The Company holds nearly 200,000 acres of prime exploration real estate comprising eight projects across the prolific
2024 Exploration Objectives
Plan and operate at minimum, three drill programs on three projects across the Basin, two of which will be partner-funded and provide operator fees to the Company.
Complete initial exploration and geophysical programs on the newly acquired Rocas and Corvo projects.
Execute inaugural drill campaign(s) on Canary, Ascent, and
Complete definitive option agreement(s) on one or more additional projects, securing exploration expenditures and non-dilutive cash-flow into the Company - Ascent project term sheet signed
2024 will be the most ambitious year of exploration activities for the Company to date. The Company is well underway on preparations for drill campaigns, in addition to planning inaugural reconnaissance exploration on the Rocas and Corvo projects.
In 2023, the Company expanded its flagship Davidson River project ('Davidson River') in the southwest corner of the Basin to cover more than 37,700 hectares.
Drilling in H2 2024 will comprise a follow-up campaign on Davidson River, located in the southwestern corner of the Basin.
The summer 2022 program revealed the best intersections of prospective alteration and structure to date along the Bronco and Thunderbird trends, including wide graphitic structural zones on Bronco and oxidized alteration on Thunderbird, in addition to elevated radioactivity and dravite alteration.
2024 drilling will follow up on the most prospective basement structures and alteration zones intersected to date and begin testing new target areas within recently staked claim blocks.
Data-driven machine learning techniques will contribute to drill targeting at Davidson River through anomaly detection and mapping of electromagnetic (EM) data, in addition to anomaly matching based on known world-class uranium deposits in the area including the Arrow and
Several kilometres of graphitic conductors remain to be tested at Davidson River, with Davidson River still containing massive blue-sky potential for high-grade discovery.
The Company's Sun Dog project ('Sun Dog') has recently been optioned into a three-year earn in deal with
Drilling will focus on land-based targets, with ice targets contingent on weather conditions. Targets are focused along the off-scale Haven trend, Skye and Java target areas,
Perched high-grade uranium mineralization present at surface on Sun Dog will be properly tested at depth, and the Company aims to discover the high-grade 'roots' of these mineralizing systems in the basement rocks underlying the
The 2024 drill program is planned to follow up on the drilling conducted in 2022 & 2023, including intersections of dravite and illite/kaolinite clays, reactivated graphitic structures, hydrothermal brecciation, and anomalous uranium.
In addition to programs along the north- and southwest rims of the Basin, the Company has struck a definitive option agreement with
Mamba will fund the inaugural drill program at Canary on the east side of the Basin in H1 2024.
Drill targets are being prioritized on the Canary claims based on historic exploration and geophysical surveys completed in 2022. An inaugural spring 2024 drill program of approximately three to four drill holes is planned on Canary to ground truth historic uranium intersections and test new resistivity targets along strike.
An inaugural drill program at the Company's Ascent project ('Ascent'), is being planned for H1 2024. The Company has signed a Term Sheet on
Summit Fusion will fund the inaugural
Drill targets are being prioritized on the Ascent claims based on historic exploration and geophysical surveys completed in 2022. An inaugural spring 2024 drill program of approximately three to four drill holes is planned on Ascent to ground truth historic uranium intersections and test new resistivity targets along strike.
The Company completed a high-resolution airborne TDEM survey on the project in 2022, bolstering the historical EM corridors which identified significant structural disruptions presenting prime targets for uranium mineralization.
An inaugural drill program at the Company's
Rocas & Corvo Projects
Boots-on-the-ground mapping, prospecting, and sampling programs are being planned on the Rocas and Corvo projects, contemporaneous with high-resolution geophysical surveys assisting in the development robust, shallow drill targets.
Ground-truth sample historical uranium showings at surface on both projects.
Upgrade EM data on Corvo through high-resolution airborne survey, collecting EM, magnetic, radiometric, and density (gravity) data simultaneously.
Refine main EM corridor on the Rocas project through targeted 3D resistivity grids.
Permitting and First Nations and Metis Engagement
The Company continues to build strong relationships with First Nations and stakeholders in northern
The Company holds active exploration permits for all planned projects in 2024.
Standard has engaged all key vendors to execute the 2024 exploration plans across all projects despite competitive conditions in the industry.
Grant of
The Company also announces that, pursuant to its Omnibus Incentive Plan, it has granted stock options (the 'Options') to certain directors, management, and consultants of the Company to purchase an aggregate of 2,230,000 common shares of the Company at the price of
In addition to the Options, the Company has also granted 3,725,000 restricted share units (the 'RSUs') to certain directors and senior officers of the Company. The RSUs entitle the holder to receive one common share, the cash equivalent or a combination thereof upon vesting. The RSUs will vest on
The scientific and technical information contained in this news release, including the sampling, analytical and test data underlying the technical information contained in this news release, has been reviewed, verified, and approved by
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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: execution of the definitive agreement; conditions to the exercise the Option; completion of the Optionee's go public transaction; 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
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.
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