Snow Lake Energy Secures Funding to Advance Uranium Exploration, Supporting Nuclear Energy's Critical Role in Powering AI Data Centers
Snow Lake Resources (NASDAQ: LITM) announces secured funding for its 2025 uranium exploration programs, focusing on two key projects. The company expects initial assay results from the Engo Valley Uranium Project Phase 1 drill program in January 2025, with complete results and downhole radiometrics expected by late January. A Phase 2 drill program is scheduled for early 2025, followed by a maiden SK-1300 mineral resource estimate in H1 2025.
The Phase 1 program completed 20 reverse circulation holes totaling approximately 1,500 meters. The company emphasizes uranium's critical role in powering AI data centers, noting major tech companies' increasing investment in nuclear energy. Snow Lake highlights Namibia's position as the world's third-largest uranium producer, accounting for 11% of global production in 2022.
Snow Lake Resources (NASDAQ: LITM) annuncia di aver ottenuto finanziamenti sicuri per i suoi programmi di esplorazione dell'uranio nel 2025, concentrandosi su due progetti chiave. L'azienda si aspetta i risultati preliminari delle analisi dal programma di perforazione Engo Valley Uranium Project Phase 1 a gennaio 2025, con risultati completi e radiometrici in profondità attesi entro la fine di gennaio. Un programma di perforazione della Fase 2 è previsto per l'inizio del 2025, seguito da una stima delle risorse minerali SK-1300 nella prima metà del 2025.
Il programma della Fase 1 ha completato 20 fori di circolazione inversa per un totale di circa 1.500 metri. L'azienda sottolinea il ruolo cruciale dell'uranio nel alimentare i data center di intelligenza artificiale, evidenziando l'aumento degli investimenti delle grandi aziende tecnologiche nell'energia nucleare. Snow Lake mette in evidenza la posizione della Namibia come il terzo produttore di uranio al mondo, che rappresenta l'11% della produzione globale nel 2022.
Snow Lake Resources (NASDAQ: LITM) anuncia la obtención de financiamiento seguro para sus programas de exploración de uranio en 2025, centrados en dos proyectos clave. La compañía espera resultados de ensayos iniciales del programa de perforación Engo Valley Uranium Project Phase 1 en enero de 2025, con resultados completos y radiometría de fondo esperados para finales de enero. Se programa un programa de perforación de Fase 2 para principios de 2025, seguido de una estimación de recursos minerales SK-1300 en la primera mitad de 2025.
El programa de Fase 1 completó 20 agujeros de circulación inversa que totalizaron aproximadamente 1,500 metros. La empresa enfatiza el papel crítico del uranio en el suministro de energía a los centros de datos de inteligencia artificial, señalando la creciente inversión de las grandes empresas tecnológicas en energía nuclear. Snow Lake destaca la posición de Namibia como el tercer mayor productor de uranio del mundo, representando el 11% de la producción global en 2022.
Snow Lake Resources (NASDAQ: LITM)는 2025년 우라늄 탐사 프로그램을 위한 확보된 자금을 발표하며, 두 가지 주요 프로젝트에 집중하고 있습니다. 회사는 Engo Valley Uranium Project Phase 1 드릴 프로그램의 초기 분석 결과를 2025년 1월에 발표할 계획이며, 전체 결과와 하수 라디오메트릭스는 1월 말에 예상하고 있습니다. 2025년 초에 2단계 드릴 프로그램이 예정되어 있으며, 2025년 상반기에는 첫 SK-1300 광물 자원 추정이 이루어질 것입니다.
1단계 프로그램은 약 1,500미터에 해당하는 20개의 역회전 구멍을 완료했습니다. 회사는 AI 데이터 센터에 전력을 공급하는 데 있어 우라늄의 중요한 역할을 강조하며, 주요 기술 기업들이 원자력에 대한 투자를 증가시키고 있음을 언급합니다. Snow Lake는 나미비아가 전 세계에서 세 번째로 큰 우라늄 생산국으로, 2022년에는 세계 생산량의 11%를 차지하고 있다고 설명합니다.
Snow Lake Resources (NASDAQ: LITM) annonce avoir sécurisé un financement pour ses programmes d'exploration de l'uranium en 2025, en se concentrant sur deux projets clés. L'entreprise s'attend à recevoir les premiers résultats d'analyse du programme de forage Engo Valley Uranium Project Phase 1 en janvier 2025, avec des résultats complets et des radiométries downhole attendus d'ici la fin janvier. Un programme de forage de phase 2 est prévu pour début 2025, suivi d'une estimation des ressources minérales SK-1300 au premier semestre 2025.
Le programme de phase 1 a complété 20 puits de circulation inversée totalisant environ 1 500 mètres. L'entreprise souligne le rôle crucial de l'uranium dans l'alimentation des centres de données d'IA, notant l'augmentation des investissements des grandes entreprises technologiques dans l'énergie nucléaire. Snow Lake met en avant la position de la Namibie en tant que troisième producteur mondial d'uranium, représentant 11 % de la production mondiale en 2022.
