Standard Uranium Ltd. (“
Standard Uranium” or the
“
Company”) (TSX-V: STND) (OTCQB: STTDF)
(Frankfurt: FWB:9SU) is pleased to announce that it has signed a
term sheet (the “
Term Sheet”), dated February 9,
2024, with ATCO Mining Inc. (CSE: ATCM) (the
“
Optionee”), an arms-length party. Pursuant to the
Term Sheet, the Optionee will be granted the option (the
“
Option”) to acquire a seventy-five percent
interest in the 3,061-hectare Atlantic Project (the
“
Project”) located in the eastern Athabasca Basin
(Figure 1).
The Option is exercisable by the Optionee
completing cash payments and share issuances, and incurring the
following exploration expenditures on the Project:
|
Consideration Payments |
Consideration Shares* |
Exploration Expenditures |
Operator Fees |
Year 1 |
$110,000 |
$150,000 |
$1,300,000 |
$130,000 |
Year 2 |
$120,000 |
$300,000 |
$2,000,000 |
$240,000 |
Year 3 |
$200,000 |
$300,000 |
$3,000,000 |
$360,000 |
Total |
$430,000 |
$750,000 |
$6,300,000 |
$730,000 |
*Issuable at a deemed price equivalent to the
last closing price of the common shares of the Optionee on the
Canadian Securities Exchange immediately prior to announcement of
this term sheet.
Jon Bey, CEO and Chairman, commented, “We are
pleased to announce our fourth option agreement since transitioning
to a project generator in July 2023. The Company now has over
thirty million dollars committed to our exploration programs over
the next three years and nine million dollars committed to
exploration in 2024. Heading into the 2024 exploration season, we
now have 11 projects across the prolific Athabasca Basin, with a
minimum of seven exploration programs planned with five of those
being drill programs at the Atlantic, Sun Dog, Canary, Ascent, and
Davidson River projects.”
The Atlantic Project covers 6.5 km of an 18 km
long, east-west trending conductive exploration trend which hosts
numerous uranium occurrences. In June 2022, the Company completed a
high-resolution ground gravity survey on the western claim block
identifying multiple subsurface density anomalies, potentially
representing substantial alteration zones. Exploration efforts are
focused on several high-priority target areas along several
kilometres of under-tested conductors, targeting high-grade
unconformity-related uranium mineralization.
Figure 1. Summary of the Atlantic Project,
highlighting geophysical target areas and historical uranium
showings.
Following exercise of the Option, the parties
intend to form a joint venture for the further development of the
Project. Prior to exercise of the Option, the Company will act as
the operator of the Project and will be entitled to charge a 10%
fee on expenditures in Year 1, increasing to 12% in Year 2 and Year
3. Following exercise of the Option, the Company will
retain a 2.5% net smelter returns royalty on the Project, of which
1.0% may be purchased back at any time for a one-time cash payment
of $1,000,000.
The Term Sheet is non-binding at this time and
the grant of the Option remains subject to the negotiation of
definitive documentation. No finders’ fee is payable by the Company
in connection with the Option.
The scientific and technical information
contained in this news release has been reviewed, verified and
approved by Sean Hillacre, P.Geo., President and Vice-President of
Exploration of the Company, and a qualified person as defined in
National Instrument 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 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; 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/88290886-eb5d-4321-a477-27d30104df53
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