ACME Lithium Announces 2024 Exploration Program at Shatford Lake Project
ACME Lithium has announced that Snow Lake Energy has initiated the 2024 exploration program at the Shatford Lake Project in Ontario, Canada. This program, designed in collaboration with Critical Discoveries, comprises four phases. Phase 1, which involved compiling and analyzing past exploration data, has been completed. Phase 2 has now commenced, focusing on initial prospecting and mapping, particularly in the northwest corner of the project area.
Initial prospecting activities have already led to the discovery of two pegmatites under heavy overburden. Samples from these pegmatites have been submitted for analysis. Phase 3 will involve up to 2,000 meters of diamond drilling across approximately 10 holes, depending on the results from Phase 2. Phase 4 will include the compilation and evaluation of all data collected during the exploration program.
The Shatford Lake Project spans a 15-kilometer structural trend of the Greer-Shatford Shear Zone, known for its numerous pegmatite dykes and favorable host rocks. The project covers 37 mineral claims across Shatford Lake, Birse Lake, and Cat-Euclid Lake, totaling approximately 17,000 acres. The project area borders the Tanco mine, known for its lithium, cesium, and tantalum production.
ACME has entered into an option agreement with Snow Lake Energy, allowing Snow Lake to earn up to a 90% interest in the Shatford Lake Project by paying CAD 500,000 and incurring CAD 1,800,000 in exploration and development expenditures over two years. Upon earning this interest and completing a positive feasibility study, a joint venture will be formed for further development.
The Tanco mine, located nearby, has been producing lithium for over 50 years and is operated by Sinomine (Hong Kong) Rare Metals Resource Co. The Shatford Lake Project's proximity to Tanco highlights its potential in this well-established mining region.
Manitoba, where the project is located, is recognized as a top-tier mining jurisdiction, having improved its ranking in the Fraser Institute's 2023 annual survey.
Snow Lake Energy, a clean energy development company listed on NASDAQ, focuses on advancing its portfolio of clean energy mineral projects, including the Shatford Lake Lithium Project and others in Northern Manitoba, Saskatchewan, and Namibia.