Snow Lake Resources (NASDAQ: LITM) kündigt die Sicherstellung von Finanzmitteln für seine Uran-Explorationsprogramme 2025 an, die sich auf zwei Schlüsselprojekte konzentrieren. Das Unternehmen erwartet im Januar 2025 erste Assay-Ergebnisse des Engo Valley Uranium Project Phase 1 Bohrprogramms, wobei vollständige Ergebnisse und Bohrmessungen bis Ende Januar erwartet werden. Ein Bohrprogramm der Phase 2 ist Anfang 2025 geplant, gefolgt von einer ersten Schätzung der mineralischen Ressourcen SK-1300 in der ersten Jahreshälfte 2025.
Das Phase-1-Programm hat 20 Umkehrbohrlöcher mit einer Gesamtlänge von etwa 1.500 Metern abgeschlossen. Das Unternehmen hebt die entscheidende Rolle von Uran bei der Energiebereitstellung für KI-Datenzentren hervor und merkt an, dass große Technologieunternehmen zunehmend in die Kernenergie investieren. Snow Lake hebt Namibias Position als drittgrößter Uranproduzent der Welt hervor, der 2022 11% der globalen Produktion ausmachte.
- Secured funding for 2025 exploration programs
- Completion of Phase 1 drill program with 20 holes totaling 1,500 meters
- Planned maiden SK-1300 mineral resource estimate in H1 2025
- None.
Insights
Snow Lake's uranium exploration funding announcement warrants careful analysis within the context of global nuclear energy demands. The company's twin-track approach at Engo Valley and Black Lake positions it strategically in Namibia's uranium-rich territory. The planned 20-hole Phase 1 program spanning 1,500 meters represents a methodical validation of historical Gencor data, while the scheduled Phase 2 program signals a commitment to resource definition.
The timing aligns with Namibia's strengthening position in global uranium markets, currently holding 11% of global production. The country's established infrastructure and existing operations at Rossing, Husab and Langer Heinrich mines provide important operational precedent. The imminent SK-1300 resource estimate in H1 2025 will be pivotal for valuation metrics and project advancement potential.
The funding announcement intersects with a transformative period in energy markets, particularly the nexus between nuclear power and AI infrastructure. Major tech companies' strategic pivot toward nuclear energy isn't merely coincidental - it's driven by AI's unprecedented power demands and the imperative for reliable, carbon-free baseload generation.
The projected
Winnipeg, Manitoba--(Newsfile Corp. - December 23, 2024) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration company, announces that it is now funded to continue progressing its exploration programs at its portfolio of clean energy mineral projects.
In 2025, Snow Lake will focus on the continuing exploration of its portfolio of uranium projects, with experts predicting nuclear energy will play a key role in supporting the world's exponentially growing energy needs fueled by the growth in big data, including data centers and the advent of artificial intelligence (AI).
Highlights
Snow Lake is now funded for its 2025 exploration programs on its two highly prospective uranium projects
Initial assay results from the Engo Valley Uranium Project Phase 1 drill program, designed to twin Gencor's 1970's drill program, are expected in January 2025
Balance of the assay results, together with the report on the downhole radiometrics on all drill holes from Phase 1, are expected in late January 2025.
Engo Valley Phase 2 drill program, designed to infill and expand on the Phase 1 drill program, is currently scheduled to begin in early 2025, to be followed by a planned maiden SK-1300 mineral resource estimate during the first half of 2025
"We look forward to resuming our exploration programs on our Engo Valley and Black Lake uranium projects in early 2025," commented Frank Wheatley, CEO of Snow Lake. "As we watch major technology companies such as Google, Microsoft and Amazon pursue their AI ambitions and invest in nuclear power, coupled with continuing geopolitical events, we continue to believe new sources of uranium will be required to supply the expansion of nuclear power to support those ambitions."
Pending Results - Engo Valley Phase 1 Drill Program
With the Phase 1 drill program at Engo Valley now complete, consisting of a total of 20 reverse circulation holes totaling approximately 1,500 meters, we expect to receive initial assay results in early January 2025. The balance of the assay results, together with the results of the downhole radiometrics on each drill hole in Phase 1, are currently expected by the end of January 2025.
Uranium and Nuclear Energy
Primary Use of Uranium: Uranium is used primarily to produce fuel for nuclear power plants for the generation of electricity
Why Nuclear Energy: 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
Electrification & Big Data: Global electricity demand is estimated to grow by approximately
50% by 2040, driven in large part by the growth in big data, including data centers to support artificial intelligence (AI), cloud storage and social mediaTechnology 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 investment[1]Shortfall of Primary Uranium Supply: Current uranium supply will not meet forecasted uranium demand over the next decade. New sources of primary uranium supply, including new uranium mines, will need to be developed to meet this demand
Namibia
Namibia is currently the world's third-largest producer of uranium, accounting for
In early 2024, the United States opened a new embassy in Namibia's capital Windhoek, increasing the United States' footprint and presence in sub-Saharan Africa.
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 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 and. 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.
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: Website: | Follow us on Social Media Twitter: |
[1] CNBC - October 16, 2024
[2] 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/234956
FAQ
When will Snow Lake (LITM) release initial assay results from Engo Valley Phase 1 drilling?
How many drill holes were completed in LITM's Engo Valley Phase 1 program?
When will Snow Lake (LITM) begin Phase 2 drilling at Engo Valley?
What is the timeline for Snow Lake's (LITM) maiden SK-1300 mineral resource estimate?
What percentage of global uranium production does Namibia, where LITM operates, account for?
