Mike Fagan,
Editor
June 28, 2024
Strathmore Plus Uranium Corp. (TSX-V: SUU)(OTC: SUUFF) — currently trading around C$0.30 per share in the 2024 uranium bull market — has released interim drilling results from its Phase-1 exploration program at the flagship Agate uranium project located in Wyoming’s Shirley Basin Uranium District.
SUU’s ongoing program is permitted for 200 holes across 30,000 feet and is focused on advancing multiple discoveries from last year’s drill program, which hit at an impressive 93% success rate, as well as exploration drilling.
Results received to-date from the ongoing Phase-1 2024 program confirm mineralization in 57 of 60 holes drilled (95% success rate) resulting in the extension of the mineralized trend at Agate by an impressive 50%.
With data still coming in, additional drill site locations are currently being proposed for a resumption of Phase-1 drilling slated for later in the 2024 season.
Highlights to-date in Phase-1 include drill hole AG-151-24, which intercepted 11 feet of 0.079% eU3O8, successfully extending the 1,200-foot mineralized front discovered in 2023 westward by an additional 600 feet. A new area of shallow mineralization situated approximately one mile south of the northern trend was also discovered.
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Strathmore Plus Uranium P.Geo. and director John DeJoia commented on the interim drilling results from Phase-1 at Agate via press release:
“The 2024 interim drilling results so far are very encouraging, with mineralization in nearly every drill hole. The results from the exploration of the southern area are very promising - the thickness is significant and indicates the potential for roll front development and delineation with additional drilling in following phases. The drilling in the north has extended the mineralized trend identified in 2023. I continue to be optimistic about Strathmore’s Agate property in Shirley Basin.”
The Agate property consists of 52 wholly-owned lode mining claims in the Shirley Basin 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 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.
Strathmore’s Agate and neighboring 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$2.3B 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.
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During its heyday, in the late 1950s to early 1960s, the mine produced 93 tons of ore at a grade of 0.24% U3O8. Production began in the mid 1950s without drilling along outcrop exposures, which highlights the property’s robust potential for new mineralized showings.
A key historical aspect of SUU’s Night Owl project is that the mine’s production was halted due to low uranium prices at that particular point in time — around US$7 per pound U3O8 — not due to lack of resource.
Of course, today, uranium is trading more than 10X higher at US$80-plus per pound. Also worth noting is that this is the first time the Night Owl project is being explored via modern exploration and drilling techniques.
Finally, 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 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.
In all — with multiple targets spread across three high-potential Wyoming-based uranium exploration properties and with additional Phase-1 drilling on-tap for later in the year at the flagship Agate project — Strathmore Plus Uranium looks to have a steady stream of news flow 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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