Standard Uranium Ltd. (“
Standard Uranium” or the
“
Company”) (TSX-V: STND) (OTCQB: STTDF)
(Frankfurt: FWB:9SU) is pleased to provide an update on exploration
activities on the 19,604-hectare Sun Dog Project (“
Sun
Dog” or “the
Project”), currently under a
three-year earn-in option agreement with Aero Energy Ltd.
(“
Aero”) (TSX-V: AERO).
The Company is pleased to confirm the start of
an airborne VTEM™ (Versatile Time-Domain Electromagnetic) Plus
survey aimed at detecting structural corridors of electrically
conductive graphite-rich rocks that are the favoured targets for
large basement-hosted uranium deposits (As announced by Aero Energy
on March 26th, 2024). The survey is being carried out by Geotech
Ltd. of Aurora, Ontario.
Additionally, the Company is pleased to announce
the engagement of drilling contractor Team Drilling LP of
Saskatoon, SK for the planned Spring/Summer exploration program at
the Project, situated on the northern rim of the Athabasca
Basin.
Highlights:
-
Expansive and Detailed Survey: The survey will
cover the entirety of the Sun Dog project and consist of 3,350 km
of flight lines in a grid pattern with 100 m spacing between each
flight line. This will allow for prioritization of existing drill
targets and generation of additional drill targets.
- Cutting
Edge Approach: This survey represents one important modern
tool that the technical team is utilizing to maximize high-grade1
uranium discovery efficiency. Much of the survey area is unexplored
and unsurveyed by modern methods.
- Shallow
Drill Targets: The 2024 drill program aims to cover
significant ground, focusing on the most promising of the dozens of
shallow targets identified in collaboration with the Aero joint
technical committee.
- Fully
Funded: Summer drill plans comprise helicopter-supported
diamond drilling across the project, focused on high-priority
targets refined by the current geophysical work. Specific details
on targets and the number of planned holes will be shared as they
are finalized in the coming weeks.
1The Company considers uranium mineralization
with concentrations greater than 1.0 wt% U3O8 to be
“high-grade”.
“The Aero technical team and I are thrilled to
provide these updates to the market as we quickly move towards
kicking off our ambitious 2024 exploration season,” said Sean
Hillacre, President & VP Exploration for the Company. “We
eagerly anticipate receiving the new EM data and will be putting it
to work immediately as we refine our high-priority drill targets
for this summer. Securing reliable and leading contractors to
complete the work is a great step forward as we look to unlock the
potential in the Uranium City district with modern exploration
techniques.”
Figure 1. Overview of the Northwestern Athabasca
Uranium District highlighting the Sun Dog Project and leading land
position held by and under option to Aero Energy Ltd.
The Project is currently under option (the
“Option”) to Aero Energy Ltd. (the
“Optionee”) an arms-length company (TSX-V: AERO).
Pursuant to the Option Agreement, the Optionee will be granted the
option to acquire 100% of the Company’s 19,604-hectare Sun Dog
Project located along the northwestern edge of the Athabasca Basin,
by completing three years of exploration programs and a series of
cash and equity payments. Sun Dog is also subject to a 2% net
smelter royalty which may be reduced to 1% for a $1,000,000 cash
payment to the Company.
Survey Description and
Background
The helicopter-borne VTEM™ Plus system, which is
known for its high-resolution imaging capabilities, is a time
domain electromagnetic system that is particularly useful for its
ability to detect conductive materials deep underground, enabling
Aero to identify mineral targets with exceptional precision.
Additionally, the system also contains a high sensitivity cesium
magnetometer-gradiometer for the mapping of geologic structure and
lithology. The Company is leveraging this cutting-edge technology
to reveal and refine previously unexplored, high-hosted
basement-style targets within the Uranium City district. This
comprehensive survey aims to build on previously gathered data to
create a full-picture of the site's geological structures and
mineral prospects. The VTEM™ Plus survey is expected to be
completed within three to four weeks, with preliminary results to
be published shortly thereafter.
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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/44f3de5d-90fe-4154-a3de-13f402f1a810
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