Vancouver, British Columbia--(Newsfile Corp. - November 15, 2024) - Standard Uranium Ltd. (TSXV: STND) (OTCQB: STTDF) (FSE: 9SU0) ("Standard Uranium" or the "Company") is pleased to report initial assay results from the 2024 exploration program at the Company's Sun Dog Uranium Project ("Sun Dog") located near Uranium City in northwestern Saskatchewan (Figure 1). Detailed mapping and prospecting across multiple target areas was completed ahead of the 2024 summer drill program, returning outcrop grab samples containing anomalous uranium up to 13.0% U3O8. The Project is currently under an earn-in agreement with Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3) ("Aero"), who have committed to Year 2 of the three-year earn-in option agreement (the "Option") that was executed on October 20, 2023. Aero will commit a minimum of $2.0M in Year 2 exploration expenditures on the Project starting on October 20, 2024. Exploration programs are managed and operated by Standard Uranium.
Highlights:
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High-Grade Uranium Assays: The Wishbone and Spring-Dome Target Areas contain numerous recent and historical high-grade* uranium assays from outcrop samples that range from 0.01% to 17.4% U3O81,2.
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Wishbone Target Area: Recent prospecting has outlined new uranium mineralization at surface with uranium assays up to 0.143% U3O8 and confirmed historical showings up to 0.32% U3O83 within and immediately adjacent to graphitic pelite outcrop.
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Spring-Dome Target Area: New zones of off-scale radioactivity >65,535 cps** at surface associated with visible uranium mineralization grading up to 13.0% U3O8 have been discovered during the recent prospecting program at the un-tested Spring-Dome target area.
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McNie Target Area: More than 4km of untested VTEMTM conductors off-set by major faults which host known uranium showings to the east and to the west towards the past-producing Gulch uranium mine. Uranium mineralization returned within a boulder sample up to 0.25% U3O8.
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Anomalous Radioactivity at Wishbone: A total of 1,593 metres were completed across eight drill holes targeting shallow high-grade* basement-hosted uranium mineralization at the Wishbone target area. Intervals of anomalous radioactivity** >300 counts per second ("cps") were intersected in seven of eight drill holes with geochemical assays pending.
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Unrealized Potential: The targets tested during the summer 2024 program represent only a small fraction of the dozens on the ground and the Company is working with its option partners to prioritize follow ups for additional geophysics and drill programs to further test these promising areas.
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Next Steps: The Company and partners at Aero are currently planning additional geophysical work to further refine drill target areas for 2025, which are scheduled to begin imminently. This work coupled with follow-up drilling will contribute to Aero's Year 2 exploration expenditures on the Project.
Figure 1. Overview of the Sun Dog Project highlighting drill target areas, high-grade uranium occurrences, and EM-conductors.
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Sun Dog Project - 2024 Prospecting
The Sun Dog Project covers an area of 19,603 hectares in nine mining claims, located 15 km SW of Uranium City on the northern margin of the Athabasca Basin. Recent prospecting and mapping at the Wishbone, McNie, and Spring-Dome target areas has outlined multiple outcrops of favourable uranium host-rocks, including graphitic pelite, which is commonly radioactive over >200 m of collective strike length. Structural measurements and radioactivity mapping has further refined drill targets in these areas for ongoing exploration.
Drill targets are prioritized based on geophysical signature, geological/structural setting, proximity to known uranium occurrences, and the Company's recent prospecting and mapping campaign. Occurrences of strong to intense radioactivity in outcropping basement rocks were identified at surface while prospecting at the Wishbone and Spring-Dome target areas returned anomalous uranium and pathfinder elements and are summarized in Table 1.
- Wishbone (Figure 2):
- Approximately five kilometres of strike length along a regional scale anticline, defined by strong VTEM conductors with associated radioactivity along each fold limb.
- Table 1 - Uranium mineralization confirmed from 2024 prospecting samples within graphitic metapelite outcrop up to 0.143% U3O8.
- Graphitic pelites have been mapped along both fold limbs, hosting strong radioactivity up to 22,300 cps (RS-125 Scintillometer).
- Historical outcrop sampling at the northwestern graphitic pelite exposure returned assay results of 0.32% U3O8 and 0.30% Cu3.
- Spring-Dome (Figure 3):
- Located directly west of the past-producing Gunnar mine, historically explored Gunnar-style target focused on mineralized carbonatized granites and pitchblende veins and fractures.
- Table 1 - Uranium mineralization confirmed from 2024 prospecting samples associated with visible uranium, up to 13.0% U3O8.
