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May 23, 2024

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Standard Uranium (STND.V) updates on activities at the Canary Uranium Project

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.

Overview map of Standard Uranium’s eleven Athabasca properties, including the newly staked Harrison project.

 

Today Standard Uranium provided an update on exploration activities planned for the 7,302-hectare Canary Project currently under a three-year earn-in option agreement with Mamba Exploration Limited. Pursuant to the Option Agreement, Mamba has been granted an option to earn a 75% interest in the Project by funding $6M in exploration expenditures over three years, with the inaugural drill program planned for spring 2024.

The Company is pleased to announce that planning for the inaugural drill program on the Project is nearing completion with the engagement of key vendors for the planned Spring/Summer exploration program at the Project.

“Our exploration thesis and targeting strategy in eastern Athabasca uranium district had been bolstered by the high-quality geophysical surveys and interpretations we have completed in preparation for this inaugural program,” said Sean Hillacre, President & VP Exploration for the Company. “Our technical team and partners at Mamba are excited to begin drilling the robust targets identified on Canary for the first time, exploring for shallow high-grade1 unconformity-related uranium mineralization.”

“The northeast portion of the eastern Athabasca Basin remains comparatively underexplored in terms of drilling. Immediately to the south of the Project, in the greater well-explored eastern-Athabasca region, the drilling density is roughly 1.7 drill holes per square-km. The Canary project contains two main conductive corridors, yet only contains three historical drill holes, or a drilling density of 0.04 drill holes per square-km,” stated Neil McCallum, Technical Director of Standard Uranium. “I am incredibly enthusiastic to have our inaugural drilling beginning soon, after several years of methodical targeting work.”

Overview of Standard Uranium’s northeastern Athabasca Basin projects, highlighting the Canary Project.

Highlights:

  • Key Vendors Secured: The Company has engaged drill and helicopter contractors for the inaugural Spring 2024 drill program slated to begin early-May.
  • Robust & Shallow Drill Targets: Drill plans comprise helicopter-supported diamond drilling focused on high-priority unconformity-related uranium targets refined by geophysical work completed by the Company in 2022. Ideal unconformity target zones on the Project lie within approximately 200-300 metres below surface.
  • Fully Funded: Mamba has secured funding for the inaugural drill program at Canary on the east side of the Basin, contributing towards year-one expenditure requirements under the Option Agreement.

The Company’s Canary project is situated in the Mudjatik geological domain where several recent discoveries have been made, including IsoEnergy’s Hurricane deposit 11 km directly to the south, and is significantly underexplored relative to adjacent magnetic low/electromagnetic (‘EM’) conductor corridors. Drill targets are being prioritized on the Canary claims based on historic exploration and geophysical surveys completed in 2022.

Geophysical map and schematic cross-section A-A’ highlighting basement-linked resistivity anomalies identified through the 2022 DC/IP survey on the...

 

TSXV_DLY:STND Chart Image by Uncharted-FX

The chart set up is still showing market structure of a cup and handle reversal pattern. The trigger remains a daily candle close above the $0.09 zone. So far, this zone remains resistance and sellers are stepping in to defend this zone. The stock recently found support at the $0.06 zone which has held for multiple days with a range and recently seen a push above.

 

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