ACME Lithium Inc (CSE:ACME, OTCQB:ACLHF) announced the start of the 2024 exploration program at its Shatford Lake Project, conducted by its option partner Snow Lake Energy.
The program, designed by Snow Lake and Critical Discoveries, is divided into four phases.
Phase 1, which is complete, involved compiling and analyzing past exploration data to identify targets for fieldwork.
Phase 2 has begun, with a team of geologists and technicians conducting initial prospecting and mapping, focusing on the northwest corner of the project. Two pegmatite outcrops have been discovered and samples submitted for analysis.
Phase 3 will consist of up to 2,000 meters of diamond drilling across approximately 10 holes, each about 200 meters deep, based on targets identified in Phase 2.
Phase 4 will involve compiling and evaluating all field data, assay results, and drilling outcomes from the 2024 program.
The Shatford Lake Project, situated in the Bird River greenstone belt in southeastern Manitoba, spans a 15-kilometer structural trend and is rich in complex rare-element lithium-cesium-tantalum (LCT) pegmatites. The project comprises 37 mineral claims over 17,000 acres, near the Tanco mine, a significant lithium producer operated by Sinomine (Hong Kong) Rare Metals Resource Co.
Under an option agreement, Snow Lake can earn up to a 90% interest in the project by making C$500,000 in payments and incurring C$1.8 million in exploration expenditures over two years. A joint venture will be formed upon earning this interest and completing a positive feasibility study.