Snow Lake Energy (NASDAQ:LITM) has completed an investment in American Uranium (ASX:AMU) – formerly known as GTI Energy – resulting in holding a 9.9% stake in the company.
The investment comes after American Uranium conducted a two-tranche placement, in which Snow Lake participated with a $1.48 million investment, as previously reported.
Executive Director Bruce Lane says the company is delighted that Snow Lake has completed its investment.
“Snow Lake’s participation in American Uranium is strategically significant due to the proximity of their 50:50 joint venture Pine Ridge Project, which adjoins Lo Herma along trend,” Lane says.
Snow Lake is a US-focused uranium and nuclear energy company with a 50% joint venture holding in the Pine Ridge Project abutting American Uranium’s Lo Herma In-Situ Recovery Uranium Project.
The Lo Herma Project is located in the Powder River Basin of Wyoming, containing a resource of 8.57 million pounds of uranium concentrate, including 2.78 million pounds indicated and 5.79 million pounds inferred.
American Uranium decided to change its name to reaffirm its commitment to expand its uranium footprint in the US.
Speaking to this news service, Lane said the name aligns with the company’s historical and future focus on “developing our uranium projects in the US as the US nuclear renaissance gathers pace and the US domestic uranium mining sector continues its revival.
Write to Aaliyah Rogan at Mining.com.au
Images: American Uranium
