355 ppm eU3O8 over a 12-meter (m) interval, associated with sandstone, observed from drill hole ERCH002, including a 3 m interval at 684 ppm eU3O8
- Mineralised intersection of 137 ppm eU3O8 over a 20 m interval, associated with sandstone, observed from drill hole ERCH007
- Five of 8 holes drilled to date returned intersections above 100 ppm eU3O8
"With our preliminary results confirming elevated radioactivity in a number of drill holes, and with a large land package holding multiple uranium targets that have yet to be explored, Engo Valley continues to demonstrate why it can be considered a highly prospective uranium exploration project," commented Frank Wheatley, CEO of Snow Lake. "As major technology companies such as Google, Microsoft and Amazon pursue their AI ambitions and invest in nuclear power, coupled with global nuclear plant baseload demand growth, we believe new sources of uranium will be required to underpin the expansion of nuclear power to support those ambitions."
Preliminary Drill Results
The first phase drill program is aimed at confirming the historical mineralization identified in the sandstones and conglomerates through twinning of historical drill holes. Five of the eight drill holes within the area historically known as the Main Uranium Occurrence intersected uranium mineralization observable as carnotite in the drill chips.
Mineralization was confirmed with the downhole gamma spectrometer probe that was undertaken on each drill hole by TerraTec Namibia, an independent geophysics consultant that specializes in downhole probing for uranium exploration.
The geology of the twinned drill holes correlates to the lithologies reported in the historical drill logs of Gencor from the exploration work undertaken by them in the 1970's. Sampling was undertaken on each meter interval, and samples from the first two drill holes have been submitted to ALS for wet chemical analysis.
Downhole Probe
Equivalent uranium oxide (eU3O8) is calculated from data collected using a Gamma Ray Spectrometer probe - GRS 1128 (the " Probe"), a downhole tool. 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.
Nuclear Energy and Uranium
- Why Nuclear: Nuclear energy provides clean, zero-carbon, zero-emissions, reliable base-load, scalable low-cost energy with greater generating capacity per land footprint than other fuel sources
- Primary Use of Uranium: Uranium is used primarily to produce fuel for nuclear power plants for the generation of electricity
- Electrification & AI: Global electricity demand is estimated to grow by approximately
50% by 2040, driven in large part by the growth in data centers to support artificial intelligence (AI), cloud storage and social media
- Technology Companies & AI: Google, Microsoft and Amazon are among the technology companies turning to and investing in nuclear energy to power their energy intensive AI ambitions, including Amazon's recent
$500 million investment2
- Shortfall of Primary Uranium Supply: Current uranium supply 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
Namibia
Namibia is currently the world's third-largest producer of uranium, accounting for
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 rules for resource deposit disclosure.
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 | Follow us on Social Media Twitter: www.twitter.com/SnowLakeEnergy LinkedIn: www.linkedin.com/company/snow-lake-energy |
1 Preliminary Economic Assessment (PEA) dated July 31, 2024, as filed on EDGAR. The PEA used a spodumene price of USD
2 CNBC - October 16, 2024
3 Fraser Institute. GlobalData's Global Uranium Mining to 2026 Report.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229909
FAQ
What are the key uranium mineralization results from Snow Lake's (LITM) Engo Valley Project?
What is the projected pre-tax NPV of Snow Lake's (LITM) Lithium Project?
How many drill holes at Snow Lake's (LITM) Engo Valley Project showed significant uranium mineralization?
