Standard Uranium Ltd. [TSXV-STND; OTCQB-STTDF; FSE-9SU] reported that drilling and mobilization plans have been finalized for the inaugural drill program on the 7,302-hectare Canary Project, Saskatchewan.
The Project is currently under a three-year earn-in option agreement with Mamba Exploration Limited. Under 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.
The company and Mamba are pleased to announce that final planning is complete for the inaugural Spring/Summer drill program on the Project, situated in the prolific eastern Athabasca Basin. Exploration teams will be mobilizing to the field in early May, ahead of schedule.
Highlights – Drill Plan Finalized: Approximately 1,000-1,500 metres 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, 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.
Mobilization: Diamond drilling crews will mobilize to the Canary Project on May 3.
“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. “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 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. 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 Base Diamond Drilling team is scheduled to arrive at the Project on May 3 to begin drill pad preparation, and the Standard Uranium team is slated to mobilize on May 8, 2024.
The project is situated in the Mudjatik geological domain where several recent discoveries have been made, including IsoEnergy’s Hurricane Deposit located 11 km 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.
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.
Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world’s richest uranium district. The Company holds interest in over 209,867 acres (84,930 hectares) in the Athabasca Basin, Saskatchewan.
Standard Uranium has successfully completed four joint venture earn in partnerships on their Sun Dog, Canary, Atlantic and Ascent projects totaling over $31M in work commitments over the next three years from 2024-2026.
Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises 10 mineral claims over 30,737 hectares. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.
Standard Uranium’s eight eastern Athabasca projects comprise 30 mineral claims over 32,838 hectares. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries.
Standard Uranium’s Sun Dog project, in the northwest part of the Athabasca Basin, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.
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