Snow Lake Mobilizing Phase 2 Drill Program at Engo Valley
Snow Lake Resources (NASDAQ: LITM) has initiated mobilization for its Phase 2 drill program at the Engo Valley Uranium Project. The program aims to complete up to 7,500 meters of combined reverse circulation and diamond drilling, focusing on the Main Uranium Occurrence and D1 target area.
The company, recently securing ~US$37 million in capital raising, is fully funded to conduct Phase 2 and plans to publish a maiden mineral resource estimate in the second half of 2025. The program includes downhole radiometrics for each drill hole and will explore additional targets identified by the 2024 radon cup survey.
This initiative aligns with the current global uranium market dynamics, characterized by a supply deficit and increased demand for nuclear energy. The project is strategically located in Namibia, the world's third-largest uranium producer. Snow Lake has also recently formed a 50/50 joint venture with Global Uranium and Enrichment on the Pine Ridge Uranium Project in Wyoming.
Snow Lake Resources (NASDAQ: LITM) ha avviato la mobilitazione per il suo programma di perforazione Fase 2 presso il Progetto Uranio Engo Valley. Il programma prevede di completare fino a 7.500 metri di perforazione combinata a circolazione inversa e perforazione a diamante, concentrandosi sull'Occorrenza Principale di Uranio e sull'area obiettivo D1.
L'azienda, che ha recentemente ottenuto ~37 milioni di dollari USA in raccolta di capitali, è completamente finanziata per condurre la Fase 2 e prevede di pubblicare una stima iniziale delle risorse minerarie nella seconda metà del 2025. Il programma include radiometria in foro per ogni pozzo di perforazione e esplorerà obiettivi aggiuntivi identificati dal sondaggio del cup radon del 2024.
Questa iniziativa è in linea con le attuali dinamiche del mercato globale dell'uranio, caratterizzate da un deficit di offerta e da un aumento della domanda di energia nucleare. Il progetto è strategicamente situato in Namibia, il terzo produttore mondiale di uranio. Snow Lake ha anche recentemente formato una joint venture 50/50 con Global Uranium and Enrichment sul Progetto Uranio Pine Ridge in Wyoming.
Snow Lake Resources (NASDAQ: LITM) ha iniciado la movilización para su programa de perforación Fase 2 en el Proyecto de Uranio Engo Valley. El programa tiene como objetivo completar hasta 7,500 metros de perforación combinada de circulación inversa y perforación de diamante, centrándose en la Ocurrencia Principal de Uranio y en el área objetivo D1.
La empresa, que recientemente aseguró ~37 millones de dólares estadounidenses en recaudación de capital, está completamente financiada para llevar a cabo la Fase 2 y planea publicar una estimación inicial de recursos minerales en la segunda mitad de 2025. El programa incluye radiometría de pozo para cada perforación y explorará objetivos adicionales identificados en la encuesta de copa de radón de 2024.
Esta iniciativa se alinea con la actual dinámica del mercado global de uranio, caracterizada por un déficit de suministro y una mayor demanda de energía nuclear. El proyecto está estratégicamente ubicado en Namibia, el tercer productor mundial de uranio. Snow Lake también ha formado recientemente una empresa conjunta 50/50 con Global Uranium and Enrichment en el Proyecto de Uranio Pine Ridge en Wyoming.
Snow Lake Resources (NASDAQ: LITM)는 Engo Valley 우라늄 프로젝트의 2단계 시추 프로그램을 위한 동원 작업을 시작했습니다. 이 프로그램은 주요 우라늄 발생지와 D1 목표 지역에 초점을 맞추어 최대 7,500미터의 역순환 및 다이아몬드 시추를 완료하는 것을 목표로 합니다.
최근 약 3,700만 달러의 자본을 확보한 이 회사는 2단계를 수행할 수 있는 충분한 자금을 확보하였으며, 2025년 하반기에 최초의 광물 자원 추정치를 발표할 계획입니다. 이 프로그램은 각 시추 구멍에 대한 다운홀 방사선 측정을 포함하며, 2024년 라돈 컵 조사에서 식별된 추가 목표를 탐색할 것입니다.
