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15-05-2025
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Exploration Program for the Flagship Pine Ridge Uranium Project In Wyoming's Prolific Powder River Basin
Priority Targets Identified, ~38,000m Drill Program Anticipated to Start in July 2025 Winnipeg, Manitoba--(Newsfile Corp. - May 15, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, announces that an exploration program for the Pine Ridge Uranium Project ("Pine Ridge") in the Powder River Basis in Wyoming, held by Snow Lake and Global Uranium and Enrichment Limited ("GUE") in a 50 / 50 joint venture (the "Joint Venture"), has been developed. Highlights Pine Ridge is an In-Situ Recovery (ISR) uranium project located in the Powder River Basin, Wyoming and primed for accelerated development Powder River Basin, Wyoming is the leading uranium-producing region in the U.S., supported by a favourable regulatory environment and streamlined permitting processes Utilising the existing 1,214 drill holes on Pine Ridge, the Joint Venture team is developing a complete geological model (that includes 335 km of redox boundaries), and has developed a detailed exploration program to rapidly advance Pine Ridge Drill program is expected to start in July 2025, will focus on numerous target areas, and will be comprised of ~38,000m (125,000 ft) of drilling CEO Remarks "The potential for Pine Ridge to become a tier-one uranium asset in the United States is precisely the reason why we entered into the 50/50 joint venture with Global Uranium and Enrichment Limited (GUE)" said Frank Wheatley, CEO of Snow Lake. "The tireless work by GUE over the past 12 months to secure Pine Ridge, and to dramatically expand the project footprint, sets the stage for the initiation of a maiden drill program by our joint venture at Pine Ridge." Overview - Pine Ridge Exploration Program The Joint Venture has consolidated the existing historical data on the project area and integrated it with available public information from nearby projects to develop a 3D model of the known mineralization and potential mineralisation. The results of this data compilation and evaluation led to the staking of an additional 937 claims at Pine Ridge, and increasing the Joint Venture's landholding, to a total of approximately 15,130 ha (37,387 acres). In addition, the understanding and results from the data compilation and geological review have guided the prioritisation of drill targets in the area (shown in red below), with approximately 38,000m (125,000 ft) of drilling to be completed inside these areas during the initial exploration program. Figure 1: Priority Areas for 2025 Exploration Program at Pine Ridge To view an enhanced version of this graphic, please visit: Historically, Conoco drilled 765 holes, and Stakeholder Energy drilled an additional 449 holes, into the project area. Their drill campaigns were primarily designed to continue building on the geologic understanding of the project while testing key areas for uranium potential. The results from these drill campaigns allowed Stakeholder to develop a model that included 335 km of redox boundaries hosted in stacked horizons within the Tertiary sandstones. This interpretation is further supported by adjacent, ISR properties with published resources. Geologists for the previous vendors of Pine Ridge measured 350 sandstone outcrops on the south and west sides of the project area under the direction of Dr. Kent Sundell, Geology Professor Emeritus at Casper College. The purpose of the exercise was to better understand the geologic characteristics of the stacked sandstones and the paleo-river system that deposited the sands. SOLA Project Services will be contracted by the Joint Venture to provide technical and project support. A principal with SOLA, Mr. Bryan Soliz, has significant experience and expertise in the region, highlighted by more than 25 years of exploration and production work in the Powder River Basin, including at the adjacent Smith Ranch project operated by Cameco. The selection of drill contractors and geophysical contractors is currently underway. Permit approvals are expected in late June and the drill program will commence shortly after the permit is received. Overview - Pine Ridge Pine Ridge is an In-Situ Recovery (ISR) uranium project located in the southwestern Powder River Basin of Wyoming, the premier U.S. uranium basin. Historically, the Powder River Basin is the most significant area for uranium production in U.S. via ISR production methods. Pine Ridge is surrounded by existing uranium projects held by UEC and Cameco and is also located only ~15km from Cameco's Smith Ranch Mill which has licensed capacity of 5.5Mlbs U3O8 p.a. The Smith Ranch mill is one of the largest uranium production facilities in the U.S. Figure 2: Pine Ridge Uranium Project and Adjacent Properties To view an enhanced version of this graphic, please visit: Pine Ridge is a uranium project of potential significant scale with a large JORC 2012 exploration target. For more information on this exploration target, please refer to GUE's website1. Pine Ridge has been significantly de-risked through historic drilling and has an ideal geological foundation to be developed into a production Snow Lake Resources Ltd. Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian mineral exploration company listed on Nasdaq:LITM, with a global portfolio of critical mineral and clean energy projects. The Pine Ridge Uranium project is an exploration stage project located in Wyoming, United States, and the Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia. Snow Lake also holds a portfolio of additional exploration stage critical minerals projects located in Manitoba. Learn more at Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law. Contact and InformationFrank Wheatley, CEO Investor RelationsInvestors:ir@ Follow us on Social MediaTwitter: 1 To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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05-05-2025
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Urenco and Ubaryon to Form Strategic Partnership
Winnipeg, Manitoba--(Newsfile Corp. - May 5, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, advises that Ubaryon Pty Ltd ("Ubaryon") has provided a shareholder update to announce that it has signed a Term Sheet with Urenco Limited ("Urenco") to form a strategic partnership. This is a significant milestone which will materially assist the future commercialization of Ubaryon's uranium enrichment technology. Highlights Ubaryon achieves a major milestone forming a strategic partnership with Urenco to advance its Uranium Enrichment Technology Urenco is a global uranium enrichment company with enrichment facilities in Germany, the Netherlands, the UK and the USA Ubaryon is a private Australian company which owns 100% of a unique and innovative technology for uranium enrichment Urenco to invest A$5.0m to advance the technology over the next 3 years, providing strategic validation of Ubaryon's technology as well as significant resources and expertise to help de-risk steps towards commercialization Global Uranium and Enrichment Limited ("GUE") is the largest shareholder in Ubaryon (21.9%) and will remain the largest shareholder post the transaction Ubaryon independently assessed at technology readiness level of TRL-4 which highlights the development done to date and the strong platform for this new partnership to build on Snow Lake holds a cornerstone 19.9% interest in GUE, which in turn holds a 21.9% interest in Ubaryon Urenco Strategic Investment Ubaryon has signed a non-binding Term Sheet with Urenco, a global uranium enrichment company, to form a strategic partnership. The agreement was reached after a comprehensive process involving a targeted group of potential investors and partners, conducted within the controls of the security legislation that Ubaryon's technology is regulated by. Under the terms of the agreement, Urenco will invest a total of A$5.0 million in Ubaryon over the next 3 years for a 13% stake in Ubaryon. The Term Sheet is subject to the usual and reasonable conditions precedent for completion of an investment of this nature including receiving Ubaryon shareholder approval for the transaction, Foreign Investment Review Board approval and execution of binding transaction documentation. Urenco is an international supplier of enrichment services with sustainability at the core of its business. Operating in the nuclear fuel supply chain for 50 years, Urenco has its head office near London, UK, and enrichment facilities in Germany, the Netherlands, the UK and the USA. Urenco's commitment, coming after detailed due diligence, validates GUE's historical investment in Ubaryon and significantly de-risks the business, thereby enhancing GUE's exposure to midstream nuclear fuel supply chains. Ubaryon has committed to working exclusively with Urenco to complete the transaction which will also provide Urenco the ability to potentially increase its stake in Ubaryon through acquiring shares from existing shareholders and a potential pathway to secure the Ubaryon technology at a fair market value at some point in the future when the technology has been further advanced. Ubaryon stated in the shareholder update, that the Ubaryon board has been impressed by the diligent and professional way in which Urenco has engaged in the due diligence process and that it is clear that there are significant synergies between companies. Urenco's deep technical, regulatory, market expertise, resources and strategic position in the nuclear fuel supply chain industry will make them the ideal strategic shareholder for Ubaryon. Ubaryon's board considers that Urenco's investment will also significantly assist the future commercialization of Ubaryon's technology to the extent that no other strategic investor could. Ubaryon will request all shareholders (with GUE being the largest shareholder) to