Standard Uranium Ltd. (“
Standard Uranium” or the
“
Company”) (TSX-V: STND) (OTCQB: STTDF)
(Frankfurt: FWB:9SU) is pleased to announce that inaugural drilling
activities are now complete at the Company’s 7,302-hectare Canary
Project (“
Canary” or “the
Project”) highlighting localized anomalous
radioactivity1 and prospective rock types typical of
basement-hosted uranium deposits. Canary is situated in the
prolific eastern Athabasca Basin, northern Saskatchewan (Figure 1).
The Project is currently under a three-year
earn-in option agreement (the “Option Agreement”)
with Mamba Exploration Limited. (“Mamba”).
Pursuant to the Option Agreement, Mamba has been granted an option
(the “Option”) to earn a 75% interest in the
Project by funding CAD$6M in exploration expenditures over three
years, with the inaugural drill program satisfying the year one
exploration spend.
Highlights:
-
Inaugural Success: Anomalous
radioactivity (>300 cps) was intersected in one
of the four inaugural drill holes at the Canary Project, in
addition to multiple zones of favorable alteration including
hydrothermal silicification, clay, chlorite, and
hematite.
-
Hydrothermal U Input: Fracture-hosted elevated
radioactivity was intersected in drill hole CAN-24-004 with
Uranium:Thorium (“U:Th”) ratios >4:1 measured with a handheld
RS-125 Super-Spec, suggesting hydrothermal uranium input.
- Shallow
Targets: Drilling focused on high-priority targets refined
by geophysical work completed by the Company in 2022. The
unconformity on the Project was intersected ~220-250 metres below
surface.
- Ahead of
Schedule & Under Budget: Completion of 1,863 metres
within 4 drill holes, surpassing meterage expectations more than a
week ahead of schedule and under budget.
- Follow
Up Targets & Next Steps: Canary holds significant
upside for discovery along three different and significantly
underexplored conductor systems. Supplementary geophysical surveys
over all three corridors will provide further target areas for
phase II and III drilling.
“Intersecting anomalous radioactivity and zones
of hydrothermal alteration in a completely untested area on one of
three conductive corridors on the Canary project is very
encouraging. The results from this program have revealed packages
of the ideal host rocks for basement-hosted uranium mineralization,
in addition to a potential quartzite ridge which is an important
feature present in other eastern Athabasca uranium deposits such as
McArthur River and Phoenix,” said Sean Hillacre, Standard Uranium’s
President and VP of Exploration. “The technical team and I are
excited to continue our exploration efforts on the Project with our
partners at Mamba and look forward to putting out more results
through 2024 and begin testing additional target areas in Phase II
and III drilling.”
The Project is situated in the Mudjatik
geological domain where several recent discoveries have been made,
including IsoEnergy’s Hurricane Deposit located 11 km directly to
the south, and is significantly underexplored relative to adjacent
magnetic low/EM conductor corridors. Follow up targets are being
planned as geological data from the spring 2024 program is
processed and interpreted.
Core samples from the program have been
submitted to Saskatchewan Research Council Geoanalytical Laboratory
(“SRC”) in Saskatoon, for geochemical assay and results will be
reported once received and examined by the technical team in
accordance with the Company’s internal quality control
processes.
Simon Andrew, Executive Director of Mamba
Exploration commented, “The Canary Drilling program has been
nothing short of exemplary, demonstrating a level of execution that
surpassed all expectations. Thanks to the meticulous planning and
efficient operations by our partners Standard Uranium, the program
was completed ahead of schedule and under budget. We remain excited
by the potential at Canary and eagerly await assay results from the
laboratory.”
Figure 1. Overview of northeastern Athabasca
Basin region, highlighting the Canary Project. Hurricane Deposit
Indicated Resource from IsoEnergy Ltd. Technical Report on the
Larocque East Project, Northern Saskatchewan, Canada. Dates July 8,
2022.
Technical Highlights:
The spring 2024 drill program comprised 1,863
metres of diamond drilling across 4 drill holes (Table 1). The
drill program began on May 3rd and was completed ahead of schedule
on May 31st, 2024. Local fracture-hosted anomalous radioactivity
was intersected in the basement rocks of drill hole CAN-24-004. A
handheld RS-125 scintillometer returned readings up to 410 counts
per second (cps) from 449.0 to 449.5 m.
