Winnipeg. Manitoba- – December 20, 2023 – Snow Lake Resources Ltd., d/b/a Snow Lake Lithium™ (NASDAQ: LITM) (“Snow Lake” or the “Company”) is pleased to announce that it has entered into a binding letter of intent (“LOI”) with ACME Lithium Ltd. (“ACME Lithium”) to acquire a 90% undivided interest in a group of mineral claims 100% owned by ACME that adjoin the Tanco lithium mine in Southern Manitoba (the “Project”).
Highlights
31 mineral claims directly adjoining the Tanco lithium mine in Southern Manitoba
First Stage Option to acquire a 51% interest in the Project upon incurring CAD$600,000 in exploration expenditures within the next 12 months
Second Stage Option to acquire an additional 39% interest in the Project upon incurring an additional CAD$1,200,000 in exploration expenditures within the next 24 months
ACME Lithium retains a 10% free-carried interest in the Project
CEO Remarks
“We are extremely pleased to have entered into this letter of intent with ACME Lithium Ltd. for a large, highly prospective land position immediately adjacent to the Tanco Mine,” commented Frank Wheatley, CEO of Snow Lake. He continued: “This agreement with Acme Lithium reflects our disciplined approach to expanding our portfolio of Manitoba lithium projects to complement our Snow Lake Lithium™ project.”
Agreement to Acquire Mineral Claims Adjacent to Tanco Mine
Snow Lake and ACME Lithium have entered into a binding letter of intent (the “LOI”) with respect to 37 mineral claims 100% owned by ACME Lithium with 31 that adjoin the southern boundary of the Tanco lithium mine in Southern Manitoba.
The project (the “Shatford Lithium Project”) consists of the following mineral claims:
Shatford Lake: 21 claims totalling 8,883 acres (3,595 hectares)
Birse Lake: 10 claims totalling 5,196 acres (2,102 hectares)
Cat-Euclid: 6 claims totalling 2,930 acres (1,186 hectares)
Key terms of the LOI are included in Appendix A.
Shatford lake Project
The Shatford Lake and Brise Lake mineral claims are set forth on the map below:
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9547/191728_294742e944166a94_001full.jpg
The Cat Lake / Euclid Lake mineral claims are set forth on the map below:
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9547/191728_294742e944166a94_002full.jpg
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.
Proposed Work Program
Snow Lake intends to build upon the prior work undertaken by ACME Lithium on the Project, and its immediate focus will be to undertake a detailed review of all data, samples, assays and reports prepared by ACME Lithium. Upon completion of that review, Snow Lake will design an exploration program to both build upon ACME Lithium’s work, and to undertake a regional exploration program over the balance of the Project to identify potential drill targets.
Snow Lake also intends to use the services of Critical Discoveries to assist in reviewing ACME Lithium’s exploration data, as well as to provide input to the development of the 2024 exploration program on the Shatford Lithium Project.
Tanco Mine
Tantalum Mining Corporation of Canada Ltd. (“Tanco”) is 100% owned and operated by Sinomine (Hong Kong) Rare Metals Resource Co., and operates the Tanco mine located on the northwest shore of Bernic Lake, Lac du Bonnet, Manitoba. The Tanco mine pegmatite orebody was discovered in the late 1920’s and the Tanco mine has been in commercial operation producing lithium in Manitoba for more than 50 years. In addition to lithium concentrate for the lithium battery market, the Tanco mine produces cesium-based products for the North American market.
More Information
For more information on ACME Lithium, refer to their website at www.acmelithium.com.
For more information on Tanco, refer to their website at www.tancomine.com.
About Snow Lake Resources Ltd.
Snow Lake is a Canadian lithium development company listed on NASDAQ: LTIM with 2 hard rock lithium projects, the Thompson Brothers project and the Grass River project (together the “Snow Lake Lithium™ Project”), in the Snow Lake region of Northern Manitoba. Snow Lake is focused on advancing the Snow Lake Lithium™ Project through subsequent phases of development and into production in order to supply the North American electric vehicle and energy storage markets.
The wholly owned Snow Lake Lithium™ Project now covers a 59,587 acre site that has only been 1% explored and contains an identified-to-date 8.2 million metric tonnes measured, indicated and inferred resource at between 0.99% and 1.13% Li2O.