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Investing.com -- Snow Lake Resources Ltd. (NASDAQ:LITM) stock jumped 13.8% in premarket trading Wednesday after the company reported encouraging initial drill results from its Pine Ridge Uranium Project in Wyoming.
The uranium exploration company, which operates the project as a 50/50 joint venture with Global Uranium and Enrichment Limited, completed 33 drill holes totaling 12,540 meters. The drilling program revealed several significant uranium intercepts, including 1.2 meters at 1,320 parts per million (ppm) U3O8 within a broader interval of 2.0 meters at 920 ppm U3O8.
Other notable results included 3.5 meters at 540 ppm U3O8 containing a higher-grade section of 1.1 meters at 780 ppm U3O8, and 2.3 meters at 710 ppm U3O8 with a 1.7-meter section at 850 ppm U3O8.
"We are very pleased and encouraged with the initial drill results from our Pine Ridge uranium project in the Powder River Basin, Wyoming," said Frank Wheatley, CEO of Snow Lake. "The wide spaced drilling, designed to target roll-front uranium deposits, has confirmed the presence of redox boundaries and uranium mineralization, and continues to demonstrate the strong development potential of Pine Ridge."
The company’s drilling program is expected to continue through the end of November 2025, with Snow Lake targeting a maiden mineral resource estimate by year-end. The Pine Ridge project is located approximately 15 kilometers from Cameco’s Smith Ranch Mill, one of the largest uranium production facilities in the U.S. with a licensed capacity of 5.5 million pounds of U3O8 annually.
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