Snow Lake Energy makes gallium discovery in Ontario

Snow Lake Energy (NASDAQ: LITM) said on Monday it has made a new gallium discovery at the Mound Lake property in Ontario to complement its existing portfolio of lithium and uranium assets, sending its shares higher.An analysis of sampling conducted by Free Battery Metal (CSE: FREE), its partner on the project, unveiled that 70% of samples from Mound Lake had gallium values above the average crustal abundance (19 parts per million). Twelve samples returned gallium values over 50 ppm, with the highest measuring 110.5 ppm.The discovery of gallium, said Snow Lake in Monday’s press release, solidifies the company’s position as a “key player in the supply chain for minerals driving the global energy transition and technological revolution.”Gallium is ranked by the United States as the #1 critical mineral by supply risk, as highlighted by China’s recent export ban. The silvery-white metal is an essential element for AI technologies, data centers and clean energy solutions. China accounts for 98.8% of the world’s supply of refined gallium, according to consultancy Project Blue.Snow Lake’s CEO Frank Wheatley said the discovery “aligns perfectly” with the company’s strategy to secure materials that power transformative industries. “By combining the strengths of our lithium, uranium, and now gallium resources, Snow Lake is building a resilient, future-focused portfolio that addresses the most pressing needs of the AI revolution and clean energy expansion.”With the gallium find, Snow Lake has signed a binding term sheet with Free Battery to earn up to an 80% interest in the Mound Lake property. It currently holds 10% of the project, and can now acquire an additional 70% for C$2 million in expenditures and C$1.5 million in payments to Free Battery. Snow Lake will serve as the project operator until a pre-feasibility study is completed, after which the parties will contemplate forming a joint venture.Snow Lake said its next step is to accelerate its exploration of the Ontario gallium project while continuing to prioritize and develop its lithium and uranium projects. It currently holds two hard rock lithium projects in Manitoba and two uranium projects: one in Saskatchewan and one abroad in Namibia. At the end of 2024, the company raised $20 million to fund its exploration of these four properties. This work is expected to lead to a new resource estimate for its Snow Lake lithium project, which currently has 8.2 million tonnes grading 1% lithium oxide, of which 89% is in the measured and indicated category, as well as an initial resource for the Engo Valley uranium project (Namibia).By 11:25 a.m. ET, Snow Lake’s Nasdaq-listed shares were up by over 30% to $0.89 apiece, for a market capitalization of $68 million.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com