provide a waiver of pre-emptive rights to purchase shares to allow the transaction with Urenco to proceed and will also schedule a Ubaryon shareholder meeting to approve the transaction and its terms and conditions. It should be noted that, as a binding agreement has not yet been signed, there is no certainty that the transaction will complete within a specific timeframe, nor that it will complete at all. Ubaryon Technology Rapidly Advancing - TRL 4 As a part of the due diligence process, Ubaryon has received two independent technical reviews confirming the technology is currently at Technology Readiness Level ("TRL") assessment level of TRL-4. The TRL index is a globally accepted benchmarking tool for tracking progress in the development of a new technology through the early-stage research (TRL-1) to technologies ready for scaled commercial operations (TRL-9). TRL-4 shows that all critical components were successfully validated in a laboratory environment and supported by experimental results. Combined with the validation provided as a result of Urenco's due diligence, these independent assessments give confidence that Ubaryon's technology has a sound foundation for further development. As a point of comparison, Global Laser Enrichment1 ("GLE") which is the vehicle of the SILEX uranium technology (jointly owned by SILEX Systems Limited 51% and Cameco Corporation 49%), is aiming for completing a commercial-scale pilot demonstration to provide TRL-6 of the SILEX technology around mid-2025. Ubaryon Background Ubaryon is a private Australian company which is developing and commercializing a unique uranium enrichment technology based on the chemical separation of naturally occurring uranium isotopes. Ubaryon was established in 2015 after environmental testing identified a process anomaly, after which Ubaryon lodged a patent application over its Ubaryon Enrichment Technology in 2018. Australian Safeguards and Non-Proliferation Office ("ASNO") classified the intellectual property in September 2018. ASNO and Defense Export Controls now regulate all Ubaryon's technical disclosure. A significant feature of the Ubaryon Enrichment Technology is that it eliminates the need for conversion from uranium oxide or yellowcake (UO4 or U3O8) to gaseous uranium (UF6) and the need for deconversion from UF6 to uranium oxide. Removing conversion and deconversion simplifies the enrichment process and allows for additional flexibility in the nuclear fuel cell supply chain. About Snow Lake Resources Ltd. Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian mineral exploration company listed on (NASDAQ: LITM), with a global portfolio of critical mineral and clean energy projects. The Pine Ridge Uranium project is an exploration stage project located in Wyoming, United States, and the Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia. Snow Lake also holds a portfolio of additional exploration stage critical minerals projects located in Manitoba. Learn more at Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd.. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-Looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-Looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-Looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law. Contact and InformationFrank Wheatley, CEO Investor RelationsInvestors:ir@ Follow us on Social MediaTwitter: 1 To view the source version of this press release, please visit
Yahoo
10-04-2025
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Snow Lake Updates on the Joint Venture with Global Uranium and Enrichment Limited on the Pine Ridge Uranium Project
Winnipeg, Manitoba--(Newsfile Corp. - April 10, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, provides an update on the 50 / 50 joint venture with Global Uranium and Enrichment Limited ("GUE") on the Pine Ridge Uranium Project ("Pine Ridge") in Wyoming's Powder River Basin. Highlights GUE has staked additional mineral claims around Pine Ridge, bringing the total project footprint to nearly 20,000 acres of surface access and mineral rights GUE has called an extraordinary general meeting for April 14, 2025 to obtain approval from its shareholders for it's A$10 million equity raise as part of the acquisition of Pine Ridge Snow Lake has committed to invest circa A$5.8 million, for a 19.99% interest in GUE, as part of the equity raise Ubaryon continues to progress with a number of interested strategic parties towards securing funding for the ongoing development of its business CEO Remarks "We are extremely pleased with Global Uranium and Enrichment Limited's ("GUE") ASX Announcement of April 3, 20251, announcing that GUE continues to stake additional mining claims around Pine Ridge in order to increase the project footprint," said Frank Wheatley, CEO of Snow Lake. "This proactive approach of GUE to enhance the footprint of Pine Ridge, as well as commencing the preparation of a drill program for Pine Ridge in 2025, reinforces our belief that