Why it’s up 10.87% today

  • Snow Lake Resources Ltd (NASDAQ: LITM) stock price rose 10.87% today. That is why.

Snow Lake Resources Ltd (NASDAQ: LITM) stock price rose 10.87% today. Investors are responding positively to Snow Lake Resources Ltd. (d/b/a Snow Lake Lithium Ltd.) announcing collaboration with the University of Manitoba to enhance understanding of lithium deposits at Snow Lake and to support the development of a framework to help shape Canada’s future strategy in minerals and metals.

With the rapid growth in demand for electric vehicles, the global automotive and energy storage industries will compete for access to raw materials, especially lithium, which is a crucial component of batteries. And as a global mining power, Canada is uniquely positioned to meet this growing global demand for critical minerals like lithium. Led by Dr. Mostafa Fayek of the University’s Faculty of Environment, Land and Resources, the 2-year research project between Snow Lake Lithium and the University of Manitoba will provide considerable inventory information society’s critical mineral and the most effective exploration strategies to extract lithium. of the company’s Snow Lake Lithium site in the future.

Based in Manitoba, Canada, Snow Lake Lithium is developing the world’s first all-electric lithium mine to enable domestic supply of this critical resource to the North American electric vehicle industry. And Snow Lake Lithium is ideally located to serve the North American automotive industry with access to the US rail network via the Artic Gateway Railroad, reducing transportation from thousands of miles by road and boat to just a few hundred by train.

The 55,000-acre Snow Lake Lithium site is expected to produce 160,000 tonnes of 6% lithium spodumene per year over a 10-year period. And currently, Snow Lake Lithium has explored about 1% of its site and is confident that further exploration will increase estimates over the next year. The Snow Lake Lithium mine will be operated on nearly 100% renewable hydroelectric power to ensure the most sustainable manufacturing approach.

Over the next few months, Snow Lake Lithium will continue its program of technical evaluation and drilling at the Snow Lake Lithium project site with the expectation that mining operations will transition to commercial production in late 2024.

KEY QUOTES:

“We are thrilled to collaborate with world-class scholars and students at the University of Manitoba and to benefit from their vast experience in this field. The research will provide us with important information about the mineralogy of our site which we believe will have a significant impact on the development of our future operations to ensure the national supply chain and energy security of the North American vehicle industry. electrical. We look forward to establishing a strong relationship with the University over the next few years and, alongside this research project, we are exploring the possibilities of establishing a joint analytical laboratory to reduce the time required to perform at the future exploration and production analyses.

— Philip Gross, CEO of Snow Lake Lithium

“This exciting project gives our students the opportunity to gain real-world experience alongside the experienced geologists of Snow Lake Lithium. We hope that our research will provide important mineral inventory information and identify a geochemical fingerprint for the lithium-rich pegmatites found at the Snow Lake Lithium site, which will help establish Canada’s position at the forefront of the extraction of lithium.

— Dr Mostafa Fayek, faculty of environment, land and resources of the university

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.