Strathmore Plus Uranium (SUU) - NEW High-Profile Entrant in Uranium

Strathmore Plus Uranium Corp. is a Canadian junior exploration company with assets in Wyoming, USA. The company changed its name to Strathmore Plus Uranium Corp. in September 2022, after being previously known as Strathmore Plus Energy Corp.

The Night Owl project of the company is a formerly producing mine in the Shirley Basin Uranium district of Wyoming and was previously mined by Night Owl Properties & Battle Axe Mining Co. The project produced 93 tons of mineralisation at a grade of 0.24% U3O8 between 1950 and 1960. The Agate project of the company is also located in the Shirley Basin Uranium district of Wyoming and holds a land position of 1,075 acres. The project is amenable to in-situ recovery with eU3O8 grades ranging from 0.02% to 0.18%. The Beaver Rim project of the company is located next to the Gas Hills Uranium project of Cameco and holds a land position of 2,706 acres.

The intent of Strathmore Plus Uranium Corp. with its Agate Uranium project is to investigate the potential of the project. The company plans to conduct various exploration initiatives that are aimed at enlightening the company regarding the project’s potential. The company further aims to better understand how to grow the Night Owl and Beaver Rim projects.

The company has a market cap of USD$ 7 million and plans to list on the OTC market in the future, should the company size and a need for varied funding arise.

Strathmore Plus Uranium Corp. plans to conduct additional exploration at its night owl project in the future, with the aim of expanding its position in Wyoming. The company will further initiate the permitting of its Agate and Beaver Rim projects.

Management

The company is led by Dev Randhawa, the chairman and CEO of the company. Randhawa was awarded the Mining Person of the year, by Northern Miner Magazine, in 2013 and is also the CEO and Chairman of Fission 3.0 Corp. Randhawa was also involved in the discovery of the Waterbury and Triple R uranium discoveries in the Athabasca Basin, alongside Ross McElroy.

Ryan Cheung is the CFO and Corporate Secretary of the company and is a member of the chartered professional accountants of British Columbia. He has a wealth of accounting, and management experience and also in providing regulatory services to both private and publicly traded companies.

Terrence Osier is the Vice President of Exploration for the company and is a professionally registered geologist with more than 17 years of experience in the uranium industry. Osier holds a master’s degree in geology from Idaho State University, is a registered member of the  Society of Mining Metallurgy and Exploration and was the lead geologist for Strathmore Minerals Corp at the company’s Wyoming operations from 2004 to 2013.

Ross McElroy is a Director of the company and has more than 35 years of experience in the mineral sector. He was the recipient of the PDAC Bill Dennis award for exploration success and Northern Mining person of the year in 2014. Dev Randhawa explains the role of McElroy and the skill he has as a geologist as follows.

“Ross is a quiet person, he's very competent. He understands how to use the different tools of exploration to vector in. We're learning through techniques used in the Athabasca for exploration. Obviously, Ross has won every award possible for a geologist, so it's great to have him on the team.”

John Dejoia serves as an advisor to Strathmore Plus Uranium Corp and is one of the most experienced uranium geologists in the US. Dejoia has more than 50 years of experience in the mineral sector and assisted the company in acquiring its assets. He has overseen the mining of more than 20 million pounds of uranium in the state of Wyoming and has been involved in open-pit, underground and In-Situ uranium production, exploration and mine development.

Randhawa explains the moment in which Strathmore Plus Uranium Corp started to build its asset portfolio, resulting from a discussion he had with John Dejoia.

“I said, 'John, have you got ideas about properties that people have dropped or didn't understand geologically, based on the fact you produced so much uranium, are there other projects that you would think of?' He said, 'Yeah, actually I do. I've been thinking about this...’”

Projects

Randhawa explains the creation of the company’s asset portfolio through the knowledge of John Dejoia as follows:

“We picked up three projects, 2 ISL, 1 breccia pipe, we were very excited. We staked them, so it was all around the fact that John has been in this industry for 50 years, who else can say that? He's also produced 25% of the uranium in many of these basins himself. He doesn't explore. He actually produced it. It's all based around his mind, execution by Terence, and my job was to raise a bit of money, and for that, I put up USD$ 500,000. I put my money where my mouth was.”

The Asset portfolio of the company consists of the Night Owl uranium project and the Agate uranium project, both located in the Shirley Basin Uranium District of Wyoming as well as the Beaver Rim uranium project, located in Central Wyoming.

