Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V:
STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce
the final analytical results of the Phase III summer 2022 diamond
drilling program at the Company’s flagship 20,006-hectare Davidson
River Project (“Davidson River”). Davidson River is situated in the
Southwest Athabasca Uranium District of Saskatchewan, approximately
25 km to 30 km, respectively, to the west of Fission Uranium
Corp.’s Triple R deposit and NexGen Energy Ltd.’s Arrow deposit.
Key
Focus Points:
- All
2022 drill holes
intersected prospective graphitic
structures in basement
rocks in addition to favorable alteration
zones.
- Analytical
results returned
elevated pathfinder
elements in
addition to locally
elevated uranium and boron content in several drill
holes.
- Aggressive step-outs
have confirmed
the continuity
of wide
structural zones
along the Bronco and Thunderbird
conductors.
- The southeast
Bronco conductor
hosts some of
the most
prospective basement
structures intersected to date.
- Several kilometres
of strike length
remain untested
on all four
conductors, with
high-priority drill targets identified.
- GoldSpot Discoveries
Corp. (“GoldSpot”)
will be
providing supplementary
targeting vectors for the planned 2023 drill program
through data-driven AI technology.
Davidson River
– Summer 2022
Drill Program
Summary
The Davidson River Phase III program comprised
ten (10) drill holes totalling 4,107.7 metres of diamond drilling
along the Thunderbird and Bronco conductive trends (Figure 1).
Significant structure and favorable alteration zones were
intersected, defining high priority follow up target areas for the
planned 2023 summer/fall drill program.
Deep seated and strongly graphitic basement
structures along the Bronco and previously untested Thunderbird
trend were successfully intersected in all drill holes completed
during the 2022 exploration program. DR-22-033A and DR-22-037 host
anomalous uranium as well as significant sulphide mineralization
and elevated pathfinder elements. Additionally, and in conjunction
with hydrothermal quartz, metasomatism, and remobilized graphite, a
highly prospective limonite-hematite redox alteration zone was
intersected 37 metres below the unconformity in Thunderbird drill
hole DR-22-033A (Figure 2A).
The southeast portion of the Bronco trend hosts
some of the most prospective basement structures intersected to
date at Davidson River. DR-22-036 (Figure 2F, 2G) contains multiple
stacked and reactivated graphitic shears with significant evidence
of hydrothermal fluid flow, while the follow up hole, DR-22-038,
contains anomalous uranium as well as clay-altered graphitic
shearing, indicating that the along-strike continuity of the trend
opens to the south along the conductor.
Drill hole intersections of prospective
structure, alteration, and anomalous geochemical results have
continued to improve with each drill program at Davidson River,
setting the stage for the planned 2023 drill program to be the most
exciting to date. Several high-priority drill targets have been
outlined through integration of targeting vectors, which will be
further supplemented by work completed by GoldSpot prior to the
drill program slated to begin in June 2023.
Sean Hillacre, Vice President of Exploration,
commented: “The Davidson River Project continues to deliver
exciting and encouraging results with each drill program as we
search for high-grade basement hosted uranium mineralization. The
alteration zones and structure intersected during the 2022 drill
program are just the ingredients we want to see, and we will be
utilizing these promising results in concert with GoldSpot’s
cutting-edge technology to continue exploring in 2023.”
Figure 1. Plan map highlighting summer 2022 drill
holes at Davidson River along the Thunderbird and Bronco
conductors.
Core photos and cross-sections highlighting
prospective structural zones associated with elevated uranium
and/or pathfinder elements are presented in Figure 2 and Figure 3.
A summary of highlights of geochemical anomalism for each drill
hole is included below.
Figure 2. Core photos of structural zones from
the Phase III summer drill program. A) Graphitic breccia
hosting a hematite and limonite redox front in DR-22-033A. B&C)
DR-22-034A unconformity contact with argillized basement hosting
elevated boron. D) Quartz-flooded fault zone with anomalous Mo, Cu,
and Co in DR-22-034A. E) Graphitic mylonite zone in DR-22-035 with
anomalous Mo and S. F) Lenses of graphitic faulting in DR-22-036
with massive quartz veining hosting elevated boron and uranium.
Figure 2 cont. Core photos of structural zones
from the Phase III summer drill program. G) sulphide-rich
quartz veining proximal to significant shear zone in DR-22-036
hosting anomalous Co, Cu, and Mo. H) Graphitic shear with anomalous
U, Mo, and Cu in DR-22-037. I&J) Strong graphitic cataclastic
shear in DR-22-037. K) Graphitic clay-altered shear zone in
DR-22-038 with 5.87 ppm U. L) Anomalous B, Co, and Cu within a
brittle reactivated graphitic shear zone. M) Brecciated graphitic
high strain zone in DR-22-039.
