Mike Fagan,
Editor
June 7, 2024
Hybrid prospect generator Standard Uranium Ltd. (TSX-V: STND)(OTC: STTDF) — currently trading undiscovered around C$0.15 per share in the 2024 uranium bull market — has wrapped up inaugural drilling at the Canary uranium project, highlighting localized anomalous radioactivity and prospective rock types typical of basement-hosted uranium deposits.
The 7,302-hectare Canary project is located on the east side of Saskatchewan’s prolific Athabasca Basin — 11 km north of IsoEnergy’s high-grade Hurricane uranium deposit (see below) — and is under a three-year, 75% earn-in option agreement to Mamba Exploration Ltd.
Standard Uranium is operator on the project with Mamba funding C$6M in exploration expenditures over the three-year earn-in period. The project is situated in the Mudjatik geological domain, which is the same domain that hosts the aforementioned Hurricane deposit.
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Anomalous radioactivity (>300 cps) was intersected in one of the four inaugural drill holes at Canary along with the identification of multiple zones of favorable alteration and favorable host rocks, including hydrothermal silicification, clay, chlorite, and hematite.
The 1,863-meter drill program (which was completed ahead of schedule and under budget) was focused on high-priority targets along one of three conductor systems refined by geophysical work completed by Standard in 2022. With Phase I drilling now in the books, the company’s geologic team has confirmed that the unconformity was successfully intersected at approximately 220 to 250 meters below surface.
Looking ahead and, again, with just one of three known conductor systems drill-tested to-date, the Canary property continues to show significant uranium discovery potential across these underexplored systems, which are situated along a 16-km-long corridor.
Follow-up drilling in multiple phases is being planned and will be guided by results of the newly completed drilling and further supplemented by geophysical surveying.
Standard Uranium president & VP of exploration Sean Hillacre — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the results of the spring 2024 program via press release:
“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.”
And far from a one-trick pony, Standard Uranium has successfully inked a total of four current joint venture earn-in partnerships on its Canary Project (Phase I drilling now complete), Atlantic Project (Phase I drilling completed in April 2024), Sun Dog Project (Phase I drilling slated to commence next month), and Ascent Project totaling over C$31M in work commitments over the next three years assuming each partner completes its full earn-in.
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As an active hybrid prospect generator with partner-funded and self-funded projects, STND’s robust portfolio comprises a grand total of 11 early-stage uranium exploration projects in the Athabasca Basin.
With uranium in a resilient bull market near the US$90 per pound mark, and with multiple shots-on-goal for uranium discovery success in the Athabasca Basin — all at a sub-C$10M market cap — speculators can anticipate steady news flow from Standard Uranium on both self-funded and partner-funded projects throughout the remainder of 2024 and well into 2025.
Always quick on the spot, our own Gerardo Del Real of Junior Resource Monthly caught up with Standard Uranium president & VP of exploration Mr. Sean Hillacre to discuss the positive drill results from Canary, the current bull market in uranium, and much, much more. Please enjoy!
For additional information 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