Canadian mineral exploration company Snow Lake Resources, now operating as Snow Lake Energy, has secured over $20m, before costs, in funding to support its activities across its uranium and lithium projects.
The proceeds will be used by the company to explore its portfolio of global projects and make strategic acquisitions and investments in the clean energy and next-generation minerals sector.
At the Engo Valley uranium project located on the Skeleton Coast in Namibia, additional exploration drilling is planned, along with the preparation of a maiden resource estimate compliant with SK-1300 standards.
Discovered in 1973, the Engo Valley uranium project in north-west Namibia is considered a top-tier exploration project with historical uranium resources.
Snow Lake plans to apply modern exploration techniques and technology to the project in 2025.
The company’s Black Lake uranium project in Saskatchewan, Canada, will see further prospecting and ground geophysics to confirm and identify potential drill targets.
Snow Lake CEO Frank Wheatley said: “As we are now well-funded to continue our exploration programmes, our focus for 2025 will be on our two highly prospective uranium projects: our Engo Valley project in Namibia and our Black Lake uranium project in the Athabasca Basin, Northern Saskatchewan.
“As major technology companies such as Google, Microsoft and Amazon pursue their AI ambitions and invest in nuclear power, coupled with global nuclear plant baseload demand growth and sanctions halting Russian exports of uranium to the US, we believe new sources of uranium will be required to underpin the expansion of nuclear power to support those ambitions.”
For the Shatford Lake LCT project in Southern Manitoba, Canada, prospecting and ground geophysics will continue to identify potential drill targets following initial assay results, the company said.
Located adjacent to the Tanco Mine, the project is being explored for caesium, tantalum, and lithium mineralisation.
Additionally, the Snow Lake lithium project in Manitoba is set to receive an updated SK-1300 mineral resource estimate incorporating drill results from the 2023 and 2024 drill programmes.
The Snow Lake lithium project's updated mineral resource estimate is anticipated for the first half (H1) of 2025.
In a press statement, Snow Lake said: “As a clean energy minerals company, Snow Lake continues to review globally significant opportunities in the clean energy and next-generation mineral space that have the potential to be commercialised, create shareholder value, and complement its current portfolio of uranium and lithium projects.”
Furthermore, Nova Minerals has divested its common shares in Snow Lake.
As the founding majority shareholder, Nova's sale is expected to support its ongoing exploration of the Estelle gold and antimony project in Alaska.
