Standard Uranium (STND.V) today announced the results of geophysical surveys completed on each of the Company’s three eastern Athabasca basin projects. High-resolution ground gravity, induced polarization (“IP”) / direct current (“DC”) resistivity, and airborne time domain electromagnetic (“TDEM”) surveys were completed on Standard Uranium Ltd.’s Atlantic, Canary, and Ascent properties. Key drill target areas have been defined for each project based on positive survey results and historical exploration data.
“The discovery potential on our eastern Athabasca projects keeps growing, and the results of the 2022 geophysical programs have bolstered our targeting strategy in this exciting district,” said Sean Hillacre, VP Exploration for the Company. “With these newly added layers of information in our targeting toolbox, our technical team and I are very eager to begin drill testing these projects for the first time, searching for classic high-grade unconformity-related uranium mineralization.”
Atlantic Project
From June 12th to June 17th, 2022, MWH Geo-Surveys Ltd. completed a high-resolution ground gravity survey across the three westernmost claim blocks of the Atlantic Project, comprising a total of 591 unique gravity stations.
Multiple drill targets have been identified on the west and central claim blocks based on historic uranium intersections, structural and alteration data, and the results of the 2022 gravity survey. Historical drill hole BE-04 was targeted on the northern conductor of the east-central claim block and intersected graphitic cordierite gneiss associated with anomalous radioactivity up to 1,200 cps (0.06% U3O8) over 0.5 m at 245 m and lesser peaks of 250 cps and 350 cps from 246 to 248 m.
Canary Project
From May 18th to June 11th, 2022, Discovery International Geophysics Inc. completed a ground-based IP/DC resistivity survey on the Canary project area across 13 survey lines, totalling 44.35 km.
Ascent Project
From July 28th to August 1st, 2022, Axiom Exploration Group Ltd. carried out a helicopter-borne Xcite time domain electromagnetic (TDEM), magnetic, and radiometric survey over the Ascent project.
The airborne EM survey detected several conductive anomalies and radiometric variances on the Ascent Property, which correlate with previous electromagnetic surveys and lake sediment geochemical anomalies, effectively enhancing the resolution of the conductive trends on the Project. Additionally, the magnetic survey contributes to the definition of potential fault systems and structural trends not previously identified. The EM data shows prominent shallow anomalies in the eastern part of the survey which plunge to the west.
The stock is down 10% at time of writing and is trading at a market cap over $8 million.
Standard Uranium broke below a major support zone at $0.06, and printed new all time record lows at $0.045. We are currently resting and testing these record all time lows.
If Standard Uranium can hold, then a range play will be in effect. Bulls would want to see a close back above the $0.06 zone for bullish momentum.
I want to highlight that uranium prices and ETF’s are still showing lower uranium prices, or still in a downtrend with more legs lower. This is putting pressure on uranium stocks and provides an opportunity for long term bulls to acquire uranium stocks at good prices. For more information on uranium prices, check out this article here.
