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Snow Lake Lithium Announces Completion and Release of S-K 1300 Technical Report Summary of Initial Assessment of the Snow Lake Lithium Project
Winnipeg, Manitoba--(Newsfile Corp. - August 10, 2023) - Snow Lake Resources Ltd., d/b/a Snow Lake Lithium Ltd. (NASDAQ: LITM) ("Snow Lake" or the "Company"), i
About this update from Frontier Nuclear And Minerals Inc.
[{"type":"text","content":" Winnipeg, Manitoba--(Newsfile Corp. - August 10, 2023) - Snow Lake Resources Ltd., d/b/a Snow Lake Lithium Ltd. (NASDAQ: LITM) (\"Snow Lake\" or the \"Company\"), is pleased to report the results of its S-K 1300 Initial Assessment (\"IA\") for the Snow Lake Lithium Project (the \"Project\") in Manitoba, Canada. The IA was prepared by ABH Engineering Inc. (\"ABH\") of Vancouver, BC in accordance with the United States Securities and Exchange Commission requirements under Regulation S-K 1300 (\"S-K 1300\"). The projected economic results are based on measured, indicated and inferred mineral resource estimates for the Project, as specified in the IA. Unlike mineral reserves, mineral resource estimates do not have demonstrated economic viability. Highlights: Projected base case post-tax net present value (\"NPV\") using a seven percent discount rate of US$1.19 billion and projected post-tax internal rate of return (\"IRR\") of 170%, with a payback period of 14 months. Updated mineral resource estimate for the Project in accordance with S-K 1300 of: Measured resource of 748,632 tonnes grading 1.13% Li2O Indicated resource of 6,560,006 tonnes grading 1.10% Li2O Inferred resource of 1,007,119 tonnes grading 0.99% Li2O Projected total initial capital expenditure of US$50 million in year 0, US$96 million over the balance of the 9-year mine life, with the majority being spent in year 1, and US$10 million in closure costs, for a total of US$146 million Initial mine plan contemplates open pit and underground mining, with direct shipping ore (\"DSO\") in year 0 to fund capital expenditures in year 1 to complete the construction of the processing facility to produce a 6% spodumene concentrate Metallurgical test-work to date confirms the amenability of the deposit to conventional dense media separation (\"DMS\") and flotation for production of a 6% spodumene concentrate. Frank Wheatley, Snow Lake's CEO, commented, \"The IA clearly demonstrates the potential of the Snow Lake Lithium Project to provide a secure Canadian supply of lithium to the electric vehicle and energy storage markets in North America. The IA is an important milestone for Snow Lake and provides a solid platform for initiating a pre-feasibility study, discussions with potential off-takers, and further exploration activities on the Project. Snow Lake holds a large land package...