Strathmore Continues to Advance Agate Project with 2026 Drilling Program
MWN-AI** Summary
Strathmore Plus Uranium Corporation has announced the commencement of its 2026 Exploration Drilling Program at the Agate Project, set to begin the week of April 13th. Located in Wyoming’s Shirley Basin Uranium District, the Agate Project lies adjacent to notable projects owned by Cameco and Uranium Energy Corp, and near UR-Energy's in-situ mine, which is launching operations in spring 2026.
Building on a productive drilling campaign in 2025, where 45 drill holes were completed with approximately 95% intersecting uranium mineralization, the new program aims to expand on previously identified mineralization trends. The company plans to drill up to 50 holes, focusing on extending the northern Lower Sand and southern Middle Sand trends, with ambitions to enhance resource potential identified in historical drilling conducted by Kerr-McGee Corp in the 1970s.
The Agate property, spanning 2,560 acres with 124 lode mining claims, is underscored by shallow uranium deposits amenable to in-situ recovery, with a historical backdrop of 53 million pounds of uranium mined from the region. Recent drilling activities have also involved submission of core samples for chemical analysis, with results expected in mid-April.
In a separate financial update, Strathmore has initiated a debt settlement agreement, resolving $650,000 in outstanding debt through the issuance of common shares. This move will involve the issuance of 3,250,000 shares at a deemed price of $0.20 each, including a significant portion settled with company insiders, subject to Canadian regulatory approvals.
With its ongoing exploration efforts and financial restructuring, Strathmore positions itself for potential growth in the uranium sector as it advances its Agate Project.
MWN-AI** Analysis
Strathmore Plus Uranium Corporation's forthcoming drilling program at the Agate Project starting April 13, 2026, signifies a pivotal moment for the company and presents a compelling opportunity for investors. The project is strategically situated in the Shirley Basin Uranium District, adjacent to major projects by Cameco and UEC. This region's historical significance in uranium production, underscored by the proximity of UR-Energy's nearing operational in-situ mine, enhances the Agate Project's attractiveness.
The 2025 exploration results reported a remarkable intersection of uranium mineralization in 95% of the drill holes completed, with significant extensions in both the Lower and Middle Sand trends. As Strathmore embarks on a planned drilling of 50 new holes, focused on untested mineralization areas, investors should closely monitor assay results expected mid-April which could illuminate the potential for substantial resource discoveries.
Furthermore, Strathmore's recent decision to address $650,000 in debt through equity issuance reflects the company’s proactive management and commitment to financial stability. While this may temporarily dilute existing shares, it positions the company favorably for growth by alleviating financial strain and allocating resources toward potentially lucrative exploration and development initiatives.
The Agate Project's favorable geology, including shallow uranium deposits ideal for in-situ recovery, offers significant upside potential. With $53 million pounds of uranium previously extracted in the area, any positive drilling results could considerably boost Strathmore’s market valuation.
Investors should view Strathmore as a high-risk, high-reward opportunity within the uranium market, particularly as global demand for uranium surges amid a renewed focus on clean energy sources. Establishing a position before assay results are released could yield favourable returns, but it is essential to remain mindful of the inherent volatility in the sector and the company's operational risks.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Kelowna, British Columbia--(Newsfile Corp. - March 31, 2026) - Strathmore Plus Uranium Corporation (CSE: SUU) (OTCQB: SUUFF) ("Strathmore" or "the Company") is pleased to announce that 2026 Exploration Drilling at the Agate Project is to begin the week of April 13th. The Agate Property is a potential in-situ recovery project located in the Shirley Basin Uranium District, of central Wyoming. Agate borders both Cameco and UEC projects and lies close to UR-Energy's satellite in-situ mine that is currently under construction and planned for startup of operations this spring 2026.
In 2025, Strathmore completed 45 drill holes, including five cored holes, as part of a successful exploration program. Drilling expanded the northern Lower Sand trend by over 1,200 feet (now open-ended and nearly one mile in length) and the southern Middle Sand trend by 500 feet (now over 1,300 feet in length and open in both directions). Approximately 95% of the holes intersected uranium mineralization. Twenty cored intervals from the 2025 program have been submitted to Pace Analytical for chemical assaying, with results anticipated in mid-April.
