Snow Lake Resources Ltd. added a one‑year extension to its option agreement with Canadian Uranium Corp. for the Mound Lake Gallium Project in northern Ontario, giving the company additional time to conduct exploration and potentially acquire up to an 80 % interest through a combination of exploration expenditures and cash payments over two years.
The Mound Lake project spans 243 single‑cell unpatented mineral claims covering more than 4,800 hectares in the Thunder Bay mining district. Historical sampling has revealed gallium concentrations ranging from 50 to 110 ppm, with the highest sample at 110.5 ppm—well above the global average crustal concentration of 19 ppm. The property also contains elevated levels of lithium, beryllium and rubidium, positioning it as a multi‑critical‑minerals resource.
The extension aligns with U.S. and Canadian initiatives to secure domestic supplies of gallium, a mineral that China supplies 98 % of the world market and that the United States imports 100 % of its needs. A U.S. Administration proclamation issued on January 14 2026 underscored the strategic importance of projects like Mound Lake in reducing reliance on foreign processed critical minerals.
"Mound Lake fits nicely into our strategy of opportunistically acquiring interests in North American critical‑minerals projects that support domestic supply chains," said CEO Frank Wheatley. "The project’s gallium potential, coupled with its other critical‑minerals, makes it a valuable addition to our portfolio and a potential solution to U.S. national‑security requirements for gallium.”
Snow Lake’s dual focus on the nuclear fuel cycle and critical‑minerals development positions the company to capture new revenue streams while maintaining its core uranium operations. The one‑year option extension provides a window for additional exploration, with the company able to earn a larger stake if the project’s resource estimates continue to improve. The move signals Snow Lake’s commitment to aligning its growth strategy with national‑security priorities and the evolving critical‑minerals landscape.
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