Standard Uranium (STND.V) is a junior uranium explorer operating in the Athabasca basin in Saskatchewan, Canada. The Company holds interest in over 209,867 acres in the world’s richest uranium district.
With the addition of the Harrison project and expansion of the Ascent project, the Company now has ownership interests in eleven exploration properties, totalling over 209,867 acres across the uranium-rich Athabasca Basin.
“As we continue our low-cost staking efforts across the Basin, we aim to grow and diversify our portfolio of projects enabling Standard Uranium to drive forward with dedicated exploration and collaboration with other companies. Picking up another piece of promising land in the southwest uranium district adds good value to our land package, in addition to doubling the size of Ascent,” said Sean Hillacre, President & VP Exploration for the Company. “We look forward to the transactional and exploration upside we can derive from these new claims in 2024.”
The Harrison project is comprised of two mineral claims totalling 1,750 ha, located 22 km SSE of the Shea Creek uranium deposits and approximately 30 km SE of the past producing Cluff Lake uranium mine. Electromagnetic (“EM”) surveys conducted in 2006-2007 outlined multiple EM zones across the project. Harrison covers approximately 6.8 km of a NW-SE conductor trends coincident with a prominent magnetic low. The trend is crosscut by several interpreted fault zones, including 4.9 km of the major Harrison fault. The project has never been drill tested, and provides the Company with additional exploration exposure in the southwest Athabasca uranium district.
The Company believes the newly acquired Harrison project is prospective for the discovery of high-grade unconformity-related uranium mineralization.
Standard Uranium holds a 100%-interest in the Ascent project which straddles the eastern boundary of the Athabasca Basin. The recently expanded project consists of four mineral dispositions totalling 7,464 hectares. As the property lies on the edge of the Basin, depth to the sub-Athabasca unconformity is known to be approximately 50 metres from surface at maximum, while the eastern portion of the project contains no Athabasca sandstone cover, providing shallow drill target areas.
Regional prospecting by historical operators also identified uranium enrichment in basement rocks located east of the Athabasca Basin edge, which support the exploration model for shallow sandstone and basement hosted uranium on the property.
The Company has signed a term sheet, dated January 9, 2024, with Summit Fusion Pty. Ltd., an arms-length private, Australian company. Pursuant to the Term Sheet, the Optionee will be granted the option to earn a 75% interest in the Ascent Project.
The Company expects to proceed with signing the Definitive Option Agreement in February, 2024, with an inaugural drill program at Ascent slated for early June following the drill program at the Canary project.
A new trend could be in the works as the downtrend has shifted into a new uptrend with the stock confirming its first higher low.
Now, the stock is holding above $0.05 and resistance comes in at the $0.08 zone. Watch for a breakout above the $0.08 zone for the continuation of this new uptrend.
