Snow Lake Resources (LITM) Provides Update Following Successful Grass River Drilling Campaign


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Snow Lake Resources Ltd., d/b/a Snow Lake Lithium Ltd. (NASDAQ: LITM) is pleased to provide the results, update and analysis of the recently completed Grass River drilling campaign. Important intersections are listed in Table 1.0 for reference.

The pegmatite geology in the Grass River area (“GRP”) is much more complex than the Thompson Brothers Lithium dyke, which was recognized early in the drilling campaign. As noted by several geologists at the core shack, multiple intersections of coarse-grained spodumene pegmatites were recorded in several holes in the Grass River area. Due to this level of complexity, Snow Lake Lithium engaged SGS Geological Services to help model the GRP seawall to better understand the three-dimensional (3D) composition of the subsurface zone.

Based on initial wireframe modeling of pegmatite dykes at Grass River, SGS was able to identify a minimum of three distinct pegmatite dykes containing spodumene (Figure 2.0). Snow Lake Lithium technical personnel in the field have speculated that there may be up to five distinct dykes based on core and field observations. Due to this higher dyke density in the Grass River area, Snow Lake Lithium will refer to this area as the Grass River Pegmatite Swarm as the drilling campaign progresses.

Among the high-grade intersections received from the Grass River pegmatite swarm was a grab sample of GRP-014 which returned a value of 5.9% Li2O over 0.7 meters (Table 3.0). In addition, several of these intersections are nearly 200 meters downstream of the shaft, implying that vast unrealized underground mining potential exists below the envisioned starting pit. Future exploration and drilling programs will focus on identifying additional dykes, tracing existing dykes along strike and drilling to depth to help define more underground resources.

Currently, twenty-one other holes are in progress with SGS Lakefield. Once all analytical results have been returned to Snow Lake Lithium, SGS Geological Services will begin the first resource study on the Grass River pegmatite swarm.

Dale Schultz, Snow Lake Project Manager and Vice President of Resource Development, said, “We are pleased with the drill results received to date and are increasingly optimistic about the results to be garnered from the campaign. drilling underway with SGS Lakefield. As evidenced by the high-grade intersections recovered from the Grass River pegmatite swarm, there are extensive results that validate the GRP zone as an additional resource to those currently indicated and inferred from the initial scoping studies that have been completed. as additional laboratory assay results are collected and remain committed to positioning the company to begin initial site development in 2024 with construction and commissioning of the commercial mine to follow.”

GRP dyke swarm

Geology of the GRP dyke Swarm and host rocks – The GRP dikes 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.

The GRP pegmatite dyke swarm appears to hit 110° and plunge about 60-65oh SSO. The dyke mineralogy 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 widely in grain size and distribution in the 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. The distribution of crystals in the dyke intersections is sporadic, with some sections containing up to 25-30% spodumene, and other sections spodumene-poor to barren, suggesting multiple pulses of fluids and crystalline slush from the granitic magma relative. The mineralogy and mineral zoning of the dyke(s) will be further investigated over the next few months.

Analytic – The half cores are sent to the SGS Lakefield laboratory in Ontario for analysis. The carrots are initially ground 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. The samples are fused with sodium peroxide and run on ICP-AES and/or ICP-MS generating a combination of 56 elements.

Declaration of qualified person – The information in this press release has been compiled and reviewed by Dale Schultz, a Qualified Person as defined by SEC SK 1300 Rules for Disclosure of Mineral Deposits, and a 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.

Table 1.0 – List of interceptions cited in the press release

Figure 1 – 3D view of pegmatite rebars with borehole – Grass River Swarm

Snow Lake Resources Ltd., Thursday November 3, 2022, press release image

Figure 2 – Cross section of holes GRP-003, 004, 005, 006 and 007

Snow Lake Resources Ltd., Thursday November 3, 2022, press release image

Figure 3 – Cross section of holes GRP-001, 014, 016, 017 and 018

Snow Lake Resources Ltd., Thursday November 3, 2022, press release image

Figure 4 – Cross section of holes GRP-008, 009, 016, 013 and CBP-001

Snow Lake Resources Ltd., Thursday November 3, 2022, press release image

Figure 5 – Cross section of GRP-010, 011 and 012 holes

Snow Lake Resources Ltd., Thursday November 3, 2022, press release image

Figure 6 – Cross section of SGP-005 and CBP-005 holes

Snow Lake Resources Ltd., Thursday November 3, 2022, press release image

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

Snow Lake Resources Ltd., Thursday November 3, 2022, press release image

Table 3.0 – List of significant Li2O samples for DDH listed in version

Snow Lake Resources Ltd., Thursday November 3, 2022, press release image

About Snow Lake Resources Ltd.

Snow Lake 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.

Our exclusive property Snow Lake LithiumMT The project now 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 titled “Risk Factors” in the final prospectus relating to our public offering filed with the Securities and Exchange Commission and other filings and reports 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.

For more information please contact:

[email protected]

[email protected]

Twitter: @SnowLakeLithium


THE SOURCE: Snow Lake Resources Ltd.

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