Stock in Lithium miner Snow Lake (NASDAQ: LITM) rallied in Tuesday premarket after a late announcement that the company has received a grant from the Manitoba Chambers of Commerce, Manitoba Mineral Development Fund for the total amount of $62,000 CAD. Lithium miners are attracting a lot of attention as the EV boom continues to grow and investors look at alternate ways to cash in.
The grant is in support of the company’s UAV drone magnetic survey scheduled for mid-December. For a company that has only explored roughly 5% of its property, the data gathered from the drone survey should allow the company to pinpoint areas of interest to support further drilling programs.
Philip Gross, CEO of Snow Lake Lithium, stated:
“We are grateful for the support from the Manitoba government which is a vote of confidence in Snow Lake but more importantly demonstrates the constructive nature of our collaboration and relationship as we strategically execute on our path to lithium production. We look forward to working closely with the government of Manitoba in the coming months and years as we help to establish the province as a key facilitator in the North American fleet electrification.”
With the ringing of Tuesday’s market bells, Snow Lake had lost the majority of its’ premarket momentum – trading with a daily gain of 8.78% at a price of $8.30. Lithium mining is a sector that will see continued investment, running alongside the global shift towards clean energy. Snow Lake began public trading earlier this month, so it’s worth keeping an eye on the company to see how it fares as we move closer to a lithium economy.
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