Schematic cross-sections through the Thunderbird
and Bronco trends are provided in Figure 3 and Figure 4,
highlighting selected drill holes from the summer 2022 drill
program. Highlighted drill hole traces are projected to section and
displayed with partial digestion uranium assays in parts per
million (“ppm”) >5.0 ppm and gamma probe peaks annotated.
Figure 3. Schematic cross-section featuring drill holes
DR-22-036 and -038 along the Bronco conductor. Uranium assays
>5.0 ppm and notable alteration zones and structures are
highlighted.
Figure 4. B) Schematic cross-section featuring drill holes
DR-21-033A and -039 along the Thunderbird conductor. Uranium assays
>5.0 ppm and notable alteration zones and structures are
highlighted.
Geochemical Highlight
Summary:
- DR-22-032; Bronco conductor:
- Drilled 370 m SE of DR-21-028,
designed to test the strike extent of strongly graphitic
reactivated basement faults at depth in DR-21-028 and
DR-21-031
- Multiple intersections of >100 ppm
boron (B) in the basement lithologies, including 132 ppm B at the
unconformity
- 5.18 ppm uranium (U) returned from a
semi-pelitic gneiss below the unconformity
- Intensely graphitic fault zone
through mylonitic pelitic gneiss from 210.3 to 212.1 m
- DR-22-033A; Thunderbird conductor:
- Northernmost drillhole on the Thunderbird trend, designed to
test the convergence of several geophysical anomalies
- 9.01 ppm uranium returned from a
moderately graphitic quartz-clay breccia at 227.5 m
- Graphitic fault zone from 159.7 to
164.3 m, characterized by brittle-reactivation and strong
hematite-limonite redox alteration (Figure 2A)
- 16.7 ppm uranium and a highly
anomalous lead (Pb) ratios associated with a brecciated and
metasomatized mylonite zone from 311.7 to 319.8 m
- DR-22-034A; Thunderbird conductor:
- Drilled 470 m SSE of DR-21-027; designed to test the strike
continuity of wide graphitic shears and elevated radioactivity
intersected in DR-21-027
- Up to 5 ppm uranium and 136 ppm boron
in the sandstone, including 145 ppm boron at the unconformity
(Figure 2B)
- 230 ppm boron associated with clay
and carbonate veins at 210 m
- Seven-metre fault zone at 384 m,
hosting up to 12.7 ppm molybdenum, 379 ppm copper, and 44.7 ppm
cobalt (Figure 2C and 2D)
- DR-22-035; Thunderbird
conductor:
-
- Drilled 280 m NW along strike from DR-21-029A
- Brittle fault zone from 105 to 144.5 m, hosting 6.74 ppm
uranium and 16.8 wt% Fe2O3, characterized by strong clay, chlorite,
and carbonate alteration
- 20.1 ppm molybdenum and 1.87 wt% sulphur within a graphitic
mylonite zone from 253.8 to 254.3 m (Figure 2E)
- DR-22-036; Bronco conductor:
-
- Drilled 610 m S of DR-22-034A; designed to test the strike
continuity of wide graphitic structures at depth intersected in
DR-21-027
- 4.86 ppm uranium in the sandstone from 173.15 to 174.7 m, as
well as 11.3 ppm arsenic and 58.8 ppm nickel
- 125 ppm boron in a rubble zone at the unconformity (175.8 m),
associated with intense clay alteration
- Stacked strongly graphitic fault zones between 411 and 443 m:
- Graphitic fault zone from 411.7 to 415 m, hosting 7.6 ppm
uranium, 146 ppm copper, and 130 ppm boron (Figure 2F)
- 437 ppm copper, 52.1 ppm cobalt, 139 ppm nickel, 3.96 wt%
sulphur from 433.3 to 433.8 m, associated with graphitic shearing
(Figure 2G)
- DR-22-037; Thunderbird
conductor:
-
- Drilled 470 m SE of DR-22-033A
- Mylonitic semi-pelitic gneiss intersected from 265 to 390 m,
hosting local moderate graphite, reactivated shear zones, and fault
breccia:
- 5.2 ppm uranium returned from a 2.5 m chlorite-rich reactivated
shear zone at 306 m
- 20.9 ppm uranium returned from a 1.5 m mylonitic graphitic
shear zone at 388.5 m. 30.3 ppm molybdenum, 182 ppm copper, and 2.9
wt% sulphur also returned (Figure 2H)
-
- Strongly graphitic cataclastic zone intersected from 402.3 to
402.6 m (Figure 2I, J)
- DR-22-038; Bronco conductor:
-
- Drilled 65 m E of DR-22-036; designed to test the up-dip
extension of significant graphitic shearing intersected at depth in
DR-22-036
- 6.12 ppm uranium and 177 ppm boron from 173.3 to 180 m,
associated with an illite- kaolinite altered fracture zone proximal
to the unconformity
- 42 ppm uranium, 168 ppm thorium, 64.9 ppm lead, and 65.7 ppm
molybdenum from 228.1 to 228.2 m within quartz-feldspar
pegmatite
- Mylonitic and graphitic clay-healed shear zone from 370.7 to
376.3 m:
- 374 to 374.5 m: 113 ppm boron, 147 ppm thorium, 145 ppm
copper
- 375 to 375.5 m: 5.87 ppm uranium, 266 ppm thorium (Figure
2K)
- 375.5 to 376 m: 140 ppm copper, 54.9 ppm cobalt, 2.4 wt%
sulphur
-
- 394 to 395 m: 132 ppm boron, 253 ppm copper, and 2.27 wt%
sulphur in a mylonitic graphitic shear zone with a reactivated
brittle fault overprint (Figure 2L)
- DR-22-039; Thunderbird conductor:
- Drilled 75 m SW of DR-22-033A; designed to test the down-dip
extension of graphitic shearing intersected in DR-22-033A
- 145 ppm boron within a chloritic and
graphitic shear zone from 152 to 155.7 m.
