NickelX (ASX:NKL) flags priority Canadian uranium targets

NickelX (ASX:NKL) flags priority Canadian uranium targets

February 20, 2024 Off By Jack Baker

NickelX has spotted up uranium mineralisation and a trio of priority target areas ready for exploration at its wholly owned Elliot Lake uranium project in Canada’s Ontario province.

The NickelX targets were produced from a review of compiled data from its newly staked tenements.

The company’s review revealed sparse past drilling over the tenure and adjacent territory had intersected prospective mineralised conglomerates with equivalent average uranium values up to 900 parts per million.

NickelX’s resulting new target areas cover a combined 35-kilometre strike of prospective tenure, with the highest priority Crazy Lake-Gods Lake trend resting along strike from the 44 million ton abandoned Quirke mine once operated by BHP Group (ASX:BHP) successor Rio Algom.

“Our first-pass geological review has identified priority target areas with results from a complementary geophysical review expected shortly,” NickelX Managing Director Matt Gauci said.

“Importantly, as we are targeting strata bound conglomerate style uranium along underexplored interpreted extensions of a major uranium mining centre, the mineralization is often consistent in grade and thickness, making for rapid discovery potential.”

Now in a trading halt, NickelX has a geophysical data review underway to enhance the targets and generate more, while a field program is planned to begin by May.

Claiming Canadian uranium

An ascendant uranium price has explorers flocking back toward the great yellowcake endowment of The Great White North.

A cold war influx into Elliot Lake was once described as the greatest uranium prospecting rush in the world, with the district producing 362 million pounds of triuranium octoxide – U3O8 – from 13 underground mines packed into a tight 15 square kilometres.

A global policy shift towards nuclear has been tipped to push uranium prices even further after a 22-nation pledge to triple nuclear production by 2050 has seen the commodity’s trading price more than double over the past year.

The world’s largest uranium miner anticipates shortfalls over the next two years after its production cuts, and the door lies open for explorers to make their mark.

NKL Elliot Lake Map

NickelX’s prospective uranium ground Elliot Lake near other Canadian deposits, including the Quirke mine that was in operation from the 1950s to 1990

[mstock id=”14165″]

Please note the following valuable information before using this website. 

Independent Research 

Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified. 

We are a boutique environment – the home of uncompromisingly high-quality brands spanning news, opinion, and interaction, priding ourselves on promoting discussion and understanding that facilitates growth. We work closely with our clients to really understand what they are trying to achieve and use best practice available to do that!

Contact info

Suite 3, 47 Havelock Street
West Perth WA 6005

Stewart Walters
Managing Director
+61 414 644 166

Amanda Ellis
Chief Content Producer
+61 438 003 868

Important links

Follow us