Elliot Lake Uranium Project Expanded and Exploration Commenced

NickelX Limited (“NickelX”, “NKL” or “The Company”) is pleased to advise it has secured via low-cost staking 100% of the rights to an additional eleven (11) multi-cell claims, referred to as the Blind River Block, adding a further 51km2 of highly prospective ground to its Elliot Lake Uranium Project located in Ontario, Canada (Figure 2).

• Additional, highly prospective uranium tenure, referred to as the Blind River Block, has been secured by NickelX in the Elliot Lake district in Ontario, Canada.
• A field reconnaissance program, including mapping, sampling and drill hole siting, has commenced at NickelX’s Elliot Lake Project, where the Company is targeting conglomerate hosted uranium mineralisation.
• The Project is accessible by road from Toronto (a ~6 h drive). Year-round access and proximity to existing infrastructure provide logistical advantages that cannot be overstated when operating in Canada.
• Stakeholder and First Nations engagement has also commenced with letters of engagement forwarded to local community stakeholders in anticipation of future drill programs.
• Magnetic and radiometric data re-processing combined with the Company’s recent geological review has defined multiple high priority uranium targets.
• The prolific Elliot Lake uranium district produced 362 Mlbs U3O8 @ 0.1060% (1,060 ppm) U3O8 from 13 underground mines active between 1955 and 1996, within an area of c. 15 × 15 km. The uranium mineralisation at Elliot Lake is hosted by stratabound conglomerate beds, which are relatively continuous and geologically predictable. The mineralised beds can be up to 19.5 km long, 8.0 km wide and 4 m thick1 (Figure 1).

Multiple high priority uranium targets have been defined at the Elliot Lake Uranium Project by re-processing of geophysical data combined with recent geological data review (see NickelX ASX announcement dated 21st February 2024).

The geophysical data reprocessing has highlighted strong U2/Th ratio radiometric anomalism both within, and interpreted to trend into, the Company’s Kirkpatrick, Inspiration and Quirke West Claim Blocks (Figure 5) where uranium anomalism and mineralisation have been identified by previous explorers (see NickelX ASX announcement dated 21st February 2024).

The High Priority Target areas identified by NickelX are now the focus of detailed field activities that have commenced, including mapping, sampling, drill hole siting, and engagement with first nations groups, while also evaluating additional opportunities within the district.

The claim blocks, collectively the Elliot Lake Uranium Project (Figure 3, Table 1), cover highly prospective uranium targets along strike from the Elliot Lake uranium district, which historically produced >360 Mlbs U3O8 from 13 underground mines1 (see NickelX ASX announcement dated 21st February 2024).

The Elliot Lake Uranium Project now comprises 41 multi-cell mining claims covering 180 km2. The Company is targeting conglomerate-hosted uranium and rare earth element (REE) mineralisation along the underexplored interpreted extensions to the historic, major uranium mining centre at Elliot Lake.

The targeted uranium mineralisation style is stratabound and consequently relatively continuous and predictable. The known deposits typically have excellent lateral and downdip grade and thickness continuity, providing potential for large-scale deposits (Figure 1).

The Project area is considered to have excellent year-round access, is close to infrastructure and service centres, electrical and water supplies and the world's largest commercial uranium refinery at Blind River (Figure 2), operated by uranium major Cameco Corporation.

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