Multiple high priority uranium targets have been defined at the Elliot Lake Uranium Project by re-processing of geophysical data combined with recent geological data review (see NickelX ASX announcement dated 21st February 2024).
The geophysical data reprocessing has highlighted strong U2/Th ratio radiometric anomalism both within, and interpreted to trend into, the Company’s Kirkpatrick, Inspiration and Quirke West Claim Blocks (Figure 5) where uranium anomalism and mineralisation have been identified by previous explorers (see NickelX ASX announcement dated 21st February 2024).
The High Priority Target areas identified by NickelX are now the focus of detailed field activities that have commenced, including mapping, sampling, drill hole siting, and engagement with first nations groups, while also evaluating additional opportunities within the district.
The claim blocks, collectively the Elliot Lake Uranium Project (Figure 3, Table 1), cover highly prospective uranium targets along strike from the Elliot Lake uranium district, which historically produced >360 Mlbs U3O8 from 13 underground mines1 (see NickelX ASX announcement dated 21st February 2024).
The Elliot Lake Uranium Project now comprises 41 multi-cell mining claims covering 180 km2. The Company is targeting conglomerate-hosted uranium and rare earth element (REE) mineralisation along the underexplored interpreted extensions to the historic, major uranium mining centre at Elliot Lake.
The targeted uranium mineralisation style is stratabound and consequently relatively continuous and predictable. The known deposits typically have excellent lateral and downdip grade and thickness continuity, providing potential for large-scale deposits (Figure 1).
The Project area is considered to have excellent year-round access, is close to infrastructure and service centres, electrical and water supplies and the world’s largest commercial uranium refinery at Blind River (Figure 2), operated by uranium major Cameco Corporation.
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