- The Spring-Dome area has been historically drilled with intersections over 1.0% U3O8; however, several showings of uranium south of known drilling with values up to 17.4% U3O8and radioactivity readings >65,535 cps (RS-125 Scintillometer) have not been properly drill-tested.
- McNie (Figure 4):
- Approximately four kilometres of untested VTEM conductor strike length NE along strike of the Wishbone target area.
- Table 1 - Uranium mineralization confirmed from 2024 prospecting sample of a paragneiss boulder, up to 0.246% U3O8.
- The corridors are off-set by significant E-W trending regional faults, which host known uranium showings to the east towards the newly discovered zone at target H15 on the Murmac Project, and to the west towards the past-producing Gulch uranium mine.
Table 1. 2024 prospecting: anomalous uranium and pathfinder element geochemistry.
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Figure 2. Detail map of the Wishbone target area highlighting 2024 drill holes and moderate to highly anomalous U3O8 assays from 2024 prospecting.
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Figure 3. Detail map of the Spring-Dome target area highlighting moderate to highly anomalous U3O8 assays from historical (grey callouts) and recent 2024 prospecting (white callouts).
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Figure 4. Detail map of the McNie target area highlighting untested VTEM conductors, faults, surface radioactivity, and highly anomalous U3O8 assays from 2024 prospecting.
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Samples collected for analysis were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan for preparation, processing, and ICP-MS multi-element analysis using total and partial digestion, gold by fire assay, and boron by fusion. Sandstone samples were tested using the ICP-MS1 uranium multi-element exploration package plus boron. Basement samples were tested with ICP-MS2 uranium multi-element exploration package plus boron. All sandstone samples, and basement samples marked as radioactive upon arrival to the lab were also analyzed using the U3O8 assay (reported in wt %). Basement rock split interval samples range from 0.1 to 0.5 m and sandstone composite samples are comprised of multiple equal sized full core "pucks" spaced over the sample interval. SRC is an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Blanks, standard reference materials, and repeats were inserted into the sample stream at regular intervals in accordance with Standard Uranium's quality assurance/quality control (QA/QC) protocols. All samples passed internal QA/QC protocols and the results presented in this release are deemed complete, reliable, and repeatable.
Samples containing clay alteration were sent to Rekasa Rocks Inc. in Saskatoon, Saskatchewan to be analyzed by Short Wavelength Infrared Reflectance ("SWIR") via a Portable Infrared Mineral Analyzer ("PIMA") to verify clay species.
Historical data disclosed in this news release relating to sampling results on the Sun Dog Project are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company's future exploration work may or may not include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of the Project.
QP Statement
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.
*The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be "high-grade".
** The Company considers radioactivity readings greater than 300 counts per second (cps) to be "anomalous" and greater than 65,535 cps as "off-scale".
***Natural gamma radiation in outcrop reported in this news release was measured in counts per second (cps) using a handheld RS-125 super-spectrometer and a downhole Reflex EZ-Gamma probe. Readers are cautioned that scintillometer and gamma probe readings are not uniformly or directly related to uranium grades of the rock sample measured and should be treated only as a preliminary indication of the presence of radioactive minerals.
About Standard Uranium (TSXV: 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 233,455 acres (94,476 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 executed three joint venture earn-in partnerships on their Sun Dog, Canary, and Atlantic projects totaling over $23.8M in work commitments over the next three years from 2024-2027, all of which will be managed by Standard's experienced exploration team.
Standard Uranium's Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, comprises 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 drilling despite its location proximal to uranium discoveries in the area.
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 eastern Athabasca projects comprise over 42,384 hectares of prospective land holdings. 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.
References
- 2022 Winter Mineral Assessment Report, Sun Dog Property, Northern Saskatchewan, Canada, Standard Uranium, 2022
- Information obtained from Saskatchewan Mineral Deposit Index and historical report from Uranium City Resources, 2007
- Saskatchewan Mineral Deposits Index (SMDI) #2095 - Showing FW-33
Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking statements" or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Forward-Looking statements include, but are not limited to, statements regarding: the timing and content of upcoming work programs; geological interpretations; timing of the Company's exploration programs; and estimates of market conditions.
Forward-Looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the "Risks and Uncertainties" in the Company's management discussion and analysis for the fiscal year ended April 30, 2024.
Forward-Looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company's actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: that the transaction with the Optionee will proceed as planned; the future price of uranium; anticipated costs and the Company's ability to raise additional capital if and when necessary; volatility in the market price of the Company's securities; future sales of the Company's securities; the Company's ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company's mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.
The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
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