Well this looks interesting for Snow Lake, they’ve been teasing for years a possible DSO set up with that Tanco plant. Maybe the timing will be good for a Lithium Price rebound and a DSO agreement being done.
Snow Lake Expands Its Lithium Portfolio with Mineral Claims Next to the Tanco Mine
Winnipeg. Manitoba--(Newsfile Corp. - 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:
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.
NVA Price at posting:
38.5¢ Sentiment: Hold Disclosure: Held
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