ACME Lithium updates Shatford Lake Lithium Project, Manitoba
ACME Lithium Inc. [CSE-ACME; OTCQB; ACLHF] provided an update on the exploration program at the Shatford Lake lithium project in southeastern Manitoba.
Snow Lake Resources [NASDAQ-LITM], together with Critical Discoveries, has designed a four-phase exploration program for 2024. Phase 1 consists of compiling and analyzing all past exploration data generated by ACME, including all geophysical and geochemical data, as well as past drilling results, to identify targets for field work in Phase 2.
Phase 1 is complete, the first field rotation of Phase 2 has been completed, and the exploration field team back on the ground at the Project for second reconnaissance/prospecting rotation. The same exploration field team of four, consisting of two geologists and two field technicians is currently in the field.
Initial prospecting activities to date have included the discovery of numerous pegmatites under heavy overburden. Initial assay results demonstrate the potential for lithium; however, as the project is contiguous to the Tanco Mine, whose LCT deposit is wholly underground, ACME remains encouraged by the assay results from surface sampling so far.
Depending on assay results from the second rotation of Phase 2, and the timing of receipt of those results, Phase 3 is intended to be a program of up to 2,000 metres of diamond drilling, spread over approximately 10 holes of approximately 200 metres each. Phase 4 will be compilation and evaluation of all field data, assay results, and drill results from the 2024 exploration program.
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 Corp.’s world class Tanco Mine, a LCT producer since 1969.
ACME entered into an option agreement with Snow Lake Energy December 20, 2023, pursuant to which Snow Lake has the option to earn up to a 90% undivided interest in the Shatford Lake Lithium Project, 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 a two-year period.
Once Snow Lake has earned a 90% undivided interest in the Project, and completed a positive feasibility study, a joint venture between Snow Lake and ACME will be formed for further development, the detailed market standard terms and conditions of which will be agreed at the time of formation of the joint venture.
Tantalum Mining Corporation of Canada Ltd. is 100%-owned and operated by Sinomine (Hong Kong) Rare Metals Resource Co. and operates the Tanco mine located on the northwest shore of Bernic Lake, Lac du Bonnet, Manitoba.
The Tanco mine pegmatite orebody was discovered in the late 1920s and the Tanco mine has been in commercial operation producing lithium in Manitoba for more than 50 years. In addition to lithium concentrate for the lithium battery market, the Tanco mine produces cesium-based products for the North American market.
Snow Lake Resources Ltd., d/b/a Snow Lake Energy, is a Canadian clean energy development company with a global portfolio of clean energy mineral projects comprised of two hard rock lithium projects and two uranium projects.
The Snow Lake Lithium™ Project is an advanced stage exploration project located in the Snow Lake region of Northern Manitoba and the Shatford Lake Lithium Project is an exploration stage project located adjacent to the Tanco lithium mine in Southern Manitoba.