Standard Uranium Ltd. (“
Standard Uranium” or the
“
Company”) (TSX-V: STND) (OTCQB: STTDF)
(Frankfurt: FWB:9SU) is pleased to announce the acquisition by
staking of the Harrison uranium exploration project in the
southwest Athabasca Basin region, northern Saskatchewan.
Additionally, the Company has expanded the Ascent project by 3,728
hectares, effectively doubling the project size.
With the addition of the Harrison project and
expansion of the Ascent project (as described below), the Company
now has ownership interests in eleven exploration properties,
totalling over 209,867 acres across the uranium-rich Athabasca
Basin (Figure 1).
Key Highlights:
- Addition
of the Harrison project - targeting
high-grade1 uranium
mineralization in the southwest Athabasca uranium
district
- Harrison
covers several kilometres of untested conductors coincident with
magnetic low trends and key structural geology
attributes
- Ascent
project doubled in size, covering 7,464 hectares of the eastern
Athabasca Basin margin, providing highly prospective shallow drill
targets
-
Increased exposure to the southwest Athabasca uranium
district, providing additional joint venture and land deal
opportunities
The Company considers uranium mineralization
with concentrations greater than 1.0 wt% U3O8 to be
“high-grade”.
“As we continue our low-cost staking efforts
across the Basin, we aim to grow and diversify our portfolio of
projects enabling Standard Uranium to drive forward with dedicated
exploration and collaboration with other companies. Picking up
another piece of promising land in the southwest uranium district
adds good value to our land package, in addition to doubling the
size of Ascent,” said Sean Hillacre, President & VP Exploration
for the Company. “We look forward to the transactional and
exploration upside we can derive from these new claims in
2024.”
Figure 1. Overview map of Standard Uranium’s eleven
Athabasca properties, including the newly staked Harrison
project.
Harrison Project
The Harrison project is comprised of two mineral
claims totalling 1,750 ha, located 22 km SSE of the Shea Creek
uranium deposits and approximately 30 km SE of the past producing
Cluff Lake uranium mine (Figure 2). Electromagnetic (“EM”) surveys
conducted in 2006-2007 outlined multiple EM zones across the
project. Harrison covers approximately 6.8 km of a NW-SE conductor
trends coincident with a prominent magnetic low. The trend is
crosscut by several interpreted fault zones, including 4.9 km of
the major Harrison fault. The project has never been drill tested,
and provides the Company with additional exploration exposure in
the southwest Athabasca uranium district.
Figure 2. Plan map highlighting the Harrison
fault zone and EM conductor trends on the Harrison project, with
first vertical derivative magnetics in the background.
The Company believes the newly acquired Harrison
project is prospective for the discovery of high-grade
unconformity-related uranium mineralization. Continued land
acquisitions through staking efforts fits with the Company’s
strategy to increase its landholdings in the Athabasca Basin of
Saskatchewan, Canada.
Ascent Project Expansion
Standard Uranium holds a 100%-interest in the
Ascent project which straddles the eastern boundary of the
Athabasca Basin (Figure 3). The recently expanded project consists
of four mineral dispositions totalling 7,464 hectares. As the
property lies on the edge of the Basin, depth to the sub-Athabasca
unconformity is known to be approximately 50 metres from surface at
maximum, while the eastern portion of the project contains no
Athabasca sandstone cover, providing shallow drill target
areas.
In 2022, the Company completed a
helicopter-borne Xcite time domain electromagnetic (TDEM),
magnetic, and radiometric survey over the Ascent project. The
airborne EM survey detected several conductive anomalies and
radiometric variances on the Ascent Property, which correlate with
previous electromagnetic surveys and lake sediment geochemical
anomalies, effectively enhancing the resolution of the conductive
trends on the Project. Additionally, the magnetic survey
contributes to definition of potential fault systems and structural
trends not previously identified.
