Snow Lake Expands Its Uranium Portfolio with Acquisition of the Buffalo Uranium Project in Wyoming, United States
Snow Lake Resources (NASDAQ: LITM) has entered into a binding letter of intent to acquire a 100% interest in the Buffalo Uranium Project in Wyoming. The project is centered on the historic Little Man Uranium Mine, which produced approximately 65,000 pounds of U3O8 at grades between 1.0% and 1.5% in the 1950s.
The acquisition terms include an initial cash payment of US$50,000, a closing cash payment of US$200,000, and US$400,000 in Snow Lake shares. Additional milestone payments of US$450,000 each are tied to achieving specific resource targets. The project consists of sixteen unpatented mining claims, with historical drilling by Conoco in 1980 confirming uranium mineralization over 3,000 feet of strike, remaining open in all directions.
Wyoming has been the leading uranium producer in the United States since 1995, with over 238 million pounds of U3O8 produced since 1951. The acquisition aligns with U.S. energy policy focusing on nuclear power development and domestic uranium supply.
Snow Lake Resources (NASDAQ: LITM) ha firmato una lettera di intenti vincolante per acquisire una partecipazione del 100% nel Buffalo Uranium Project in Wyoming. Il progetto è incentrato sulla storica miniera di uranio Little Man, che ha prodotto circa 65.000 libbre di U3O8 con gradi compresi tra l'1,0% e l'1,5% negli anni '50.
I termini dell'acquisizione includono un pagamento iniziale in contante di 50.000 dollari USA, un pagamento finale di 200.000 dollari USA e 400.000 dollari USA in azioni di Snow Lake. Ulteriori pagamenti legati a obiettivi specifici di risorse ammontano a 450.000 dollari USA ciascuno. Il progetto consiste in sedici concessioni minerarie non brevettate, con perforazioni storiche effettuate da Conoco nel 1980 che hanno confermato la mineralizzazione di uranio su un fronte di oltre 3.000 piedi, rimanendo aperto in tutte le direzioni.
Il Wyoming è stato il principale produttore di uranio negli Stati Uniti dal 1995, con oltre 238 milioni di libbre di U3O8 prodotte dal 1951. L'acquisizione è in linea con la politica energetica degli Stati Uniti, che si concentra sullo sviluppo dell'energia nucleare e sull'approvvigionamento domestico di uranio.
Snow Lake Resources (NASDAQ: LITM) ha firmado una carta de intención vinculante para adquirir un interés del 100% en el Buffalo Uranium Project en Wyoming. El proyecto se centra en la histórica mina de uranio Little Man, que produjo aproximadamente 65,000 libras de U3O8 con grados entre el 1.0% y el 1.5% en la década de 1950.
Los términos de la adquisición incluyen un pago inicial en efectivo de 50,000 dólares estadounidenses, un pago en efectivo al cierre de 200,000 dólares estadounidenses y 400,000 dólares estadounidenses en acciones de Snow Lake. Pagos adicionales por hitos de 450,000 dólares estadounidenses cada uno están vinculados a la consecución de objetivos específicos de recursos. El proyecto consta de dieciséis reclamaciones mineras no patentadas, con perforaciones históricas realizadas por Conoco en 1980 que confirmaron la mineralización de uranio a lo largo de más de 3,000 pies de strike, quedando abierto en todas las direcciones.
Wyoming ha sido el principal productor de uranio en los Estados Unidos desde 1995, con más de 238 millones de libras de U3O8 producidas desde 1951. La adquisición se alinea con la política energética de EE. UU. que se centra en el desarrollo de energía nuclear y el suministro nacional de uranio.
스노우 레이크 리소스(SNOW LAKE RESOURCES, NASDAQ: LITM)는 와이오밍의 버팔로 우라늄 프로젝트에 대한 100% 지분 인수를 위한 구속력 있는 의향서를 체결했습니다. 이 프로젝트는 1950년대에 약 65,000파운드의 U3O8을 1.0%에서 1.5% 사이의 등급으로 생산했던 역사적인 리틀 맨 우라늄 광산에 중점을 두고 있습니다.
인수 조건에는 50,000달러의 초기 현금 지급, 200,000달러의 종결 현금 지급, 그리고 400,000달러의 스노우 레이크 주식이 포함됩니다. 특정 자원 목표 달성과 관련된 추가 이정표 지급금은 각각 450,000달러입니다. 이 프로젝트는 16개의 비특허 채굴권으로 구성되어 있으며, 1980년에 코노코가 실시한 역사적인 굴착 결과 3,000피트의 스트라이크에 걸쳐 우라늄 광물이 확인되었고, 모든 방향으로 개방되어 있습니다.
