Standard Uranium increases Corvo to 12,265 hectares
2024-09-24 09:43 ET - News Release
Mr. Jon Bey reports
STANDARD URANIUM ANNOUNCES SIGNIFICANT PROJECT EXPANSION AND EXPLORATION PLANS ON THE CORVO URANIUM PROPERTY IN THE EASTERN ATHABASCA BASIN REGION, SASKATCHEWAN
Standard Uranium Ltd. has expanded, through low-cost staking, the Corvo uranium exploration project in the eastern Athabasca basin region in Northern Saskatchewan. The company has strategically added three new mineral claims to the project, increasing the size of Corvo from 7,989 hectares to 12,265 hectares, providing a high-value uranium project available for option.
With the addition of three new mineral dispositions to the Corvo project (as described as follows), the company now has ownership interests in 11 exploration properties totalling over 220,432 acres across the uranium-rich Athabasca basin.
Key highlights:
- Expansion of the Corvo project adds an additional 4,276 hectares and 14.8 kilometres of exploration strike length along three strong northeast-southwest magnetic low trends coincident with electromagnetic conductors and crosscutting faults, providing highly prospective shallow drill targets;
- High-resolution geophysical survey -- a modern EM (electromagnetic) survey is planned for the fall of 2024 to upgrade drill targets through definition of three main conductor trends;
- Uranium mineralization is present along a strike length of 800 metres between historical drill holes TL-79-3 (0.057 per cent U3O8 (triuranium octoxide) over 3.5 metres) and TL-79-5 (0.065 per cent U3O8 over 0.1 metre) on the project, in addition to the Manhattan showing with historical results of 59,800 parts per million uranium at surface;
- Increased exposure to the southeastern Athabasca uranium district, providing additional joint venture and land deal opportunities.
"With this significant expansion of the Corvo project, we continue to grow and diversify our portfolio of projects and create yet another highly attractive uranium project open to joint venture or earn-in option," said Sean Hillacre, president and vice-president, exploration for the company. "We look forward to the transactional and exploration upside we can derive from the Corvo project through a modern EM survey this year and defining drill targets for 2025."
Corvo project expansion
Standard Uranium holds a 100-per-cent interest in the Corvo project along the eastern boundary of the Athabasca basin. The recently expanded project consists of 13 mineral dispositions totalling 12,265 hectares. The Corvo project is situated 1.5 kilometres outside the current margin of the Athabasca basin, approximately 50 kilometres southwest of Rabbit Lake mill facilities and 45 kilometres northeast of the Gemini mineralized zone (GMZ).
The Corvo project expansion effectively doubles the exploration corridor strike length from approximately 14.5 kilometres to 29.3 kilometres along three northeast-trending magnetic-low/electromagnetic conductor corridors. Data compilation by the company is currently under way to refine target areas for high-grade uranium mineralization within metasedimentary and orthogneissic basement rocks.
The company believes the Corvo project is highly prospective for the discovery of shallow, high-grade basement-hosted uranium mineralization akin to that recently discovered at the Gemini mineralized zone. Located just outside the current margin of the Athabasca basin, Corvo boasts shallow drill targets with bedrock under minimal cover of glacial till. Several outcrop showings of mineralized veins and fractures are present on the project, notably the Manhattan showing, which returned historical sample results up to 59,800 parts per million uranium at surface and has never been drill tested.
The expansion of the Corvo project is part of the company's strategy to increase its landholdings in the infrastructure-rich eastern Athabasca basin of Saskatchewan, providing attractive opportunities for earn-in transactions. The project is available for option and is extremely well positioned logistically, being road accessible through Highway 905 and proximal to other key infrastructure such as the Rabbit Lake mill.
2024 exploration plans
The company plans to complete a projectwide airborne electromagnetic (EM) survey on the project in 2024 to increase confidence and resolution of conductive corridors and potential fault offsets across the project. Acquiring modern high-resolution EM data across all three conductive corridors on the project will provide a strong base for developing and prioritizing drill targets, establishing a turnkey joint venture opportunity.
In addition, the company is developing a ground-truth exploration program to confirm historical uranium showings through modern prospecting, sampling and mapping of outcrop exposure throughout the project, specifically, the Manhattan showing, which historically returned uranium values up to 59,800 parts per million uranium in outcrop. This additional work will upgrade target areas for an inaugural drill program and add value to the earn-in opportunity Corvo provides.
Qualified person statement
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, 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 220,432 acres (89,206 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 three joint venture earn-in partnerships on its Sun Dog, Canary and Atlantic projects totalling over $23.8-million in work commitments over the next three years from 2024 to 2027.
Standard Uranium's Davidson River project in the southwestern part of the Athabasca basin in Saskatchewan comprises 10 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 undertested 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 33 mineral claims over 37,114 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 northwestern part of the Athabasca basin in Saskatchewan comprises nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement-hosted and unconformity-hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.