Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V:
STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce
the final analytical results of the Phase II summer 2021 diamond
drilling program at the Company’s flagship 25,886-hectare Davidson
River Project (“Davidson River”). The Davidson River Project is
situated in the Southwest Athabasca Uranium District of
Saskatchewan, approximately 25 km to 30 km, respectively, to the
west of Fission Uranium’s Triple R deposit and NexGen’s Arrow
deposit.
The Company is also pleased to announce
high-grade1 uranium assays returned from surface grab samples
collected during a site visit on October 14th, 2021, at its
15,770-hectare, 100% wholly owned, Sun Dog Project (“Sun Dog”). Sun
Dog is located at the northwestern edge of the Athabasca Basin,
Saskatchewan, and is south of the first uranium mining camp in
Canada, the Beaverlodge District, near Uranium City.
1 The Company considers uranium
mineralization with concentrations greater than 1.0 wt% U3O8 to be
“high-grade”.
Jon Bey, President and CEO stated: “Our flagship
Davidson River Project continues to provide us with key technical
information that gets better with each drill program. Our goal is
to make a high-grade basement hosted discovery and we are excited
and committed to building on these results when we return to drill
the 4th program this spring. Prior to returning to Davidson River,
we will drill our inaugural program at our 100% owned Sun Dog
project near Uranium City this March. Based on the assay results
from recent grab samples, we are enthusiastic to evaluate the
initial drill core from this highly prospective region.”
Key Focus Points
- Final results are presented for the remaining 3 holes
of the 11-hole summer program; and confirm geochemical pathfinder
elements near altered and sheared basement structures that were
observed in the drill core.
- The Information from the 2020-2021 drilling has added
to the geological framework of the property and has added the
Company’s confidence in continued drilling, which is scheduled for
this spring and summer.
- Additional high-grade sampling from boulder grab
samples at the Sun Dog Project confirms the motivation to proceed
with the winter exploration program of a UAV magnetic survey,
ground gravity survey and an inaugural drilling
program.
Davidson River – Final Analytical
Results from Summer 2021 Program
The summer portion of the Davidson River Phase
II program comprised thirteen (13) drill holes totalling 3,828
metres of diamond drill core across all four of the major
conductive trends on the Project (Figure 1), revealing high
priority follow up targets for the 2022 spring/summer drill
program.
Figure 1. Plan map highlighting summer Phase II
2021 drill holes at Davidson River is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3fea0e3-34b9-476f-839e-eb87db9a7013.
Reactivated and strongly graphitic basement
structures along the previously untested Bronco trend were
successfully intersected in drill holes DR-21-027, -028, -030, and
-031. Highlights from these final holes from the Phase II summer
program include:
Rock types and structure
- Deep seated, strongly graphitic
structural zones were intersected within all four drill holes on
the Bronco trend, exhibiting 1.3 km of continuity along strike
between holes DR-21-027, -031 and -028 (Figure 1); and
- Stacked structures exhibit evidence
of brittle reactivation in shear zones and hydrothermal fluid flow
through fault conduits including moderate clay alteration and fault
gouge at depth (Figure 2).
Figure 2. Core photos of structural zones
intersected in the final Bronco drill holes of the Phase II summer
drill program are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/227f1763-ed4a-4093-a5e8-bca4d23db121.
A) Clay-chlorite altered fault gouge zone intersected in DR-21-028
at 272.6 m. B) Chlorite-healed cataclasite with graphitic shear
bands in DR-21-028 at 298.6 m. C) Graphitic protocataclasite
intersected in DR-21-030 at 373.7 m. D) Graphitic fault gouge zone
in DR-21-030 at 393.6 m. E) Graphitic-clay fault gouge overprinting
a shear zone at 408.2 m in DR-21-031. F) Intensely graphitic shear
zone intersected at 365.4 m in hole DR-21-031.
Geochemistry Highlights
- Results of summer 2021 holes
DR-21-020 to DR-21-027 were previously released on November 9th,
2021.
