Snow Lake Resources Ltd., (NASDAQ: LITM) shares climbed sharply in the first hour of trade Wednesday. The company, a uranium exploration and development company, announces excellent initial drill results on its Pine Ridge Uranium Project, located in the prolific Powder River Basin in Wyoming, a 50/50 joint venture with Global Uranium and Enrichment Limited.
The Joint Venture has completed a total of 33 holes on Pine Ridge, for a total of 12,540m (41,140 ft) of drilling. The drilling has delivered encouraging intercepts including 1.1m at 780 ppm U3O8 within a broader interval of 3.5m at 540 ppm U3O8, and including 1.2m at 1,320 ppm U3O8 within a broader interval of 2.0m at 920 ppm U3O8.
Drill results from the first 33 drill holes confirm the strong potential of Pine Ridge
Wide-spaced drilling focused on aggressively exploring near-surface roll front mineralization, returned encouraging results, including: 2.0m at 0.092% (920 ppm) U3O8 from 314.8m in PR25-017, including; 1.2m at 0.132% (1,320 ppm) U3O8 from 315.0m; 2.3m at 0.071% (710 ppm) U3O8 from 411.6m in PR25-008 including; 1.7m at 0.085% (850 ppm) U3O8 from 411.9m
Drilling is ongoing and is expected to continue through to the end of November 2025.
Said CEO Frank Wheatley “We are very pleased and encouraged with the initial drill results from our Pine Ridge uranium project in the Powder River Basin, Wyoming. The wide spaced drilling, designed to target roll-front uranium deposits, has confirmed the presence of redox boundaries and uranium mineralization, and continues to demonstrate the strong development potential of Pine Ridge.”
LITM shares gained 39 cents, or 9.5%, to $4.51.
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