Mike Fagan,
Editor
July 5, 2024
Hybrid prospect generator Standard Uranium Ltd. (TSX-V: STND)(OTC: STTDF) — currently trading undiscovered around C$0.10 per share in the 2024 uranium bull market — has announced analytical results from its inaugural winter 2024 drill program at the Atlantic uranium project located in Saskatchewan’s prolific Athabasca Basin.
The 3,061-hectare project is under option to Atco Mining (CSE: ATCM)(OTC: ATMGF) with Standard Uranium as operator and with Atco funding 100% of the exploration and drilling costs. Atco has an option to earn a 75% interest in the project over three years.
The project — which covers 6.5 km of an 18-km-long, east-west trending conductive exploration trend — lies on the eastern side of the Athabasca Basin area where STND has amassed an impressive multi-project presence (see below).
The recently completed Phase-1 program comprised 3,316 meters of diamond drilling across 5 drill holes with a focus on targeting high-grade unconformity-related uranium mineralization based on historical drill holes, geophysical anomalies, and EM conductors.
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Highlights include:
- Uranium Mineralization Confirmed: Highly anomalous uranium values were confirmed in three of five holes and coincided with prospective structural zones and favorable alteration.
- Sandstone & Basement-Hosted Uranium: Multiple zones of elevated uranium values linked to the sub-Athabasca unconformity and basement structural zones were intersected — indicating a uranium-fertile system.
- Uranium Pathfinders: Several key uranium pathfinder elements were found in anomalous quantities in multiple drill holes, providing vectoring information for future exploration and drilling programs.
Standard Uranium president & VP Exploration Sean Hillacre commented on the results via press release:
“Confirming uranium mineralization and dravite alteration in multiple holes from our inaugural drill program at Atlantic is a fantastic first result. In addition, highly anomalous pathfinder elements coupled with the presence of a significant structural framework on the property provides the ideal conditions for high-grade unconformity-related uranium mineralization to follow up on. The scale and intensity of deformation in the basement rocks paired with strong alteration in the sandstone is highly prospective and we are just beginning to reveal the compelling uranium story along this 18 km-long trend next door to one of the highest-grade uranium deposits in the world.”
Based on positive results received to-date from Phase-1, supplementary geophysical surveys and follow-up targets are currently being planned and delineated as geological data from the program continues to be processed and interpreted.
In all, Standard Uranium has successfully inked four joint venture earn-in partnerships on its Atlantic, Canary, Sun Dog and Ascent uranium exploration projects totaling over C$31M in work commitments over the next three years, assuming each partner completes its full earn-in.
On 6 June 2024, Standard Uranium, as operator, released initial results from its inaugural drill program at Canary, which is under option (75% earn-in) to Mamba Exploration Ltd.
The 7,302-hectare property is situated on the east side of the Athabasca Basin — 11 km north of IsoEnergy’s high-grade Hurricane uranium deposit (see below) — and offers potential for high-grade unconformity-related uranium mineralization.
Sean Hillacre commented:
“Intersecting anomalous radioactivity and zones of hydrothermal alteration in a completely untested area on one of three conductive corridors on the Canary project is very encouraging. The results from this program have revealed packages of the ideal host rocks for basement-hosted uranium mineralization, in addition to a potential quartzite ridge which is an important feature present in other eastern Athabasca uranium deposits such as McArthur River and Phoenix.The technical team and I are excited to continue our exploration efforts on the Project with our partners at Mamba and look forward to putting out more results through 2024 and begin testing additional target areas in Phase II and III drilling.”
The Sun Dog project is part of Standard’s “Uranium City Vision” wherein STND’s Sun Dog property and Fortune Bay’s Murmac and Strike uranium properties have been consolidated to form a district-scale uranium exploration opportunity in the northwestern Athabasca Basin area.
Collectively referred to as the Sun Dog project, Standard Uranium optioned the drill-ready project to Aero Energy Ltd. in Q1 2024 wherein Aero can acquire between 70% and 100% of the three uranium exploration properties.
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The combined optionable properties cover a total area of 39,381 hectares, which, together, lay host to high-grade uranium mineralization at surface along with high prospectivity for basement-hosted uranium mineralization associated with the Athabasca Basin unconformity.
Fully-permitted and situated within the Uranium City area of the Athabasca — the Sun Dog project comprises nine claims and is host to the historical Gunnar Uranium Mine, which produced ~18M lbs U3O8 between 1953 and 1981. The Sun Dog project also hosts historical uranium mineralization at surface ranging between 0.1% and 3.58% U3O8.
To-date, STND has invested ~C$4M in exploration at Sun Dog; 13 holes drilled in 2022 and 2023 resulted in the identification of anomalous radioactivity in broad zones of strong hydrothermal alteration requiring follow-up. Ground gravity surveying and drilling, to-date, have identified significant areas of alteration; detailed airborne magnetics have identified cross-cutting structures.
Previous drilling by Standard and Fortune Bay intersected narrow zones of uranium mineralization within significant zones of hydrothermal alteration. Shallow, elevated uranium in drill core on each property is associated with electromagnetic conductors sourced from brittle-deformed graphitic rocks and pathfinder elements typical of high-grade Athabasca-based U3O8 deposits.
Standard Uranium CEO Jon Bey — whom you’ll be hearing from directly in our exclusive interview coming right up — commented on the company’s Uranium City Vision via press release.
“The vision for the Uranium City region has been shared by the management of Standard Uranium and Fortune Bay for some time. By combining our properties and infrastructure under one company, Aero Energy, we can now explore this region year-round, decreasing exploration expenses and creating work for the local communities and exploration vendors. The Standard Uranium technical team will be heavily involved in planning and operating the exploration programs.”
A ~C$1.5M exploration/drill program is scheduled to kick off at Sun Dog in just a few weeks and will be fully funded by Aero Energy. The program will test the depth extent of high-grade uranium mineralization present at surface across multiple high-priority targets.
In addition to its portfolio of partner-funded projects, Standard Uranium is simultaneously advancing its flagship, self-funded Davidson River uranium exploration project in the southwestern Athabasca Basin.
The Davidson River project comprises 10 mineral claims spanning 30,737 hectares in an area of the basin that contains over 400 million pounds of high-grade uranium in world-class deposits, including Fission Uranium’s Triple R and NexGen Energy’s Arrow deposits.
STND has laid the foundation for discovery using industry-leading surveys to define more than 70 km of prospective exploration trends at Davidson River with plans in place for a 2H 2024 drill program as a follow up to positive results received from prior drill rounds.
In other words, multiple shots-on-goal for Standard Uranium as we enter 2H 2024 with uranium prices continuing to hold strong above US$80 per pound.
Always quick on the spot, our own Gerardo Del Real of Junior Resource Monthly caught up with Standard Uranium CEO Jon Bey for a jaunt across the project portfolio, plus an expert look at the uranium market from a macro perspective. Please enjoy!
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For more on Vancouver-based Standard Uranium Ltd., please contact the company’s IR department at 306-850-6699 or via email at info@standarduranium.ca.
Visit the Standard Uranium corporate website and sign up to receive updates directly from the company here.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest