Ultra low-priced uranium explorer has other companies funding multiple 2024 drill programs in Canadian hotbed

Hybrid prospect generator Standard Uranium Ltd. (TSX-V: STND)(OTC: STTDF) — currently trading undiscovered around C$0.07 per share in the 2024 uranium bull market — has commenced drilling at the Atlantic uranium project located in the prolific eastern Athabasca Basin in northern Saskatchewan, Canada.

Standard Uranium optioned the Atlantic project to Atco Mining Inc. (CSE: ATCM)(OTC: ATMGF) just over a week ago whereby Atco can earn a 75% interest in the project over three years. 

That ultra-fast turnaround time from the consummation of the agreement to the start of drilling is a true testament to Standard’s strong presence and exploration proficiency in the Athabasca Basin region. 

With Standard as operator and with Atco funding 100% of the exploration costs, the 2,000 to 3,000 meter program is being deployed to test for high-grade unconformity-related uranium mineralization based on historical drill holes, geophysical anomalies, and EM conductors. 

Standard Uranium 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.

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Standard has commenced drilling the first hole at Area A, a high-priority target based on EM conductors and interpreted faults. Additional holes will follow up on highly anomalous uranium results and a major structure intersected in Area A in previous drill hole BL-16-32 (see below, left).

Standard Uranium map

Standard Uranium president & VP Exploration Sean Hillacre — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the start of drilling at the Atlantic JV project via press release:

“The team and I are thrilled to announce that the drill is spinning ahead of schedule, kicking off our ambitious 2024 exploration season. 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.”

In addition to the newly-optioned Atlantic project, Standard Uranium has completed a number of key milestones in Canada’s Athabasca Basin region this year, including:

  • Optioned the Ascent Uranium Project to Summitt Fusion Ltd.
  • Expanded the Ascent property by 3,728 hectares, effectively doubling the project size
  • Acquired the Cable Bay Southwest, Ox Lake, Brown Lake, and Harrison uranium projects through staking

In all, Standard Uranium has successfully inked four joint venture earn-in partnerships on its Sun Dog, Canary, Ascent, and Atlantic uranium projects totaling over C$31M in work commitments over the next three years, assuming each partner completes its full earn-in.

Athabasca Basin

Highlights of the company’s key self-funded and partner-funded projects include: 

Davidson River Uranium Project (Flagship; Self-Funded): 10 mineral claims spanning 30,737 hectares; planned drilling in H2 2024 to follow up on prospective drilling results from 2022 and to test new high-priority targets akin to F3 Uranium’s neighboring JR Zone discovery within the newly added southeast claim blocks.

Sun Dog Uranium Project (Partner-Funded): Optioned to Angold Resources Ltd.; ~C$1.5M exploration/drill program planned for H1 2024 to be fully funded by Angold; high-grade uranium mineralization present at surface to be tested at depth. 

hiker looking over a ridge

Canary Uranium Project (Partner-Funded): Optioned to Mamba Exploration Ltd.; located 11 km north of IsoEnergy’s high-grade Hurricane uranium deposit; Mamba will fund inaugural ~C$1M drill program planned for H1 2024 to ground-truth historic uranium intersections and test new resistivity targets along strike. 

Ascent Uranium Project (Partner-Funded): Option term sheet signed with Summit Fusion whereby Summit will fund ~C$6M in exploration expenditures during the full earn-in period; inaugural ~C$1M drill program planned for spring 2024; prime targets for uranium mineralization have been delineated through airborne magnetics. 

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Atlantic Uranium Project (Partner-Funded): As discussed, a four to six hole ~C$1M inaugural drill program underway and fully funded by option partner Atco Mining; project covers 6.5 km of an 18-km-long east-west trending conductive exploration trend hosting numerous uranium occurrences.

With uranium prices holding strong above US$90 per pound, our own Gerardo Del Real of Junior Resource Monthly caught up with Standard Uranium president & VP Exploration Sean Hillacre to discuss the start of drilling at Atlantic and much more. 

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

Mike Fagan
Editor, Resource Stock Digest

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