our joint venture with GUE on Pine Ridge holds the potential to create substantial value for our shareholders." Ubaryon Ubaryon is a private Australian company which is developing and commercialising a unique uranium enrichment technology (the "Ubaryon Enrichment Technology") based on the chemical separation of naturally occurring uranium isotopes. GUE is the largest shareholder of Ubaryon with a 21.9% shareholding. Ubaryon owns 100% of the Ubaryon Enrichment Technology. As GUE announced on February 12, 20252, Ubaryon updated its shareholders regarding commercial interest from potential major strategic partners towards securing funding for ongoing development for the business. GUE advises that this process continues to progress well with a number of interested parties and is expected to be announced within the first half of 2025. Pine Ridge Uranium Project As announced by each of Snow Lake and GUE on March 12, 20253, Snow Lake and GUE entered into a joint venture agreement (the "JVA") for the acquisition of 100% of Pine Ridge in Wyoming's Powder River Basin. GUE announced on April 3, 20254 that that through the JVA, the GUE management team is staking further claims surrounding Pine Ridge, which will nearly double the footprint of the current project holdings. The current project holdings include nearly 20,000 acres of surface access and mineral rights. GUE has also commenced the preparation of a drilling program including permitting and tendering drill contractors. As part of the acquisition, GUE received binding commitments to raise A$10.0 million (before costs) through a conditional placement to institutional and sophisticated investors (the "Placement"). Included in the Placement, Snow Lake has agreed to invest circa A$5.8 million for a 19.9% shareholding in GUE. The Placement is subject to GUE shareholder approval to be sought at an Extraordinary General Meeting to be held on April 14, 2025 and Snow Lake completing due diligence. To allow Snow Lake to finalise its due diligence, GUE has agreed to extend Snow Lake's due diligence period until April 10, 2025. About Snow Lake Resources Ltd. Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian mineral exploration company listed on (NASDAQ: LITM), with a global portfolio of clean energy mineral projects comprised of two uranium projects and two hard rock lithium projects. The Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia, and the Black Lake Uranium Project is an exploration stage project located in the Athabasca Basin, Saskatchewan. The Shatford Lake Project is an exploration stage project located adjacent to the Tanco lithium, cesium and tantalum mine in Southern Manitoba, and the Snow Lake Lithium™ Project is an exploration stage project located in the Snow Lake region of Northern Manitoba. Learn more at Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd.. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-Looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-Looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-Looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law. Contact and InformationFrank Wheatley, CEO Investor RelationsInvestors:ir@ Follow us on Social MediaTwitter: 1 To view the source version of this press release, please visit Sign in to access your portfolio
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09-04-2025
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$30M Investment in U.S. Uranium Sector Positions Snow Lake at the Heart of America's Energy Shift
Winnipeg, Manitoba--(Newsfile Corp. - April 9, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, announces that it plans US$30 million in investments in U.S. uranium exploration and development over the next three years - a move that positions the Company to benefit from increasing U.S. demand for domestic energy security and supply chain resilience. These investments place Snow Lake at the forefront of a U.S. policy shift that is heavily focused on energy independence and critical mineral security. The U.S. administration continues to emphasize domestic investment in strategic sectors, including uranium, to reduce reliance on foreign sources and accelerate the rollout of increased domestic energy production including advanced nuclear technologies. Snow Lake's expanding footprint in the U.S. uranium sector directly aligns with these national priorities, which we believe presents a compelling opportunity to deliver long-term value to shareholders. Highlights Pine Ridge Uranium Project in Wyoming, a 50/50 joint venture with Global Uranium and Enrichment Limited (GUE), will be the primary focus of Snow Lake's uranium exploration activities in the United States over the next three years Pine Ridge is a potential district scale uranium project in the Powder River Basin in Wyoming, and over the next three years, Snow Lake and GUE plan on moving the Pine Ridge project through exploration and development and into the feasibility study stage of development