Snow Lake Resources Ltd. (NASDAQ: LITM) shares exhibited a remarkable upswing of 36.55% in the preceding trading session, concluding at $1.20. This ascent in the valuation of Snow Lake Resources, operating under the trade name Snow Lake Lithium, is attributed to the company’s strategic expansion endeavors.
In a significant move, Snow Lake (LITM) formalized a binding letter of intent (“LOI”) with ACME Lithium Ltd. This agreement outlines LITM’s acquisition of a substantial 90% undivided interest in a collection of mineral claims entirely owned by ACME. Notably, these claims are contiguous to the Tanco lithium mine located in Southern Manitoba, denoted as the “Project.”
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This transaction provides LITM with exclusive access to 31 mineral claims directly adjoining the Tanco lithium mine in Southern Manitoba. Furthermore, it grants LITM a First Stage Option, allowing the acquisition of a 51% interest in the Project upon incurring CAD$600,000 in exploration expenditures within the next 12 months.
A Second Stage Option is also stipulated, enabling Snow Lake to acquire an additional 39% interest in the Project upon incurring an extra CAD$1,200,000 in exploration expenditures within the subsequent 24 months. It is noteworthy that ACME Lithium retains a 10% free-carried interest in the Project.
This strategic arrangement with ACME Lithium underscores LITM’s methodical approach to diversifying its portfolio of Manitoba lithium projects, complementing its existing Snow Lake Lithium project. Snow Lake and ACME Lithium formalized a binding letter of intent (the “LOI”) pertaining to 37 mineral claims fully owned by ACME Lithium, with 31 claims contiguous to the southern boundary of the Tanco lithium mine in Southern Manitoba.
The comprehensive project comprises numerous mineral claims, including 21 claims covering a total of 8,883 acres (3,595 hectares) at Shatford Lake. Additionally, it encompasses 10 claims totaling 5,196 acres (2,102 hectares) at Birse Lake and 6 claims totaling 2,930 acres (1,186 hectares) at Cat-Euclid.