- 11.1 ppm uranium from 180.3 to 180.4 m within a fracture
zone
- 5.61 ppm uranium, 36.8 ppm
molybdenum, 117 ppm nickel, 2.55 wt% sulphur, and 255 ppm vanadium
from 272.65 to 273.25 m in a graphitic shear zone
- 14.5 ppm uranium and 9.33 ppm
molybdenum from a metasomatized interval from 410 to 410.5 m
overprinting a chloritized pelitic gneiss
- Brittle reactivated, moderate to
strong graphitic-chloritic high strain zone overprinted by
cataclasis and brecciation from 418.9 to 420 m (Figure 2M)
- 6.43 ppm uranium returned from 530 to
530.1 m within a garnetiferous graphitic pelitic gneiss
*The Company considers uranium mineralization
with concentrations greater than 1.0 wt% U3O8 to be
“high-grade”.
Samples collected for analysis were sent to
Saskatchewan Research Council Geoanalytical Laboratories (“SRC”) in
Saskatoon, Saskatchewan for preparation, processing and ICP-MS
multi- element analysis using total and partial digestion, gold by
fire assay, and boron by fusion. Sandstone samples were tested
using the ICP-MS1 uranium multi-element exploration package plus
boron. Basement samples were tested with ICP-MS2 uranium
multi-element exploration package plus boron. All sandstone
samples, and basement samples marked as radioactive upon arrival to
the lab were also analyzed using the U3O8 assay (reported in wt %).
Basement rock split interval samples range from 0.1 to 0.5 m and
sandstone composite samples are comprised of multiple equal sized
full core “pucks” spaced over the sample interval. SRC is an
ISO/IEC 17025/2005 and Standards Council of Canada certified
analytical laboratory. Blanks, standard reference materials, and
repeats were inserted into the sample stream at regular intervals
in accordance with Standard Uranium’s quality assurance/quality
control (QA/QC) protocols.
The scientific and technical information
contained in this news release, including the sampling, analytical
and test data underlying the technical information contained in
this news release, has been reviewed, verified, and approved by
Sean Hillacre, P.Geo., VP Exploration of the Company and a
“qualified person” as defined in NI 43-101.
Management
Update
The Company also announces that it has accepted
the resignation of Mr. Sean McGrath as President of Standard
Uranium. Mr. McGrath has resigned to pursue other ventures. The
Company thanks Mr. McGrath for his services and wishes him all the
best in his future endeavours.
To fill the vacancy created by Mr. McGrath, Mr.
Jon Bey, Chief Executive Officer and Chairman of Standard Uranium,
will also take on the role as the President of the Company.
About Standard
Uranium (TSX-V:
STND)
We find
the fuel to
power a clean
energy future
Standard Uranium is a uranium exploration
company with a focus on the world-class Athabasca Basin in
Saskatchewan, Canada. Since its establishment, Standard Uranium has
focused on the identification and exploration of Athabasca-style
uranium targets with a view to discovery and future
development.
Standard Uranium’s Davidson River Project, in
the southwest part of the Athabasca Basin, Saskatchewan, comprises
seven mineral claims over 20,006 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
support provide significant confidence in the exploration model and
future success is expected.
For further
information contact:
Jon Bey, Chief Executive Officer, and Chairman 550 Denman
Street, Suite 200Vancouver, BC V6G 3H1 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, 2022, dated August 26, 2022.
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: 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
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https://www.globenewswire.com/NewsRoom/AttachmentNg/dd87c68d-284d-42b8-84f0-b89c80ce0022
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