- DR-21-028:
- Anomalous U (14.0 ppm) from 350.0 to 350.5 m associated with a
pegmatitic melt zone and minor clay-carbonate fault gouge. The
sample interval also returned elevated Rare Earth Element (“REE”)
values including 798 ppm Ce, 293 ppm La, 259 ppm Nd, and 68.3 ppm
Pr. Anomalous alkaline element compounds and Ba (2,600 ppm) were
also returned, correlating with the elevated REE returned in hole
DR-21-027 southeast along strike of the Bronco trend.
- DR-21-029 & 029A: Hole
restarted and abandoned
- DR-21-030:
- Elevated U (5.46 ppm) and B (104 ppm) within a chloritized
fault breccia from 95.0 to 96.0 m.
- Anomalous U (10.9 ppm) from 182.0 to 182.5 m within a
carbonate-chlorite crackle breccia in altered granodioritic
gneiss.
- Anomalous U (20.0 ppm) and elevated pathfinder elements
including V (226 ppm), Cu (50.0 ppm), and Ni (82.3 ppm) from 369.5
to 370.0 m within chlorite-sericite altered granodioritic
gneiss.
- DR-21-031:
- Several elevated U intercepts
throughout the hole with maximums of 7.88 ppm and 7.87 ppm from
214.5 to 215.0 m and 356.5 to 357.0 m, respectively. The interval
from 356.5 to 357.0 m also returned elevated pathfinder elements
including Mo (17.7 ppm), Cu (390 ppm), and Co (63.4 ppm). Several
of the elevated intercepts are associated with reactivated basement
structure and local alteration and veining.
Schematic cross-sections through the Saint, SE
Warrior, and Bronco trends are provided in Figure 3 highlighting
selected drill holes from the Summer 2021 drill program.
Highlighted drill holes traces are projected to section and
displayed with total digestion uranium assays in parts per million
(“ppm”) and peak basement values >5.0 ppm annotated. Geology and
major structures are projected through section from the 3D
geological model of Davidson River.
Table 1. Summary of all Summer Phase II 2021
drill holes, Davidson River Project. Collar coordinates are
reported in NAD83 datum, Zone 12N; EOH = End of hole; TN = True
North; *Restarted or abandoned.
Drill Hole ID |
Trend |
UTM mE |
UTM mN |
Dip (°) |
TN Azimuth (°) |
Elevation (m) |
EOH (m) |
DR-21-020* |
Saint |
574768.71 |
6392491.82 |
-65 |
060 |
557.9 |
60.0 |
DR-21-022 |
Saint |
573838.48 |
6394312.33 |
-65 |
075 |
460.8 |
368.0 |
DR-21-023* |
Saint |
574392.36 |
6393134.20 |
-65 |
061 |
534.7 |
247.0 |
DR-21-024 |
Saint |
574051.03 |
6393865.68 |
-65 |
100 |
470.4 |
401.0 |
DR-21-025* |
Warrior |
573257.29 |
6387127.64 |
-70 |
065 |
539.2 |
149.2 |
DR-21-025A |
Warrior |
573257.16 |
6387127.71 |
-70 |
065 |
538.1 |
294.0 |
DR-21-026 |
Warrior |
573265.14 |
6386169.02 |
-70 |
065 |
524.8 |
324.0 |
DR-21-027 |
Bronco |
569191.00 |
6387471.55 |
-65 |
072 |
525.8 |
480.5 |
DR-21-028 |
Bronco |
568795.33 |
6388717.15 |
-65 |
070 |
478.7 |
432.0 |
DR-21-029* |
Thunderbird |
561167.42 |
6391388.30 |
-65 |
049 |
503.7 |
120.0 |
DR-21-029A* |
Thunderbird |
561167.84 |
6391388.58 |
-65 |
049 |
503.2 |
111.0 |
DR-21-030 |
Bronco |
567350.15 |
6392325.01 |
-70 |
065 |
456.2 |
411.0 |
DR-21-031 |
Bronco |
569099.58 |
6387732.80 |
-65 |
072 |
496.7 |
432.0 |
Figure 3 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6e7f1fd9-28df-4e8b-8de6-1d22ad88dce0.
A) Schematic cross-section through the Saint trend, highlighting
drill holes DR-21-022 and -024. B) Schematic cross-section through
the Warrior trend, highlighting drill holes DR-21-025A and -026. C)
Schematic cross-section through the Bronco trend, highlighting
drill hole DR-21-027 and -031.
