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Snow Lake Resources Ltd. (NASDAQ:LITM) – Adding Ontario to the Portfolio with the Muskrat Dam Project


Impact: Mildly Positive

Snow Lake has entered into an option to acquire a 90% interest in +6,000 ha of claims in Western Ontario, known as the Muskrat Dam project. In consideration, Snow Lake has made a payment of C$50k in cash, 500k common shares and 2M warrants, with further commitments of US$3M in cash or shares and US$3M in exploration expenditures The project is located in the Rottenfish River (RFR) Greenstone Belt and is an exploration target due to muscovite-bearing granites and pegmatites, with potential to host lithium. Additionally, pegmatites in the neighboring Muskrat Dam Lake Greenstone Belt are thought to be emplaced in a geological setting analogous to Frontier Lithium’s (TSXV:FL, Not Rated) Pakeagama property, which hosts Probable reserves of 22Mt at 1.55% Li2O (~340kt Li2O or 840kt LCE) at the PAK and Spark deposits. Snow Lake holds one of the most advanced, hard rock Li projects in Manitoba, however over the last few months it has expanded its portfolio in Canada (read notable). We view this announcement mildly positively, as the Muskrat Dam project is very early-stage. We believe that the spotlight still remains on de-risking its namesake Snow Lake Li pegmatite project, host to the Thompson Brothers and Grass River deposits in northern Manitoba, where a PFS is due in 2024.

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