Snow Lake Energy has completed its Phase 1 drill programme at the Engo Valley Uranium Project in Namibia, confirming significant uranium mineralisation and paving the way for an ambitious 7,500-metre Phase 2 drilling campaign.
The Canadian-listed company announced that the Phase 1 drill programme consisted of 1,570 metres across 20 reverse circulation (RC) drill holes. Of these, 11 holes returned mineralised intersections exceeding 100 ppm eU₃O₈, with widths ranging from 1 to 20 metres.
CEO Frank Wheatley said initial chemical assays aligned with radiometric results, reinforcing historical uranium discoveries made at Engo Valley in the 1970s.
“We are thrilled by the success of our Phase 1 drill programme, which has validated the uranium mineralisation discovered in the 1970s. These results confirm our confidence in the project’s potential and give us the momentum to launch an expansive Phase 2 programme,” Wheatley said.
The next phase of exploration, scheduled to commence in March 2025, will comprise up to 7,500 metres of RC and diamond drilling.
The programme aims to refine the project’s resource potential and support the calculation of a maiden uranium resource estimate under SK-1300 standards.
According to Wheatley, drilling will be conducted in an in-fill grid pattern to facilitate resource estimation and will also test anomalies identified in the recent Radon Survey.
With global uranium demand on the rise, Snow Lake sees a strategic opportunity to establish itself as a key supplier.
Wheatley highlighted the increasing focus on nuclear energy, particularly in the U.S., where uranium is being recognised as a critical mineral. “The demand for uranium is surging as countries accelerate clean energy initiatives, and Snow Lake is positioned to capitalise on this opportunity,” he noted.
The company recently signed a Memorandum of Understanding (MoU) with Exodys Energy, a move it says will strengthen its uranium supply chain.
“Our partnership with Exodys Energy reinforces our commitment to securing a reliable uranium supply, and we are eager to move forward with Phase 2 drilling to unlock what we believe could be a significant economic uranium resource in Namibia,” Wheatley said.
Snow Lake has secured over C$30 million in cash and equivalents from recent equity financings, ensuring it has the capital to complete the Phase 2 drill programme and publish a maiden mineral resource estimate in the second half of 2025.
The global uranium market, valued at over C$6 billion annually, is expected to grow significantly amid increased nuclear energy adoption.
Snow Lake Energy, listed on NASDAQ (LITM), is focused on mineral exploration, with a portfolio that includes uranium and lithium assets. The Engo Valley Uranium Project is located in Namibia’s Skeleton Coast, while its Black Lake Uranium Project is situated in Canada’s Athabasca Basin.
