Australian exploration company Nickel X on Wednesday revealed its successful acquisition of uranium targets through low-cost claim staking in Ontario, Canada.
This move aligns with its commitment to exploring fresh opportunities in uranium and gold, as the company adapts to shifting dynamics in nickel prices.
The tenements, collectively to be referred to as the Elliot Lake uranium project, comprises 30 multicell mining claims covering 129 km2.
The company will seek to target conglomerate-hosted uranium along the underexplored interpreted extensions to the historic major uranium mining centre at Elliot Lake.
Nickel X’s share price gained nearly 16% on the ASX on Wednesday, trading at A$0.044 a share.