Standard Uranium Ltd. (“
Standard Uranium” or the
“
Company”) (TSX-V: STND) (OTCQB: STTDF)
(Frankfurt: FWB:9SU) is pleased to announce that drilling
activities have commenced at the Company’s 3,061-hectare Atlantic
Project (“
Atlantic” or “the
Project”). Atlantic is situated in the prolific
eastern Athabasca Basin, northern Saskatchewan (Figure 1).
The Project is currently under option (the
“Option”) to ATCO Mining Inc. (the
“Optionee”) an arms-length company listed on the
Canadian Securities Exchange (CSE: ATCM). Pursuant to the Option,
the Optionee can earn a 75% interest in Atlantic over three years.
The Optionee-funded winter 2024 drill program is planned to satisfy
the first year of minimum exploration expenditures required by the
Option.
Highlights:
- Standard
Uranium’s geological team arrived at site on February
26th and drilling has started on
the first hole of the inaugural Atlantic program.
- One
diamond drill testing high-priority target area A on the Project
(Figure 2), investigating a significant density anomaly coincident
with modeled electromagnetic (“EM”) conductors, and interpreted
faults.
-
Additional drill holes will follow up on highly anomalous
uranium results and major structure intersected in drill hole
BL-16-32.
-
Approximately 2,000-3,000 metres planned across 4-6 drill
holes, targeting high-grade1
unconformity-related uranium mineralization.
The Company considers uranium mineralization
with concentrations greater than 1.0 wt% U3O8 to be
“high-grade”.
“The team and I are thrilled to announce that
the drill is spinning ahead of schedule, kicking off our ambitious
2024 exploration season,” said Sean Hillacre, President & VP
Exploration for the Company. “There will be rocks in the box just
in time for me and Jon Bey to continue sharing our story at the
2024 PDAC Convention, and we look forward to keeping the market
updated as we progress our first eastern Athabasca drill
program.”
Below: The diamond drill rig being delivered to
the Atlantic project and set up on the first drill hole collar of
the winter 2024 program.
Figure 1. Regional summary map of the Atlantic
Project highlighting nearby uranium occurrences, historical drill
holes, geophysical anomalies, and EM conductors.
2024 Winter Drill Program
The Standard Uranium team arrived on site on
February 26th, 2024, and diamond drilling on the first hole is
currently underway. The winter program is the first drill campaign
undertaken by the Company on the Project following successful
identification of high-priority targets in 2022-2023.
The Project covers 6.5 km of an 18 km long,
east-west trending conductive exploration trend which hosts
numerous uranium occurrences. The Company completed a
high-resolution ground gravity survey on the western claim block in
2022, revealing multiple subsurface density anomalies, potentially
representing significant hydrothermal alteration zones in the
sandstone rooted to basement conductors.
The drill program is designed to follow up on
highly anomalous uranium results returned from drill hole BL-16-32,
in addition to testing the newly outlined gravity lows defined by
the 2022 ground survey. On the western Atlantic claim block,
drilling by Denison Mines in 2016 (Hole BL-16-32) identified 342
ppm uranium over 0.5 metres at the base of the sandstone, just
north of target area A (Figure 2). Winter drilling will be focused
in target area A which is defined by a 1,400-metre x 850-metre
density anomaly at the unconformity coinciding with stacked EM
conductors and an interpreted regional fault. Figure 2 shows the 3D
density anomaly target at the unconformity depth slice, with
projected basement EM conductors and interpreted fault trends.
Figure 2. Geophysical map of the western
Atlantic claim block, highlighting drill hole BL-16-32 and key
geophysical features defining high-priority target areas A and B.
Residual gravity-low anomalies are shown at the unconformity depth
slice. Target area A will be the focus of the winter 2024 drill
program.
The scientific and technical information
contained in this news release has been reviewed, verified, and
approved by Sean Hillacre, P.Geo., President and VP Exploration of
the Company and a “qualified person” as defined in NI 43-101.
About Standard Uranium (TSX-V:
STND)
We find the fuel to power a
clean energy future
Standard Uranium is a uranium exploration
company and emerging project generator poised for discovery in the
world’s richest uranium district. The Company holds interest in
over 209,867 acres (84,930 hectares) in the world-class Athabasca
Basin in Saskatchewan, Canada. Since its establishment, Standard
Uranium has focused on the identification, acquisition, and
exploration of Athabasca-style uranium targets with a view to
discovery and future development.
