Strata Minerals identifies anomalous uranium and rare earths in maiden exploration at Elliot Lake
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2024-10-24
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Assays from maiden reconnaissance exploration at Strata Minerals’ (ASX: SMX) Elliot Lake project in Canada have confirmed the presence of anomalous uranium and rare earth elements.The mapping and sampling program was designed to provide an initial assessment of multiple high-priority targets and determine access for a potential future drilling program.The company is currently reviewing and assessing the sample data to determine the next exploration phase at the project.The assays confirmed the presence of the targeted conglomerates and sandstones, also identifying an anomalous rock outcrop approximately 2 kilometres in length.Best results from the assays included 175.7 parts per million uranium oxide and 706.4ppm TREO (total rare earth oxides) at the Pronto West target.Other highlights included 162.1ppm uranium oxide and 592.6ppm TREO at the Crazy Lake target, along with 2,941.2ppm TREO and 1,519.8ppm TREO at the Kirkpatrick Lake target.Managing director Peter Woods said the encouraging results were located in a proven uranium and rare earth district.“The laboratory results confirm the existence of outcropping uranium and rare earths in similar rocks at similar stratigraphic positions and of similar style as the historic Elliot Lake uranium and rare earth production centre,” he said.“These results demonstrate the prospectivity of the project, which warrants further exploration planning on how to best vector into the mineralisation in what is a world-renowned uranium mining centre.”Elliot Lake comprises 41 multi-cell mining claims covering a total area of 180 square kilometres across the Quirke West, Blind River, Kirkpatrick, Inspiration and Whiskey blocks.The acreage has year-round access and is close to established infrastructure and service centres, electrical and water supplies and the world’s largest commercial uranium refinery at Blind River, operated by Cameco.Strata is targeting conglomerate-hosted uranium and rare earths mineralisation along under-explored interpreted extensions to the Elliot Lake mining centre, which historically produced more than 360 million pounds of uranium oxide from 13 underground mines.
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