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 that drilling and mobilization plans have been finalized for the inaugural Spring/Summer drill program on the 7,302-hectare Canary Project. The Project is 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 CAD$6M in exploration expenditures over three years, with the inaugural drill program planned for spring 2024.
“Our technical team and partners at Mamba are thrilled to begin drilling the exciting targets identified on the first of three EM corridors on the Project for the first time, exploring for shallow high-grade unconformity-related uranium mineralization,” said Sean Hillacre, President & VP Exploration for the Company. “Our exploration thesis on the Project is directly analogous to the targeting strategies that lead to recent discoveries in the Mudjatik Domain such as the high-grade Hurricane deposit just to the south of Canary.”
The Project is situated in the Mudjatik geological domain where several recent discoveries have been made, including IsoEnergy’s Hurricane Deposit located 11 km directly to the south, and is significantly underexplored relative to adjacent magnetic low/EM conductor corridors.
The spring/summer program will be the first drill campaign completed by the Company on the Project with partner company Mamba Exploration, following successful identification of high-priority targets in 2022-2023. The Project covers more than 16 km of conductive corridors across three prospective exploration trends which locally host anomalous historical uranium occurrences. The Company completed a high-resolution ground DC/IP survey on the project in 2022, providing valuable structural and lithological information in the area to identify conductive bodies and potential fault systems.
The Base Diamond Drilling team is scheduled to arrive at the Project on May 3rd to begin drill pad preparation, and the Standard Uranium team is slated to mobilize on May 8th, 2024.
Additionally, legacy GeoTEM data defining the southeastern EM corridor on the project is directly comparable to the response and scale of the GeoTEM conductor which hosts the Roughrider/J-zone uranium deposits further to the south. Highly anomalous geochemistry and favorable alteration was returned from historical drill hole CRK-137 along the southeastern conductor, providing an exceptional follow-up target for Phase II drilling.
The chart set up is still showing market structure of a cup and handle reversal pattern, but we are now at the major support zone and could see this reversal pattern probabilities drop with a breakdown of support.
The trigger for the cup and handle remains a daily candle close above the $0.09 zone. So far, this zone remains resistance and sellers have stepped in to defend this zone.
On the other hand, we printed a dragonfly doji at our major support zone. Single candlesticks aren’t always the best trigger, but it does indicate that buyers are stepping in here. Watch for a nice green bodied candle to follow to indicate a nice move higher to retest the resistance zone.
