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WINNIPEG - Snow Lake Resources Ltd., operating as Snow Lake Energy (NASDAQ:LITM), a $32.7 million market cap company with a strong balance sheet showing more cash than debt, announced Wednesday that Global Uranium and Enrichment Limited (GUE), in which it holds a 19.9% strategic stake, has completed a JORC 2012 maiden mineral resource estimate at the Maybell uranium project in Colorado.
The Maybell district has historical production of 5.3 million pounds of U3O8 across two mining periods. The resource estimate follows GUE’s completion of a 31-hole drill program in 2024, with plans for follow-up drilling to enhance and expand the resource.
"As the cornerstone investor in GUE, we are pleased with the announcement of a significant maiden mineral resource estimate at the Maybell uranium project in Colorado," said Frank Wheatley, CEO of Snow Lake Energy, in a press release statement. The company’s stock has shown notable momentum, posting a 14.5% gain over the past week, though it remains significantly below its 52-week high of $24.44.
Snow Lake Energy is also engaged in a 50/50 joint venture with GUE on the Pine Ridge Uranium Project in Wyoming’s Powder River Basin, where a 125,000-foot drill program is currently underway.
The company, listed on NASDAQ, maintains a portfolio of critical mineral and clean energy projects, including the Pine Ridge Uranium project in Wyoming and the Engo Valley Uranium Project in Namibia, along with additional exploration stage projects in Manitoba.
Snow Lake Energy noted that domestic American uranium projects may benefit from increasing electricity demand driven by technology companies’ expanding data centers and AI development. According to InvestingPro data, the company maintains a healthy current ratio of 2.69, indicating strong short-term liquidity, though it faces challenges with rapid cash burn. Investors seeking deeper insights into Snow Lake Energy’s financial health and growth prospects can access additional analysis and 8 more exclusive ProTips through InvestingPro’s comprehensive platform.
In other recent news, Snow Lake Energy has commenced its initial exploration drill program at the Pine Ridge Uranium Project in Wyoming’s Powder River Basin. This project is operated as a 50/50 joint venture with Global Uranium and Enrichment Limited, with plans to complete approximately 38,000 meters of drilling. The Wyoming Department of Environmental Quality has approved permits for this program. Additionally, Snow Lake Energy has announced strategic investments in critical minerals, including uranium, antimony, and rare earth elements, focusing on projects primarily located in North America. The company has invested AUD$1.4 million in GTi Energy Limited to support the Lo Herma uranium project, which has a resource estimate of 8.7 million pounds of U3O8. The White House’s new artificial intelligence strategy, which prioritizes nuclear energy deployment, may further boost the uranium sector. Snow Lake Energy’s efforts align with these priorities, aiming to support U.S. energy security objectives through its uranium projects. These developments reflect Snow Lake Energy’s commitment to advancing its uranium resources and strategic investments.
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