Drill Results
Uraniumx Reports Visually Identified Pitchblende At Murphy Lake
UraniumX’s Murphy Lake Drill Hit Validates Athabasca Targeting Model as Assays Loom
Executive Summary
- UraniumX Discovery Corp. released initial results from the first two drill holes (ML26-015 and ML26-016) of its 2026 diamond drill program at the Murphy Lake Property.
- Hole ML26-015 intersected visually identified pitchblende with anomalous radioactivity up to 460 cps over 1.0 metre, located approximately 3 metres above the unconformity.
- Downhole gamma readings exceeded 500 cps over 4.3 metres, accompanied by a complete suite of hydrothermal alteration (bleaching, clay, chlorite, sulphides, graphite) characteristic of unconformity-hosted uranium deposits.
- Hole ML26-016, a step-out hole, intersected similar but less intense alteration with spectrometer readings under 300 cps.
- The program has completed 934 metres across two holes, with samples submitted to SRC Geoanalytical Laboratories for assay confirmation.
- Drilling is advancing to Target Area 2 to test additional conductors along a multi-kilometre prospective corridor near major uranium producers.
- The property is located 5 km from IsoEnergy’s Hurricane Deposit, 4 km from Cosa Resources’ Cyclone trend, and 4 km from Cameco’s La Rocque Lake zone.
Material Impact
- The news represents the first tangible geological confirmation from the 2026 drill program, validating the company's targeting model and the MLEM geophysical survey results.
- The discovery of visually identified pitchblende and a full alteration suite is geologically significant and aligns with the high-grade unconformity-hosted deposits in the immediate vicinity.
- However, the results are preliminary, relying on handheld spectrometers and downhole gamma probes rather than laboratory assays. True thicknesses and grade estimates remain pending.
- The market was already primed for these results following the May 26 commencement announcement and the $2 million fully funded program. Consequently, the release is incremental and expected rather than a surprise catalyst.
- The impact is positive but routine, as junior exploration stocks typically require assay confirmation and multi-hole intersections to drive material price appreciation.
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Company Overview
- UraniumX Discovery Corp. (formerly Stearman Resources) is a uranium exploration company focused on the Athabasca Basin in Saskatchewan, Canada.
- The flagship Murphy Lake Property covers 609 hectares and is located approximately 30 km northwest of Orano's McClean Lake milling operations.
- The company holds up to a 70% interest in Murphy Lake via an option agreement with F4 Uranium Corp.
- Additional assets include the 100% owned Zoo Bay Uranium Project (19,850 hectares) and the NeoCore Uranium Property (13,012 hectares), acquired via option.
- The company rebranded and transitioned to the OTCQB Venture Market under the symbol STMXF in May 2026.
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Jun 23, 2026 · 07:30