Snow Lake Resources Ltd. (NASDAQ: LITM), known as Snow Lake Lithium, has announced its acquisition of a 90% interest in mineral claims in the Muskrat Dam Lake area, Western Ontario, near Kenora.
Lithium Mining Expansion in Ontario
Snow Lake Lithium and a private company, Manco, have finalized an option agreement. This partnership focuses on 302 single-cell, unpatented mineral claims sprawling over 6,000 hectares near the Manitoba border, highlighting the area’s potential for lithium mineralization.
Highlights of the Mineral Claims
The mineral claims sit in the promising RFR Greenstone Belt, known for its potential lithium-bearing muscovite granites and pegmatites. An option agreement allows Snow Lake to purchase a 90% interest for CAD$50,000 in cash, 500,000 common shares, and 2,000,000 purchasing warrants. Additionally, Manco will receive a 2% NSR (Net Smelter Return) upon the exercise of the option by Snow Lake.
CEO’s Vision for Lithium Mining
Frank Wheatley, CEO of Snow Lake, emphasized the strategic significance of acquiring these claims to bolster Snow Lake’s lithium project portfolio near the Manitoba border, enhancing prospects for exploration-stage projects.
Project and Geological Overview
The Muskrat Dam Project is characterized by an airborne geophysical anomaly within rusty weathering metavolcanic rocks and meta-gabbro sills. The presence of pyrite, pyrrhotite, and trace chalcopyrite returns anomalous values of gold, copper, and nickel, with potential parallels to the mineralization found in the Musselwhite Gold Mine.
About Snow Lake Resources Ltd.
Snow Lake is a forefront runner in the Canadian lithium development sector, dedicated to advancing its Snow Lake Lithium Project in the Northern Manitoba region. The project covers a vast 59,587-acre area with an identified resource of 8.2 million metric tonnes of lithium oxide.
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