Standard Uranium starts first drilling at Canary Project, Saskatchewan

Standard Uranium Ltd. [TSXV-STND; OTCQB-STTDF; FSE-9SU] reported drilling has begun at the inaugural drill program on the 7,302-hectare Canary Project, eastern Athabasca basin, Saskatchewan. The project is currently under a three-year earn-in option agreement with Mamba Exploration Limited. Under the option agreement, Mamba has been granted an option  to earn a 75% interest in the project by funding CAD$6M in exploration expenditures over three years.

Drilling and helicopter crews arrived at the Project on May 3 followed by the Standard Uranium team on May 8 and drilling has commenced ahead of schedule.

Highlights: Drilling began May 8, 2024. Approximately 1,000-1,500 metres are planned across 3-4 drill holes, targeting shallow high-grade unconformity-related uranium mineralization.

Robust & Shallow Drill Targets: Drill plans comprise helicopter-supported diamond drilling focused on high-priority unconformity-related uranium targets refined by geophysical work completed by the Company in 2022. Ideal unconformity and basement target zones on the Project lie within approximately 200-350 metres below surface.

Untapped Uranium Potential: One diamond drill will focus on the highest-priority target area along the northern electromagnetic (EM) corridor, investigating a significant resistivity anomaly coincident with modeled VTEM conductors for the first time.

Fully Funded: Mamba Exploration will be funding 100% of the program to meet the year-one expenditure requirements under the Option Agreement.

The spring/summer program will be the first drill campaign completed by the company on the project with partner company Mamba Exploration, following successful identification of high-priority targets in 2022-2023.

The project covers more than 16 km of conductive corridors across three prospective exploration trends which locally host anomalous historical uranium occurrences. The Company completed a high-resolution ground DC/IP survey on the project in 2022, providing valuable structural and lithological information in the area to identify conductive bodies and potential fault systems. Significant resistivity-low anomalies are present along the northern conductor on the project, potentially representing substantial hydrothermal alteration zones in the sandstone and coincident with basement conductors.

Standard Uranium holds interest in over 209,867 acres (84,930 hectares) in the world-class Athabasca. 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 four joint venture earn in partnerships on their Sun Dog, Canary, Atlantic and Ascent projects totaling over $31M in work commitments over the next three years from 2024-2026.

Standard Uranium’s eight eastern Athabasca projects comprise 30 mineral claims over 32,838 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.