Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LITM) (“Snow Lake”), a uranium exploration and development company, announces that it has entered into a binding letter of intent to acquire a 100% interest in the Buffalo Uranium Project, an exploration stage uranium project located in Wyoming, currently the largest producer of uranium in the United States.
Buffalo Uranium Project Highlights:
- Located in southeastern Wyoming, the leading uranium jurisdiction in the United States
- Centered on the historic Little Man Uranium Mine, where up to 65,000 pounds of U3O8 were mined in the 1950s at grades averaging between 1.0% and 1.5% U3O8
- Historical drilling by Conoco in 1980 confirmed uranium mineralization over 3,000 feet of strike, which remains open in all directions
- Wyoming has led the United States in uranium production since 1995, hosting the largest known uranium reserves in the country
CEO Remarks
“The proposed acquisition of the Buffalo Uranium Project allows us to establish a uranium project portfolio in the United States, and in particular in Wyoming, currently the leading jurisdiction for uranium mining in the United States” said Frank Wheatley, CEO of Snow Lake. “As global energy demand continues to grow, and with the new United States administration looking to launch the long-awaited American nuclear renaissance, we feel establishing a footprint in Wyoming presents a strong opportunity to create value for our shareholders.
We believe developing a United States domestic uranium supply holds the potential to contribute to the United States’ plans to commercialize affordable and abundant nuclear energy.”
Strategic Acquisition Aligned with United States Energy Policy
The new US Secretary of Energy has outlined the Department of Energy’s (“DOE”) plans to achieve President Trump’s energy plans by making commercial nuclear power a priority for unleashing American energy abundance and innovation. As global energy demand continues to grow, accelerated by the exponential growth of data centers and AI, the DOE plans for the United States to lead the commercialization of affordable and abundant nuclear energy. As such, the DOE will work to enable the rapid deployment and export of next-generation nuclear technology, positioning Snow Lake to benefit from potential United States government funding as it moves towards developing this project.
As a domestic uranium project, Snow Lake believes the Buffalo Uranium Project is well positioned to contribute to a strong domestic supply of uranium to support the United States’ goals regarding developing affordable and abundant nuclear energy. The Company anticipates that as this highly prospective US based project can add significant value to its portfolio of uranium projects, with potential for a high-grade resource.
Synergies with Snow Lake’s Nuclear Energy Growth Strategy
The acquisition of the Buffalo Uranium Project is a key milestone in Snow Lake’s broader nuclear energy growth strategy, complementing its existing uranium project portfolio, which includes the Engo Valley Uranium Project in Namibia and the Black Lake Uranium Project in Saskatchewan, and its Memorandum of Understanding (“Exodys MOU”) with Exodys Energy.
A key part of the Trump Administration’s focus on nuclear energy includes a directive to the U.S. Geological Survey (“USGS”) to consider updating the USGS’ list of critical minerals to include uranium. Such inclusion would open up United States federal funds and fast-track permitting for domestic uranium projects, providing a significant boost to companies like Snow Lake aiming to develop domestic sources of uranium.
In parallel with this expansion, Snow Lake continues to advance its partnership with Exodys, under the Exodys MOU, that focuses on the future development and commercialization of Snow Lake’s uranium assets.
Buffalo Uranium Project
Overview
The Buffalo Uranium Project is located in the southeast part of Wyoming, approximately 50 miles south of Casper, Wyoming and is centered on the historic Little Man Uranium mine. Uranium mineralization at the Little Man Uranium mine was discovered in the 1950’s. A total of approximately 65,000 pounds of U3O8 were mined with an average grade of between 1.0% 1.5% U3O8.
Historical Exploration
In addition to mining at the Little Man Uranium Mine in the 1950’s, a total of 13 widely spaced drill holes, consisting of eight percussion drill holes and five core holes, were drilled by Conoco in 1979 and 1980. No drilling has been undertaken on the Buffalo Uranium Project since 1980. Uranium mineralization was intersected over a strike length of approximately 3,000 feet and remains open along strike and at depth.
Proposed Exploration Program
Snow Lake plans to leverage modern exploration techniques to maximize the Buffalo Uranium Project’s potential, including compilation of all historical exploration data, an airborne survey, ground geophysics, and targeted drilling programs aimed at defining an SK-1300 compliant mineral resource estimate.