For Strathmore's April 2026 exploration project, the Company plans to drill up to 50 holes, targeting on-trend mineralization previously defined in 2024-25. Step-out drilling will target extensions of mineralization previously intersected by Strathmore in areas of historically concentrated drilling completed by Kerr-McGee Corp. in the 1970s, with the goal of expanding the mineralized trends into untested portions of the property.
Additionally, several historical holes that were located with legible drill collar markers will be drilled and washed out for comparison and confirmation of Kerr-McGee's historical gamma logging and mapping of the drill hole locations.
Recently, Strathmore submitted 20 cored intervals from the 2025 drilling to a certified lab, Pace Analytical of Sheridan, Wyoming, for chemical assaying of potential uranium mineralization. Assay results are anticipated for mid April.
John DeJoia, P.Geo commented: "The successful completion of the initial Agate drilling phase marks a significant milestone as the project advances toward securing the Plan of Operations and progressing into the next stages of development. Expanded trend lengths and the continued southward extension of mineralization underscore strong potential for additional discoveries, while further defining the geologic framework. These results enhance the project's overall value proposition and position it favorably as it moves forward."
About the Agate Property
The Agate property consists of 124 wholly owned lode mining claims covering ~2,560 acres. Uranium mineralization is contained in classic Wyoming-type roll fronts within the Eocene Wind River Formation, an arkosic-rich sandstone. Historically, 53 million pounds of uranium were mined in Shirley Basin, including from open-pit, underground, and the first commercial in-situ recovery operation in the USA during the 1960s. At the property, the uranium mineralization is shallow, from 20 to approximately 150 feet deep, much of which appears below the water table and likely amenable to in-situ recovery. Kerr McGee Corporation, the largest US uranium mining company at the time, drilled at least 650 holes across the project area in the 1970s, delineating several targets of potential mineralization. Strathmore completed 250 holes during the 2023-25 drilling programs, including installation of five monitor wells for groundwater studies and recovery of core for chemical assays and XRF analysis at the University of Wyoming.
Debt Settlement
The Company announces that it has entered into debt settlement agreements with certain creditors of the Company, including certain insiders, to settle an aggregate of $650,000 in outstanding debt (the "Debt Settlement").
Pursuant to the Debt Settlement, the Company will issue an aggregate of 3,250,000 common shares in the capital of the Company (the "Debt Shares") at a deemed price of $0.20 per Debt Share. The debt was incurred in connection with management and consulting services provided to the Company between October 2023 and March 2026. No warrants are being issued in connection with the Debt Settlement.
Of the total Debt Settlement, an aggregate of $339,000 in debt is being settled with certain officers of the Company through the issuance of 1,695,000 Debt Shares. The participation of these insiders in the Debt Settlement constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the Debt Settlement with the insiders does not exceed 25% of the Company's market capitalization.
The Debt Settlement remains subject to the approval of the Canadian Securities Exchange. All Debt Shares issued pursuant to the Debt Settlement will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
About Strathmore Plus Uranium Corp. Strathmore is focused on discovering uranium deposits in Wyoming, and has three permitted uranium projects 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.
Cautionary Statement: "Neither the CSE Exchange nor its Regulation Services Provider (as the term is defined in policies of the CSE Exchange) accepts responsibility for the adequacy or accuracy of this release".
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.
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
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.sedarplus.ca. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290617
FAQ**
How does Strathmore Plus Uranium Corporation's exploration activities at the Agate Project contribute to the broader uranium industry's dynamics in Kelowna, British Columbia, particularly in terms of investor interest in uranium sectors like "Strathmore Plus Energy Corp SUUFF"?
What potential economic impacts could the findings from Strathmore Plus Energy Corp SUUFF’s drilling at the Agate Project have on the local economy of Kelowna, British Columbia, given the historical context of uranium mining in the region?
In what ways could the advancement of the Agate Project by Strathmore Plus Energy Corp SUUFF influence public sentiment and engagement in mining projects across British Columbia, particularly in Kelowna?
How does Strathmore Plus Uranium Corporation's strategy for in-situ recovery at the Agate Project reflect on environmental considerations in mining, and what implications might this have for future regulatory frameworks in Kelowna, British Columbia?
**MWN-AI FAQ is based on asking OpenAI questions about Strathmore Plus Uranium Corp (OTC: SUUFF).
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