Snow Lake Energy reports promising uranium drill results at Pine Ridge

WINNIPEG - Snow Lake Energy (NASDAQ:LITM), a $35.44 million market cap mining company with a strong balance sheet showing more cash than debt, announced Thursday that its joint venture with Global Uranium and Enrichment Limited has completed 15 additional drill holes at the Pine Ridge Uranium Project in Wyoming’s Powder River Basin, yielding several promising uranium intercepts. According to InvestingPro analysis, the company’s stock is currently trading below its Fair Value, suggesting potential upside for investors.

The most significant findings include intercepts of 1.8 meters at 550 parts per million (ppm) U3O8 and 1.7 meters at 520 ppm U3O8, according to the company’s press release statement. The market has responded positively to these results, with Snow Lake’s stock showing a strong 7.86% return over the past week.

To date, the 50/50 joint venture has completed 49 drill holes totaling 18,239 meters at Pine Ridge. The partners expect to complete the full program of 125 holes by November 2025.

The drilling has confirmed the existence of at least two major sandstone units that appear to be geologically and hydrologically isolated, potentially allowing for future in-situ recovery development. A total of 24 continuous and correlatable mineralized roll fronts have been identified in these sandstone units.

"We are very pleased with the most recent drill results from the Pine Ridge uranium project, as they continue to yield strong results and assist in defining roll-front mineralization," said Frank Wheatley, CEO of Snow Lake. While the company maintains a healthy current ratio of 2.69, InvestingPro data reveals several additional insights about the company’s financial health and growth prospects. Subscribers can access over 10 exclusive ProTips and detailed financial metrics to make more informed investment decisions.

The company also noted that the area permitted for drilling was recently expanded following approval of a Bureau of Land Management exploration permit.

The Pine Ridge project is located approximately 15 kilometers from Cameco’s Smith Ranch Mill, which has a licensed capacity of 5.5 million pounds of U3O8 annually, and is surrounded by existing uranium projects held by UEC and Cameco.

The technical information in the announcement was reviewed by Ron Scott, who serves as a Qualified Person as defined by SEC regulations.

In other recent news, Snow Lake Resources Ltd., operating as Snow Lake Energy, has reported encouraging initial drill results from its Pine Ridge Uranium Project in Wyoming. The company, in a joint venture with Global Uranium and Enrichment Limited, completed 33 drill holes revealing significant uranium intercepts. Additionally, Snow Lake Energy has announced a maiden uranium resource estimate at the Maybell project in Colorado, where the company holds a 19.9% stake in Global Uranium and Enrichment Limited. This estimate follows a 31-hole drill program, with plans for further drilling to expand the resource. The company has also commenced a new exploration drill program at the Pine Ridge site, planning approximately 38,000 meters of drilling. In another development, Snow Lake Resources highlighted the White House’s AI strategy, which prioritizes nuclear energy, potentially benefiting the uranium sector. Furthermore, Snow Lake Energy has outlined its investment strategy in critical minerals, investing AUD$1.4 million in GTi Energy Limited’s Lo Herma uranium project in Wyoming. This project has a resource estimate of 8.7 million pounds of U3O8, with a projected seven-year mine life.

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