Strathmore Submits Permit to Drill Flagship Night Owl Project
Kelowna, British Columbia--(Newsfile Corp. - May 8, 2023) - Strathmore Plus Uranium Corporation (TSXV: SUU) (OTC Pink: SUUFF) ("Strathmore Plus" or "the Company") is pleased to announce that it has submitted an application to drill on the Night Owl property. The exploratory plan includes 30 drill sites and 3,000 feet of drilling, to expand the areas of known uranium mineralization, that Night Owl produced from in the 1960s. Strathmore is excited to utilize new, modern geophysical techniques to get a much better understanding of the geology in the area relative to uranium deposition. The Company has been able to identify new targets with even greater potential than the original Night Owl mine site. Strathmore is convinced these new techniques, including the highly successful near-surface, airborne radiometric and magnetic surveys, coupled with a ground-gravity survey, that have provided excellent new targets will result in the company once again get the mine back into production. Completion of the surveys by MWH Geo-Surveys of Reno, Nevada, is slated for early summer. They will include the 640-acre state mineral lease the Company recently acquired in late 2022.
The lead federal and state agencies in charge of reviewing, approving, and permitting the drilling activities are the US Bureau of Land Management and the State of Wyoming's Department of Environmental Quality, Land Quality Division. The permitting process will include a review of potential cultural sites and possible impacts to wildlife and vegetation. The Company anticipates receipt in summer 2023 of a permit to explore, followed by drilling in the autumn months.
Mr. John DeJoia P.Geo. and Director, stated, "With the ability to better understand the geologic regime at Night Owl, I believe we can truly benefit from today's advanced uranium exploration techniques. When I first learned of the Night Owl property from its original owner, the exploration tools used to first locate the Night Owl property were very basic airborne scintillometers. The knowledge of the Shirley Basin geology and the nearby uranium deposits was just being learned. Strathmore has studied the geology of the area and has an advanced understanding of the deposition of the uranium at Night Owl. We have employed new geophysical methods to better identify areas for drilling and sampling. The Night Owl uranium mineralization does not fit the widespread roll-front model, that and its higher grades, make this a very intriguing and promising project."
About the Night Owl Project
The Night Owl uranium deposit was initially discovered by airborne scintillometer in the mid 1950s. The original owners received a mining allotment from the Atomic Energy Commission (now the US Dept. of Energy), and over the ensuing years they recovered several 100 tons of ore. grading 0.24% U3O8 to the receiving facility in Riverton, Wyoming. As the AEC purchase agreements decreased and uranium prices dropped, production at Night Owl eventually ceased. In the mid 1970s, Mr. John DeJoia, P.Geo., a Director of Strathmore working nearby in the Shirley Basin uranium mines, was first introduced to the Night Owl project and its intriguing near-surface, higher-grade uranium mineralization that differs greatly from the typical roll-front uranium deposits in Wyoming. The uranium is contained within a brecciated zone lying at the unconformable contact between the Mississippian Madison Formation (limestone) and the overlying Pennsylvanian-Permian Casper Formation (sandstone). The 7- to 10-foot-thick zone of breccia consists of voids filled with silicious materials containing complex uranium minerals, including uranyl phosphates.
In 2022, upon this knowledge of Night Owl, Strathmore initially staked 28 mining claims, increasing to 82 claims upon highly successful assay results and modern geophysical surveying. Having collected samples from grabbed rock to in-place outcrop near the initially mined area, ten assay results were reported by Strathmore, ranging from 0.229 to 0.384% U3O8, confirming and exceeding the historically reported mined average. Many of the claims were staked after the intriguing initial results from the near-surface, airborne radiometric and magnetic surveys, coupled with those of a ground-gravity survey. These surveys are slated for completion in early summer 2023, including at additional lands within 4 miles acquired in late 2022, a 640-acre state mineral lease with similar geologic host strata as the Night Owl mine site. Upon receipt of the exploration permit, Strathmore intends to drill and collect samples for assaying and downhole geophysical data across areas of notably higher radioactivity based on the airborne survey.
About Strathmore Plus Uranium Corp.
Strathmore has 3 uranium projects in Wyoming, including Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium in Wyoming-type roll front deposits based on historical drilling data. The Night Owl property is a former producing mine that was in production in the early 1960s. Strathmore received an exploration permit for the Beaver Rim project in October 2022 and for the Agate project in April 2023, and is now applying for both exploration and drilling permits for Night Owl.
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.
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.
Telephone: 1 888 882 8177
ON BEHALF OF THE BOARD
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/165038