Snow Lake Energy begins drilling at Pine Ridge uranium project

WINNIPEG - Snow Lake Energy (NASDAQ:LITM), a small-cap energy company with a market capitalization of $39.2 million and strong liquidity position, has commenced its initial exploration drill program at the Pine Ridge Uranium Project in Wyoming’s Powder River Basin, according to a press release issued Friday. According to InvestingPro data, the company maintains more cash than debt on its balance sheet, though it’s currently experiencing rapid cash burn.

The company plans to complete approximately 38,000 meters (125,000 feet) of drilling at the site, which is operated as a 50/50 joint venture with Global Uranium and Enrichment Limited. The Wyoming Department of Environmental Quality has approved permits for the program.

Pine Ridge is located approximately 15 kilometers from Cameco’s Smith Ranch Mill and is surrounded by established uranium projects held by UEC and Cameco. The Powder River Basin is considered the most significant area for uranium production in the United States, primarily using in-situ recovery methods.

Single Water Services LLC will conduct the drilling operations, with Hawkins CBM Logging providing geophysical probing services. Bryan Soliz of SOLA Project Services has been contracted to lead the geologic and mineralization modeling.

"Our Joint Venture team has reviewed all of the historical drilling data for Pine Ridge and has defined a series of high-priority drill targets," said Frank Wheatley, CEO of Snow Lake Energy. "The current drill campaign is designed to establish a data base sufficient to calculate a maiden mineral resource estimate prior to the end of 2025." The company’s stock has shown significant momentum recently, with InvestingPro reporting a 10% return over the past week, despite a challenging six-month period that saw a decline of over 60%.

The company describes Pine Ridge as a "near-development" project. The Smith Ranch Mill, located near the project, has a licensed capacity of 5.5 million pounds of U3O8 per annum and is one of the largest uranium production facilities in the U.S.

Snow Lake Energy, listed on NASDAQ, maintains a portfolio of critical mineral and clean energy projects including uranium assets in Wyoming, United States and Namibia’s Skeleton Coast. InvestingPro analysis indicates the stock is currently undervalued, with a "Fair" overall financial health score of 2.4 out of 5. Subscribers can access 8 additional ProTips and comprehensive financial metrics to better evaluate the company’s investment potential.

In other recent news, Snow Lake Resources Ltd., operating as Snow Lake Energy, has been active with several developments. The company announced its strategic investments in uranium, antimony, and rare earth elements projects primarily located in North America. This includes an AUD$1.4 million investment in GTi Energy Limited to support the Lo Herma uranium project in Wyoming’s Powder River Basin. A scoping study suggests the project has a resource estimate of 8.7 million pounds of U3O8 with a projected seven-year mine life and an annual production target of 800,000 pounds.

Additionally, Snow Lake Energy plans to begin drilling at its Pine Ridge uranium project in Wyoming, which is a joint venture with Global Uranium and Enrichment Limited. The company has also reported positive initial results from its Phase 2 drill program at the Engo Valley Uranium Project in Namibia. Furthermore, the White House’s new artificial intelligence strategy, which prioritizes nuclear energy, could potentially benefit Snow Lake Energy’s focus on uranium resources. These developments underscore the company’s ongoing efforts in the uranium sector, aligning with broader energy security objectives.

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