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Strathmore Plus Uranium Corporation (TSXV: SUU) (OTC Pink: SUUFF) ("Strathmore" or "the Company") is pleased to announce we are planning a 100-hole drill program for a total of 15,000 feet this summer once the drilling permit is approved. In conjunction with the drilling, Strathmore will conduct near-surface and downhole geophysical research, along with the University of Wyoming to vector into new drilling target locations.
Strathmore has teamed with Dr. Brad Carr, Director of the University of Wyoming's Near-Surface Geophysical Center, and his students on digitizing the available historical drill data utilizing Neuralog software. Dr. Carr recently (see Company press release dated January 25, 2023) received a grant from the University's School of Energy Resources to conduct research to advance Wyoming's uranium industry. Strathmore will contribute to the research by providing access to historical and modern data generated at the Agate property.
In addition, Dr. Carr's University of Wyoming team will apply newly developed geophysical theories and methods to evaluate the uranium mineralization at the properties. Terrence Osier, Strathmore's VP of Exploration commented, "The Kerr-McGee drilling data is extremely beneficial to the company, saving Strathmore both a significant amount of funds and 2 years of exploration time. With over 650 drill sites and 330 geophysical logs, it will give Strathmore an enormous advantage to be able to vector specific targets at Agate. Upon completion of digitizing the historical data, we will model the roll fronts and their projected trends. The drilling is planned to confirm the historical results and extend mineralization into areas sparsely explored in the past. We anticipate receipt of the drilling permit in spring 2023 and look forward to advancing the Agate property through exploration and permitting leading to an operational in-situ recovery project."
The Agate project is wholly owned by Strathmore and was previously explored by Kerr-McGee Corp. in the 1970's. Kerr-McGee was the largest producer of uranium in the United States at the time. They also produced from the Shirley Basin deposits, which were 7 miles east of the Strathmore property. Other uranium companies in the basin include Cameco, enCore Energy, UR Energy, and UEC, whose claims border the Agate property.
About the Agate Property
The Agate property consists of 52 wholly owned lode mining claims covering 1,075 acres. The uranium mineralization is contained in Wyoming-type roll fronts within the Eocene Wind River Formation, an arkosic-rich sandstone. Historically, 55 million pounds of uranium were mined in Shirley Basin, including from open-pit, underground, and the first successful in-situ recovery operation in the US during the 1960s. At the property, the uranium mineralization is shallow, from 15 to approximately 150 feet deep, much of which is below the water table and likely amenable to in-situ recovery. The average thickness varies from several feet to tens of feet, with grades ranging from 0.02% to 0.18% eU3O8 as noted on the historical gamma logs.
About Strathmore Plus Uranium Corp.
Strathmore has 3 uranium projects in Wyoming, including Beaver Rim, Agate, and Night Owl. The Night Owl property is a former producing mine that was in production in the early 1960s. The Agate and Beaver Rim properties contain uranium in Wyoming-type roll front deposits based on historical drilling data. Strathmore received an exploration permit for the Beaver Rim project in October and is now applying for both exploration and drilling permits for Night Owl and Agate.
Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Strathmore Plus Uranium Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Strathmore Plus Uranium Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Terrence Osier, P.Geo., Vice President, Exploration of Strathmore Plus Uranium Corp., a Qualified Person.
Strathmore Plus Uranium Corp.
Contact Information:
Investor Relations
Telephone: 1 888 882 8177
Email: info@strathmoreplus.com
ON BEHALF OF THE BOARD
"Dev Randhawa"
Dev Randhawa, CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155679
