Standard Uranium (STND.V) is a junior uranium explorer operating in the Athabasca basin in Saskatchewan, Canada. The Company holds interest in over 187,542 acres (75,895 hectares) in the world’s richest uranium district.
Today, Standard Uranium announced that the recently signed definitive option agreement, dated October 20, 2023, with 1443904 B.C. Ltd., is being incorporated into a district-scale exploration opportunity in Saskatchewan’s first uranium mining camp with the acquisition of the Optionee by Aero Energy Limited.
The Optionee holds options to acquire between 70% and 100% of three uranium exploration properties; the Company’s Sun Dog project, and two Fortune Bay Corp. projects, Murmac and Strike. The Properties are located proximal to Angold’s existing uranium exploration properties near Uranium City, Saskatchewan.
The combined optionable properties cover a total area of 39,381 ha and host high grade uranium mineralization at surface and are highly prospective for basement-hosted high-grade uranium mineralization associated with the Athabasca Basin unconformity.
The Properties contain multiple, permitted, drill ready targets where reconnaissance drilling by the Company and Fortune Bay has intersected narrow zones of uranium mineralization and significant zones of hydrothermal alteration.
Pursuant to the Option Agreement, the Optionee will be granted the option to acquire 100% of the Company’s 19,604-hectare Sun Dog Project located along the northwestern edge of the Athabasca Basin, by completing three years of exploration programs and a series of cash and equity payments.
Jon Bey, CEO and Chairman, commented, “The vision for the Uranium City region has been shared by the management of Standard Uranium and Fortune Bay for some time. By combining our properties and infrastructure under one company, Aero Energy, we can now explore this region year-round, decreasing exploration expenses and creating work for the local communities and exploration vendors. The Standard Uranium technical team will be heavily involved in planning and operating the exploration programs.”
The Sun Dog project comprises 9 mineral claims located near Uranium City and contains the historic Gunnar uranium mine in the prolific Beaverlodge district where uranium was mined between 1953 and 1982. The Company has completed two reconnaissance drill programs on the project totalling 2,469 metres of diamond drilling in the winter of 2022 and 2023. The winter 2023 program significantly expanded the footprint of a robust dravite-clay-iron oxide alteration system on Johnston Island which corresponds with instances of strong radioactivity.
The following is a summary of the Option Agreement, which will transfer Sun Dog to Aero through the purchase of the Optionee.
The stock is up 11.11% on today’s news at time of writing.
Crucially, this is happening at a major support zone around the $0.045 zone. A break and close below this level would result in a drop back down to $0.02. However, the bulls are stepping and and defending this support as they have been doing so lately in the last few days and weeks.
A move higher could take us back to testing the downtrend line. A close above this downtrend line is what would get the stock going for a retest of the $0.10 zone.
