Standard Uranium Provides Exploration Activities Update on the Canary Project, Eastern Athabasca Basin
Apr 08, 2024
VANCOUVER, British Columbia, April 08, 2024 (GLOBE NEWSWIRE) -- Standard Uranium Ltd. ("Standard Uranium" or the "Company") (TSXV:STND) (OTCQB:STTDF) (Frankfurt: FWB:9SU) is pleased to provide an update on exploration activities planned for the 7,302-hectare Canary Project ("Canary" or "the Project") currently under a three-year earn-in option agreement (the "Option Agreement") with Mamba Exploration Limited ("Mamba"). Pursuant to the Option Agreement, Mamba has been granted an option (the "Option") to earn a 75% interest in the Project by funding $6M in exploration expenditures over three years, with the inaugural drill program planned for spring 2024. The Company is pleased to announce that planning for the inaugural drill program on the Project is nearing completion with the engagement of key vendors for the planned Spring/Summer exploration program at the Project, situated in the prolific eastern Athabasca Basin. Highlights: Key Vendors Secured: The Company has engaged drill and helicopter contractors for the inaugural Spring 2024 drill program slated to begin early-May. 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 target zones on the Project lie within approximately 200-300 metres below surface. Fully Funded: Mamba has secured funding for the inaugural drill program at Canary on the east side of the Basin, contributing towards year-one expenditure requirements under the Option Agreement. "Our exploration thesis and targeting strategy in eastern Athabasca uranium district had been bolstered by the high-quality geophysical surveys and interpretations we have completed in preparation for this inaugural program," said Sean Hillacre, President & VP Exploration for the Company. "Our technical team and partners at Mamba are excited to begin drilling the robust targets identified on Canary for the first time, exploring for shallow high-grade1 unconformity-related uranium mineralization." The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be "high-grade". "The northeast portion of the eastern Athabasca Basin remains comparatively underexplored in terms of drilling. Immediately to the south of the Project, in the greater well-explored eastern-Athabasca region, the drilling density is roughly 1.7 drill holes per square-km. The Canary project contains two main conductive corridors, yet only contains three historical drill holes, or a drilling density of 0.04 drill holes per square-km," stated Neil McCallum, Technical Director of Standard Uranium. "I am incredibly enthusiastic to have our inaugural drilling beginning soon, after several years of methodical targeting work." Figure 1. Overview of Standard Uranium's northeastern Athabasca Basin projects, highlighting the Canary Project. Inaugural 2024 Drill Program The Company's Canary project is situated in the Mudjatik geological domain where several recent discoveries have been made, including IsoEnergy's Hurricane deposit 11 km directly to the south, and is significantly underexplored relative to adjacent magnetic low/electromagnetic (‘EM') conductor corridors. Drill ...Full story available on Benzinga.com
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