- High-priority targets identified at Elliot Lake uranium mining centre
- District was once the world’s largest uranium epicentre, producing >360Mlbs U3O8
- Further geophysical reviews under way
Special Report: Three priority targets have been identified from desktop studies of NickelX’s new, highly prospective Elliot Lake uranium project in Canada, with preparations now under way for a potential drill program later this year.
Elliot Lake – located in Ontario – has been home to several of the largest uranium mines globally, operated by Rio Algom (eventually purchased by BHP (ASX:BHP)) and Denison Mines in the 1950s up until the late 1990s.
NickelX’s (ASX:NKL) own Elliot Lake project covers 129km and is comprised of four claim blocks: Kilpatrick, Inspiration, Quirke West and Whiskey.
NKL analysed historical drilling within its Elliot Lake tenure and immediate surrounds that intersected the four key occurrences of prospective, mineralised conglomerates which returned average equivalent uranium values (eU3O8) of:
- 9m @ 0.010% (100ppm) eU3O8 from the Inspiration occurrence;
- 1.8m @ 0.023% (230ppm) eU3O8 from the Crazy Lake occurrence;
- 0.8m @ 0.09% (900ppm) eU3O8 from the Mattaini occurrence; and
- 0.8m @ 0.02% (200ppm) eU3O8 from the Rawhide occurrence.
From these, a first-pass geological review has identified three priority target areas, two of which with known mineralisation, over a combined 35km strike of prospective tenure.
The highest priority target – the Crazy Lake Gods Lake trend (at Quirke West) – sits along strike from the large, historic Quirke No 1 mine 14km to the east, which had exploited uranium-bearing conglomerate beds 13km long and up to 5.5km wide.
The other two targets are the Gaitwin-Inspiration trend (at Inspiration) and Iron Lake trend (at Kilpatrick) where limited drilling has been conducted, yet has identified uranium occurrences.
A geophysical data review is in progress, designed to generate additional targets.
A field reconnaissance program (including mapping, sampling and drill hole siting) is planned for April/May this year.
“Importantly, as we are targeting stratabound conglomerate style uranium along underexplored interpreted extensions of a major uranium mining centre, the mineralisation is often consistent in grade and thickness, making for rapid discovery potential,” NKL managing director Matt Gauci says.
This article was developed in collaboration with NickelX, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.