Snow Lake Resources Ltd. announced it has entered into a binding letter of intent to acquire a 100% interest in the Buffalo Uranium Project, an exploration stage project located in Wyoming, the largest uranium-producing state in the United States. The project is centered on the historic Little Man Uranium Mine, which produced up to 65,000 pounds of U3O8 in the 1950s at grades averaging between 1.0% and 1.5% U3O8.
Historical drilling by Conoco in 1980 confirmed uranium mineralization over 3,000 feet of strike, which remains open in all directions. This acquisition aligns with U.S. energy policy, as the new U.S. Secretary of Energy has prioritized commercial nuclear power and domestic energy abundance.
Snow Lake will acquire Bazooka Resources Pty Ltd., which holds the option to purchase the project. The consideration includes an initial US$50,000 cash payment, US$200,000 cash at closing, US$400,000 in Snow Lake shares at closing, and two milestone payments of US$450,000 each (cash or shares) upon achieving specific resource estimates. The sellers will retain a 1.5% net smelter royalty.
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