와이오밍은 1995년 이후 미국의 주요 우라늄 생산국으로, 1951년 이후 2억 3,800만 파운드 이상의 U3O8을 생산했습니다. 이 인수는 핵 발전 및 국내 우라늄 공급에 중점을 둔 미국 에너지 정책과 일치합니다.
Snow Lake Resources (NASDAQ: LITM) a signé une lettre d'intention contraignante pour acquérir un intérêt de 100% dans le Buffalo Uranium Project dans le Wyoming. Le projet est centré sur l'historique mine d'uranium Little Man, qui a produit environ 65 000 livres de U3O8 avec des teneurs entre 1,0 % et 1,5 % dans les années 1950.
Les conditions d'acquisition comprennent un paiement initial en espèces de 50 000 dollars américains, un paiement de clôture de 200 000 dollars américains et 400 000 dollars américains en actions de Snow Lake. Des paiements supplémentaires de jalons de 450 000 dollars américains chacun sont liés à l'atteinte d'objectifs spécifiques de ressources. Le projet se compose de seize revendications minières non brevetées, avec des forages historiques réalisés par Conoco en 1980 confirmant la minéralisation d'uranium sur plus de 3 000 pieds de longueur, restant ouvert dans toutes les directions.
Le Wyoming est le principal producteur d'uranium aux États-Unis depuis 1995, avec plus de 238 millions de livres de U3O8 produites depuis 1951. L'acquisition s'inscrit dans la politique énergétique des États-Unis axée sur le développement de l'énergie nucléaire et l'approvisionnement domestique en uranium.
Snow Lake Resources (NASDAQ: LITM) hat eine verbindliche Absichtserklärung zur Übernahme eines 100% Anteils am Buffalo Uranium Project in Wyoming unterzeichnet. Das Projekt konzentriert sich auf die historische Little Man Uranium Mine, die in den 1950er Jahren etwa 65.000 Pfund U3O8 mit Gehalten zwischen 1,0% und 1,5% produzierte.
Die Bedingungen der Übernahme umfassen eine anfängliche Barzahlung von 50.000 US-Dollar, eine Abschlusszahlung von 200.000 US-Dollar und 400.000 US-Dollar in Aktien von Snow Lake. Zusätzliche Meilensteinzahlungen von jeweils 450.000 US-Dollar sind an die Erreichung spezifischer Ressourcenziele gebunden. Das Projekt besteht aus sechzehn nicht patentierten Bergbauansprüchen, wobei historische Bohrungen von Conoco im Jahr 1980 eine Uranmineralisierung über 3.000 Fuß Streichen bestätigten, die in alle Richtungen offen bleibt.
Wyoming ist seit 1995 der führende Uranproduzent in den Vereinigten Staaten, mit über 238 Millionen Pfund U3O8, die seit 1951 produziert wurden. Die Übernahme steht im Einklang mit der US-Energiepolitik, die sich auf die Entwicklung der Kernenergie und die heimische Uranversorgung konzentriert.
- Strategic acquisition in Wyoming, the leading U.S. uranium jurisdiction
- Historical high-grade uranium production (1.0-1.5% U3O8)
- Confirmed uranium mineralization over 3,000 feet of strike length
- Structured payment terms with performance-based milestones
- Potential for U.S. government funding and fast-track permitting
- Significant cash payments required for acquisition and milestones (US$1.1M)
- No drilling or exploration since 1980
- 1.5% net smelter royalty burden
- Additional share issuance may lead to dilution
Insights
This strategic acquisition marks Snow Lake's entry into the U.S. uranium sector through a well-structured deal with significant upside potential. The initial commitment of $650,000 ($250,000 in cash and $400,000 in shares) represents a relatively modest entry cost for a project with historical high-grade production of 65,000 pounds at 1.0-1.5% U3O8.
The milestone payment structure is particularly noteworthy, designed to align with resource definition success:
- First milestone:
$450,000 triggered at 10M lbs >0.2% U3O8 or 2.5M lbs >1.0% U3O8 - Second milestone:
$450,000 triggered at 20M lbs >0.2% U3O8 or 5M lbs >1.0% U3O8
The project's location in Wyoming offers several strategic advantages:
- Access to established uranium processing infrastructure
- Streamlined permitting processes due to Wyoming's uranium-friendly jurisdiction
- Potential fast-track status if uranium gains critical mineral designation
The historical Conoco drilling data, confirming mineralization over 3,000 feet of strike length, provides a solid foundation for modern exploration techniques. The fact that no drilling has occurred since 1980 suggests significant potential for applying contemporary exploration methods to expand the resource base.
