Snow Lake Initiates Phase 2 Drill Program at Engo Valley
Snow Lake Resources (NASDAQ: LITM) has announced the launch of its Phase 2 drill program at the Engo Valley Uranium Project in Namibia. The program will comprise up to 7,500 meters of reverse circulation and diamond drilling, designed to establish a maiden mineral resource estimate by the second half of 2025.
The drilling will focus on the Main Uranium Occurrence (MUO) and D1 target areas, where Phase 1 drilling in late 2024 confirmed historical uranium mineralization. Additional drilling will explore prospective targets identified by the 2024 radon cup survey. The program will follow a 200 meter by 100 meter in-fill grid pattern, with mobilization scheduled for mid-March 2025.
The project is strategically positioned in Namibia, the world's third-largest uranium producer, accounting for 11% of global production in 2022. The initiative aligns with growing global uranium demand, driven by increasing nuclear energy adoption and rising power requirements from data centers and AI technologies.
Snow Lake Resources (NASDAQ: LITM) ha annunciato il lancio del suo programma di perforazione Fase 2 presso il Progetto Uranio Engo Valley in Namibia. Il programma comprenderà fino a 7.500 metri di perforazione a circolazione inversa e perforazione a diamante, progettato per stabilire una stima iniziale delle risorse minerarie entro la seconda metà del 2025.
La perforazione si concentrerà sulle aree di Occorrenza Uranifera Principale (MUO) e sugli obiettivi D1, dove la perforazione della Fase 1 alla fine del 2024 ha confermato la mineralizzazione uranifera storica. Ulteriori perforazioni esploreranno obiettivi prospettici identificati dal sondaggio con cupola di radon del 2024. Il programma seguirà un schema di riempimento a griglia di 200 metri per 100 metri, con mobilitazione programmata per metà marzo 2025.
Il progetto è strategicamente posizionato in Namibia, il terzo produttore mondiale di uranio, che rappresenta l'11% della produzione globale nel 2022. L'iniziativa è in linea con la crescente domanda globale di uranio, guidata dall'aumento dell'adozione dell'energia nucleare e dall'aumento dei requisiti energetici dei data center e delle tecnologie AI.
Snow Lake Resources (NASDAQ: LITM) ha anunciado el lanzamiento de su programa de perforación Fase 2 en el Proyecto de Uranio Engo Valley en Namibia. El programa comprenderá hasta 7,500 metros de perforación de circulación inversa y perforación con diamante, diseñado para establecer una estimación inicial de recursos minerales para la segunda mitad de 2025.
La perforación se centrará en la Ocurrencia Principal de Uranio (MUO) y las áreas objetivo D1, donde la perforación de la Fase 1 a finales de 2024 confirmó la mineralización histórica de uranio. La perforación adicional explorará objetivos prospectivos identificados por la encuesta de copa de radón de 2024. El programa seguirá un patrón de cuadrícula de relleno de 200 metros por 100 metros, con movilización programada para mediados de marzo de 2025.
El proyecto está estratégicamente ubicado en Namibia, el tercer productor mundial de uranio, que representa el 11% de la producción global en 2022. La iniciativa se alinea con la creciente demanda global de uranio, impulsada por el aumento de la adopción de energía nuclear y el aumento de los requisitos energéticos de los centros de datos y las tecnologías de IA.
스노우 레이크 리소스 (NASDAQ: LITM)가 나미비아의 엔고 밸리 우라늄 프로젝트에서 2단계 시추 프로그램을 시작한다고 발표했습니다. 이 프로그램은 7,500미터의 역순환 및 다이아몬드 시추를 포함하며, 2025년 하반기까지 최초의 광물 자원 추정치를 수립하기 위해 설계되었습니다.
시추는 주요 우라늄 발생지(MUO)와 D1 목표 지역에 집중되며, 2024년 말 1단계 시추에서 역사적인 우라늄 광물화를 확인했습니다. 추가 시추는 2024년 라돈 컵 조사에서 식별된 잠재적 목표를 탐색할 것입니다. 이 프로그램은 200미터 x 100미터의 그리드 패턴으로 진행되며, 2025년 3월 중순에 동원될 예정입니다.
이 프로젝트는 세계에서 세 번째로 큰 우라늄 생산국인 나미비아에 전략적으로 위치해 있으며, 2022년 전 세계 생산의 11%를 차지합니다. 이 이니셔티브는 증가하는 핵에너지 채택과 데이터 센터 및 AI 기술의 전력 요구 증가에 의해 촉발된 전 세계 우라늄 수요 증가에 부합합니다.
