Nickel X (ASX:NKL) has snared 100% of the rights to 4 ‘highly prospective’ uranium targets, referred to as the Elliot Lake Uranium Project in Ontario, Canada.
The Australian explorer plans to target conglomerate-hosted uranium along the underexplored interpreted extensions to the historic ‘major’ uranium mining centre at Elliot Lake.
Nickel X and uranium contractors from CSA Global and Southern Geoscience will seek to compile all available geological, geophysical, and geochemical data to define ‘high priority’ drill targets.
Further, both companies will begin dialogue with key stakeholders, including relevant First Nations groups, in respect of any proposed work programs.
The Elliot project sits in south-central Ontario and covers 30 multi-cell mining claims covering a 129km-square area.
Nickel X says the project area is considered to have ‘excellent’ year-round access and is close to infrastructure and service centres.
According to the company, Elliot Lake is also close to electrical and water supplies, as well as the world’s ‘largest’ commercial uranium refinery at Cameco’s (NYSE:CCJ) Blind River.
Meanwhile, the company completed a 1,700m reverse circulation (RC) drilling program at its Dalwallinu Nickel Copper Platinum Group Element Project, with evaluation of results ongoing.
Drilling targeted 2 ‘high priority’ geophysical anomalies from the modelled moving loop electromagnetic (MLEM) and fixed loop electromagnetic (FLEM) bedrock conductions, as well as 4 ‘highest priority’ geochemical anomalies.
All samples have been submitted to ALS for laboratory analysis and assaying.
Nickel X is a nickel, uranium, and gold explorer focused on making discoveries in the southeast and southwest Yilgarn.
As of 31 December 2023, the company had $1.934 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Nickel X
