Snow Lake Lithium Provides Final Update Following Successful Completion of the 2022 Grass River Drilling Campaign

Results:

• 2.0 % Li₂O over 16 meters starting at 30.9 meters down hole (CBP-007)
  • Including 3.1 % Li₂O over 1.5 meters
• 1.8 % Li₂O over 3.0 meters starting at 210.3 meters down hole (GRP-018)
  • Including 3.6 % Li₂O over 1.5 meters
• 2.0 % Li₂O over 6.0 meters starting at 125.0 meters down hole (GRP-013)
  • Including 3.2 % Li₂O over 1.5 meters
• 2.9 % Li₂O over 2.3 meters starting at 84.2 meters down hole (GRP-021)
  • Including 3.2 % Li₂O over 1.5 meters
• Media Assets can be downloaded here: Snow Lake Lithium - Grass River Drilling Campaign

WINNIPEG, MB / ACCESSWIRE / January 11, 2023 / Snow Lake Resources Ltd., d/b/a Snow Lake Lithium Ltd. (NASDAQ:LITM) ("Snow Lake" or the "Company"), today announced the final drill results and an update and analysis following the recently completed 2022 Grass River drilling campaign. All geochemical analyses from SGS Laboratories Canada Inc. of Lakefield, Ontario ("SGS Lakefield") have been received and significant intersections are listed in Table 1.0 with the new drill results highlighted in black bold text for reference.

The pegmatite geology in the Grass River area ("GRP") is significantly more complex than the Thompson Brothers Lithium dyke, which was recognized early in the drill campaign. As noted by several geologists at the core house, several intersections of coarse-grained spodumene pegmatites were logged in multiple holes within the Grass River area. Due to this level of complexity, Snow Lake engaged SGS Lakefield to assist with modeling the GRP dyke to better understand the three-dimensional (3D) composition of the subsurface area.

Based on the final wireframe modeling of the pegmatite dykes at Grass River, SGS Lakefield was able to identify a minimum of three distinctive spodumene bearing pegmatite dykes. Snow Lake's technical personnel in the field hypothesized that there could be as many as five distinctive dykes based on core and field observations. Due to this higher density of dykes within the Grass River area, Snow Lake will refer to this area as the "GRP Dykes Swarm" as the Company's drilling campaign progresses.

Significant high grade Li₂O intercepts continue to be produced by the GRP Dykes Swarm and to infer a compelling lithium presence beyond the resource identified from the initial scoping study. Drill holes GRP-013 and GRP-021 both returned a 1.5-meter intercept of 3.2% Li₂O while the highest recorded intercept of 3.6% Li₂O was retrieved from hole GRP-018. These intercepts have been recovered from between 80 and 200 meters down hole, which suggests that Li₂O levels may be rising at greater depths (See Table 1.0, Figure 1.0 and Sections 2, 3 and 4).

A stunning interval of 16.0 meters of 2.0% Li₂O, including a 1.5-meter intercept of 3.1% Li₂O, was obtained by drill hole CBP-007. This hole, which was collared on the main deposit's North-West strike extension, shows that the dyke has remarkable continuity (See Section 1). As the Company focuses on expanding its identified resource base within the GRP Dykes Swarm, the North-West extension will be the focus of the winter drilling program in 2023.

Dale Schultz, Snow Lake's Project Manager and VP of Resource Development, commented, "The results of the 2022 Grass River drilling campaign demonstrate the Company's continued success in expanding its identified resource base and evaluating additional pegmatites for lithium extraction. Our analysis, completed in collaboration with SGS Lakefield, has shown that the high-grade lithium intercepts confirm the presence of Li₂O deposits in the GRP Dykes Swarm with further investigation required at depth. As we begin the 2023 winter drilling program, we look forward to examining the North-West extension of the GRP area and advancing our resource expansion plans over the coming months."