Snow Lake Resources (NASDAQ: LITM) a annoncé le lancement de son programme de forage Phase 2 au projet d'uranium Engo Valley en Namibie. Le programme comprendra jusqu'à 7 500 mètres de forage à circulation inversée et de forage diamant, conçu pour établir une première estimation des ressources minérales d'ici la seconde moitié de 2025.
Le forage se concentrera sur l'Occurrence Principale d'Uranium (MUO) et les zones cibles D1, où le forage de Phase 1 fin 2024 a confirmé la minéralisation historique de l'uranium. Des forages supplémentaires exploreront des cibles prospectives identifiées par l'enquête par coupe de radon de 2024. Le programme suivra un schéma de grille de remplissage de 200 mètres par 100 mètres, avec une mobilisation prévue pour la mi-mars 2025.
Le projet est stratégiquement situé en Namibie, le troisième producteur mondial d'uranium, représentant 11 % de la production mondiale en 2022. L'initiative s'aligne sur la demande mondiale croissante d'uranium, alimentée par l'adoption croissante de l'énergie nucléaire et l'augmentation des besoins énergétiques des centres de données et des technologies d'IA.
Snow Lake Resources (NASDAQ: LITM) hat den Start seines Bohrprogramms Phase 2 im Engo Valley Uranprojekt in Namibia angekündigt. Das Programm umfasst bis zu 7.500 Meter Umkehrspülbohrungen und Diamantbohrungen, die darauf abzielen, bis zur zweiten Hälfte des Jahres 2025 eine erste Schätzung der Mineralressourcen zu erstellen.
Die Bohrungen konzentrieren sich auf das Haupt-Uranvorkommen (MUO) und die Zielgebiete D1, wo die Bohrungen der Phase 1 Ende 2024 eine historische Uranmineralisierung bestätigten. Weitere Bohrungen werden potenzielle Ziele untersuchen, die durch die Radonbecherumfrage 2024 identifiziert wurden. Das Programm folgt einem 200 Meter mal 100 Meter großen Infill-Gittermuster, mit einer Mobilisierung, die für Mitte März 2025 geplant ist.
Das Projekt ist strategisch in Namibia positioniert, dem drittgrößten Uranproduzenten der Welt, der 2022 11 % der globalen Produktion ausmachte. Die Initiative steht im Einklang mit der wachsenden globalen Nachfrage nach Uran, die durch die zunehmende Nutzung von Kernenergie und den steigenden Energiebedarf von Rechenzentren und KI-Technologien vorangetrieben wird.
- Phase 1 drilling confirmed historical uranium mineralization
- Located in Namibia, world's 3rd largest uranium producer
- Strategic timing with increasing global uranium demand
- Maiden resource estimate targeted for H2 2025
- No current resource estimate available
- Results dependent on successful completion of 7,500m drilling program
- Several months until drilling begins (mid-March 2025)
Insights
Snow Lake Resources has initiated a significant Phase 2 drill program at its Engo Valley Uranium Project in Namibia, representing a critical de-risking milestone for this early-stage exploration company. The planned 7,500-meter program combines reverse circulation and diamond drilling in a systematic grid pattern specifically designed to support a maiden mineral resource estimate targeted for H2 2025.
This development carries substantial weight for Snow Lake's
The company's strategic focus on Namibia is noteworthy, as the country represents a tier-one uranium jurisdiction currently producing
The timing aligns with structural supply constraints in uranium markets, where current production (
For investors, this announcement establishes a clear timeline for the next major catalyst, though the company will likely require additional capital raises to fund both this program and future development stages. The true significance will ultimately depend on the grade, scale, and economic viability of any resource defined through this drilling campaign.
Snow Lake's Phase 2 drill program announcement marks a pivotal transition from speculative exploration to resource definition at Engo Valley. For a
The strategic pivot is particularly notable given Snow Lake's recent transition from lithium to uranium exploration. This program's success or failure will validate that strategic shift. The targeted H2 2025 timeline for a maiden resource estimate provides investors with a clear catalyst horizon, though the company will likely require additional financing before reaching that milestone.
From a comparative standpoint, this drilling density (200m x 100m grid) is appropriate for initial resource definition in sedimentary-hosted uranium deposits but will require tightening for reserve classification. The Namibian setting offers significant advantages, including established uranium mining infrastructure, supportive regulations, and demonstrated world-class deposits like Rössing (operating since 1976).
