Strathmore Receives Drill Permit for Flagship Night Owl Project

Rhea-AI Summary

Strathmore Plus Uranium receives drilling permit for Night Owl project in Wyoming, aiming to confirm surface and shallow mineralization. New targets identified through surveys. Positive potential for uranium mineralization.

Positive

• Strathmore receives drilling permit for Night Owl project
• New targets identified through surveys
• Positive potential for uranium mineralization

Negative

• None.

Kelowna, British Columbia--(Newsfile Corp. - September 25, 2023) - Strathmore Plus Uranium Corporation (TSXV: SUU) (OTCQB: SUUFF) ("Strathmore" or "the Company") is pleased to announce it has received a drilling and exploration permit from the State of Wyoming for its flagship Night Owl project in the Shirley Basin uranium district. The permit is for a 30-hole drill program totaling 3,000 feet, commencing the first week of October.

The drilling is planned to confirm the extent of the surface and shallow mineralization that has never been widely explored by drilling in the past.

David Talbot of Red Cloud Securities, who visited the project recently commented, "As we set foot on Strathmore Plus Uranium's Night Owl site, the opportunity for "re-discovery" of intriguing and distinctive uranium mineralization was evident. In proximity to historical trench and pit excavations, we discerned signs of radioactivity. Our initial assessment suggests that this radioactivity originates from uranium present within limestone formations. Situated on the periphery of the highly productive Shirley Basin in Wyoming, this previously overlooked project beckons for contemporary and methodical exploration techniques to ascertain its ultimate potential."

In early summer, the company was able to identify significant new targets at Night Owl using airborne radiometric and magnetic surveys (see July 18,2023 news release). The surveys were able to successfully delineate several new targets across the project during the initial study completed in October 2022. In addition to surveying the remainder of the Night Owl claim group, the survey included the 640-acre state mineral lease the Company acquired in late 2022. By flying closer and parallel to the ground, coupled with the ability to detect various radiometric signatures, the Company was able to delineate and differentiate mineralization. Modern aerial geophysical technologies have allowed us to target anomalies for further ground exploration as depicted on the maps below.

UAV Spectrometer Survey, Night Owl Project

Main Night Owl Claim Group
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State Section Mineral Lease

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About the NIGHT OWL Property

Night Owl was a former producing Uranium mine in the Shirley Basin Uranium district of Wyoming. Night Owl was mined by Night Owl Properties & Battle Axe Mining Co. producing 93 tons at a grade of 0.24% U3O8, which was mined at or near surface with just a backhoe in the late 1950s to early 1960s. Production at Night Owl ceased due to low uranium prices ($7/lbs.)

John DeJoia commented, "With the grades (up to about .384% U308) of mineralization sampled this past summer and fall of 2022 and the large areas of surface radiometric material identified by the airborne survey in the fall, I envision this type of project lending itself towards a heap leaching recovery style operation. As we say so often in the industry- "Grade is King". Night Owl has grades 2 - 3 times higher than most ISR projects. I anticipate a rewarding exploration program and a straightforward permitting process with an uninterrupted schedule".

Strathmore has strategically staked the core of the Night Owl production site and the surrounding areas. Production began without drilling along outcrop exposures in the mid 1950's. Night Owl was originally discovered by aerial surveys using an aircraft-mounted scintillometer followed by surface radiometric surveys and sampling since the mineralization is at or near the surface. The Night Owl area has not been properly explored using modern exploration techniques. Strathmore initiated modern geophysical techniques in the fall of '22 and spring of '23 to establish new drill targets.

The October drilling campaign will be completed by Douglas Exploration and the geophysical logging by Hawkins CBM Logging Inc, both of Wyoming and with extensive experience in minerals exploration, and in particular, uranium. Upon completion of the Night Owl program, Douglas will mobilize to Strathmore's nearby Agate Project to commence drilling.

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 typical Wyoming-type roll front deposits based on historical drilling data. The Night Owl property is a former producing surface mine that was in production in the early 1960s. Strathmore has received exploration permits for each of the properties with the intent to explore in 2023 and 2024.

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.

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 because of new information, future events or otherwise, except as expressly required by applicable securities legislation.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/181559