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Standard Uranium finalizes plans for Canary drilling
2024-04-29 12:51 ET - News Release
Mr. Sean Hillacre reports
STANDARD URANIUM PREPARES TO MOBILIZE FOR JV-PARTNER FUNDED INAUGURAL DRILL PROGRAM AT CANARY PROJECT, EASTERN ATHABASCA BASIN
Standard Uranium Ltd.'s drilling and mobilization plans have been finalized for the inaugural drill program on the 7,302-hectare Canary project. The project is currently under a three-year earn-in option agreement with Mamba Exploration Ltd. Pursuant to the option agreement, Mamba has been granted an option to earn a 75-per-cent interest in the project by financing $6-million 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 to 1,500 metres planned across three to four drill holes, targeting shallow high-grade unconformity-related uranium mineralization.
- Robust and 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 to 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 modelled versatile time-domain conductors for the first time.
- Fully financed: Mamba Exploration will be financing 100 per cent 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 and vice-president, exploration, for the company. "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."
Inaugural 2024 drill program
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 to 2023. The project covers more than 16 kilometres of conductive corridors across three prospective exploration trends which locally host anomalous historical uranium occurrences. The company completed a high-resolution ground direct current/induced polarization 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 directly 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 are directly comparable with the response and scale of the GeoTEM conductor which hosts the Roughrider/J-zone uranium deposits farther to the south. Highly anomalous geochemistry and favourable alteration was returned from historical drill hole CRK-137 along the southeastern conductor, providing an exceptional follow-up target for phase II drilling.
The scientific and technical information contained in this news release has been reviewed, verified and approved by Mr. Hillacre, PGeo, president and vice-president, exploration, of the company and a qualified person as defined in National Instrument 43-101.
About Standard Uranium Ltd.
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 world-class Athabasca basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition and exploration of Athabasca-style uranium targets with a view to discovery and future development.