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.
Today, Standard Uranium announced it has signed a term sheet, dated February 9, 2024, with ATCO Mining Inc. (CSE: ATCM), an arms-length party. Pursuant to the Term Sheet, the Optionee will be granted the option to acquire a seventy-five percent interest in the 3,061-hectare Atlantic Project located in the eastern Athabasca Basin.
The Atlantic Project covers 6.5 km of an 18 km long, east-west trending conductive exploration trend which hosts numerous uranium occurrences. In June 2022, the Company completed a high-resolution ground gravity survey on the western claim block identifying multiple subsurface density anomalies, potentially representing substantial alteration zones. Exploration efforts are focused on several high-priority target areas along several kilometres of under-tested conductors, targeting high-grade unconformity-related uranium mineralization.
The Option is exercisable by the Optionee completing cash payments and share issuances, and incurring the following exploration expenditures on the Project:
Jon Bey, CEO and Chairman, commented, “We are pleased to announce our fourth option agreement since transitioning to a project generator in July 2023. The Company now has over thirty million dollars committed to our exploration programs over the next three years and nine million dollars committed to exploration in 2024. Heading into the 2024 exploration season, we now have 11 projects across the prolific Athabasca Basin, with a minimum of seven exploration programs planned with five of those being drill programs at the Atlantic, Sun Dog, Canary, Ascent, and Davidson River projects.”
Standard Uranium stock is up 13% on this news at the time of writing.
Something more interesting for bulls is the current chart setup. The stock is testing the major $0.085 resistance zone. A strong candle close by the end of the day above this zone would confirm a breakout. A breakout would lead to a target of $0.14.