The Night Owl uranium project of the company is a formerly producing mine and was previously mined by Night Owl Properties & Battle Axe Mining Co. The project produced 93 tons of mineralisation at a grade of 0.24% U3O8 between 1950 and 1960 and hosts near-surface uranium mineralisation. The production at the mine was shut down due to a low uranium price of approximately USD$ 7. Randhawa explains the project as follows:

“It's right on the surface. We've got pictures where I'm standing there with a scintillometer right on the surface. I went over this whole area and it goes ding, ding, ding! I remember the same feeling when I was up in the Athabasca and we made discoveries; you run the scintillometer, and everybody gets all excited. We walked the property, and I couldn't believe it - right on the surface.”

The Agate uranium project of the company is also located in the Shirley Basin Uranium district of Wyoming and holds a land position of 1,075 acres. The project is amenable to in-situ recovery with eU3O8 grades ranging from 0.02% to 0.18%. Randhawa explains the history of the project as follows:

“Agate is next to UEC's project, and we have over 500 drill holes that were left to us by Kerr-Mcgee. They donated it. Kerr-McGee was the Cameco on steroids of its time – a massive company. They're out of it now, they got bought out and partly sold.”

The Beaver Rim uranium project of the company is located next to the Gas Hills Uranium project owned by Cameco Corp. and holds a land position of 2,706 acres. The project consists of 131 lode mining claims located strategically in areas previously identified through drilling initiatives as highly prospective for uranium mineralization. Randhawa explains the project and the financial benefits regarding exploration in the United States as follows:

“Beaver Rim sits next to Cameco. It has a very large area and we've still got to get the data in the US. You don't get the data in Canada. If you get a property, you stake it and you get it from the government. It's a larger project, they were mining all through here, a mine was permitted but for some reason we know they drilled it but they never kept the data. We know there's uranium there, so hopefully, we can get some of that data, or we will have to drill it ourselves, but drilling is super cheap in the US compared to Canada. In Canada, it costs USD$ 150,000- USD$ 200,000 for a hole. In the US you can do one for USD$ 5,000; it's night and day. That's Beaver Rim.”

Moving the company and projects forwards

Randhawa explains that the intent of Strathmore Plus Uranium Corp. with its Agate Uranium project is to investigate the potential of the project. The company plans to conduct various exploration initiatives that are aimed at enlightening the company regarding the project’s potential.

“With Agate we want to get more assays back. We're testing the area; we want to grab more land and then figure out how we move it forward. We've got an idea about how to do that already. It has produced already, so the question is, how much is left? How big can it be?”

Randhawa explains that the company aims to better understand how to grow the Night Owl and Beaver Rim projects.

“With the other two, it's about gathering information, how do we grow it? Then you start moving towards permitting. You've got to evaluate and then start permitting because you don't want to start permitting until you've got some numbers. Again, it's a short time frame in Wyoming, 5 years, etc”

Strathmore Plus Uranium Corp. sits with a market cap of USD$ 7 million. Randhawa explains that the market cap is the ideal size for the company to be able to grow in an accelerated organic manner.

“We're going to raise USD$ 1.5 million, once we move it along. It makes no sense to have a market cap of USD$ 7 million and raise USD$ 5 million - that makes zero sense; therefore, we raised USD$ 1.5 million. That's reasonable. Once our market cap gets to USD$ 10 million or USD$ 20 million sure, you raise USD$ 5 million but you've got to take baby steps. I want to keep this market cap. I want to keep the float small, the market small, so that when the market turns, when we get the big markets turning around and money starts to pour into the spot, and that money raises the spot price of uranium - boom, the race is on. There will be no float against us, and that's what we need.”

The company plans to list on the OTC market in the future, with Randhawa believing that the company first needs to reach a size in which listing and obtaining additional funds make sense.

“You've got to get a bigger market cap, and when you get a big enough market cap, you can list elsewhere. Right now, we only got going about a month ago because we had to get ourselves fully listed, which we are now. The next step is to slowly work with quality people,  hopefully with guys like Nick Hodge, people who are direct and quality listeners and we will build the story that way. We don't have a lot of money for marketing. I know some guys that spend USD$ 1.5 million -USD$ 2 million per month on marketing. We probably spend USD$ 10,000.”

Randhawa sums up the company and its value creation potential, by referring to its experienced management team, the quality of the projects within its asset portfolio and the company’s market cap.

“It’s a super small market cap of USD$ 7 million, three quality projects, and above all a superstar management team with John Ross and myself. We've done this before and we're just starting out with a very small market cap. What market caps are out there that have under USD$ 50 million that have a former producer? I can hardly think of any. We have a former producer with Night Owl. We're going to do some homework and find out where it's going to go, but at least it's produced before which means the grades are there.”

To find out more, go to the Strathmore Plus website