2022-05-19 | NDAQ:LITM | Press release

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  • First drill results revealed in the Grass River pegmatite at Snow Lake, Manitoba
  • A potential new starter pit has been identified yielding a high grade result of 3.35% Li2O More than three meters
  • The new starting pit had widths of five to six meters intersected
  • Snow Lake Lithium Exploration Permits Extended for Three Years

WINNIPEG, MB /ACCESSWIRE/May 19, 2022/ Snow Lake Resources Ltd., d/b/a Snow Lake Lithium Ltd. (NASDAQ:LITM) (“Snow Lake” or the “Company”), a lithium resource company engaged in the operation of the world’s first all-electric lithium mine, today confirmed that it has received significant results from its first test drilling of the Grass River Pegmatite (GRP) dyke at the Snow Lake Lithium Project in northern Manitoba. The GRP dyke has defined widths of five to six meters and results were obtained with high grade spodumene material from the third GRP hole, GPR-003, returning an intercept of 3.35% Li2O over three meters (See Table 1.0, Figures 1, 2 and 3). (Photos of the high-grade spodumene from the GRP dyke were released on April 28, 2022 –https://ir.snowlakelithium.com/news-events/press-releases/detail/52/snow-lake-lithium-announces-operational-update)

These are the first results for the GRP dyke and further analyzes will need to be reviewed in the future to put a clear strike and dip on this swarm of dykes. It should be noted that the GRP dyke outcrops on the surface and is likely to develop a high-grade open cut for the exploitation of its spodumene deposit. Current drilling will continue to focus on delineating the geometry of the GRP dyke and data collected from this drilling campaign will be included in the next Snow Lake Lithium resource update.

In addition, Snow Lake Lithium’s exploration licenses have been extended by the Province of Manitoba for another three years.

Philip Gross, CEO of Snow Lake Lithium, said: “As we progress with work on our potential future starter pit, it is incredibly encouraging to see such strong initial drill test results highlighting high-lithium spodumene in our GRP dam. very excited about the program to date, both on the expansion of the known resource at our Thompson Brothers dike and the latest developments at our Grass River and Sherritt Gordon dikes. All of our goals and milestones have been met, as we accelerate the development of our project to commercial lithium production.province of Manitoba for recently extending our exploration permits for the next three years and we are extremely grateful for the support and guidance they continue to provide to our team and to our lithium project.”

Geology of the GRP dike and host rocks

The GRP dykes cut plutonic intrusive rocks of monzonite composition, exhibiting medium to coarse grained plagioclase crystals within a fine to medium grained mafic groundmass. Albitic to potassium feldspars are frequently present in the rock. The underground mass consists of amphiboles and occasionally biotite. Garnet was observed in small clusters within a rare melanocratic underground mass. The monzite has been subjected to considerable seracitic and hematitic weathering, often resulting in the destruction of the original plutonic minerals and giving the rock a “bleached” appearance. Small quartz and granitic Aplite dykes are common.

PRV pegmatite dykes appear to strike 110° and dip approximately 60-65° SSW. The mineralogy of the dykes is typical of lithium-bearing pegmatite dykes and consists of K-feldspars, quartz, muscovite and, to a lesser extent, biotite, tourmaline and rare garnets and very rare beryl. The lithium-bearing mineral is spodumene, which varies considerably in grain size and distribution within GRP dykes. Spodumene crystals can vary in size from 1 cm to over 10 cm. GRP dykes often exhibit very large spodumene crystals, often ranging in size from 10 to 15 cm long and, in the case of the GRP-003 borehole, larger than the dimensions of the NQ core. The distribution of crystals in the dyke intersections is sporadic, with some sections containing up to 25-30% spodumene, and other sections spodumene poor, suggesting multiple pulses of fluids and crystalline slurry from the parent granitic magma. The mineralogy and mineral zoning of the dyke(s) will be further investigated over the next few months.

Analytic

Half core samples are sent to SGS Lakefield in Ontario for analysis. The carrots are initially crushed to a size of -12.7mm, then chipped to 75% passing 2mm and finally extruded into a 250g pulp which is pulverized to 85% passing 75 microns. Samples are fused with sodium peroxide and run on ICP-AES and/or ICP-MS generating analyzes of 56 elements.

Declaration of qualified person

The information in this news release has been compiled and reviewed by Dale Schultz, a Qualified Person and Professional Geoscientist (P.Geo) who is a registered member of the Engineer and Geosciences of Manitoba (#24846), a ‘Recognized Professional Organization (RPO). Mr. Dale Schultz is the Project Manager and Vice President of Resource Development at the Snow Lake Lithium Project and has sufficient experience relevant to the crystallization of the LCT-type pegmatite deposits being evaluated. Mr. Schultz is also a Qualified Person as defined in SK 1300 Rules for Disclosure of Mineral Deposits promulgated by the United States Securities and Exchange Commission.

Table 1.0 – List of interceptions cited in the press release

Snow Lake Resources Ltd., Thursday, May 19, 2022, press release image

Figure 1 – Plan view map showing locations of GRP-001 to GRP-003

Snow Lake Resources Ltd., Thursday, May 19, 2022, press release image

Figure 2 – Cross section of GRP-001 and GRP-002 holes

Snow Lake Resources Ltd., Thursday, May 19, 2022, press release image

Figure 3 – Cross section of GRP-003 and GRP-005 holes

Snow Lake Resources Ltd., Thursday, May 19, 2022, press release image

NAD83 – UTM Zone 14 – HGPS

Table 2.0 – UTM location, azimuth and dip of DDH listed in release.

Snow Lake Resources Ltd., Thursday, May 19, 2022, press release image

Table 3.0 – List of PrincipalsLi2O samples for the DDH listed in the version

About Snow Lake Resources Ltd.

Snow Lake Lithium is committed to creating and operating a fully renewable and sustainable lithium mine that can provide a fully traceable, carbon neutral and safe product for the North American electric vehicle and battery markets. We not only aspire to set the standard for responsible lithium mining, but we aim to be the first lithium producer in the world to achieve Certified Company B status in the process.

Our wholly-owned Thompson Brothers Lithium Project covers a 55,318-acre site that has only been 1% explored and contains an identified resource to date of 11.1 million indicated and inferred metric tonnes at 1% Li2O.

Forward-looking statements

This press release contains “forward-looking statements” 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. Forward-looking statements in this press release can be identified by the use of words such as “anticipate”, “believe”, “intend”, “could”, “estimate”, “expect”, “have the ‘intent to’, ‘seek,’ ‘may’, ‘could’, ‘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 the current expectations of Snow Lake Resources Ltd. and are subject to uncertainties, inherent risks and assumptions that are difficult to predict and include statements regarding the intended use of proceeds and expected closing. In addition, certain forward-looking statements are based on assumptions about future events that may not prove to be accurate. These risks and uncertainties, as well as others, are described more th n detail in the section entitled “Risk Factors” of the final prospectus relating to our public offering filed with the Securities and Exchange Commission and other documents and reports that we file with the Securities and Exchange Commission. The forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. assumes no obligation to update this information, except as required by applicable law.

CONTACT:

[email protected]

www.SnowLakeLithium.com

Twitter: @SnowLakeLithium

THE SOURCE: Snow Lake Resources Ltd.

See the source version on accesswire.com:

https://www.accesswire.com/701976/Snow-Lake-Lithium-Announces-Significant-Findings-From-First-Drilling-Tests

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