NickelX (ASX:NKL) has announced its commencement of exploration at the Elliot Lake uranium project, as the same project expands.
Shares were up 12% in late morning trades towards 3cps (2.8c). The project expansion comes by way of acquiring 100% of rights to an additional 11 target areas together called Blind River Block.
The exploration team will now get to work completing field recon, including mapping of targets, soil sampling and identifying the location of drillholes the artefacts of former miners.
In the background, the company is engaging with First Nations persons with a view towards future drilling plans on-site.
Already on the books are several potential uranium targets following a review of geological data already collected at the project.
Notably, management described the commencement of uranium exploration as a fresh start for the company
“This project area has been overlooked in recent times but represents an incredible opportunity to revitalise NickelX,” company Chair Jonathan Downes said.
“NickelX is excited by the potential of the Elliot Project which has known uranium occurrences within its large licence holdings and is located close to historic and large-scale uranium mining operations.”
The company appointed a new MD, Peter Woods, earlier this week to start off the company’s pivot into the nuclear feedstock.
NKL last traded at 2.8cps.