Looks good.
Standard options Sun Dog project to private company
2023-10-23 09:10 ET - News Release
Mr. Jon Bey reports
STANDARD URANIUM ANNOUNCES SIGNING OF DEFINITIVE AGREEMENT FOR THE SALE OF THE SUN DOG PROJECT IN ATHABASCA BASIN
Standard Uranium Ltd. has signed a definitive option agreement, dated Oct. 20, 2023, with 1443904 B.C. Ltd. (the optionee), an arm's-length private company. Pursuant to the option agreement, the optionee will be granted the option to acquire 100 per cent of the 19,603-hectare Sun Dog project located along the northwestern edge of the Athabasca basin, by completing three years of exploration programs, and a series of cash and equity payments.
The option agreement replaces in its entirety the letter of intent previously entered into with International Sustainable Energy Mining Corp., dated Sept. 18, 2023, which has been terminated.
Pursuant to the terms of the option agreement, the optionee must first complete a going-public transaction within 90 days of signing this agreement. Following that, the optionee can acquire the Sun Dog project by making cash payments, issuing shares and incurring exploration expenditures over the next three years, as shown in the associated table.
Following exercise of the Option, the Company will retain a two percent net smelter returns royalty on the Sun Dog Project, half of which may be purchased back at any time prior to commercial production for a one-time cash payment of $1,000,000.
The Sun Dog project comprises 9 mineral claims located near Uranium City and contains the historic Gunnar uranium mine in the prolific Beaverlodge district where uranium was mined between 1953 and 1982 (Figure 1). The Company has completed two reconnaissance drill programs on the project totalling 2,469 metres of diamond drilling in the winter of 2022 and 2023. Highlighted by the first drill hole at the Haven discovery, SD-23-013, which intersected 1.5 m of elevated radioactivity up to 1,300 cps associated with a strong alteration halo. The winter 2023 program significantly expanded the footprint of a robust dravite-clay-iron oxide alteration system on Johnston Island which corresponds with instances of strong radioactivity. The magnitude of the alteration halos and structural disturbance in the targets areas highlights the potential for Sun Dog to host significant high-grade mineralization.
The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, P.Geo., President and VP Exploration of the Company and a "qualified person" as defined in NI 43-101.
About Standard Uranium
We find the fuel to power a clean energy future
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 187,542 acres (75,895 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. Standard Uranium's Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 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.
Standard Uranium's Atlantic, Canary, Ascent, Corvo, and Rocas Projects, in the eastern Athabasca Basin, comprise twenty-three mineral claims over 25,242 hectares. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries. Standard Uranium's Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.