GRP Dykes Swarm

Geology of the GRP Dykes Swarm and host rocks - The GRP dykes crosscut plutonic intrusive rocks of Monzonite composition, exhibiting medium to coarse grained Plagioclase crystals within a fine to medium grained mafic groundmass. Albitic to potassic feldspars occur frequently within the rock. The groundmass consists of amphiboles and occasional biotite. Garnet has been observed in small clusters within rare melanocratic groundmass. The Monzite has been subject to considerable seracitic and hematitic alteration, often resulting in destruction of the original plutonic minerals and giving the rock a "bleached" appearance. Small quartz and granitic Aplite dykes are common.

The GRP Dykes Swarm appear to strike 110° and dip about 60-65^o SSW. The mineralogy of the dykes is typical for lithium bearing pegmatite dykes, and consists of potassic feldspars, quartz, muscovite and to a lesser extent biotite, tourmaline and rare garnets and very rare beryl. The lithium bearing mineral is spodumene, which varies considerably in both grain size and distribution within the dykes. Spodumene crystals can vary in size from 1 cm to more than10+ cm in size. The GRP dykes often exhibit very large spodumene crystals, often ranging in size from 10-15 cm long. The distribution of the crystals within the dyke intersections is sporadic, with some sections containing up to 25 to 30 percent spodumene, and other sections that are spodumene poor to barren, suggesting multiple pulses of fluids and crystal mush from the parent granitic magma. The mineralogy and mineral zonation of the dyke(s) will be the subject of further study in the coming months.

Analytical - Half core samples are sent to SGS Lakefield for analysis. Core samples are initially crushed to a size of -12.7 mm, then fragmented to 75% passing 2mm and eventually extruded into a 250 g pulp that is pulverized to 85% passing 75 microns. Samples are sodium peroxide fused and run on ICP-AES and/or ICP- MS generating 56 element suit.

Qualified Person Statement - The information in this news release was compiled and reviewed by Dale Schultz, a Qualified Person, as defined by the Securities and Exchange Commission's S-K 1300 rules for mineral deposit disclosure, a Professional Geoscientist (P.Geo.) and a registered member of the Engineer and Geosciences of Manitoba (no. 24846) RPO (Recognized Professional Organization). Mr. Dale Schultz is the Project Manager and VP of Resource Development at Snow Lake and has sufficient experience relevant to the crystallization of lithium-cesium-tantalum (LCT) type pegmatite deposits under evaluation.

Table 1.0 - List of Intercept cited in the Release

Figure 1.0 - Plan view drill hole location map of the Grass River Pegmatite Dykes Swarm

Section 1 - Cross Section of hole CBP-007

Section 2 - Cross Section of hole CBP-018

Section 3 - Cross Section of hole CBP-013

Section 4 - Cross Section of hole CBP-021

Table 2.0 - Significant Li₂O% values listed in the News Release

Table 3.0 - UTM Location, Azimuth and Dip of DDH listed in the Release.

NAD83 - UTM Zone 14 - D-GPS

About Snow Lake Resources Ltd.

Snow Lake is committed to creating and operating a fully renewable and sustainable lithium mine that can deliver a completely traceable, carbon neutral and zero harm product to the North American electric vehicle and battery markets.

Our wholly owned Snow Lake Lithium^TM Project now covers a 59,587-acre site that has only been 1% explored and contains an identified-to-date 11.1 million metric tonnes indicated and inferred resource at 1% Li₂O.

Forward Looking Statements

This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements, including without limitation statements with respect to the timing of the Meeting. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Snow Lake Resources Ltd.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including without limitation future actions by the Dissidents. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Some of these risks and uncertainties are described more fully in the section titled "Risk Factors" in our registration statements and reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. undertakes no duty to update such information except as required under applicable law.

For more information, please contact:

media@snowlakelithium.com
ir@snowlakelithium.com
www.SnowLakeLithium.com
Twitter: @SnowLakeLithium
LinkedIn: https://www.linkedin.com/company/snow-lake-resources

SOURCE: Snow Lake Resources Ltd.