Snow Lake Energy Announces Commencement of Drilling on the Engo Valley Uranium Project

Project Overview - Snow Lake Energy has commenced drilling on the Engo Valley Uranium Project in Namibia, aiming to confirm and delineate historically documented uranium mineralization [2] - The project is located on the Skeleton Coast of northwest Namibia, approximately 600 kilometers north of Swakopmund, and covers an area of 69,530 hectares under Exclusive Prospecting License 5887, valid until February 12, 2026 [4] - Snow Lake currently holds a 68% interest in the project, with the potential to increase to 85% upon incurring additional exploration expenditures [4] Drilling Program - The drilling program consists of two phases: the first phase involves approximately 1,500 meters of reverse circulation drilling to twin and initiate an in-fill grid pattern between historical drill holes [3] - Downhole radiometrics will be conducted on each new drill hole, with initial results expected shortly after drilling completion [3] - The second phase will involve approximately 2,100 meters of reverse circulation drilling to expand the infill grid, aiming to produce an initial SK-1300 compliant mineral resource estimate [3] Industry Context - Namibia is the world's third-largest producer of uranium, accounting for 11% of global production in 2022 [4] - Current uranium production is insufficient to meet forecasted demand over the next decade, necessitating the development of new primary uranium supply sources [5] - Nuclear energy, which relies on uranium, supports global trends of electrification, decarbonization, and energy security, with global electricity demand estimated to grow by approximately 50% by 2040 [6][7] Company Focus - Snow Lake Energy is a Canadian clean energy exploration company with a global portfolio of clean energy mineral projects, including two uranium and two hard rock lithium projects [9] - The company is currently focused on advancing the exploration of its uranium projects to supply raw materials for the clean energy transition, while exploration activities on its lithium projects remain limited due to the current depressed lithium market [10]