Regional prospecting by historical operators
also identified uranium enrichment in basement rocks located east
of the Athabasca Basin edge, which support the exploration model
for shallow sandstone and basement hosted uranium on the property.
The expansion of the project covers a suite of additional
historical uranium anomalies, in addition to several more km of the
Athabasca Basin edge and prospective regional structural
trends.
The current exploration model for the Ascent
project is analogous to that of the J-Zone and Roughrider deposits,
that are located proximal to a similar airborne EM target that has
dimensions of roughly 2-km long by 1-km wide. The Ascent EM target
is interpreted by the Company to represent a shallow-dipping
conductive system and will be the focus of future exploration
programs, drawing on the analogy of the J-Zone and Roughrider
uranium deposits.
Ascent Project Earn-In Option
Agreement
The Company has signed a term sheet (the
“Term Sheet”), dated January 9, 2024, with Summit
Fusion Pty. Ltd. (the “Optionee” or
“Summit”), an arms-length private, Australian
company. Pursuant to the Term Sheet, the Optionee will be granted
the option (the “Option”) to earn a 75% interest
in the Ascent Project. The Option is exercisable by the Optionee in
three stages, summarized in Table 1.
Table 1. Summary of Option Agreement Terms
Stage |
|
Cash |
Shares |
Exploration Expenditures |
Operator Fee (10%) |
Equity Earned |
1 |
Year 1 |
$100,000 |
$100,000 |
$1,000,000 |
$100,000 |
- |
Year 2 |
$100,000 |
$100,000 |
$2,000,000 |
$200,000 |
50% |
2 |
Year 3 |
$100,000 |
$100,000 |
$3,000,000 |
$300,000 |
25% |
|
TOTAL |
$300,000 |
$300,000 |
$6,000,000 |
$600,000 |
75% |
The Company expects to proceed with signing the
Definitive Option Agreement in February, 2024, with an inaugural
drill program at Ascent slated for early June following the drill
program at the Canary project.
Figure 3. Plan map highlighting major structural
zones and EM conductor trends on the expanded Ascent project, with
first vertical derivative magnetics in the background.
A Media Snippet accompanying this announcement is available by
clicking on this link.
Upcoming Events
The Company will be presenting at the Red Cloud
Financial Services Pre-PDAC 2024 Mining Showcase on February 29 and
March 1, 2024 in Toronto, Ontario.
The Company will also be attending the
Prospectors & Developers Association of Canada Convention from
March 3rd – 6th in Toronto, Ontario.
Standard Uranium is attending the 2024 Energy
Transition Metals Summit in Washington, DC from April 29-30.
Shareholder Approval of 10% Rolling
Omnibus Incentive Plan
The Company is also pleased to announce the
adoption of its new omnibus incentive plan (the "Omnibus
Plan"), which was approved by the Company's shareholders
at the annual and special meeting of shareholders held on November
10, 2022.
The Omnibus Plan was created to comply with the
requirements of the new TSX Venture Exchange Policy 4.4 – Security
Based Compensation, effective November 24, 2021 and provides
flexibility for the Company to grant equity-based incentive awards
(“Awards”) in the form of stock options
(“Options”), deferred share units
(“DSUs”) and restricted share units
(“RSUs”).
The Omnibus Plan replaced the Company's existing
stock option plan and includes a 10% "rolling" option plan
permitting a maximum of 10% of the issued and outstanding common
shares of the Company as at the date of any security-based grant to
be reserved for grant. Please refer to the Company's management
information circular dated October 24, 2022, which is available
under the Company's profile on SEDAR+ for a copy and summary of the
Omnibus Plan.
QP Statement
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., President & 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’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: execution of the definitive agreement;
conditions to the exercise the Option; completion of the Optionee’s
go public transaction; 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/dad340a4-e3c3-48a1-9251-b1fcd50256b3
https://www.globenewswire.com/NewsRoom/AttachmentNg/2b17575a-f0b7-4e0e-a53b-22a7ec7b873d
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