Best Results:

• 2.8 % Li₂O over 2.8 meters at 174.5 meters down hole (SGP-005)
• 2.4 % Li₂O over 6.0 meters at 16.0 meters down hole (GRP-003)
• 2.4 % Li₂O over 4.9 meters at 78.5 meters down hole (GRP-003)
• 1.3 % Li₂O over 10.5 meters at 30.5 meters down hole (GRP-005)
• 2.1 % Li₂O over 8.8 meters at 69.0 meters down hole (GRP-008)
  • Includes 3.4 % Li₂O over 1.5 meters at 71.0 meters down hole
• 2.4 % Li₂O over 6.0 meters at 131.0 meters down hole (GRP-012)
  • Includes 4.0 % Li₂O over 1.5 meters at 135.5 meters down hole
• 3.0 % Li₂O over 1.6 meters at 197.3 meters down hole (GRP-014)
  • Includes 5.9 % Li₂O over 0.7 meters at 198.2 meters down hole
• Media assets can be downloaded here: Snow Lake Lithium - Grass River Drilling Campaign

MANITOBA, ON / ACCESSWIRE / November 3, 2022 / Snow Lake Resources Ltd., d/b/a Snow Lake Lithium Ltd. (NASDAQ:LITM) ("Snow Lake" or the "Company"), is pleased to provide results, an update, and analysis on the recently completed Grass River drilling campaign. Significant intersections are listed in Table 1.0 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 Lithium engaged SGS Geological Services to assist with modeling the GRP dyke to better understand the three-dimensional (3D) composition of the subsurface area.

Based on the initial wireframe modeling of the pegmatite dykes at Grass River, SGS was able to identify a minimum of three distinctive spodumene bearing pegmatite dykes (Figure 2.0). Snow Lake Lithium'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 Lithium will refer to this area as the Grass River Pegmatite Swarm as the drilling campaign progresses.

Of the high-grade intercepts received from the Grass River Pegmatite Swarm, there was one selected sample from GRP-014 that returned a value of 5.9% Li₂O over 0.7 meters (Table 3.0). In addition, several of these intercepts are found almost 200 meters down the well, implying that a vast unrealized underground mining potential exists beneath the envisioned starter pit. Future exploration and drilling programs will focus on identifying additional dykes, trace the existing dykes along strike, and drill to depth to help define more underground resources.

Currently, there are another twenty-one drill holes in progress with SGS Lakefield. Once all analytical results have been returned to Snow Lake Lithium, SGS Geological Services will commence the maiden resources study on the Grass River Pegmatite Swarm.

Dale Schultz, Snow Lake's Project Manager and VP of Resource Development, commented, "We are excited with the drill results received to-date and are increasingly optimistic for the results to be collected from the ongoing drilling campaign in progress with SGS Lakefield. As evidenced by the high-grade intercepts retrieved from the Grass River Pegmatite Swarm, there are thorough results that validate the GRP area as an incremental resource to those currently indicated and inferred from the initial scoping studies that have been completed. We look forward to updating the market as additional lab assay results are collected and remain steadfast in positioning the Company to begin initial site development in 2024 with construction and commissioning of the commercial mine to follow."

GRP Dykes Swarm

Geology of the GRP dyke 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 pegmatite 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 over 10+ 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 the SGS Lakefield laboratory in Ontario 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 ran 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 SEC's S-K 1300 rules for mineral deposit disclosure, and a Professional Geoscientist (P.Geo.) who is a registered member of the ‘Engineer and Geosciences of Manitoba' (no. 24846), a ‘Recognized Professional Organization' (RPO). Mr. Dale Schultz is the Project Manager and VP of Resource Development at the Snow Lake Lithium Project and has sufficient experience relevant to the crystallization of LCT type pegmatite deposits under evaluation.

Table 1.0 - List of Intercept cited in the Release

Figure 1 - 3-D view of pegmatite wire frames with drill hole - Grass River Swarm

Figure 2 - Cross Section of holes GRP-003, 004, 005, 006, and 007

Figure 3 - Cross Section of holes GRP-001, 014, 016, 017, and 018

Figure 4 - Cross Section of holes GRP-008, 009, 016, 013, and CBP-001

Figure 5 - Cross Section of holes GRP-010, 011, and 012

Figure 6 - Cross Section of holes SGP-005 and CBP-005

Table 2.0 - UTM Location, Azimuth and Dip of DDH listed in the Release.

Table 3.0 - List of significant Li₂O samples for the DDH listed in the Release

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 55,318-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. 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 and include statements regarding the expected use of proceeds and expected closing. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to our public offering filed with the Securities and Exchange Commission and other filings and reports that we file 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.