Winnipeg, Manitoba–(Newsfile Corp. – February 8, 2024) – 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 an option agreement (the “Option Agreement“) with a private Manitoba company (“Manco“) to acquire a 90% undivided interest in a group of mineral claims in the Muskrat Dam Lake area of Western Ontario, near Kenora and the border with Manitoba (the “Muskrat Dam Project“).
Highlights
- 302 single cell, unpatented mineral claims totaling over 6,000 hectares
- The RFR Greenstone Belt is recommended as an exploration target by the Regional Resident Geologist for the Red Lake district due to muscovite-bearing granites and pegmatites with potential to host lithium mineralization
- Option to acquire a 90% interest in the Muskrat Dam Project upon payment of CAD$50,000 in cash, issuing 500,000 common shares of Snow Lake, and issuing 2,000,000 warrants to purchase common shares of Snow Lake at a deemed price equal to US$1.50 per common share, with the warrants vesting upon a series of milestones being met by Snow Lake
- Manco receiving a 2% NSR upon exercise of the option by Snow Lake
CEO Remarks
“This option to acquire these prospective mineral claims in Western Ontario, near the Manitoba border, continues to expand our portfolio of prospective exploration stage lithium projects near our existing portfolio of properties,” commented Frank Wheatley, CEO of Snow Lake.
Option Agreement to Acquire Near Kenora, Ontario
Snow Lake and Manco have entered into the Option Agreement with respect to 302 single-cell, unpatented mineral claims near Kenora, Ontario. Key terms of the Option Agreement are included in Appendix A.
Muskrat Dam Project
The mineral claims comprising the Muskrat Dam Project are set forth on the map below:
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9547/197209_458e56b0940c6acb_001full.jpg
Geological Setting of the Muskrat Dam Project
The Muskrat Dam Project contains an airborne geophysical anomaly hosted within rusty weathering metavolcanic rocks and meta-gabbro sills containing 1 to 2% pyrite, pyrrhotite and trace chalcopyrite returning anomalous gold, copper, and nickel values. Metamorphosed iron formations within the RFR Greenstone Belt are possibly analogous to mineralization at the Musselwhite Gold Mine.
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.