Strata Minerals (ASX:SMX) has found uranium mineralisation on the back of early-stage data at Elliot Lake in Canada. Fieldwork conducted in areas where geophysical targets were recently clocked has confirmed “anomalous uranium and rare earth elements” (REEs) on-site.
Outcrop samples returned uranium reads of only 175ppm, and for REEs, 706ppm Total Rare Earth Oxides (TREO.) When breaking down parts per million (ppm), it helps to remember 10,000 = 1%.
One sample came in for 0.1% TREO but didn’t contain uranium.
A 2.2km long radiometric anomaly in the company’s Blind River permit is of interest given early assessment of the data suggests there could be something strange going on with uranium and thorium concentrations underground – suggesting a possible mineral system.
Blind Rock is one of the five permits (or ‘claim blocks’ in Canadian nomenclature) that comprise Elliot Lake – it’s joined by Quirke West, Kirkpatrick, Inspiration, and Whiskey. All five permits make up an area some 180sq.km.
The company is basically sniffing around the edges of where historical uranium mining took place in a bid to tap deposits overlooked by drillers back in the day using old technology (a familiar strategy for anybody who keeps close eye on junior explorers).
Further work will need to be carried out to determine such a thing. The company wrote on Thursday “[it] is currently reviewing and assessing the field work and sample data to help determine the next phase of exploration at the Project.”
Company chief Peter Woods observed there’s more work to be done.
“Given this was a first pass sampling program these results provide encouragement and demonstrate the prospectivity of the Project which warrant s further exploration planning on how to best vector int o uranium and rare earth mineralisation in what is a world -renowned historical uranium mining centre,” Mr Woods said.
But with that on the burner, there’s another project on Strata’s books too – a gold project in Western Australia. To there the company’s attention hereafter turns as it juggles both.
SMX last traded at 3cps.
Join the discussion: See what HotCopper users are saying about Strata Minerals and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.