Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V:
STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce
that diamond drilling has begun at its 100% owned Sun Dog Project.
(“Sun Dog” or “the Project”). 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.
Key Focus Points:
-
High-resolution ground gravity geophysics complete at Sun
Dog.
- Sun Dog
diamond drill program has begun.
- Drill
program on-target to begin at Davidson River, with drill contractor
engaged.
- All
three East Side projects permitted, and geophysical programs
contracted.
Sun Dog – Winter 2022 Drill
Program
The Company has received the results of a
high-resolution ground gravity survey completed over the Skye,
Haven, and Java target areas on the Project, further refining
high-priority uranium drill targets across the 15,770-hectare
property (Figure 1). Several gravity-low anomalies have been
identified and coincide with breaks or flexures in electromagnetic
(EM) conductors under Athabasca sandstone cover, providing
compelling ready-to-drill unconformity-related uranium targets. The
Standard Uranium team arrived at the Project on March 1st, and
drilling commenced at the first Skye target drill hole on March
4th, 2022. In addition, a high-resolution UAV magnetic survey will
be carried out over the coming days to add further geological
context to this season’s drill targets which are locally following
up on known high-grade1 uranium mineralization.
1 The Company considers uranium mineralization
with concentrations greater than 1.0 wt% U3O8 to be
“high-grade”.
The perched uranium mineralization present in
the Athabasca sandstone outcrop on the Project has never been
properly drill-tested at depth, and during the inaugural winter
drill program, the Company aims to discover the high-grade “roots”
of these mineralizing systems in the basement rocks underlying the
sandstones. In addition, a portion of the planned holes will
follow-up along conductor strike from historical basement-hosted
uranium mineralization.
Jon Bey, CEO and Chairman stated: “This is the
start of Standard Uranium’s largest exploration program to date,
and we are thrilled to be drilling our Sun Dog project to kick off
our 2022 season. Our projects are permitted for the 2022 season, we
have agreements with First Nations in place, and we have all our
vendors contracted. We are seeing a sharpening of investor
sentiment and focus upon issues such as the stability of nuclear
energy supply and the impact of political instability upon uranium
exploration and mining operations. We believe that Standard
Uranium’s excellent exploration prospects and operating environment
leave us well positioned to be able to create value for our
shareholders”.
Figure 1 accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/cee2322b-4abb-4306-bbcf-4952d08c923e
Davidson River – Spring/Summer 2022
Drill Program
Immediately following the completion of the Sun
Dog drill program, the Company will mobilize and begin the fourth
drill program on its flagship Davidson River Project (“Davidson
River”). The 25,886-hectare Davidson River Project is situated in
the Southwest Athabasca Uranium District of Saskatchewan and
contains significant blue-sky potential to make a high-grade
basement-hosted uranium discovery.
The spring/summer drill program is expected to
commence in May 2022, with key contractors secured, and will
follow-up on the most prospective basement structures and
alteration zones intersected to date and begin testing new target
areas along all four major conductors at Davidson River. Several
kilometres of graphitic conductors remain to be tested at Davidson
River, and the basement rocks of the Thunderbird trend remains
unexplored to date. The information, from only two years of
exploration on the project (2020-2021 drilling), has added to the
geological framework of the property and has bolstered the
Company’s confidence in continued exploration and drilling in 2022
(Figure 2).
Figure 2 accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b90185ed-b3b1-49ef-9b87-1838666bd560
East Side Projects – Atlantic, Canary,
& Ascent Geophysical Programs
In addition to two exciting drill campaigns, the
Company has plans to advance all three of its 100%-owned East Side
Projects in 2022 (Figure 3). The Atlantic, Canary, and Ascent
Projects all contain significant potential to host high-grade
unconformity-related uranium mineralization at relatively shallow
depths from surface. Geophysical programs are planned at all three
projects on the east side of the Athabasca Basin, which are fully
permitted and have key vendor contracts in place:
- High-resolution
ground gravity will be conducted over the western Atlantic Project
claim blocks in late winter 2022 to allow for prioritization of
future drill targets through identification of potential zones of
significant hydrothermal alteration.
- An induced
polarization/resistivity (“IP/resistivity”) survey will be
completed on the Canary Project in spring 2022 to yield valuable
structural, lithological, and/or alteration related 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 conductive lithologies in the
basement rocks.
- An airborne
time-domain electromagnetic (TDEM) survey will be flown over the
Ascent Project to further define and model the conductive
exploration corridors on the property coinciding with existing
geochemical anomalies.
The geological setting and encouraging
historical results on the East Side Projects have the Company’s
technical team very excited to branch out to the eastern hub of
uranium exploration in the Athabasca Basin.
Figure 3 accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/245d7ac2-39eb-4a40-afb3-1837afed77f6
Sean Hillacre, Vice President of Exploration
commented: “Myself and our technical team are extremely excited to
kick-off the biggest year of exploration for the Company to date.
The blue-sky potential on all five of our projects is massive and
we eagerly anticipate getting the drills into the basement rocks at
Sun Dog and following up at Davidson River this summer. Completing
geophysical surveys on our eastern Athabasca Basin projects and
getting them drill-ready also has us looking forward to planning
our inaugural drill programs on new and exciting ground in the
proven uranium district of the Eastern Athabasca Basin. We believe
that the Company is poised for success in 2022 with the strong
technical team we’ve built and all permits and key vendors in
place.”
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, in the
southwest part of the Athabasca Basin, Saskatchewan, is comprised
of 21 mineral claims over 25,886 hectares. Davidson River 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 Davidson
River 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, 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, Sun Dog,
and the East Side 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 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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