Strategic Expansion Near Tanco Lithium Mine
Snow Lake Resources Ltd. has made a significant move in the lithium mining sector by entering into a letter of intent with ACME Lithium Ltd. This agreement marks a strategic expansion for Snow Lake, as they acquire a 90% interest in mineral claims adjacent to the renowned Tanco lithium mine in Southern Manitoba.
Key Details of the Agreement
- Initial Acquisition Phase: Snow Lake will initially acquire a 51% interest in the project by spending CAD$600,000 on exploration within the next 12 months.
- Further Expansion Option: An opportunity exists to acquire an additional 39% interest by investing an additional CAD$1,200,000 over the following 24 months.
- ACME Lithium’s Role: ACME Lithium retains a 10% free-carried interest in the project.
Frank Wheatley, CEO of Snow Lake, expressed satisfaction with the agreement, highlighting it as a disciplined approach to expanding the company’s lithium project portfolio in Manitoba. The proximity to the Tanco Mine is seen as highly beneficial for the company’s growth.
The Shatford Lithium Project encompasses the Shatford Lake, Birse Lake, and Cat-Euclid mineral claims, totaling a significant land area. These claims are strategically located along the Greer-Shatford Shear Zone, known for its pegmatite dykes and lithium-rich potential.
This region is notable for its complex rare-element Lithium-Cesium-Tantalum (LCT) pegmatites, contributing significantly to global lithium production. The proximity to the Tanco mine and several pegmatites in the area underscores the project’s potential.
Proposed Exploration Plans
Snow Lake plans to review all existing data from ACME Lithium and develop an exploration program to identify potential drill targets. Critical Discoveries will assist in this data review and exploration planning for 2024.
Tanco Mine Background
The Tanco mine, operated by Sinomine (Hong Kong) Rare Metals Resource Co., has been a significant lithium producer in Manitoba for over 50 years. It also produces cesium-based products for the North American market.