Standard Uranium has successfully completed four
joint venture earn in partnerships on their Sun Dog, Canary,
Atlantic and Ascent projects totaling over $31M in work commitments
over the next three years from 2024-2027.
Standard Uranium’s Davidson River Project, in
the southwest part of the Athabasca Basin, Saskatchewan, comprises
ten mineral claims over 30,737 hectares. Davidson River is highly
prospective for basement-hosted uranium deposits due to its
location along trend from recent high-grade uranium discoveries.
However, owing to the large project size with multiple targets, it
remains broadly under-tested by drilling. Recent intersections of
wide, structurally deformed and strongly altered shear zones
provide significant confidence in the exploration model and future
success is expected.
Standard Uranium’s eight eastern Athabasca
projects comprise thirty mineral claims over 32,838 hectares. The
eastern basin projects are highly prospective for unconformity
related and/or basement hosted uranium deposits based on historical
uranium occurrences, recently identified geophysical anomalies, and
location along trend from several high-grade uranium
discoveries.
Standard Uranium's Sun Dog project, in the
northwest part of the Athabasca Basin, Saskatchewan,
is comprised of nine mineral claims over 19,603 hectares. The Sun
Dog project is highly prospective for basement and unconformity
hosted uranium deposits yet remains largely untested by sufficient
drilling despite its location proximal to uranium discoveries in
the area.
For further information contact:
Jon Bey, Chief Executive Officer, and Chairman
Suite 918, 1030 West Georgia Street
Vancouver, British Columbia, V6E 2Y3
Tel: 1 (306) 850-6699E-mail: info@standarduranium.ca
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains “forward-looking
statements” or “forward-looking information” (collectively,
“forward-looking statements”) within the meaning of applicable
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as of the date of this news
release. Forward-looking statements include, but are not limited
to, statements regarding: the timing and content of upcoming work
programs; geological interpretations; timing of the Company’s
exploration programs; and estimates of market conditions.
Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual events or results to differ from those
expressed or implied by forward-looking statements contained
herein. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Certain
important factors that could cause actual results, performance or
achievements to differ materially from those in the forward-looking
statements are highlighted in the “Risks and Uncertainties” in the
Company’s management discussion and analysis for the fiscal year
ended April 30, 2023.
Forward-looking statements are based upon a
number of estimates and assumptions that, while considered
reasonable by the Company at this time, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies that may cause the Company’s actual financial
results, performance, or achievements to be materially different
from those expressed or implied herein. Some of the material
factors or assumptions used to develop forward-looking statements
include, without limitation: that the transaction with the Optionee
will proceed as planned; the future price of uranium; anticipated
costs and the Company’s ability to raise additional capital if and
when necessary; volatility in the market price of the Company’s
securities; future sales of the Company’s securities; the Company’s
ability to carry on exploration and development activities; the
success of exploration, development and operations activities; the
timing and results of drilling programs; the discovery of mineral
resources on the Company’s mineral properties; the costs of
operating and exploration expenditures; the presence of laws and
regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and
indigenous populations; availability of increasing costs associated
with mining inputs and labour; the speculative nature of mineral
exploration and development (including the risks of obtaining
necessary licenses, permits and approvals from government
authorities); uncertainties related to title to mineral properties;
assessments by taxation authorities; fluctuations in general
macroeconomic conditions.
The forward-looking statements contained in this
news release are expressly qualified by this cautionary statement.
Any forward-looking statements and the assumptions made with
respect thereto are made as of the date of this news release and,
accordingly, are subject to change after such date. The Company
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws. There can
be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this
release.
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/155f7089-2ef0-497f-bb85-7a094cbfe516
https://www.globenewswire.com/NewsRoom/AttachmentNg/f05012b1-fffe-4387-93f7-ad6e6275ed02
https://www.globenewswire.com/NewsRoom/AttachmentNg/1b828bd7-6164-4c51-9616-51e1abf700c7
Standard Uranium (TSXV:STND)
Historical Stock Chart
From Aug 2024 to Sep 2024
Standard Uranium (TSXV:STND)
Historical Stock Chart
From Sep 2023 to Sep 2024