ACME Lithium and Snow Lake complete field season at Shatford Lake Lithium Project, Manitoba
ACME Lithium Inc. [CSE: ACME; OTCQB: ACLHF] reported that the 2024 field exploration season conducted by Snow Lake Resources ltd., dba Snow Lake Resources [NASDAQ: LITM] on the Shatford Lake Project in southeastern Manitoba has been successfully completed.
Highlights: The 2024 prospecting / reconnaissance program successfully completed. Results included the discovery of numerous pegmatites under heavy overburden; significant discovery of a ~25 – 30-metre-wide tantalite-bearing pegmatite on the Cat-Euclid Lake claim block, indicating the potential for lithium, cesium, tantalum mineralization north of the neighbouring Tanco Mine and further exploration including drilling expected by Snow Lake in 2025.
The Shatford Lake Lithium Project is comprised of 37 mineral claims located over three project areas – Shatford Lake, Birse Lake, and Cat-Euclid Lake, totaling approximately 17,000 acres. The project is located in the Bird River Greenstone Belt in southeastern Manitoba. The region hosts hundreds of individual pegmatite bodies, many of which are classified as complex rare-element Lithium-Cesium-Tantalum (LCT) pegmatites. Thirty-one of the mineral claims are contiguous to the south of Sinomine Corporation’s world class Tanco Mine, an LCT producer since 1969.
ACME entered into an option agreement with Snow Lake Energy on December 20, 2023, under which Snow Lake has the option to earn up to a 90% undivided interest in the Shatford Lake Lithium Projectis the and may exercise the Option by paying a total of CAD$500,000 and incurring a total of CAD$1,800,000, in exploration and development expenditures over two years.
The Tanco Mine is located on the northwest shore of Bernic Lake, Lac du Bonnet, Manitoba, and is 100% owned and operated by Tantalum Mining Corporation of Canada Ltd., a subsidiary of Sinomine (Hong Kong) Rare Metals Resource Co.
The Tanco Mine pegmatite orebody was discovered in the late 1920’s and the Tanco Mine has been in commercial operation producing tantalum, cesium and lithium in Manitoba for more than 50 years. Cesium is mined in the form of the mineral pollucite at the Tanco Mine, which currently holds 82% of the world’s known reserves of pollucite.
Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian clean energy exploration company with a global portfolio of clean energy mineral projects comprised of two uranium projects and two hard rock lithium projects. The Black Lake Uranium Project is an exploration stage project located in the Athabasca Basin, Saskatchewan and the Engo Valley Uranium Project is an exploration stage project located in the Skeleton Coast of Namibia. The Shatford Lake Lithium Project is an exploration stage project located adjacent to the Tanco lithium mine in Southern Manitoba, and the Snow Lake Lithium™ Project is an exploration stage project located in the Snow Lake region of Northern Manitoba.
The current focus of Snow Lake is advancing the exploration of its two uranium projects to supply the minerals and resources needed for the clean energy transition, while exploration activities on its two lithium projects will remain limited until such time as the lithium market recovers from its current depressed levels.
ACME Lithium is a mineral exploration company focused on acquiring, exploring, and developing battery metal projects in partnership with leading technology and commodity companies in North America. ACME is advancing and developing a lithium brine resource at Clayton Valley, Nevada and has entered into strategic exploration agreements with leading partners at its Fish Lake Valley, Nevada lithium claystone project, and a group of projects in the pegmatite region of Shatford, Birse and Cat-Euclid Lakes in southeastern Manitoba. Backed by strategic investors and led by an experienced management team, the building blocks of the future are our focus today.