Snow Lake's strategic 19.99% investment in GUE also provides indirect access to GUE's uranium exploration and development projects in Colorado and Utah Snow Lake's Buffalo Uranium project in Wyoming is a historic uranium producer located on the historic Little Man Uranium Mine, where historical drilling by Conoco in 1980 confirmed uranium mineralization over 3,000 feet of strike, which remains open in all directions CEO Remarks "Our increased investment in uranium exploration and development in the U.S. begins with our Pine Ridge uranium project, in joint venture with Global Uranium and Enrichment Limited (GUE)," said Frank Wheatley, CEO of Snow Lake. "The majority of our investments will be in Pine Ridge as we work together with GUE to advance Pine Ridge through the feasibility stage of development over the next three years." "The goal of our investments is to develop a domestic supply of uranium to help underpin the expansion of nuclear energy in the U.S. With the U.S. focusing on national and energy security, coupled with the development of advanced nuclear technologies such as small modular reactors, and the constantly increasing demand for energy from technology companies pursuing their AI ambitions, we believe focusing our investments on U.S. domestic uranium supply holds the potential to create substantial value for our shareholders." Investments in U.S. Uranium Exploration and Development Pine Ridge Uranium Project (Joint Venture with GUE) Pine Ridge is: Located in Wyoming's Powder River Basin, and is an advanced In-Situ Recovery (ISR) uranium project primed for rapid development A uranium project of potential significant scale with a large JORC 2012 exploration target. For more information on this exploration target see GUE's ASX Announcement dated March 12, 2025 Surrounded by global-scale uranium projects held by UEC and Cameco, including Cameco's Smith Ranch Uranium Mill, which is located just 15km away Joint Venture management team has significant uranium exploration, development and permitting experience in the Powder River Basin in Wyoming Drilling is expected to commence immediately after completion of the acquisition as part of an accelerated work program to advance Pine Ridge Wyoming is the leading uranium-producing region in the United States, supported by a favourable regulatory environment and streamlined permitting processes Cornerstone Investment in Global Uranium and Enrichment Limited Snow Lake will acquire a strategic 19.99% stake in GUE by participating in GUE's proposed A$10M capital raise in connection with the acquisition of Pine Ridge. GUE is an Australian public listed company providing unique exposure to not only uranium exploration and development, but to the uranium enrichment space. Snow Lake's CEO will join the Board of Directors of GUE. GUE's Uranium Asset Portfolio GUE is developing the following portfolio of advanced, high grade uranium assets in prolific uranium districts in the United States: Pine Ridge Uranium Project (Wyoming, U.S.): Located in the premier U.S. uranium mining region with a substantial JORC 2012 exploration target. More than 1,200 holes having been drilled on Pine Ridge, which have identified over 140 miles of redox fronts with potential to define a substantial In-Situ Recovery uranium resource base Tallahassee Uranium Project (Colorado, U.S.): Located in Colorado's Tallahassee Creek Uranium District containing a substantial JORC 2012 resource Maybell Uranium Project (Colorado, U.S.): High grade JORC 2012 exploration target established at the project. Historical production of 5.3 million pounds of U3O8 (average grade 1,300ppm) Rattler Uranium Project (Utah, U.S.): Located within La Sal Uranium District, Utah, 85km north of White Mesa Uranium/Vanadium mill, the only operating conventional uranium mill in the USA Ubaryon Investment (Australia): GUE holds a cornerstone position in Ubaryon Pty Ltd, a private Australian uranium enrichment technology company For more information on GUE, please refer to their website1. Buffalo Uranium Project The Buffalo Uranium Project is located in the southeast part of Wyoming, approximately 50 miles south of Casper, Wyoming and is centered on the historic Little Man Uranium mine. Uranium mineralization at the Little Man Uranium mine was discovered in the 1950's. A total of approximately 65,000 pounds of U3O8 were mined with an average grade of between 1.0% 1.5% U3O8. In addition to mining at the Little Man Uranium Mine in the 1950's, a total of 13 widely spaced drill holes, consisting of eight percussion drill holes and five core holes, were drilled by Conoco in 1979 and 1980. No drilling has been undertaken on the Buffalo Uranium Project since 1980. Uranium mineralization was intersected over a strike length of approximately 3,000 feet and remains open along strike and at depth. About Snow Lake Resources Ltd. Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian mineral exploration company listed on Nasdaq:LITM, with a global portfolio of clean energy mineral projects comprised of two uranium projects and two hard rock lithium projects. The Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia, and the Black Lake Uranium Project is an exploration stage project located in the Athabasca Basin, Saskatchewan. The Shatford Lake Project is an exploration stage project located adjacent to the Tanco lithium, cesium and tantalum mine in Southern Manitoba, and the Snow Lake Lithium™ Project is an exploration stage project located in the Snow Lake region of Northern Manitoba. Learn more at Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd.. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law. Contact and Information Frank Wheatley, CEO Investor Relations Investors:ir@ Website: Follow us on Social Media Twitter: LinkedIn: [1] To view the source version of this press release, please visit Sign in to access your portfolio
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31-03-2025
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Acquisition of Pine Ridge Uranium Project in Wyoming Supports U.S. National & Energy Security Objectives
Winnipeg, Manitoba--(Newsfile Corp. - March 31, 2025) - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) ("Snow Lake"), a uranium exploration and development company, announces that the 50/50 joint venture (the "Joint Venture") with Global Uranium and Enrichment Limited ("GUE") (ASX: GUE), to acquire 100% of the Pine Ridge Uranium Project ("Pine Ridge") in the Powder River Basin in Wyoming, United States, directly supports the United States' national and energy security objectives. Highlights U.S. National & Energy Security Objectives: Uranium supply chain vulnerabilities create national and energy security risks for the U.S. The U.S. currently produces only 0.02% of global uranium production, and is therefore almost entirely dependent on foreign suppliers of uranium The U.S. has only one commercially operating uranium enrichment plant, with limited capacity, resulting in reliance on foreign suppliers Next generation advanced nuclear reactors will require fuel enriched to higher concentrations Pine Ridge Supports U.S. National & Energy Security Objectives: The acquisition of Pine Ridge by Snow Lake and GUE directly supports U.S. national and energy security objectives by advancing a U.S. domestic uranium project of potentially significant scale through further stages of development: Pine Ridge is located in Wyoming's Powder River Basin and is an advanced In-Situ Recovery (ISR) uranium project primed for rapid development Wyoming is the leading uranium-producing region in the United States, supported by a favourable regulatory environment and streamlined permitting processes Pine Ridge is a uranium project of potential significant scale with a large JORC 2012 exploration target. For more information on this exploration target see GUE's ASX Announcement dated March 12, 2025 Pine Ridge is surrounded by global-scale uranium projects held by UEC and Cameco, including Cameco's Smith Ranch Uranium Mill, which is located just 15km away, with a licensed capacity of 5.5M lbs U3O8 Ubaryon Next-Generation Enrichment Technology: GUE, in which Snow Lake will hold a 19.99% interest, holds a cornerstone position in Ubaryon Pty Ltd, a private Australian company, developing an innovative uranium enrichment technology:[1] 100% ownership of an enrichment technology based on the chemical separation of naturally occurring uranium isotopes Currently running a structured process to find a potential strategic partner towards securing funding for ongoing development of its business Key motivation to secure a strategic partner is to enable future commercialization of the technology in one of the most highly regulated industries in the world Government approval received for appropriate security approved independent experts to review the details of the technology CEO Remarks "The Trump Administration is focusing on national and energy security, and in particular the vulnerabilities of the uranium supply chain," said Frank Wheatley, CEO of Snow Lake. "Given the United States is largely dependent on foreign countries for it supply of uranium, the new administration is focusing its efforts on initiatives designed to expand domestic production of uranium in the United States. With the Powder River Basin in Wyoming being one of the preeminent uranium producing regions in the United States, coupled with advanced stage of development of Pine Ridge, we strongly believe that Pine Ridge holds the potential to contribute to U.S. domestic production of uranium. Our strategic 19.99% investment in GUE, coupled with GUE's cornerstone investment in Ubaryon, holds the potential to begin to address the lack of uranium enrichment capacity in the United States, and in particular, the production of high-assay low-enriched uranium required for the next generation of advanced nuclear reactors." Uranium Supply Chain[2] The uranium-to-nuclear