Standard Uranium (STND.V) announced today that exploration has commenced on the 100% owned Sun Dog Project located in the northwestern Athabasca Basin. Ice road access is currently being constructed, with the Standard Uranium team and drill crews scheduled to mobilize in three weeks.
Here is a summary of what Standard Uranium is looking to accomplish in this winter exploration program:
- Approximately 3,000 metres in eight (8) diamond drill holes planned, subject to weather and ice conditions, to follow up on known high-grade* uranium mineralization and winter 2022 drill holes;
- Drilling to commence early February 2023;
- Follow-up drilling by Standard Uranium at the Skye, Haven, Johnston-Bay, and Java target areas;
- Exploring several kilometres of graphitic conductors coincident with cross-cutting faults and historical surface and drillhole intersections of high-grade uranium mineralization;
- Efficiently testing down-dip extensions of structures hosting mineralization at surface with the aim of discovering high-grade basement “roots” of the mineralizing systems underlying the Athabasca sandstones.
The project has all the favorable characteristics to host a high-grade, Athabasca-style unconformity-related uranium deposit. Strongly elevated pathfinder elements such as boron and moderately anomalous uranium (partial digestion) indicate the possible proximity to mineralization at depth and encourage continued exploration on the Project in 2023.
The Haven and Johnston-Bay target areas are the priority, but also during the two-drill program for 2023, the Skye target area to the East of Johnston Island will also be tested for the first time.
The company also announced that Sean McGrath has been appointed as Chief Financial Officer of the company.
Standard Uranium also announced it has granted stock options to certain directors, management, and consultants of the Company to purchase an aggregate of 1,570,000 common shares of the Company at the price of $0.10 per common share until January 18, 2028.
This news will keep the recent breakout going. The stock has ranged and found support at the $0.06 zone. This occurred just as the stock was printing all time record lows. We then had a nice engulfing candle on January 6th 2023, which has led the stock to have a strong performance to kick off 2023.
Not only did we break and close above a major trendline, but the stock has also closed above our resistance zone at $0.085. Very bullish.
As long as the stock remains above this zone, higher lows and moves higher are expected. The next resistance zone target? $0.135.
The stock could retrace and pullback down to retest the $0.085. This is normal and traders should watch to see if bulls step in and buy on the retest.