The Project covers more than 16 km of conductive
corridors across three prospective exploration trends which locally
host anomalous historical uranium occurrences. The Company
completed a high-resolution ground DC/IP survey on the project in
2022, providing valuable structural and lithological information in
the area to identify conductive bodies and potential fault
systems.
The drill program was designed to test the newly
outlined resistivity-low anomalies along the northern conductor
trend, defined by the 2022 ground DCIP survey. Figures 2 and 3
highlight spring 2024 drilling focused on testing the 3D
resistivity anomaly both at the unconformity and in the basement,
coinciding with modeled EM conductors.
Inaugural drilling intersected multiple key
characteristics of a uranium-bearing mineralized system along the
previously untested northern conductive trend on the Project
(Figure 2). Key alteration features in the Athabasca sandstone
include widespread silicification, extensive limonite alteration,
and local moderate bleaching.
Basement intersections confirmed the presence of
highly deformed and mylonitic metasedimentary and metasomatized
rock packages across the northern corridor and defined a potential
“quartzite ridge” in the corridor footwall. The rheology contrast
between the softer metasedimentary rocks and resistant quartzite is
interpreted as an important structural control on uranium
mineralization and is a common feature of other well-known
high-grade2 uranium deposits such as McArthur River and Pheonix.
Multiple zones of significant silicification were intersected in
the basement over intervals up to 15 metres thick associated with
white clay alteration. Significant silicification zones are also
known to be associated with several uranium deposits across the
Basin.
Additionally, legacy GeoTEM data defining the
southeastern EM corridor on the project is directly comparable to
the response and scale of the GeoTEM conductor which hosts the
Roughrider/J-zone uranium deposits further to the south. Highly
anomalous geochemistry and favorable alteration was returned from
historical drill hole CRK-137 along the southeastern conductor,
providing an exceptional follow-up target for Phase II
drilling.
Figure 2. Geophysical map highlighting
basement-linked resistivity anomalies identified through the 2022
DC/IP survey on the Canary Project. The 2024 drill target area is
circled in red. Three main exploration trends and historical drill
holes are displayed with first vertical derivative (1VD) magnetics
in the background.
Figure 3. Map of the northern Canary conductor
trend highlighting 2024 drill holes with 2008 VTEM in the
background. The geophysical target area is defined by a significant
resistivity low anomaly coinciding with EM conductors dipping to
the north.
Table 1. Canary spring 2024 drill hole collar
summary. Easting and Northing coordinates are reported in UTM Zone
13N, NAD83 datum; EOH = end of hole; m.a.s.l. = metres above sea
level.
DDH |
Easting |
Northing |
Elevation (m.a.s.l.) |
Azimuth (°) |
Dip (°) |
EOH (m) |
CAN-24-001 |
548255.56 |
6512622.24 |
394.7 |
188 |
-65 |
435 |
CAN-24-002 |
548507.17 |
6512483.57 |
401.0 |
180 |
-63 |
390 |
CAN-24-003 |
548580.35 |
6512785.88 |
405.3 |
174.8 |
-55.5 |
576 |
CAN-24-004 |
548723.36 |
6512681.50 |
403.0 |
178 |
-50 |
462 |
Samples collected for analysis have been sent to
SRC Geoanalytical Laboratories 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.
Samples containing clay alteration have been
sent to Rekasa Rocks Inc. in Saskatoon, Saskatchewan to be analyzed
by Short Wavelength Infrared Reflectance (“SWIR”) via a Portable
Infrared Mineral Analyzer (“PIMA”) to verify clay species.
Geochemical assay results will be released as they are received and
examined by the technical team in accordance with the Company’s
internal quality control process.
1 The Company considers radioactivity readings
greater than 300 counts per second (cps) to be “anomalous”.2 The
Company considers uranium mineralization with concentrations
greater than 1.0 wt% U3O8 to be “high-grade”.
Private Placement:
The Company also wishes to announce that further
to its news release dated May 2, 2024, it will not be proceeding
with the non-brokered private placement offering of up to
$3,000,000.
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 ChairmanSuite 918, 1030
West Georgia StreetVancouver, British Columbia, V6E 2Y3Tel: 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
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