ACME Lithium Inc. has signed an option agreement with Snow Lake Resources Ltd., doing business as Snow Lake Lithium, pursuant to which ACME granted Snow Lake the option to earn up to a 90% undivided interest in the mineral claims held by ACME at its Manitoba lithium pegmatite project areas.

ACME’s Manitoba lithium group is comprised of 37 mineral claims located over three project areas – Shatford Lake, Birse Lake, and Cat-Euclid Lake, which total approximately 17,000 acres. The projects are located in the Bird River Greenstone Belt in southeastern Manitoba. The region hosts hundreds of individual pegmatite bodies, many of which are classified as complex rare-element Lithium-Cesium-Tantalum (LCT) pegmatites. The Shatford-Birse claim area is contiguous to the south of Sinomine Corporation’s world class Tanco Mine, a LCT producer since 1969.

Snow Lake may exercise the Option by paying a total of $500,000 and incurring a total of $1,800,000 in exploration and development expenditures over a two-year period.

Once Snow Lake has earned a 90% undivided interest in the project and completed a positive feasibility study, Snow Lake and ACME will enter into a joint venture for further development, with detailed market standard terms and conditions to be determined at that time. 

Upon formation of the Joint Venture:

• Snow Lake will hold a 90% interest, and ACME will hold 10% interest in the Joint Venture.

• Snow Lake’s interest will be a 90% participating interest in the Joint Venture but will fund 100% of all expenditures until the completion of a feasibility study. 

• ACME will retain a 10% free carried interest, without the need to contribute to expenditures until the completion of a feasibility study on the project.

Snow Lake Resources Ltd. is a Canadian lithium development company with two hard rock lithium projects, the Thompson Brothers project and the Grass River project (together the Snow Lake Lithium Project), in the Snow Lake region of Northern MB. Snow Lake is focused on advancing its 59,587-acre Snow Lake Lithium Project through subsequent phases of development and into production in order to supply the North American electric vehicle and energy storage markets.

ACME Lithium Inc. is a mineral exploration company focused on acquiring, investigating, and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100% interest in a project area located in Clayton Valley, NV and has entered into option agreements with third parties on its Fish Lake Valley, Esmeralda County Nevada project, and at Shatford, Birse, and Cat-Euclid Lakes in Southeastern MB.