Mike Fagan,
Editor
June 13, 2024
Strathmore Plus Uranium Corp. (TSX-V: SUU)(OTC: SUUFF) — currently trading around C$0.27 per share in a robust uranium market — has announced the start of spring 2024 drilling at the flagship Agate uranium project located in Wyoming’s Shirley Basin Uranium District.
The Agate property consists of 52 wholly-owned lode mining claims covering 435 hectares and was previously explored by Kerr-McGee in the 1970s, the largest uranium producer in the United States at that time.
The Shirley Basin boasts 55 million pounds of historic uranium production (peaking in the 1960s - 1970s) from open-pit, underground, and the first-ever successful ISR (in-situ recovery) uranium operations in the USA.
Today, with uranium trading multiples above where it was during that era, Wyoming’s Shirley Basin has been thrust back into the spotlight as integral to America’s mandated push for increased uranium production from domestic sources.
The newly commenced drill program at Agate, which is permitted for an additional 200 holes across 30,000 feet, will focus on advancing multiple discoveries from last year’s drill program (which hit at an impressive 93% success rate), as well as exploration drilling.
The Strathmore Plus team describes the mineralization at Agate as typical of the classic Wyoming-type roll front deposits that were first described historically in the Shirley Basin district in the 1960s (and shallow at just 4.5 to 45 meters depth and lying just below the water table), making the property potentially amenable to in-situ recovery — the preferred uranium extraction methodology in North America.
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Strathmore Plus Uranium P.Geo. and director John DeJoia commented on the start of spring 2024 drilling at Agate via press release:
“We are very pleased to start the 2024 exploration drilling program at Agate. Mr. Osier's investigation of the historic Kerr-McKee database located where K-Mc drilling intercepted an area of roll front mineralization that exceeded the average mineralization grades of Shirley Basin. We will develop and expand the higher-grade part of the lower Wind River Formation at Agate.”
As illustrated by the property map (below), Strathmore’s Agate and Night Owl projects are situated just to the south of uranium properties held by industry leader Cameco (NYSE: CCJ; US$22B market cap) and significant uranium player Uranium Energy Corp. (NYSE American: UEC; US$2.2B market cap).
SUU’s 100%-owned Night Owl property hosts the past-producing Night Owl Uranium Mine, which was formerly mined as a near-surface U3O8 deposit by Night Owl Properties & Battle Axe Mining Co.
Strathmore completed a 30-hole program at Night Owl in 2023, which encountered shallow uranium mineralization in and around the old Night Owl mine site. And although downhole drilling did not encounter abundant mineralization at depth, the Strathmore Plus team reports that previously collected samples from outcrops produced assay results ranging from 0.22% to 0.38% U3O8, confirming and even exceeding the historically reported mined average.
Last but not least, Strathmore Plus is advancing the 100%-owned Beaver Rim uranium exploration property, which is situated to the northwest of Agate and Night Owl. The property comprises 131 lode mining claims totaling 1,095 hectares in Wyoming’s Gas Hills Uranium District.
The Beaver Rim claims are strategically located in areas previously delineated by drilling by other operators as highly prospective for uranium mineralization and are adjacent to and south of industry-leader Cameco’s Gas Hills Uranium Project, which is fully permitted for in-situ uranium recovery.
Historical and recently compiled reports suggest that 50 to 100 million pounds of uranium resources remain in the Gas Hills Uranium District with significant discovery potential in the underexplored areas to the south, including in the Beaver Rim area.
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With multiple targets spread across three high-potential Wyoming-based uranium exploration projects, and with drilling underway at Agate, Strathmore Plus Uranium should have plenty of news flow ahead with which to potentially move the needle in the 2024 uranium bull market.
For more information on Canada-based Strathmore Plus Uranium, be sure to contact the company’s IR department at 1-888-882-8177 or via email at info@strathmoreplus.com.
Sign up to receive updates directly from the company at the Strathmore Plus Uranium corporate website.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
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