Strata Minerals confirms uranium and rare earths in Canada

Strata Minerals confirms uranium and rare earths potential at Elliot Lake
Project historically produced >360Mlbs uranium from 13 underground mines
Company now focusing on new Penny South gold project in WA

Special Report: Strata Minerals’ initial field exploration at its Elliot Lake project has confirmed uranium and Rare Earth Elements (REE).

The ~180km2 project is considered to have excellent uranium and REE prospectivity, and is close to infrastructure and service centres, electrical and water supplies and the world’s largest commercial uranium refinery at Blind River, operated by uranium major Cameco.

The company is targeting conglomerate-hosted uranium and REE mineralisation along the underexplored interpreted extensions to the historic, major uranium mining centre at Elliot Lake, which historically produced >360Mlbs U3O8 from 13 underground mines.

The reconnaissance work confirmed the presence of the targeted rock type, namely conglomerates and sandstones, and identified two uranium, thorium and REE anomalous outcrops, one each at the company’s Quirke West and Blind River Claim Blocks.

Best results included:

175.7 ppm uranium and 706.4 ppm Total Rare Earth Oxides (TREO) (Black sandstone, Pronto West target, Blind River claim block)
162.1 ppm uranium and 592.6 ppm TREO (Green conglomeratic sandstone, Crazy Lake target, Quirke West claim block)
2,941.2 ppm TREO (Conglomerate, Kirkpatrick Lake target, Kirkpatrick claim block); and
1,519.8 ppm TREO (Conglomerate, Kirkpatrick Lake target, Kirkpatrick claim block).

In addition, the reconnaissance identified a ~2.2 km-long uranium/thorium ratio radiometric anomaly within the Blind River claim block.

Further exploration planned

Notably, the targeted uranium mineralisation style is stratabound and consequently relatively continuous and predictable – and the known deposits typically have excellent lateral and downdip grade and thickness continuity, providing potential for large-scale deposits.

The company is now reviewing and assessing the field work and sample data to help determine the next phase of exploration at the project.

“Our geology team was encouraged by widespread outcrop of the targeted conglomerates and sandstones in multiple locations at the Elliot Lake uranium project, which is located in a proven uranium and rare earth district,” Strata Minerals (ASX:SMX) managing director Peter Woods said.

“The laboratory results confirm the existence of outcropping uranium and rare earths at the project in similar rocks, at similar stratigraphic positions and of similar style as described from the historic Elliot Lake uranium and rare earth production centre.

“Given this was a first pass sampling program these results provide encouragement and demonstrate the prospectivity of the project which warrants further exploration planning on how to best vector into uranium and rare earth mineralisation in what is a world-renowned historical uranium mining centre.

“The company’s immediate focus now turns to advancing the recently acquired Penny South Gold Project in Western Australia”

The review and interpretation of all available data from Penny South gold is nearing completion, with an update expected shortly.

This article was developed in collaboration with Strata Minerals, 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.