Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V:
STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce
its exploration schedule for 2022, in addition to confirming the
Company has secured key contractors to complete the planned work.
The Company will be following up on prospective
drilling results on its flagship 25,886-hectare Davidson River
Project (“Davidson River”) and will be completing the inaugural
drill program on its 100% owned Sun Dog Project (“Sun Dog”). In
addition, the Company has planned targeted geophysical surveys over
its three 100% owned Eastern Basin Projects to get those projects
drill-ready for late 2022. The Company’s five projects are situated
in the highly prolific Athabasca Basin (the “Basin”), host to the
world’s highest grade uranium deposits.
Jon Bey, President and CEO stated: “There is
currently a staking rush and a large influx of new entrants into
the Athabasca Basin as the uranium sector heats up. Not only do we
have strong relationships with our First Nations partners, but we
have also secured contractors to work all our exploration programs
for 2022. I am proud to say our team is set for success with all
projects permitted, funded, and key staff contracted.”
Exploration Summary
- 2022 will be the
most ambitious year of exploration activities for the Company to
date. The Company will be executing a minimum of two drill
campaigns in addition to geophysical surveys over four of its
projects to prioritize targets and focus drilling.
- Winter drilling
will focus on the Company’s 100% owned Sun Dog Project, located
along the northwestern rim of the Basin (Figure 1):
- The inaugural
Sun Dog drill campaign planned to begin in March 2022 will focus on
several high-priority target areas along several kilometres of
untested graphitic conductors coincident with cross-cutting faults
and historical intersections of high-grade uranium
mineralization.
- The program will
follow up on uranium mineralization, major structures, and
alteration zones intersected in historical drill holes, as well as
high-grade mineralization discovered at surface at the Haven (0.7%
U3O8), Skye (3.58% U3O8), and Java (1.7% U3O8) target areas.
- The perched
mineralization present at surface on Sun Dog has never been
properly tested at depth, and the Company aims to discover the
high-grade “roots” of these mineralizing systems in the basement
rocks underlying the Athabasca sandstones.
- Prior to the
winter drill program, the Company will be conducting
high-resolution ground gravity and UAV magnetics surveys over
high-priority target areas on Sun Dog in February 2022.
- Spring/Summer
drilling will comprise an aggressive follow-up campaign on Davidson
River, located in the southwestern corner of the Basin.
- The 2022 drill
program planned to commence in May 2022 will follow up on the most
prospective basement structures and alteration zones intersected to
date (Figure 2) and begin testing new target areas along all four
major conductors on the Project.
- Several
kilometres of graphitic conductors remain to be tested at Davidson
River, and the basement rocks of the Thunderbird trend remains
unexplored to date.
- In addition to
the 2022 drill programs, geophysical programs have been planned at
Sun Dog along with the Company’s 100% owned Atlantic, Canary, and
Ascent Projects on the east side of the Athabasca Basin (Figure 3);
- High-resolution
ground gravity will be conducted over the western Atlantic claim
blocks in January 2022 to allow for prioritization of future drill
targets.
- An airborne VTEM
survey is planned on the Ascent Project to further define and model
the conductive exploration corridors on the property.
- An induced
polarization/resistivity (“IP/resistivity”) survey is planned on
the Canary Project to yield valuable structural and lithological
information on the Project. The IP/resistivity method will assist
the technical team in mapping out cross-cutting structures and
potential alteration halos in the sandstone and basement
rocks.
Sean Hillacre, VP Exploration commented: “The
zones of strong hydrothermal alteration and intensely graphitic
basement structures, along with intervals of elevated radioactivity
intersected on the Davidson River Project this past summer has our
technical team very excited to get back to drilling our flagship
project in the Spring of 2022. We are also looking forward to
receiving the geophysical products from the leading-edge techniques
we are employing across our other Projects this year. The data
packages will enable us to further define our conductive
exploration corridors, as well as map out structural zones and
faults to generate robust drill targets along those conductors. On
all our projects, integration of prospective exploration results
with our current work will provide us with exceptional targets to
explore for high-grade structurally controlled uranium deposits
during our 2022 drill programs.”
Contractor and Employment
Engagement
The Company is also pleased to announce that it
has secured key contractors to complete the exploration programs
planned for 2022 despite the current extreme demand in the
industry. Base Diamond Drilling Ltd., led by Mr. Brady Stokes, has
been secured for the Sun Dog and Davidson River drill programs. The
drill contractor has extensive experience in both project areas and
has the equipment and skilled personnel to execute on these drill
programs.
MWH Geo-Surveys Ltd. (“MWH”) has been contracted
to complete the high-resolution ground gravity and UAV magnetics
surveys over the Atlantic Project and Sun Dog. MWH has several
decades of experience working in the Athabasca Basin and providing
top-tier geophysical products to aid in successful exploration
drill hole targeting.
Neil McCallum, Lead Technical Director Comments:
“We are incredibly encouraged to have retained the services of Base
Diamond Drilling and Brady Stokes. Mr. Stokes built the foundation
of his career as an expert driller in the southwest Athabasca
region and has now built a company that is well suited for the
conditions at Davidson River.” Additionally, Mr. McCallum states:
“Standard Uranium is well positioned amidst the current period of
personnel shortages in the industry by building and retaining a
motivated and skilled technical team to execute on our plans. Our
network of skilled contractors, such as Dahrouge Geological
Consulting and others are also well suited to support our
exploration.”
