Snow Lake Energy (NASDAQ: LITM) said on Monday it has made a new gallium discovery at the Mound Lake property in Ontario to complement its existing portfolio of lithium and uranium assets, sending its shares higher.
An analysis of sampling conducted by Free Battery Metal (CSE: FREE), its partner on the project, unveiled that 70% of samples from Mound Lake had gallium values above the average crustal abundance (19 parts per million). Twelve samples returned gallium values over 50 ppm, with the highest measuring 110.5 ppm.
The discovery of gallium, said Snow Lake in Monday’s press release, solidifies the company’s position as a “key player in the supply chain for minerals driving the global energy transition and technological revolution.”
Gallium is ranked by the United States as the #1 critical mineral by supply risk, as highlighted by China’s recent export ban. The silvery-white metal is an essential element for AI technologies, data centers and clean energy solutions. China accounts for 98.8% of the world’s supply of refined gallium, according to consultancy Project Blue.
Snow Lake’s CEO Frank Wheatley said the discovery “aligns perfectly” with the company’s strategy to secure materials that power transformative industries.
