The Company is pleased to announce that planning for the inaugural drill program on the Project is nearing completion with the engagement of key vendors for the planned Spring/Summer exploration program at the Project, situated in the prolific eastern
Highlights:
- Key Vendors Secured: The Company has engaged drill and helicopter contractors for the inaugural Spring 2024 drill program slated to begin early-May.
- 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 target zones on the Project lie within approximately 200-300 metres below surface.
- Fully Funded: Mamba has secured funding for the inaugural drill program at Canary on the east side of the Basin, contributing towards year-one expenditure requirements under the Option Agreement.
“Our exploration thesis and targeting strategy in eastern
The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be “high-grade”.
“The northeast portion of the eastern
Figure 1. Overview of Standard Uranium’s northeastern
Inaugural 2024 Drill Program
The Company’s Canary project is situated in the Mudjatik geological domain where several recent discoveries have been made, including IsoEnergy’s Hurricane deposit 11 km directly to the south, and is significantly underexplored relative to adjacent magnetic low/electromagnetic (‘EM’) conductor corridors. Drill targets are being prioritized on the Canary claims based on historic exploration and geophysical surveys completed in 2022 (Figure 2).
Figure 2. Geophysical map and schematic cross-section A-A’ highlighting basement-linked resistivity anomalies identified through the 2022 DC/IP survey on the
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 proximal to basement conductors.
Additionally, legacy GeoTEM data defining the southeastern EM corridor on the project is directly comparable to the response and scale of the GeoTEM conductor which hosts the Roughrider/J-zone uranium deposits futher to the south. Highly anomalous geochemistry and favorable alteration was returned from historical drill hole CRK-137 along the southeastern conductor, providing an exceptional follow-up target. The project is drill-ready with multiple overlapping geophysical anomalies having been identified on the property, coinciding with previously identified conductive corridors and anomalous historical drill results.
The scientific and 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: 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.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Photos accompanying this announcement are available at
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Figure 1
Overview of Standard Uranium’s northeastern Athabasca Basin projects, highlighting the Canary Project .
Figure 2
Geophysical map and schematic cross-section A-A’ highlighting basement-linked resistivity anomalies identified through the 2022 DC/IP survey on the Canary Project . General drill target areas are circled in red. Local exploration trends and historical drilling are also displayed with first vertical derivative magnetics in the background.
2024 GlobeNewswire, Inc., source