NickelX awaits key test results as Elliot Lake uranium project gains momentum
A cashed-up NickelX (ASX: NKL) is preparing to accelerate work at its Elliot Lake uranium project in Ontario, Canada, with the company currently awaiting key test results from the first batch of samples from early-stage field programs at the site.
NickelX will use the results to help determine the next phase of exploration for uranium and rare earths at Elliot Lake.
In the meantime, field activities consisting of mapping, sampling and drill hole siting are ongoing.
Capital raising
NickelX has set itself up to progress Elliot Lake with the recent raising of an additional $2 million.
The company’s confidence in Elliot Lake was backed by investors and further highlighted recently when it added highly-experienced uranium and rare earths specialist Peter Woods as managing director.
The company also announced it applying for a change of name to Strata Minerals, with the new title chosen to better recognise the company’s pivot away from its Western Australian nickel background as it aims to extract value from its current uranium, rare earth and gold prospects while assessing other value-adding opportunities.
Large-scale opportunity
NickelX added Elliot Lake to its portfolio earlier this year and has already identified the potential for the project to host uranium mineralisation in large-scale formations.
The project is located adjacent to Cameco’s Blind River – the world’s largest commercial uranium refinery – and along strike from the well-known Elliot Lake uranium district.
A first-pass geological review has already identified three priority target areas, two of which have known mineralisation, over a combined 35 kilometre-strike of prospective tenure.
Priority target
NickelX’s highest priority target is the Crazy Lake-Gods Lake Trend sitting along strike from the large historic Quirke No 1 mine around 14km to the east, which exploited uranium-bearing conglomerate beds measuring 13km long and up to 5.5km wide.
The company’s geologists are wrapping up an ongoing geophysical data review designed to further constrain target sites and generate additional targets.
The identified target areas are now the focus of detailed field activities currently underway.
The company is targeting bulk tonnage conglomerate-hosted uranium along the underexplored interpreted extensions to the historic Elliot Lake mining centre.