NickelX reports significant uranium mineralisation at Elliot Lake Uranium Project

NickelX Limited (ASX: $NKL) has identified significant uranium mineralisation and priority target areas for future work at the 100% owned Elliot Lake Uranium Project in Ontario, Canada. The project covers 129 km2 and is strategically located along strike from the historic Elliot Lake Uranium district, which historically produced 362 Mlbs U3O8 from 13 underground mines within an area of approximately 15 km by 15 km.

Executive Commentary

NickelX Managing Director Matt Gauci stated, 'The Company now owns 100% of the Elliot Lake Uranium Project, part of which is already granted. Our first pass geological review has identified priority target areas with results from a complementary geophysical review expected shortly. Importantly, as we are targeting stratabound 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.'

Summary of ASX Announcement

NickelX Limited (ASX: $NKL) has reported the identification of significant uranium mineralisation and priority target areas at the Elliot Lake Uranium Project in Ontario, Canada. The project, covering 129 km2, is strategically located along strike from the historic Elliot Lake Uranium district, which historically produced 362 Mlbs U3O8 from 13 underground mines. The company plans to target conglomerate-hosted uranium along the underexplored interpreted extensions of the historic major uranium mining centre at Elliot Lake. The known deposits typically have excellent lateral and down-dip grade and thickness continuity, providing potential for large-scale deposits. NickelX is progressing preparations for field work including mapping, sampling, and drill hole siting for a potential drill program in the first half of 2024. The company is also engaging with relevant authorities regarding the potential of a 30% critical minerals tax credit on exploration at Elliot Lake, in line with the Canadian Critical Minerals Strategy.