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 mobilization has commenced in preparation for the Company’s inaugural drill program at the 3,061-hectare Atlantic Project. The Project is currently under option to ATCO Mining Inc. Pursuant to the Option, the Optionee can earn a 75% interest in Atlantic over three years. The Optionee-funded winter 2024 drill program is planned to satisfy the first year of minimum exploration expenditures required by the Option.
“It is an exceptional outcome and a testament to our team’s vision and resolve to have completed the definitive agreement with ATCO and have a drill on site the following week,” said Sean Hillacre, President & VP Exploration for the Company. “We are very eager to begin testing our western block target areas at Atlantic which we have identified through measured analyses of our geophysical data and key geological characteristics of the area specifically relating to uranium mineralizing systems.”
The drill program will be the first drill campaign completed by the Company on the Project following successful identification of high-priority targets in 2022-2023. Standard Uranium completed a high-resolution ground gravity survey on the western claim block in 2022, revealing multiple subsurface density anomalies, potentially representing significant hydrothermal alteration zones in the sandstone rooted to basement conductors.
The drill program is designed to follow up on highly anomalous uranium results returned from drill hole BL-16-32, in addition to testing the newly outlined gravity lows defined by the 2022 ground survey. On the western Atlantic claim block, drilling by Denison Mines in 2016 (Hole BL-16-32) identified 342 ppm uranium over 0.5 metres at the base of the sandstone, just north of target area A (seen below).
Winter drilling will be focused in target area A which is defined by a 1,400-metre x 850-metre density anomaly at the unconformity coinciding with stacked EM conductors and an interpreted regional fault.
The Base Diamond Drilling team arrived at the Project on February 19th to begin access trail and drill pad preparation, and the Standard Uranium team is slated to mobilize on February 26th, 2024.
The stock is down 6% on the news at time of writing.
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 is rejecting this zone once again after dropping to $0.06.
Major support comes in at the $0.045 zone.
