Standard Uranium is an exploration company and evaluates, acquires and develops uranium properties in Canada. Its flagship project is the Davidson River Project. The Davidson River Project is located in the heart of the Patterson Lake Uranium District (Southwest Athabasca region). Surrounded by major players in uranium exploration and development including Cameco, Orano, NexGen, Fission Uranium, Fission 3.0, Denison, Purepoint, UEX, ALX and Skyharbour. Other projects include the Sun Dog and East Basin Projects.
In a recent press release, Standard Uranium announced it will be following up on prospective drilling results from 2022 on its flagship Davidson River Project (“Davidson River”) in the southwestern corner of the Basin and its 100% owned Sun Dog Project (“Sun Dog”) near Uranium City, Saskatchewan. In addition, the Company has planned inaugural drill programs over two of its three 100% owned projects in the eastern side of the Basin, which are drill ready following successful geophysical surveys that were completed throughout 2022.
Today, the company announced analytical highlights from the winter drill program and details of the fall mapping program at its 100% owned Sun Dog Project, which is located at the northwestern edge of the Athabasca Basin.
Here are the key points from the results:
- Analytical data from Sun Dog drilling revealed elevated pathfinder elements and spectroscopy confirms presence of significant dravite alteration, indicating proximity to uranium mineralization.
- Elevated uranium is present in drill holes SD-22-001, -002, and -003, related to graphitic structures and/or hydrothermal breccias with pervasive hematite alteration.
- Elevated uranium in the basement exceeds thorium values by a factor of 2 or more in multiple intervals supporting a hydrothermal input for uranium emplacement.
- Several high-priority drill targets have been identified for the 2023 drill program.
- Additional radioactivity >65,535 counts per second discovered at surface during fall mapping program.
The inaugural 2022 winter program at Sun Dog consisted of four diamond drill holes comprising 1,242.3 m completed at the Haven (SD-22-001), Johnston-Bay (SD-22-002, SD-22-003), and Java (SD-22-004) target areas. The results were highly encouraging, indicating the possible proximity to mineralization at depth and encouraging continued exploration on the Project in 2023.
Sean Hillacre, VP Exploration stated, “Analysis of the geochemistry and spectroscopy data from the inaugural drill program at Sun Dog has confirmed that we are very close to getting into more exciting results on the Project. The presence of elevated pathfinder elements and significant dravite alteration has us eager to get drilling this coming winter, to truly start testing the untapped potential Sun Dog holds. Additionally, the fall mapping program was very successful in bolstering our understanding of what structures are controlling the high-grade mineralization at surface, further adding to our targeting toolkit. We will be chasing these structures deeper in 2023 to uncover the roots of this high-grade system.”
From September 19th to 25th, the Standard Uranium technical team completed additional bedrock mapping and scintillometer prospecting on the Project, collecting structural measurements and mapping surface exposures of uranium mineralization. The surface expression of mineralization on south Johnston Island (Haven-Walli target areas) was expanded, with scintillometer readings greater than 10,000 cps and locally off-scale.
The fall mapping program revealed outcrop showings of brecciated Athabasca sandstone containing dravite-kaolinite alteration in both the Skye and Haven target areas. Dravite is an alteration phase indicative of proximity to uranium mineralization in the Athabasca Basin, also intersected in drill holes SD-22-001 and -002. Structural measurements collected during field mapping added to the understanding of the structural architecture controlling uranium mineralization on the Project. This invaluable data will add an additional layer of information to drill hole targeting for the 2023 drill program.
Standard Uranium has been in a downtrend and is now in the range, or consolidation phase. This is positive for technical traders as a consolidation is a phase which tends to come before a new uptrend.
Support comes in at $0.07 (which is the previous record all time lows) and resistance comes in at $0.145. Support is an area where buyers enter and we can expect to see a wall of buyers at $0.07. For those wanting to enter on a technical breakout, we would need $0.145 to break. This triggers the end of the range and the beginning of a new uptrend.
Even though many of the catalysts for the stock come in 2023, uranium prices are on the verge of breakout and could be the trigger for a move in all uranium miners and juniors.
