Snow Lake (NASDAQ: LITM)Transformational Acquisition of the Highly Prospective Engo Valley Uranium Project, Namibia


  • Snow Lake begins transition to a diverse clean energy company with exclusive option to acquire 85% of the 68,283 hectares / 683 km2 Engo Valley Uranium Project, Namibia (Figures 1, 2 and 3)
  • The uranium spot price has doubled over the last year, recently surpassing US$100 per pound, its highest level since 2007
  • 5,784m of relatively shallow drilling was drilled by Gencor on a small part of the project during the 1970’s resulting in a historic resource, non-compliant with subpart 1300 of Regulation S-K (“S-K 1300”)
  • Two exploration targets, the main uranium occurrence (the “MUO”) and the D1 Extension are highly prospective exploration targets, based on the prior exploration work conducted by Gencor, and cover over 700m and 500m of strike length, respectively
  • Regional potential exists over the entire 19km strike length over the broader Engo Valley target, which attains a maximum width of 5 km
  • Supported by an in-country team, all permits are in place for an immediate 1,000m drilling program which will aim to establish an initial mineral resource estimate in compliance with S-K 1300
  • Namibia is the world’s third largest uranium producer, accounting for 11% of global uranium production, and also boasts the following development projects:
    • Deep Yellow’s (Market Cap $1.07B AUD) Tumas Uranium Project with 132.9 Mlbs of contained U3081;
    • Bannerman Energy’s (Market Cap $496M AUD) Etango Project with 207 Mlbs of contained U3082; and
    • Forsys Metal’s (Market Cap $191.5M CAD) Norosa Uranium Project with 91 Mlbs of contained U3083.
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