The phase one drilling at the Engo Valley Uranium Project has confirmed significant mineralisation.
Snow Lake Resources acquired 85% of the 68,283 hectares of the Engo Valley Uranium Project in February 2024.
The Engo Valley Uranium Project is located on the Skeleton Coast in the Opuwo District of the Kunene Region.
Uranium mineralization was discovered in 1973, and Gencor conducted exploration intermittently between 1974 and 1980.
The Engo Valley Uranium Project is considered a top-tier exploration project.
Snow Lake Resources started the drilling programme in October 2024.
The phase one drill program consisted of 1,570 metres of drilling in 20 reverse circulation drill holes, with downhole radiometric completed on each drill hole.
Eleven of the 20 drill holes in phase one returned mineralised intersections greater than 100 ppm eU3O8, ranging from 1 metre to 20 meters wide.
The initial chemical assays confirm a positive correlation between chemical assays and equivalent radiometric assays.
The geology of the twinned drill holes confirms a positive correlation to the lithologies from the exploration work undertaken in the 1970s
Snow Lake Resources is planning for the phase two drill program consisting of an aggregate of up to 7,500 metres of a combination of reverse circulation and diamond drill holes in an in-fill grid pattern sufficient to calculate a maiden mineral resource estimate.
Phase two is scheduled to begin mobilisation to the site in March 2025, and assuming drilling goes according to plan and assay, results are received in a timely fashion, and the preparation of a maiden mineral resource estimate is targeted for completion during the second half of 2025.
With over $30 million in cash & equivalents from recent equity financings, Snow Lake is well-positioned to carry out the phase two drill program and publish a maiden mineral resource estimate in the second half of 2025.
Snow Lake Resources CEO Frank Wheatley says the phase one drill programme has validated the uranium mineralisation discovered in the 1970s at Engo Valley. Wheatley added that the results confirm their confidence in the project’s potential and give the momentum to launch an expansive phase two programme.
“With the U.S. government prioritising nuclear energy and looking at recognizing uranium as a critical mineral, we are in the right place at the right time.
“The demand for uranium is surging as countries worldwide accelerate their clean energy initiatives, and Snow Lake is positioned to capitalize on this opportunity,” Wheatley said.
