A company with mining claims around Snow Lake is hoping to capitalize on rising demand for electric vehicles (EVs) and the batteries that power them in an environmentally responsible way.
Snow Lake Resources Ltd., doing business as Snow Lake Lithium, recently raised more than $27 million through an initial public offering of shares and has visions of operating a totally renewable and sustainable lithium mine that “can deliver a completely traceable, carbon neutral and zero harm product to the electric vehicle and battery market.”
The company predicts that it could be able to produce as much as 160,000 tonnes per year of six per cent lithium concentrate for up to a decade from its 21,703-acre claims though underground and open pit mining, all powered by renewable Manitoba Hydro electricity while making use of electric machinery.
In addition to the money raised by its public share offering, Snow Lake Lithium has also received $62,000 from the Manitoba Mineral Development Fund (MMDF) for a drone magnetic survey of its property, only three per cent of which has been explored.
Snow Lake Lithium believes it could potentially start mining as early as 2024, by which time global lithium demand is expected to double due to more batteries needed for electric vehicles, which are predicted to top 11 million in annual sales worldwide.
“Our Snow Lake project has been historically known to contain lithium-bearing pegmatites that were first documented in the 1930 and 1940s,” said the company’s vice-president of resource development Dale Schultz in a Nov. 30 news release announcing the addition of the 7,875-acre Herb Block of claims to their property. “Based on our compilation of historic date, we know there exists other pegmatite cluster with the Herb Block that has not yet been evaluated for lithium. Our goal is to follow up on these clusters thereby developing future tonnes that will be added to our current resource base.”
Snow Lake Lithium CEO Philip Gross says that exploration activities could add significant resources to that which is already known and could help the company achieve costs reductions once production begins.
“Manitoba has a proud mining legacy for over a century and Snow Lake Lithium will ensure its continuity for the next century as Manitoba establishes itself as a critical member of the EV supply chain,” said Chuck Davidson, president of the Manitoba Chambers of Commerce, which oversees the MMDF, who is himself a former Snow Lake resident. “We look forward to working with Snow Lake Lithium as they progress to production and beyond.”