Figure 1. Plan map of Sun Dog highlighting historical drill
holes, geophysical conductors, and high-priority target
areas.https://www.globenewswire.com/NewsRoom/AttachmentNg/4d7f1548-09bb-4942-a186-5a8267823bad
Figure 2. Plan map showing summer Phase II 2021 drill holes at
Davidson River, and kilometres of untested conductor strike
length.https://www.globenewswire.com/NewsRoom/AttachmentNg/bc190164-a015-4395-afb8-1499b81c7ef5
Figure 3. Plan map highlighting Standard Uranium’s Eastern
Athabasca Projects and exploration trends, with respect to current
uranium showings, discoveries, and
deposits.https://www.globenewswire.com/NewsRoom/AttachmentNg/84786bfd-ffb5-4b26-bfc2-71eeb3501ccc
The scientific and technical information
contained in this news release, including the sampling, analytical
and test data underlying the technical information contained in
this news release, has been reviewed, verified, and approved by
Sean Hillacre, P.Geo., VP Exploration of the Company and a
“qualified person” as defined in NI 43-101.
About Standard Uranium (TSX-V:
STND)
We find the fuel to power a clean energy
future.
Standard Uranium is a mineral resource
exploration company based in Vancouver, British Columbia.
Since its establishment, Standard Uranium has focused on the
identification and development of prospective exploration stage
uranium projects in the Athabasca Basin
in Saskatchewan, Canada. Standard Uranium’s Davidson River
Project, in the southwest part of
the Athabasca Basin, Saskatchewan, is comprised of
21 mineral claims over 25,886 hectares. The Davidson River Project
is highly prospective for basement hosted uranium deposits yet
remains relatively untested by drilling despite its location along
trend from recent high-grade uranium discoveries. A copy of the NI
43-101 technical report that summarizes the exploration on the
Davidson River Project is available for review under Standard
Uranium’s SEDAR profile (www.sedar.com).
For further information contact:
Jon Bey, President, Chief Executive Officer, and Chairman550
Denman Street, Suite 200Vancouver, BC V6G 3H1Tel: 1 (306)
850-6699E-mail: info@standarduranium.ca
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains “forward-looking
statements” or “forward-looking information” (collectively,
“forward-looking statements”) within the meaning of applicable
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as of the date of this news
release. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, identified by words or phrases such as “expects”, “is
expected”, “anticipates”, “believes”, “plans”, “projects”,
“estimates”, “assumes”, “intends”, “strategy”, “goals”,
“objectives”, “forecasts”, “budget”, “schedule”, “potential”,
“possible” or variations thereof or stating that certain actions,
events, conditions or results “may”, “could”, “would”, “should”,
“might” or “will” be taken, occur or be achieved, or the negative
of any of these terms and similar expressions) are not statements
of historical fact and may be forward-looking statements.
Forward-looking statements include, but are not
limited to, statements regarding: the timing and content of
upcoming work programs; geological interpretations; timing of
results from the Company’s drill programs; and estimates of market
conditions.
Forward-looking statements are subject to a
variety of known and unknown risks, uncertainties and other factors
that could cause actual events or results to differ from those
expressed or implied by forward-looking statements contained
herein. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Certain
important factors that could cause actual results, performance or
achievements to differ materially from those in the forward-looking
statements include, among others: general economic conditions in
Canada and globally; industry conditions; governmental regulation
of the mining industry, including environmental regulation;
geological, technical and drilling problems; unanticipated
operating events; competition for and/or inability to retain
drilling rigs and other services; the availability of capital on
acceptable terms; the need to obtain required approvals from
regulatory authorities; stock market volatility; volatility in
market prices for commodities; liabilities inherent in the mining
industry; the development of the COVID-19 global pandemic; the
ability to commence and complete work on the Company’s projects
given the global COVID-19 global pandemic; changes in tax laws and
incentive programs relating to the mining industry. This list is
not exhaustive of the factors that may affect the Company’s
forward-looking statements. There may be other factors that could
cause actual events or results to differ from those expressed or
implied by forward-looking statements contained herein. See the
section entitled “Risk Factors” in the Company’s annual information
form for the fiscal year ended April 30, 2020, dated September 28,
2020, for additional risk factors that could cause actual events or
results to differ from those expressed or implied by
forward-looking statements contained herein.
Forward-looking statements are necessarily based
upon a number of factors and assumptions that, if untrue, could
cause actual events or results to differ from those expressed or
implied by forward-looking statements contained herein.
Forward-looking statements are based upon a number of estimates and
assumptions that, while considered reasonable by the Company at
this time, are inherently subject to significant business, economic
and competitive uncertainties and contingencies that may cause the
Company’s actual financial results, performance, or achievements to
be materially different from those expressed or implied herein.
Some of the material factors or assumptions used to develop
forward-looking statements include, without limitation: the future
price of uranium; anticipated costs and the Company’s ability to
raise additional capital if and when necessary; volatility in the
market price of the Company’s securities; future sales of the
Company’s securities; the Company’s ability to carry on exploration
and development activities; the success of exploration, development
and operations activities; the timing and results of drilling
programs; the discovery of mineral resources on the Company’s
mineral properties; the costs of operating and exploration
expenditures; the Company’s ability to identify, complete and
successfully integrate acquisitions; the Company’s ability to
operate in a safe, efficient and effective manner; health, safety
and environmental risks; the presence of laws and regulations that
may impose restrictions on mining; employee relations;
relationships with and claims by local communities and indigenous
populations; availability of increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development (including the risks of obtaining
necessary licenses, permits and approvals from government
authorities); uncertainties related to title to mineral properties;
assessments by taxation authorities; fluctuations in general
macroeconomic conditions.
The forward-looking statements contained in this
news release are expressly qualified by this cautionary statement.
Any forward-looking statements and the assumptions made with
respect thereto are made as of the date of this news release and,
accordingly, are subject to change after such date. The Company
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws. There can
be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements.
Neither TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this
release.
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