Full Read
Standard Uranium begins drill program at Atlantic
2024-02-27 09:48 ET - News Release
Also News Release (C-ATCM) Atco Mining Inc
Mr. Jon Bey reports
STANDARD URANIUM BEGINS DRILLING AT ATLANTIC PROJECT, EASTERN ATHABASCA BASIN
Standard Uranium Ltd. has commenced drilling activities at the company's 3,061-hectare Atlantic project. Atlantic is situated in the prolific eastern Athabasca basin, Northern Saskatchewan.
The project is currently under option to Atco Mining Inc. (the optionee) an arm's-length company listed on the Canadian Securities Exchange. Pursuant to the option, the optionee can earn a 75-per-cent interest in Atlantic over three years. The optionee-financed winter, 2024, drill program is planned to satisfy the first year of minimum exploration expenditures required by the option.
Highlights:
- Standard Uranium's geological team arrived at site on Feb. 26, and drilling has started on the first hole of the inaugural Atlantic program.
- One diamond drill testing high-priority target area A on the project, investigating a significant density anomaly coincident with modelled electromagnetic (EM) conductors and interpreted faults.
- Additional drill holes will follow up on highly anomalous uranium results and major structure intersected in drill hole BL-16-32.
- Approximately 2,000 metres to 3,000 metres planned across four to six drill holes, targeting high-grade unconformity-related uranium mineralization.
Note: The company considers uranium mineralization with concentrations greater than 1.0 weight per cent U3O8 (triuranium octoxide) to be high grade.
"The team and I are thrilled to announce that the drill is spinning ahead of schedule, kicking off our ambitious 2024 exploration season," said Sean Hillacre, President & VP Exploration for the Company. "There will be rocks in the box just in time for me and Jon Bey to continue sharing our story at the 2024 PDAC Convention, and we look forward to keeping the market updated as we progress our first eastern Athabasca drill program."
2024 Winter Drill Program
The Standard Uranium team arrived on site on February 26th, 2024, and diamond drilling on the first hole is currently underway. The winter program is the first drill campaign undertaken by the Company on the Project following successful identification of high-priority targets in 2022-2023.
The Project covers 6.5 km of an 18 km long, east-west trending conductive exploration trend which hosts numerous uranium occurrences. The Company completed a high-resolution ground gravity survey on the western claim block in 2022, revealing multiple subsurface density anomalies, potentially representing significant hydrothermal alteration zones in the sandstone rooted to basement conductors.
The drill program is designed to follow up on highly anomalous uranium results returned from drill hole BL-16-32, in addition to testing the newly outlined gravity lows defined by the 2022 ground survey. On the western Atlantic claim block, drilling by Denison Mines in 2016 (Hole BL-16-32) identified 342 ppm uranium over 0.5 metres at the base of the sandstone, just north of target area A (Figure 2). Winter drilling will be focused in target area A which is defined by a 1,400-metre x 850-metre density anomaly at the unconformity coinciding with stacked EM conductors and an interpreted regional fault. Figure 2 shows the 3D density anomaly target at the unconformity depth slice, with projected basement EM conductors and interpreted fault trends.
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 (TSX-V: STND)
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 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.
Standard Uranium has successfully completed four joint venture earn in partnerships on their Sun Dog, Canary, Atlantic and Ascent projects totaling over $31M in work commitments over the next three years from 2024-2027.
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.
Standard Uranium's eight eastern Athabasca projects comprise thirty mineral claims over 32,838 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 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.