The retention of a 1.5% NSR with a
Winnipeg, Manitoba--(Newsfile Corp. - February 18, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, announces that it has entered into a binding letter of intent to acquire a
Buffalo Uranium Project Highlights:
Located in southeastern Wyoming, the leading uranium jurisdiction in the United States
Centered on the historic Little Man Uranium Mine, where up to 65,000 pounds of U3O8 were mined in the 1950s at grades averaging between
1.0% and1.5% U3O8Historical drilling by Conoco in 1980 confirmed uranium mineralization over 3,000 feet of strike, which remains open in all directions
Wyoming has led the United States in uranium production since 1995, hosting the largest known uranium reserves in the country1
CEO Remarks
"The proposed acquisition of the Buffalo Uranium Project allows us to establish a uranium project portfolio in the United States, and in particular in Wyoming, currently the leading jurisdiction for uranium mining in the United States" said Frank Wheatley, CEO of Snow Lake. "As global energy demand continues to grow, and with the new United States administration looking to launch the long-awaited American nuclear renaissance, we feel establishing a footprint in Wyoming presents a strong opportunity to create value for our shareholders.
We believe developing a United States domestic uranium supply holds the potential to contribute to the United States' plans to commercialize affordable and abundant nuclear energy."
Strategic Acquisition Aligned with United States Energy Policy
The new US Secretary of Energy has outlined the Department of Energy's ("DOE") plans to achieve President Trump's energy plans by making commercial nuclear power a priority for unleashing American energy abundance and innovation. As global energy demand continues to grow, accelerated by the exponential growth of data centers and AI, the DOE plans for the United States to lead the commercialization of affordable and abundant nuclear energy. As such, the DOE will work to enable the rapid deployment and export of next-generation nuclear technology, positioning Snow Lake to benefit from potential United States government funding as it moves towards developing this project.
As a domestic uranium project, Snow Lake believes the Buffalo Uranium Project is well positioned to contribute to a strong domestic supply of uranium to support the United States' goals regarding developing affordable and abundant nuclear energy. The Company anticipates that as this highly prospective US based project can add significant value to its portfolio of uranium projects, with potential for a high-grade resource.
Synergies with Snow Lake's Nuclear Energy Growth Strategy
The acquisition of the Buffalo Uranium Project is a key milestone in Snow Lake's broader nuclear energy growth strategy, complementing its existing uranium project portfolio, which includes the Engo Valley Uranium Project in Namibia and the Black Lake Uranium Project in Saskatchewan, and its Memorandum of Understanding ("Exodys MOU") with Exodys Energy.
A key part of the Trump Administration's focus on nuclear energy includes a directive to the U.S. Geological Survey ("USGS") to consider updating the USGS' list of critical minerals to include uranium. Such inclusion would open up United States federal funds and fast-track permitting for domestic uranium projects, providing a significant boost to companies like Snow Lake aiming to develop domestic sources of uranium.
In parallel with this expansion, Snow Lake continues to advance its partnership with Exodys, under the Exodys MOU, that focuses on the future development and commercialization of Snow Lake's uranium assets.
Buffalo Uranium Project
Overview
The Buffalo Uranium Project is located in the southeast part of Wyoming, approximately 50 miles south of Casper, Wyoming and is centered on the historic Little Man Uranium mine. Uranium mineralization at the Little Man Uranium mine was discovered in the 1950's. A total of approximately 65,000 pounds of U3O8 were mined with an average grade of between
The Buffalo Uranium Project consists of sixteen unpatented mining claims, all as more particularly described in Figure1 and Schedule A.
Historical Exploration
In addition to mining at the Little Man Uranium Mine in the 1950's, a total of 13 widely spaced drill holes, consisting of eight percussion drill holes and five core holes, were drilled by Conoco in 1979 and 1980. No drilling has been undertaken on the Buffalo Uranium Project since 1980. Uranium mineralization was intersected over a strike length of approximately 3,000 feet and remains open along strike and at depth.
Proposed Exploration Program
Snow Lake plans to leverage modern exploration techniques to maximize the Buffalo Uranium Project's potential, including compilation of all historical exploration data, an airborne survey, ground geophysics, and targeted drilling programs aimed at defining an SK-1300 compliant mineral resource estimate.
