Snow Lake Resources Confirms High-Grade Uranium Mineralization at Engo Valley

Snow Lake Resources has confirmed significant uranium mineralization at its Engo Valley Uranium Project following the completion of its phase one drilling program. The findings reinforce the project’s potential as a high-value uranium asset, positioning the company for an ambitious phase two drilling campaign.

Engo Valley Uranium Project: A Strategic Asset

Snow Lake Resources acquired an 85% stake in the 68,283-hectare Engo Valley Uranium Project in February 2024. Located on the Skeleton Coast in Namibia’s Opuwo District, Kunene Region, the site has long been recognized for its uranium potential. The initial discovery of uranium mineralization dates back to 1973, with Gencor conducting intermittent exploration between 1974 and 1980.

Today, Snow Lake Resources is advancing exploration efforts to unlock the full value of this promising deposit. The company launched its phase one drilling program in October 2024, aimed at validating historical exploration data and assessing the mineralization potential.

Phase One Drilling Confirms Strong Results

The phase one program consisted of 1,570 meters of drilling across 20 reverse circulation (RC) drill holes, with downhole radiometric logging conducted on each hole. Key highlights include:

• Eleven of the 20 drill holes returned mineralized intersections greater than 100 ppm eU₃O₈, with widths ranging from 1 meter to 20 meters.

• Initial chemical assays confirmed a strong correlation with radiometric assays, validating the uranium grades.

• The geology of twinned drill holes matched historical lithologies, supporting the continuity of mineralization observed in the 1970s.

Snow Lake Resources CEO Frank Wheatley emphasized the significance of the phase one results, stating:
“This drilling program has validated the uranium mineralization first discovered in the 1970s and confirms our confidence in Engo Valley’s potential. The results provide strong momentum as we prepare for an extensive phase two program.”

Phase Two Drill Program: Scaling Up for Resource Definition

Building on the success of phase one, Snow Lake Resources is gearing up for a major expansion in exploration activity. The phase two drill program will consist of up to 7,500 meters of combined RC and diamond drilling in an infill grid pattern, aimed at defining a maiden mineral resource estimate.

Key milestones for phase two include:

• Mobilization to site in March 2025.

• Completion of drilling and assay results to support a resource estimate.

• Targeted publication of a maiden mineral resource estimate in the second half of 2025.

With over $30 million in cash and equivalents from recent equity financings, Snow Lake Resources is well-positioned to execute the next phase of drilling and resource evaluation.

Strategic Timing Amid Rising Global Uranium Demand

The global uranium market is experiencing strong tailwinds, with demand surging as countries ramp up nuclear energy initiatives. The U.S. government’s increasing emphasis on nuclear energy and potential recognition of uranium as a critical mineral further enhances Snow Lake’s strategic positioning.

“With the U.S. government prioritizing nuclear energy and a global push toward clean energy solutions, we are in the right place at the right time,” Wheatley added. “As countries seek stable and secure uranium supplies, Snow Lake Resources is poised to capitalize on this opportunity.”

The phase two drilling campaign will be pivotal in advancing Engo Valley toward resource definition and unlocking its full economic potential.