Snow Lake Energy has initiated the preliminary stages of its 2024 exploration program on the Engo Valley Uranium Project.
Frank Wheatley, CEO of Snow Lake, said the initial stages of the program include obtaining, compiling, and digitizing all historical exploration data on the project.
“Our first step of compiling all of the historical exploration data will greatly assist us in designing subsequent phases of exploration and targeting our initial drill program, which is designed to verify the uranium potential of the project,” he said.
He added that obtaining and compiling all historical data will greatly facilitate designing a detailed exploration program using the latest geophysical technology to verify known uranium mineralization on the project, as well as to identify new targets for further exploration.
“Mobilization to the project site is currently being planned for late April to initiate a ground geophysics program designed to confirm the historic airborne survey data, confirm historic ground geophysics data, guide our planned drill program, and identify new target areas for follow-up,” he further noted.
This comes after last month, the Ministry of Mines and Energy extended the Engo Valley Uranium Project’s exploration licence (EPL-5887) until 12 February 2026.
The licence covers roughly 683 square kilometres in the Skeleton Coast.
Wheatley had stated that the extension allows the company to conduct a thorough exploration as well as a development program to explore the project’s promising geological potential for uranium deposits that could be economically viable.
This comes as the Canadian clean energy development company entered into a binding letter of intent with a private British Columbia company to acquire up to 85% of Namibia Minerals and Investment Holding, the sole owner of EPL-5887.
“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 complements our current portfolio of lithium assets in Manitoba,” Wheatley said.
He said that drilling on the project will begin shortly to take advantage of the cyclical upturn in the uranium market.
“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,” he said.
EPL-5887 encompasses various minerals, including base and rare metals, industrial minerals, non-nuclear fuel minerals, nuclear fuel minerals, precious metals, and precious stones.