Figure 1. Location of the Buffalo Uranium Project, Wyoming
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Wyoming: A Leading Uranium Jurisdiction
Wyoming is the leading uranium jurisdiction in the United States, hosting the largest-know economic uranium ore reserves in the United States, and continues to lead the United States in uranium production. Since 1951, Wyoming has produced over 238 million pounds of U3O8 and remains the top uranium-producing region in the country. Wyoming hosts the largest-known economic uranium ore reserves in the United States, which are located across the Powder River Basin, Great Divide Basin, Shirley Basin, and Gas Hills.2
Agreement to Acquire A
Snow Lake and Bazooka Resources Pty Ltd ("Bazooka"), a private Australian company, have entered into a binding letter of intent (the "LOI"), pursuant to which Snow Lake will acquire
Bazooka has the exclusive right to acquire a
Snow Lake will purchase Bazooka in consideration of:
Initial Cash Payment: Payment of US
$50,000 in cash to Bazooka, upon execution of the LOI, to secure the exclusive option to purchase the Buffalo Uranium Project;Closing Cash Payment: Payment by Snow Lake to the Sellers of the amount of US
$200,000 in cash, upon the concurrent closings (the "Closings") of the acquisition of the Buffalo Uranium Project by Bazooka, and the acquisition of Bazooka by Snow Lake, anticipated to be within 45 days of execution of the LOI; andClosing Issuance of Snow Lake Shares: Allotting and issuing to the Sellers on the Closings, an aggregate of that number of fully paid and non-assessable common shares of Snow Lake (the "Snow Lake Shares") that have a value of US
$400,000 calculated in accordance with the 10-day volume weighted average closing price of Snow Lake's common shares for the 10 trading days immediately prior to the Closings;.First Milestone Payment: Payment by Snow Lake to the Sellers of:
the amount of US
$450,000 in cash (the "First Milestone Payment") on the date (the "First Publication Date") that an SK-1300 compliant technical report is published and which indicates that there is a uranium mineral resource on the Buffalo Uranium Project of a minimum of 10 million pounds U3O8 with a minimum average grade >0.2% U3O8, ,or 2.5 million pounds U3O8 with a minimum average grade >1.0% U3O8;
or, at Snow Lake's sole election;that number of Snow Lake Shares that have a value of US
$450,000 b ased on the 10-day volume weighted average closing price of the common shares of Snow Lake for the 10 trading days immediately preceding the First Publication Date;
Second Milestone Payment: Payment by Snow Lake to the Sellers of:
the amount of US
$450,000 in cash (the "Second Milestone Payment") on the date (the "Second Publication Date") that an SK-1300 compliant technical report is published and which indicates that there is a uranium mineral resource on the Buffalo Uranium Project of a minimum of 20 million pounds U3O8 with a minimum average grade >0.2% U3O8, or 5 million pounds U3O8 with a minimum average grade >1.0% U3O8;
or, at Snow Lake's sole election;that number of Snow Lake Shares that have a value of US
$450,000 b ased on the 10-day volume weighted average closing price of the common shares of Snow Lake for the 10 trading days immediately preceding the Second Publication Date.
Net Smelter Royalty: The Sellers retain a
1.5% net smelter royalty return (the "Royalty") on the Mineral Claims, and Bazooka has the contractual right to purchase the Royalty at any time, and from time to time, for an aggregate amount of US$1.5 million in cash.
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 | Follow us on Social Media |
Schedule A
The Mineral Claims are comprised of the following sixteen unpatented mining claims situated in Sections 13, 14 and 24 Township 27N & Range 84W, in Carbon County, Wyoming, as follows:
| Case Filing Number | MLRS Lead File Number | MLRS Serial Number | Claim Name | Receipt Number |
| CF-141687 | WY106697408 | WY106697408 | BUF100 | 5403160 |
| CF-141687 | WY106697408 | WY106697409 | BUF101 | 5403160 |
| CF-141687 | WY106697408 | WY106697410 | BUF102 | 5403160 |
| CF-141687 | WY106697408 | WY106697411 | BUF103 | S403160 |
| CF-141687 | WY106697408 | WY106697412 | BUF104 | 5403160 |
| CF-141687 | WY106697408 | WY106697413 | BUF105 | 5403160 |
| CF-141687 | WY106697408 | WY106697414 | BUF106 | 5403160 |
| CF-141687 | WY106697408 | WY106697415 | BUF107 | 5403160 |
| CF-141687 | WY106697408 | WY106697416 | BUF108 | 5403160 |
| CF-141687 | WY106697408 | WY106697417 | BUF109 | 5403160 |
| CF-141687 | WY106697408 | WY106697418 | BUF110 | 5403160 |
| CF-141687 | WY106697408 | WY106697419 | BUF111 | 5403160 |
| CF-141687 | WY106697408 | WY106697420 | BUF112 | 5403160 |
| CF-141687 | WY106697408 | WY106697421 | BUF113 | 5403160 |
| CF-141687 | WY106697408 | WY106697422 | BUF114 | 5403160 |
| CF-141687 | WY106697408 | WY106697423 | BUF115 | 5403160 |
1 Wyoming State Geological Survey - Uranium Resources Summary of 2023 - Published January 2024.
2 Wyoming State Geological Survey - Uranium Resources Summary of 2023 - Published January 2024.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241259
FAQ
What is the total cost of Snow Lake's Buffalo Uranium Project acquisition?
What was the historical uranium production at the Buffalo Project's Little Man Mine?
What are the milestone requirements for LITM's Buffalo Project payments?
How many mining claims does LITM's Buffalo Uranium Project include?