이 이니셔티브는 공급 부족과 원자력 에너지에 대한 수요 증가로 특징지어지는 현재의 글로벌 우라늄 시장 역학과 일치합니다. 이 프로젝트는 세계에서 세 번째로 큰 우라늄 생산국인 나미비아에 전략적으로 위치하고 있습니다. Snow Lake는 또한 최근 와이오밍의 Pine Ridge 우라늄 프로젝트에 대해 Global Uranium and Enrichment와 50/50 합작 회사를 설립했습니다.
Snow Lake Resources (NASDAQ: LITM) a lancé la mobilisation de son programme de forage de Phase 2 au Projet Uranium Engo Valley. Le programme vise à compléter jusqu'à 7 500 mètres de forage combiné en circulation inversée et en diamant, en se concentrant sur l'Occurrence Principale d'Uranium et la zone cible D1.
L'entreprise, qui a récemment sécurisé ~37 millions de dollars américains dans le cadre d'une levée de fonds, est entièrement financée pour réaliser la Phase 2 et prévoit de publier une première estimation des ressources minérales dans la seconde moitié de 2025. Le programme comprend des radiométriques de forage pour chaque trou de forage et explorera des cibles supplémentaires identifiées par l'enquête de la coupe de radon de 2024.
Cette initiative est en phase avec les dynamiques actuelles du marché mondial de l'uranium, caractérisées par un déficit d'offre et une demande croissante d'énergie nucléaire. Le projet est stratégiquement situé en Namibie, le troisième producteur mondial d'uranium. Snow Lake a également récemment formé une coentreprise 50/50 avec Global Uranium and Enrichment sur le Projet Uranium Pine Ridge dans le Wyoming.
Snow Lake Resources (NASDAQ: LITM) hat die Mobilisierung für sein Bohrprogramm der Phase 2 im Engo Valley Uranium Project eingeleitet. Das Programm zielt darauf ab, bis zu 7.500 Meter kombinierte Umkehrzirkulations- und Diamantbohrungen abzuschließen, wobei der Schwerpunkt auf dem Haupt-Uranvorkommen und dem Zielgebiet D1 liegt.
Das Unternehmen, das kürzlich ~37 Millionen US-Dollar in der Kapitalbeschaffung gesichert hat, ist vollständig finanziert, um die Phase 2 durchzuführen, und plant, in der zweiten Hälfte von 2025 eine erste Schätzung der Mineralressourcen zu veröffentlichen. Das Programm umfasst die Radiometrie für jedes Bohrloch und wird zusätzliche Ziele erkunden, die durch die Radonbecheruntersuchung 2024 identifiziert wurden.
Diese Initiative steht im Einklang mit den aktuellen Dynamiken des globalen Uranmarktes, die durch ein Angebotsdefizit und eine steigende Nachfrage nach Kernenergie gekennzeichnet sind. Das Projekt befindet sich strategisch günstig in Namibia, dem drittgrößten Uranproduzenten der Welt. Snow Lake hat außerdem kürzlich ein 50/50-Joint Venture mit Global Uranium and Enrichment im Pine Ridge Uranium Project in Wyoming gegründet.
- Secured US$37 million in recent capital raising
- Strategic location in Namibia, world's third-largest uranium producer
- Fully funded for Phase 2 drill program and resource estimate
- Expanded portfolio through 50/50 JV in Wyoming uranium project
- None.
Insights
Snow Lake's announcement marks a significant operational milestone in its uranium development strategy with the mobilization of Phase 2 drilling at Engo Valley. The $37 million recently raised provides full funding for the 7,500-meter drilling program and subsequent resource calculation, eliminating near-term financing concerns that often plague junior mining companies.
