tw0122
5 days ago
Winnipeg, Manitoba, Canada, December 23, 2024 - Snow Lake Resources Ltd., d/b/a Snow Lake Energy (Nasdaq:LITM) ("Snow Lake"), a uranium exploration company, announces that it is now funded to continue progressing its exploration programs at its portfolio of clean energy mineral projects.In 2025, Snow Lake will focus on the continuing exploration of its portfolio of uranium projects, with experts predicting nuclear energy will play a key role in supporting the world's exponentially growing energy needs fueled by the growth in big data, including data centers and the advent of artificial intelligence (AI).HighlightsSnow Lake is now funded for its 2025 exploration programs on its two highly prospective uranium projectsInitial assay results from the Engo Valley Uranium Project Phase 1 drill program, designed to twin Gencor's 1970's drill program, are expected in January 2025Balance of the assay results, together with the report on the downhole radiometrics on all drill holes from Phase 1, are expected in late January 2025.Engo Valley Phase 2 drill program, designed to infill and expand on the Phase 1 drill program, is currently scheduled to begin in early 2025, to be followed by a planned maiden SK-1300 mineral resource estimate during the first half of 2025"We look forward to resuming our exploration programs on our Engo Valley and Black Lake uranium projects in early 2025", commented Frank Wheatley, CEO of Snow Lake. "As we watch major technology companies such as Google, Microsoft and Amazon pursue their AI ambitions and invest in nuclear power, coupled with continuing geopolitical events, we continue to believe new sources of uranium will be required to supply the expansion of nuclear power to support those ambitions."Pending Results - Engo Valley Phase 1 Drill ProgramWith the Phase 1 drill program at Engo Valley now complete, consisting of a total of 20 reverse circulation holes totaling approximately 1,500 meters, we expect to receive initial assay results in early January 2025. The balance of the assay results, together with the results of the downhole radiometrics on each drill hole in Phase 1, are currently expected by the end of January 2025.Uranium and Nuclear EnergyPrimary Use of Uranium: Uranium is used primarily to produce fuel for nuclear power plants for the generation of electricityWhy Nuclear Energy: Nuclear energy provides clean, zero-carbon, zero-emissions, reliable base-load, scalable low-cost energy with greater generating capacity per land footprint than other fuel sourcesElectrification & Big Data: Global electricity demand is estimated to grow by approximately 50% by 2040, driven in large part by the growth in big data, including data centers to support artificial intelligence (AI), cloud storage and social mediaTechnology Companies & AI: Google, Microsoft and Amazon are among the technology companies turning to and investing in nuclear energy to power their energy intensive AI ambitions, including Amazon's recent $500 million investment1Shortfall of Primary Uranium Supply: Current uranium supply will not meet forecasted uranium demand over the next decade. New sources of primary uranium supply, including new uranium mines, will need to be developed to meet this demandNamibiaNamibia is currently the world's third-largest producer of uranium, accounting for 11% of global production in 20222, from three currently operating uranium mines: Rossing, Husab and Langer Heinrich. Two new uranium mines are currently in development: the Tumas Uranium Project by Deep Yellow Limited and the Etango Uranium Project by Bannerman Energy Ltd.In early 2024, the United States opened a new embassy in Namibia's capital Windhoek, increasing the United States' footprint and presence in sub-Saharan Africa.About Snow Lake Resources Ltd.