Sun Dog – Skye Target Grab Sample
Analytical Results
In October 2021, four additional surface boulder
grab samples were collected from the Skye target area (Figure 4)
during a site visit by President and CEO, Jon Bey, and VP
Exploration, Sean Hillacre, which have returned high-grade1 uranium
assays of 1.08 wt% U3O8, 1.55 wt% U3O8, 2.54 wt% U3O8, and 2.95 wt%
U3O8. During the planned winter 2022 drill program, the Skye target
area will be the first to be drill-tested for additional high-grade
uranium mineralization at depth, following up on historical
drilling and high-priority geophysical targets along conductor
strike.
The inaugural Sun Dog drill campaign is on track
to begin in early March 2022 and will focus on several
high-priority target areas (Skye, Haven, Java) along several
kilometres of untested graphitic conductors coincident with
cross-cutting faults and historical intersections of high-grade
uranium mineralization. The perched uranium mineralization present
in the Athabasca sandstone outcrop 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 mineralized sandstones.
Figure 4. Plan map of Sun Dog highlighting
historical drill holes, geophysical conductors, and high-priority
drill target areas is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bcfe6296-cbe3-4965-be1a-0eb2c739eb67.
Grab samples noted in this release were taken from the Skye target
area.
High-resolution ground gravity and UAV magnetic
surveys will be completed over Sun Dog drill target areas during
February 2022, and geophysical crews mobilized to the Uranium City
area on January 19th. All key vendors have been secured including
local ice road contractors who will be constructing access roads
and drill pads over the coming weeks leading up to drill
mobilization in the last week of February.
Sean Hillacre, Vice President of Exploration
commented: “The strongly graphitic and clay-altered basement
structures intersected in the final holes of the summer season
along the Bronco trend have the technical team more excited about
Davidson River than ever. We are quickly and efficiently testing
our major conductors and continue to see exactly what we are
looking for to host uranium mineralization on the Davidson River
Project. Additionally, the high-grade uranium results from the Sun
Dog samples collected during my first trip to the Sun Dog Project
continue to build anticipation for our inaugural drill program in
March 2022. The confirmed presence of perched uranium
mineralization in the outcropping sandstones at Sun Dog bodes
extremely well for potential discovery of a significant uranium
system that may be contained in the basement rocks below.”
Samples collected for analysis are sent to
Saskatchewan Research Council Geoanalytical Laboratories (“SRC”) in
Saskatoon, Saskatchewan for preparation, processing and ICP-MS
multi-element analysis using total and partial digestion, gold by
fire assay and boron by fusion. Sandstone samples were tested using
the ICP-MS1 uranium multi-element exploration package plus boron.
Basement samples were tested with ICP-MS2 uranium multi-element
exploration package plus boron. All sandstone samples, and basement
samples marked as radioactive upon arrival to the lab were also
analyzed using the U3O8 assay (reported in wt %). All samples were
tested with the Au1 gold by fire assay (reported in ppb and
converted to g/t where appropriate). Basement rock split interval
samples range from 0.1 to 0.5 m and sandstone composite samples are
comprised of multiple equal sized full core “pucks” spaced over the
sample interval. Fire assay samples are chosen based on geological
features and comprise 0.5 to 1.0 m split samples in areas of
interest. SRC is an ISO/IEC 17025/2005 and Standards Council of
Canada certified analytical laboratory. Blanks, standard reference
materials, and repeats were inserted into the sample stream at
regular intervals in accordance with Standard Uranium’s quality
assurance/quality control (QA/QC) protocols.
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 titled “Updated Technical
Report on the Davidson River Property, Northwest Saskatchewan,
Canada” with an effective date of March 16, 2020, that summarizes
the exploration on the Davidson River Project is available for
review under Standard Uranium’s SEDAR profile (www.sedar.com).
Standard Uranium's Sun Dog Project, in the
northwest part of the Athabasca Basin, Saskatchewan,
is comprised of 6 mineral claims over 15,770 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.
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 Davidson River and Sun Dog
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 and Uncertainties” in the Company’s
management discussion and analysis for the fiscal year ended April
30, 2021, dated August 19, 2021 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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