The current uranium spot price of
For investors, this represents a high-risk, potentially high-reward proposition. Success could position Snow Lake as an acquisition target for larger uranium developers seeking to expand their project pipeline. However, the micro-cap status and early exploration stage place this firmly in the speculative category, suitable only for the risk-tolerant portion of diversified portfolios focused on the nuclear fuel cycle.
Winnipeg, Manitoba--(Newsfile Corp. - February 26, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, announces the initiation of the Phase 2 drill program at the Engo Valley Uranium Project ("Engo Valley") in Namibia.
Highlights
- Phase 2 drill program is planned to consist of up to 7,500 meters of a combination of reverse circulation and diamond drilling, and is designed to provide a drill database sufficient to calculate a maiden mineral resource estimate in accordance with SK-1300
- Focus of the Phase 2 drill program will be on the Main Uranium Occurrence ("MUO") and the D1 ("D1") target, where historical uranium mineralization was confirmed by the Phase 1 drill program completed by Snow Lake in late 2024
- Additional reverse circulation and diamond drilling will also be undertaken on a number of highly prospective targets in the north and south parts of the project area, previously identified by the radon cup survey in 2024
- As global energy policies continue to gravitate towards nuclear energy, attention continues to focus on the coming supply deficit in global uranium production
CEO Remarks:
"We are pleased to have initiated an expansive Phase 2 drill program at Engo Valley," said Frank Wheatley, CEO of Snow Lake. "We have high expectations for this program to provide us with the data set necessary to calculate a maiden mineral resource estimate during the second half of 2025. Given the global focus on nuclear energy, and in particular the new United States administration's policies regarding advanced nuclear technology, global demand for uranium will continue to increase in the coming decade, and we anticipate to be able to demonstrate that Engo Valley has the potential to contribute to meeting that demand."
Phase 2 Drill Program
The Phase 2 drill program ("Phase 2") is currently planned to consist of an aggregate of up to 7,500 meters of a combination of reverse circulation and diamond drill holes in a 200 meter by 100 meter in-fill grid pattern sufficient to allow the calculation of a maiden mineral resource estimate. Phase 2 will be focused on the MUO and D1. A number of drill holes will also be undertaken on some of the targets identified by the radon survey outside of the MOU and D1. Downhole radiometrics will be conducted on each drill hole.
Phase 2 is currently scheduled to begin mobilization to site in mid-March 2025, and assuming drilling goes according to plan and downhole radiometrics and assay results are received in a timely fashion, the preparation of a maiden mineral resource estimate is targeted for completion during the second half of 2025.
Global Focus on Energy Security and Nuclear Energy
As global energy policies continue to embrace nuclear energy as a means to ensure energy security, and in particular the new United States administration's focus on energy independence and advanced nuclear technology, new sources of uranium will need to be developed to supply the global growth in nuclear energy.
Critical factors driving uranium demand, which in turn is driven by expansion of nuclear energy, over the next decade include:
- 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
- Data Centers & Demand for Electricity: Forecasts of global power demand from data centers will increase by
50% by 2027 and by as much as165% by the end of the decade (compared 2023)1
- High-Density Data Centre Growth. The explosion in generative artificial intelligence (AI) will require many high-density data centers as well as much more electricity to power them
- Big Tech & Data Centres. All big technology companies, including Google, Microsoft, Amazon, Meta and Apple continue to build data centres, including high-density data centres, to support their AI ambitions
- Apple's Accelerated Investment in AI. Apple will spend more than
$500 billion in the United States over the next four years to expand its footprint in the United States, including expanding its data centre capacity2
- Big Tech & Nuclear Energy. Google, Microsoft, Amazon and Meta are among the technology companies investing in nuclear energy to power their energy intensive businesses, including Amazon's
$500 million investment in nuclear power3
Namibia
Namibia is currently the world's third-largest producer of uranium, accounting for
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 three 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, the Black Lake Uranium Project is an exploration stage project located in the Athabasca Basin, Saskatchewan, and the Buffalo Uranium Project is an exploration stage project in Wyoming, United States. 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 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 Goldman Sachs - AI to drive
2 Apple Newsroom - Press Release - February 24, 2025
3 CNBC - October 16, 2024
4 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/242425
FAQ
What is the scope of Snow Lake's Phase 2 drill program at Engo Valley (LITM)?
When will Snow Lake (LITM) complete its maiden mineral resource estimate for Engo Valley?
Where is Snow Lake's Engo Valley project located and why is it significant?
When does Snow Lake (LITM) plan to begin Phase 2 drilling at Engo Valley?
