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 has begun at the inaugural 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.
The drilling crew arrived on May 3rd 2024 and drilling has commenced ahead of schedule.
Highlights:
- Drilling Underway: Drilling began on May 8th, 2024. Approximately 1,000-1,500 metres are planned across 3-4 drill holes, targeting shallow high-grade1 unconformity-related uranium mineralization.
- 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 and basement target zones on the Project lie within approximately 200-350 metres below surface.
- Untapped Uranium Potential: One diamond drill will focus on the highest-priority target area along the northern electromagnetic (“EM”) corridor (Figure 2), investigating a significant resistivity anomaly coincident with modeled VTEM conductors for the first time.
- Fully Funded: Mamba Exploration will be funding 100% of the program to meet the year-one expenditure requirements under the Option Agreement.
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.
Significant resistivity-low anomalies are present along the northern conductor on the project, potentially representing substantial hydrothermal alteration zones in the sandstone and coincident with basement conductors.
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. Drill targets have been prioritized on the northern Canary EM corridor, providing robust and untested drill targets for the Phase I drilling program.
Geophysical map highlighting basement-linked resistivity anomalies identified through the 2022 DC/IP survey on the Canary Project. The 2024 drill target area is circled in red.
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 stock is up 2.5% on the news at time of writing. It should be noted the stock underwent a 1:5 splitting today.
Currently, support at $0.225 has been broken. Sellers have also stepped in on the retest of the $0.225 zone. What was once support has now become resistance. There is some support lower at the $0.16 zone, but major support comes in at $0.10.
Ideally, bulls would like to see the price recover and reclaim the $0.22 zone to nullify the current support breakdown.