This capital position strengthens Snow Lake's operational flexibility at a critical time in uranium market development. The company's dual-project approach—advancing Engo Valley in Namibia while developing the Wyoming joint venture—creates geographic diversification in two established uranium jurisdictions. Namibia's position as the world's third-largest uranium producer offers infrastructure advantages and established regulatory pathways.
The planned maiden resource estimate in H2 2025 represents a important de-risking event that will provide the first quantifiable assessment of Engo Valley's potential economic value. While establishing a resource is just one step in a lengthy development process, it's a fundamental valuation catalyst for exploration-stage companies.
Snow Lake's strategic timing aligns with structural changes in uranium markets, where years of underinvestment have created supply constraints while demand grows from nuclear energy expansion. With uranium spot prices having more than doubled since 2021, resource definition in this environment potentially offers enhanced economic parameters.
Investors should recognize that significant technical and regulatory hurdles remain between resource definition and production. The quality metrics of any defined resource—grade, size, depth, and metallurgical characteristics—will ultimately determine Engo Valley's economic viability.
Winnipeg, Manitoba--(Newsfile Corp. - March 19, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, announces that mobilization has begun for the Phase 2 drill program at its Engo Valley Uranium Project ("Engo Valley").
Highlights
- Mobilization of the Phase 2 drill program is now underway
- 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 uranium mineral resource estimate in accordance with SK-1300
- The global uranium market is currently facing a supply deficit, and after years of underinvestment in new primary uranium supply, along with geopolitical and security issues in Russia and Niger, demand for uranium remains steady due to the global need for clean energy and carbon-free electricity
- Following its recent capital raisings totaling ~US
$37 million , Snow Lake is fully funded to undertake Phase 2, and calculate and publish a maiden mineral resource estimate for Engo Valley
CEO Remarks
"We are pleased to have reached the milestone of mobilization for our Phase 2 drill program at Engo Valley," said Frank Wheatley, CEO of Snow Lake. "Our objective for this program is clear - to develop a drill data base sufficient to allow us to calculate a maiden resource estimate at Engo Valley in the second half of 2025."
"With global demand for uranium continuing to increase due to the ongoing construction of nuclear reactors worldwide, coupled with the U.S. government's renewed focus on nuclear energy, we believe our Phase 2 drill program at Engo Valley provides us with the opportunity to delineate a potentially economic uranium resource in Namibia, currently the third largest global uranium producer.
When combined with our recently announced 50/50 joint venture with Global Uranium and Enrichment Limited on the Pine Ridge Uranium Project in Wyoming, we believe we are assembling a portfolio of uranium assets with the potential to create significant shareholder value."
Phase 2 Drill Program
The Phase 2 drill program ("Phase 2") has been planned to consist of an aggregate of up to 7,500 meters of a combination of reverse circulation and diamond drill holes in an in-fill grid pattern sufficient to allow the calculation of a maiden mineral resource estimate. Phase 2 will be focused on the Main Uranium Occurrence ("MUO"), and the D1 target area ("D1").
A number of drill holes will be undertaken on some of the targets identified by the radon cup survey (undertaken in 2024), outside of the MOU and D1. Downhole radiometrics will be conducted on each drill hole.
With mobilization to site now underway, the preparation of a maiden mineral resource estimate, assuming drilling goes according to plan and assay results are received in a timely fashion, is targeted for completion during the second half of 2025.
The Uranium Supply Chain - Primary Uranium Supply
Uranium is a crucial mineral for energy and national security - it fuels the nuclear energy that underpins today's economy and is key to propelling future growth to meet the surge in energy demand from artificial intelligence. The uranium-to-nuclear fuel supply chain is lengthy, complex and riddled with supply chain vulnerabilities, from mine to reactor.
Supply chain vulnerabilities and dependence on foreign countries create energy security risks. Uranium is mined primarily in Kazakhstan (
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 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 |
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1 Centre for Strategic & International Studies - February 5, 2025.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245199
FAQ
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