Snow Lake Initiates Exploration Program at Shatford Lake Lithium Project
Snow Lake Resources, trading as Snow Lake Energy (NASDAQ: LITM), has initiated its 2024 exploration program at the Shatford Lake Lithium Project. The project, in collaboration with Critical Discoveries, will be executed in four phases. Phase 1, which involved analyzing past exploration data, is complete, and Phase 2 has begun with initial prospecting and mapping. Two pegmatites have been discovered under heavy overburden, and samples are sent for analysis. The Shatford Lake Lithium Project spans approximately 17,000 acres and is located in the Bird River Greenstone Belt in southeastern Manitoba. Snow Lake aims to earn up to a 90% interest in the project, with significant cash payments and exploration expenditures planned over two years. The project is strategically positioned near the Tanco mine, known for its lithium production.
- Initiation of 2024 exploration program at Shatford Lake.
- Discovery of two pegmatites indicating potential lithium deposits.
- Phase 1 completed; Phase 2 underway with active fieldwork.
- Strategic location adjacent to the Tanco mine, a significant lithium producer.
- Snow Lake aims to earn up to a 90% interest in the project through structured investments.
- The project spans approximately 17,000 acres in a promising geological setting.
- Requires significant exploration and development expenditures totaling CAD $1,800,000.
- Dependent on successful target identification and assay results for drilling in Phase 3.
- Financial risk associated with cash payments and the potential for suboptimal exploration outcomes.
Insights
The Shatford Lake Lithium Project is situated within the Bird River Greenstone Belt, a well-known geological setting for lithium pegmatites, which are critical for the production of lithium – a key component in batteries. This project straddles the Greer-Shatford Shear Zone, a 15-kilometer trend rich in pegmatite dykes, which increases the likelihood of finding economically viable lithium deposits. The initial discovery of two pegmatites under heavy overburden and the systematic approach outlined for exploration, including geophysical and geochemical analysis, prospecting and targeted drilling, are all promising signs.
Considering that adjacent properties, such as the Tanco mine, have a long history of lithium production, this project stands on fertile ground. Short-term, the identification and positive assay results from these initial discoveries will be crucial, while long-term success hinges on the drilling program's outcomes and the overall feasibility of mining operations.
Lithium is a critical element in the booming electric vehicle (EV) and renewable energy storage sectors, with demand expected to surge over the next decade. The Shatford Lake Lithium Project's proximity to the Tanco mine, a long-standing producer in the lithium market, could present strategic advantages in terms of infrastructure and logistics. The structured exploration roadmap and phased approach underscore a disciplined strategy, potentially minimizing risks and optimizing resource allocation.
For retail investors, this exploration program's success could significantly elevate Snow Lake Resources Ltd. in the market, aligning with broader industry trends towards sustainable energy solutions. However, investors should remain aware of the inherent risks in early-stage mineral exploration, such as the possibility of non-viable deposits despite promising early data.
Winnipeg, Manitoba--(Newsfile Corp. - May 23, 2024) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake" or the "Company") is pleased to announce that field crews have initiated the 2024 exploration program on the Shatford Lake Lithium Project.
CEO Remarks
"After completing all planning and logistics for the 2024 field season, we are delighted that the exploration team is in the field and have begun their work" commented Frank Wheatley, CEO of Snow Lake. He continued: "We have high hopes for this exploration season as they explore the prospective Shatford Lake Lithium Project adjacent to the Tanco lithium mine."
2024 Exploration Program
Snow Lake, together with Critical Discoveries, has designed a four-phase exploration program for 2024. Phase 1 consists of compiling and analyzing all past exploration data generated by ACME Lithium Inc., including all geophysical and geochemical data, as well as past drilling results, in order to identify targets for field work in Phase 2.
Phase 1 is complete and Phase 2 has been initiated with the Critical Discoveries' field team of 4, consisting of 2 geologists and 2 field technicians. Initial prospecting and mapping will focus on the northwest corner of the Shatford Lake Lithium Project and will then expand to cover the balance of the project.
Initial prospecting activities to date have included the discovery of two pegmatites under heavy overburden. See Figures 1 and 2 below. Samples have been taken and submitted to the assay lab for analysis.
Phase 3 is intended to be a program of up to 2,000 meters of diamond drilling, spread over approximately 10 holes of approximately 200 meters each, dependent upon appropriate drill target identification from Phase 2 of the program. Phase 4 will be compilation and evaluation of all field data, assay results, and drill results from the 2024 exploration program.
Geological Setting of Shatford Lithium Project
The Shatford Lithium Project straddles a 15 kilometers long structural trend of the Greer-Shatford Shear Zone with numerous pegmatite dykes and favorable host rocks. It is situated in the southern limb of the Bird River greenstone belt in southeastern Manitoba. The region hosts hundreds of individual pegmatite bodies, many of which are classified as complex rare-element Lithium-Cesium-Tantalum (LCT) pegmatites - known to account for a quarter of the world's lithium production.
The northeast corner of the Shatford Lithium Project borders the mineral lease of the Tanco mine, with the Buck, Pelgi, and Dibs pegmatites nearby.
(Figure 1 - Pegmatite outcrop exposed under heavy overburden)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9547/210101_8917f900c473f840_001full.jpg
(Figure 2 - Pegmatite outcrop exposed under heavy overburden)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9547/210101_8917f900c473f840_002full.jpg
Shatford Lake Lithium Project
The Shatford Lake Lithium Project is comprised of 37 mineral claims located over three project areas - Shatford Lake, Birse Lake, and Cat-Euclid Lake, totaling approximately 17,000 acres. The project is located in the Bird River Greenstone Belt in southeastern Manitoba. Thirty-one (31) of the mineral claims are contiguous to the south of Sinomine Corporation's world class Tanco Mine, an LCT producer since 1969.
Snow Lake has entered into an option agreement with ACME Lithium Inc., pursuant to which Snow Lake has the option to earn up to a
| Date for Completion | Cash Payment | Minimum Exploration and Development Expenditures | Earn In |
| Initial Payment | CAD | ||
| Upon Execution | CAD | ||
| First Year | CAD | CAD | |
| Second Year | CAD | CAD |
Once Snow Lake has earned a
Tanco Mine
Tantalum Mining Corporation of Canada Ltd. ("Tanco") is
Manitoba, Canada
Manitoba is a Tier 1 mining jurisdiction and its ranking improved from 14th to 6th overall in the Fraser Institute's 2023 annual survey[1]. Manitoba is a historic, as well as a current, mining jurisdiction with currently operating gold, nickel and lithium mines.
About Snow Lake Resources Ltd.
Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian clean energy development company listed on NASDAQ:LITM with a global portfolio of clean energy mineral projects comprised of two hard rock lithium projects and two uranium projects. The Snow Lake Lithium™ Project is an advanced stage exploration project located in the Snow Lake region of Northern Manitoba and the Shatford Lake Lithium Project is an exploration stage project located adjacent to the Tanco lithium mine in Southern Manitoba. 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. Snow Lake is focused on advancing all of its projects through the various phases of exploration and development and into production in order to supply the minerals and resources needed for the clean energy and electric vehicle transitions. Learn more at www.snowlakelithium.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.snowlakelithium.com
Follow us on Social Media
Twitter: www.twitter.com/SnowLakeEnergy
LinkedIn: www.linkedin.com/company/snow-lake-energy
[1] Fraser Institute Annual Survey of Mining Companies 2023
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FAQ
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