Business
Snow Lake Resources Announces Positive Preliminary Results from Drill Program at the Engo Valley Uranium Project
Winnipeg, Manitoba--(Newsfile Corp. - November 14, 2024) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration
About this update from Frontier Nuclear And Minerals Inc.
[{"type":"text","content":" Winnipeg, Manitoba--(Newsfile Corp. - November 14, 2024) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) (\"Snow Lake\"), a uranium exploration company, announces positive preliminary results from the first eight reverse circulation drill holes on the Engo Valley Uranium Project in Namibia (the \"Project\"), and commencement of a winter drill program at the Snow Lake Lithium Project. Highlights Winter drill program initiated at the Snow Lake Lithium Project (Preliminary Economic Assessment dated July 2023 projecting a base-case pre-tax NPV of USD$1.7 billion)1 Mineralised intersection of 355 ppm eU3O8 over a 12-meter (m) interval, associated with sandstone, observed from drill hole ERCH002, including a 3 m interval at 684 ppm eU3O8 Mineralised intersection of 137 ppm eU3O8 over a 20 m interval, associated with sandstone, observed from drill hole ERCH007 Five of 8 holes drilled to date returned intersections above 100 ppm eU3O8 \"With our preliminary results confirming elevated radioactivity in a number of drill holes, and with a large land package holding multiple uranium targets that have yet to be explored, Engo Valley continues to demonstrate why it can be considered a highly prospective uranium exploration project,\" commented Frank Wheatley, CEO of Snow Lake. \"As major technology companies such as Google, Microsoft and Amazon pursue their AI ambitions and invest in nuclear power, coupled with global nuclear plant baseload demand growth, we believe new sources of uranium will be required to underpin the expansion of nuclear power to support those ambitions.\" Preliminary Drill Results The first phase drill program is aimed at confirming the historical mineralization identified in the sandstones and conglomerates through twinning of historical drill holes. Five of the eight drill holes within the area historically known as the Main Uranium Occurrence intersected uranium mineralization observable as carnotite in the drill chips. Mineralization was confirmed with the downhole gamma spectrometer probe that was undertaken on each drill hole by TerraTec Namibia, an independent geophysics consultant that specializes in downhole probing for uranium exploration. The geology of the twinned drill holes correlates to the lithologies reported in the historical drill logs of Gencor from the exploration work undertaken ...