Snow Lake Extends Strike by 10% in First Hole of Winter Drilling Campaign

Rhea-AI Summary

Snow Lake Lithium Ltd. (LITM), based in Manitoba, Canada, announced significant progress in its winter 2022 drilling campaign, with the first drill mobilized on January 28, 2022. Initial results from hole TBL-025 revealed a 19.8-meter core length of lithium-bearing pegmatite, with spodumene content ranging from 20% to 25%, indicating a 10% extension of the strike from previous drilling in 2018. The spodumene is located approximately 30 meters from the surface, suggesting future open-pit mining potential. The company aims for a sustainable lithium operation and has identified 11.1 million metric tonnes of resource at the Thompson Brothers project.

Positive

• Successful mobilization of the first drill on January 28, 2022.
• Initial drilling results indicate a 10% extension of the strike from previous drilling.
• Encountered lithium-bearing pegmatite with 20% to 25% spodumene content.
• Spodumene found close to surface, suggesting open-pit mining potential.
• Company has identified 11.1 million metric tonnes resource at the Thompson Brothers project.

Negative

• None.

MANITOBA, CANADA / ACCESSWIRE / January 31, 2022 / Snow Lake Resources Ltd., d/b/a Snow Lake Lithium Ltd. (NASDAQ:LITM) ("Snow Lake" or the "Company"), is pleased to update the market on the winter 2022 drilling campaign. With the snow roads completed, the drill company (QB Drilling) was able to mobilize the first drill into position on the 28th of January 2022. Initial drilling is focused on the maiden resource at our Thompson Brothers Lithium (TBL) project to extend the strike and depth. On the first hole (TBL-025), Snow Lake Lithium intersected 19.8 meters core length (~14 meters true width) of lithium bearing pegmatite that contains between 20 to 25% spodumene from 21.0 to 40.8 meters (See Photo 1.0 and 2.0). This is 76.6 meters North-East step out from the last known intersection captured by hole TBL-024 (Figure 2.0 and Figure 3.0) during the 2018 resource drilling campaign. This would indicate that the crystallization continues along strike and represents a 10% increase in the strike from results produced under the previous drill program. Additionally of note, the spodumene occurs close to surface (~30 meters) which would suggest that the spodumene would be amenable to open pit mining in the future.

Dale Schultz VP of Exploration commented "Getting a winter drilling campaign up and running in minus 30 to minus 40 degree Celsius weather conditions always poses unique challenges, and we have managed it accordingly. It is incredibly affirming that we have hit spodumene in the very first hole and provides confirmation of our understanding of the resource. We have stepped out significantly from the maiden resource boundaries along strike and finding this much spodumene at this distance would suggest that the geological trend continues considerably."

Philip Gross CEO also commented "Dale and his team have done tremendous work mobilizing a campaign in a very short period of time. In just under 45 days they have managed to get permits in place, ice roads completed and drills spinning. It is very exciting to convert our theoretical comprehension of the geology into actual hard data and it's a credit to the team members who have spent the past two years analyzing the data in preparation. This intersect provides instant validation of our assumptions that TBL remains open at depth and on strike, and this represents just one of a wide swarm of dykes contained on our property. We are also very enthusiastic about getting the drills out to the Sherrit Gordon dykes, which have had multiple historical pegmatite hits. We look forward to continued success on all fronts."

The information in this news release was compiled and reviewed by Dale Schultz, a Qualified Person, and a Professional Geoscientist (P.Geo.) who is a registered member of the ‘Engineer and Geosciences of Manitoba' (no. 24846), a ‘Recognized Professional Organization' (RPO). Mr. Dale Schultz is the Project Manager at the Snow Lake Lithium Project and has sufficient experience relevant to the crystallization of LCT type pegmatite deposits under evaluation. Mr. Schultz is also a Qualified Person as defined by S-K 1300 rules for mineral deposit disclosure.

Photo 1.0 Core sample from TBL-025 containing 20 to 25% spodumene. Intersection is from 21.0 to 40.8 meters.

Photo 2.0 - Spodumene Pegmatite from TBL-025 have an intersection of 19.8 meters core length (~ 14.0 meters true width) from 21.0 to 40.8 meters.

Figure 1.0 - Cross Section of TBL-025 and 025

Figure 2.0 - Plan View Map of TBL-018, 020, 024 and 025

About Snow Lake Resources Ltd.

Snow Lake Lithium is committed to operating a fully renewable and sustainable lithium mine that can deliver a completely traceable, carbon neutral and zero harm product to the electric vehicle and battery markets. We aspire to not only set the standard for responsible lithium mining, but we intend to be the first lithium producer in the world to achieve Certified B Corporation status in the process.

Our wholly owned Thompson Brothers Lithium Project covers a 21,703-acre site that has only been 3% explored and contains an identified-to-date 11.1 million metric tonnes indicated and inferred resource at 1% Li₂O.

Forward Looking Statements

This press release contains "forward-looking statements" 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. 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 and include statements regarding the expected use of proceeds and expected closing. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to our public offering filed with the Securities and Exchange Commission and other filings and reports that we file 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:

ir@snowlakelithium.com
www.SnowLakeLithium.com
twitter: @SnowLakeLithium

SOURCE: Snow Lake Resources Ltd.

View source version on accesswire.com:
https://www.accesswire.com/686375/Snow-Lake-Extends-Strike-by-10-in-First-Hole-of-Winter-Drilling-Campaign

FAQ

What were the results of Snow Lake Lithium's winter 2022 drilling campaign?

The winter drilling campaign revealed a 19.8-meter core length of lithium-bearing pegmatite with 20% to 25% spodumene content.

What is the significance of the TBL-025 drilling results?

The TBL-025 results indicate a 10% extension of the lithium strike from previous drilling and suggest open-pit mining viability.

What is the resource estimate for Snow Lake Lithium's project?

The Thompson Brothers Lithium project has an identified resource of 11.1 million metric tonnes.

When was the first drill mobilized for the winter drilling campaign?

The first drill was mobilized on January 28, 2022.

What does Snow Lake Lithium aim to achieve with its mining operations?

Snow Lake Lithium aims to operate a fully renewable and sustainable lithium mine with traceable, carbon-neutral products.