A private British Columbia company, Snow Lake Resources, has agreed to acquire 68% of Namibia Minerals and Investment Holdings, which holds the Engo Valley Uranium Project titles under EPL 5887.
The Engo Valley Uranium Project is in the Skeleton Coast, Opuwo District, in the Kunene Region.
Uranium mineralisation was discovered in 1973, and exploration was conducted intermittently by Gencor between 1974 and 1980.
The Engo Valley Uranium Project is considered to be a top-tier exploration project.
Snow Lake Resources will acquire an initial 68% interest in the project upon paying US$250,000 to the vendor and executing the letter of intent.
During February and March 2024, Snow Lake Resources will incur minimum exploration expenditures of US$200,000 on the Engo Valley Uranium Project.
Snow Lake will acquire an additional 17% undivided interest in the project for a total undivided interest of 85% upon incurring additional exploration expenditures of a minimum of US$800,000 on the Engo Valley Lithium Project within 12 months of acquiring the first stage interest.
Any expenditures incurred by Snow Lake in excess of the minimum expenditures required to acquire the first-stage interest will be credited or carried forward against the expenditure commitment for the second-stage interest.
The proposed exploration work program on the Engo Valley Uranium Project will include a review of all historical exploration data, the historical resource estimate, and all previous drilling results.
Gencor conducted an exploration/reconnaissance program intermittently between 1974 and 1980.
The program comprised an airborne radiometric survey, ground radiometric survey, geological mapping, diamond and percussion drilling, limited resistivity work, and radon etch survey.
Snow Lake Resources CEO Frank Wheatly said the opportunity to acquire this interest in the Engo Valley Uranium Project fits well with their strategy of expanding the portfolio of clean energy and critical mineral projects, transitioning our company into a diverse clean energy company.
“With a global focus on clean energy, uranium being a critical mineral, Namibia being one of the best mining jurisdictions in Africa with a long history of uranium exploration, development and production, we feel that the Engo Valley Uranium Project compliments our current portfolio of lithium assets in Manitoba,” Wheatley said.
He added that with the uranium market being in a major cyclical uptrend, the acquisition of the Engo Valley Uranium Project provides our shareholders with tremendous upside, particularly with drilling on the project to commence imminently.
“As part of our company’s transition, we are changing our business name from Snow Lake Lithium™ to Snow Lake Energy to reflect better our focus on a diverse range of clean energy minerals and resources projects that will play a key role in the 21st century’s energy transition,” Wheatley said.