fuel supply chain in lengthy, complex and full of vulnerabilities from mine to nuclear reactor. Mining: Uranium is mined primarily in Kazakhstan (43%), Canada (15%), Namibia (11%), Australia (9%), Uzbekistan (7%) and Russia (5%). The United States import 90% of its mined uranium ore requirements. Milling: After mining, the ore is milled into triuranium oxide (U3O8), referred to as yellow cake. Global yellow cake production is dominated by Kazakhstan (39%), Canada (20%), Namibia (12%), Australis (9%), Uzbekistan (7%) and Russia (5%). The United States is 95% dependent on foreign suppliers for yellow cake (U3O8). Enrichment: Yellow cake is then enriched, and four companies dominate this stage in the nuclear fuel cycle: Rosatom in Russia, CNNC in China, Orano in France and the Urenco Group (British - German-Dutch). Collectively, they control 62.7% of global commercial uranium enrichment capacity. Nearly 67% of the United States' enriched uranium needs come from foreign suppliers. United States - Uranium Mining The United States mined 0.02% of global uranium production in 2022. In order to achieve its objectives of energy security, feed its nuclear energy and defense agendas, and strategic stockpiles of uranium, the United States must ramp up domestic uranium production through policies such as the Trump Administration's Executive Order entitled "Immediate Measures to Increase American Mineral Production" dated March 20, 205 (the "Executive Order"), designed to support domestic U.S. uranium mining.[3] Snow Lake believes the acquisition and development of Pine Ridge together with GUE, holds the potential to add to U.S. based domestic uranium production, thereby supporting the objectives of the Executive Order. United States - Uranium Enrichment Four non-U.S. companies control 62.7% of the world's commercial uranium enrichment capacity, ensuring tight control of this stage of the nuclear fuel cycle. The United States has only one commercially operating uranium enrichment plant, with limited capacity, and which is owned by one of these four companies.[4] Ubaryon Pty Ltd - Next-Generation Uranium Enrichment GUE's holds a cornerstone investment (21.9%) in Ubaryon Pty Ltd, a private Australian company, developing and commercializing a unique uranium enrichment technology based on the chemical separation of naturally occurring isotopes. This patented, next-generation enrichment technology, offers the potential for lower capital and operating costs in uranium enrichment. Ubaryon is a member of the World Nuclear Association (WNA), the American Nuclear Society (ANS), and is registered with the U.S.'s Nuclear Energy Institute (NEI). Ubaryon's operations are located at the Australian Nuclear Science and Technology Organization (ANSTO).[5] Snow Lake believes that as Ubaryon advances the development and commercializing of its enrichment technology, it holds the potential to begin to address the lack of uranium enrichment capacity in the U.S. About Global Uranium and Enrichment Limited Global Uranium and Enrichment Limited (GUE) is an Australian public listed company providing unique exposure to not only uranium exploration and development, but to the uranium enrichment space. Amid a nuclear energy renaissance, GUE is developing a portfolio of advanced, high grade uranium assets in prolific uranium districts in the United States and Canada, and has established a cornerstone position in Ubaryon Pty Ltd, an Australian uranium enrichment technology company. For more information on GUE, please refer to their website[6]. Snow Lake Resources Ltd. Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian mineral exploration company listed on (NASDAQ: LITM), with a global portfolio of clean energy mineral projects comprised of three uranium projects and two hard rock lithium projects. The Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia, the Black Lake Uranium Project is an exploration stage project located in the Athabasca Basin, Saskatchewan, and the Buffalo Uranium Project is an exploration stage project in Wyoming, United States. The Shatford Lake Project is an exploration stage project located adjacent to the Tanco lithium, cesium and tantalum mine in Southern Manitoba, and the Snow Lake Lithium™ Project is an exploration stage project located in the Snow Lake region of Northern Manitoba. Learn more at Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with regard to Snow Lake Resources Ltd. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and annual reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law. Contact and Information Frank Wheatley, CEO Investor Relations Investors:ir@ Website: Follow us on Social Media Twitter: LinkedIn: [1] [2] Centre for Strategic & International Studies - February 5, 2025 [3] Immediate Measures to Increase American Mineral Production - The White House [4] Centre for Strategic & International Studies - February 5, 2025. [5] [6] To view the source version of this press release, please visit
