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 three new 100% owned uranium exploration properties in
the Athabasca Basin region, northern Saskatchewan.
With the addition of the Cable Bay Southwest
(“CBSW”), Ox Lake, and Brown Lake Projects (as described below),
the Company now has ownership interests in ten projects, totalling
over 196,300 acres across the uranium-rich Athabasca Basin. With
three earn-in option agreements completed since expanding the
Company’s business strategy to include project generation in
addition to pure exploration strategies, the Company continues to
seek strategic partners to advance non-core projects, including
these newly acquired assets.
Key Highlights:
- Three
new project areas targeting shallow
high-grade1 uranium
mineralization in the Athabasca Basin region of
Saskatchewan
- Several
kilometres of untested conductors coincident with magnetic low
trends and key structural geology attributes
-
Proximity to historical uranium showings, the Key Lake
Mill, and other favorable infrastructure in the eastern Athabasca
Basin
-
Increased exposure to new areas of the Athabasca Basin and
further joint venture and land deal opportunities
The Company considers uranium mineralization
with concentrations greater than 1.0 wt% U3O8 to be
“high-grade”.
“The acquisition of these new properties,
further increasing our land holdings to ten projects, provides
Standard Uranium shareholders with increased exposure to
transactional and discovery upside,” said Sean Hillacre, President
& VP Exploration for the Company. “This is yet another example
of our technical team continuing to identify areas with shallow
drill targets and favorable geology for uranium discovery, and we
look forward to what we will be able to do with these claims in
2024.”
Figure 1. Overview map of Standard Uranium’s ten Athabasca
projects, highlighting the newly staked Cable Bay SW, Ox Lake, and
Brown Lake Projects.
“Dedication and focus have once again paid off with the addition
of this latest set of properties,” stated Neil McCallum, lead
technical director of Standard. “These properties all have
significant exploration merit that we seek to unlock through either
our own capital or through option/land deals.”
Cable Bay SW Project
The CBSW project comprises two mineral claims
totalling 3,158 ha and is approximately 18 km south of the
present-day margin of the Athabasca Basin. The project covers 8.6
km of the northeast trending Cable Bay Shear Zone (“CBSZ”), a major
structural discontinuity which is host to several uranium
occurrences proximate to and along strike of the structural
corridor on the property. The CBSZ is characterized by a regional
magnetic high corridor flanked by magnetic gradients.
Electromagnetic (“EM”) surveys conducted in the late 1970’s outline
an EM zone associated with a magnetic low, paralleling the
northwestern flank of the CBSZ. The northern claim block covers an
apparent left-lateral break in the magnetic high corridor, with the
eastern splay of magnetic high tying into the hinge of an
interpreted fold structure of metasedimentary rock units on the
property. The Project has never been drill-tested, and will benefit
from additional surface sampling and geophysical surveys to aid in
future drill target generation.
Figure 2. Plan map highlighting the Cable Bay
shear zone and EM conductor trends on the Cable Bay SW project
along strike from anomalous uranium samples, with first vertical
derivative magnetics in the background.
Ox Lake Project
The Ox Lake Project consists of one mineral
claim totaling 397.5 ha, situated 3 km southeast of the Athabasca
Basin margin, 45 kilometres southeast of McArther River Mine, and
19.5 km northeast of the Gemini Mineralized Zone (“GMZ”) and the
ACKIO uranium discovery. The project is highlighted by a regional
northeast-trending magnetic low/EM corridor that is bisected by a
north-south trending Tabbernor-style fault corridor, interpreted to
be a regional structural influence on uranium mineralization in the
area (Figure 3). Results from drill hole GKI002 completed by
CanAlaska Uranium and Basin Energy on the neighbouring Geikie
project in 2023 returned 0.27% U3O8 over 0.5m to the south along
strike of the same interpreted Tabbernor fault that transects the
Ox Lake property. Additionally, the Ox Lake Allanite Showing,
discovered immediately southwest of the property, hosts up to 0.31%
U3O8 in drill hole 4-OX-1. Historical geochemical surveys conducted
on the project detected elevated uranium, radioactivity, and
anomalous radon that are favorably situated proximal to the
structural corridor on the property.
Figure 3. Plan map highlighting the magnetic
low/EM corridor at Ox Lake crosscut by an interpreted N-S trending
regional fault, in addition to spatial relationships to uranium
occurrences. First vertical derivative magnetics in the
background.
Brown Lake Project
The Brown Lake Project consists of one mineral
claim totalling 312 ha, situated near the southeastern margin of
the Athabasca Basin, 13 kilometers northwest of the Key Lake Mill
facilities. The property hosts 2.4 km of an untested magnetic
low/fault trend that is 4 km southwest along strike of the Shift
Lake Uranium Zone. The Shift Lake zone contains mineralized drill
holes 79-17, 79-40, 79-45, and 79-59, in which uranium assays
greater than 0.10% U3O8 were returned, notably 79-17 which hosts
0.62% U3O8 over 2.75 m and up to 2.42%
U3O8
over 0.75 m. In 2011, 3D modelling of previous
magnetics and resistivity depth imaging (“RDI”) slices delineated a
northeast-trending fault zone, termed the Brown Lake Fault Zone
(“BLFZ”; Figure 4). Recent modelling also defined an anomalous
conductive body on the property based on alteration-related
conductive halos observed in RDI sections, supporting the inferred
continuation of the Shift Lake conductive trend and therefore
prospectivity for uranium mineralization. The all-season highway
between Key Lake and Points North is 12 km to the southeast of the
property, while the Fox Lake fork off the main highway lies within
2 km of the eastern property boundary (Figure 4).
Figure 4. Plan map highlighting the magnetic
low/fault trend on the Brown Lake project along strike from the
high-grade Shift Lake Uranium Zone, with background first vertical
derivative magnetics.
The Company believes the newly acquired Projects
are prospective for the discovery of high-grade basement-hosted and
unconformity-related uranium mineralization and are open to option
deals on these non-core projects. The staking of these Projects
fits with the Company’s strategy to increase its landholdings in
the infrastructure-rich eastern Athabasca Basin of Saskatchewan,
Canada.
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 196,329 acres (79,451 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 Atlantic, Canary, Ascent,
Corvo, and Rocas Projects, in the eastern Athabasca Basin, comprise
twenty-three mineral claims over 29,520 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: 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
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https://www.globenewswire.com/NewsRoom/AttachmentNg/8e695056-9dbc-4ab0-ba51-725ad9e3e323
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