Follow Us! Like Our Page!

Standard Uranium Reaches Terms to Option Atlantic Project in Athabasca Basin

Press Release

February 12, 2024

Vancouver, British Columbia, February 12, 2024 — Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce that it has signed a term sheet (the “Term Sheet”), dated February 9, 2024, with ATCO Mining Inc. (CSE: ATCM) (the “Optionee”), an arms-length party. Pursuant to the Term Sheet, the Optionee will be granted the option (the “Option”) to acquire a seventy-five percent interest in the 3,061-hectare Atlantic Project (the “Project”) located in the eastern Athabasca Basin (Figure 1).The Option is exercisable by the Optionee completing cash payments and share issuances, and incurring the following exploration expenditures on the Project:

Consideration Payments Consideration Shares* Exploration Expenditures Operator Fees
Year 1 $110,000 $150,000 $1,300,000 $130,000
Year 2 $120,000 $300,000 $2,000,000 $240,000
Year 3 $200,000 $300,000 $3,000,000 $360,000
Total $430,000 $750,000 $6,300,000 $730,000

*Issuable at a deemed price equivalent to the last closing price of the common shares of the Optionee on the Canadian Securities Exchange immediately prior to announcement of this term sheet.

Jon Bey, CEO and Chairman, commented, “We are pleased to announce our fourth option agreement since transitioning to a project generator in July 2023. The Company now has over thirty million dollars committed to our exploration programs over the next three years and nine million dollars committed to exploration in 2024.  Heading into the 2024 exploration season, we now have 11 projects across the prolific Athabasca Basin, with a minimum of seven exploration programs planned with five of those being drill programs at the Atlantic, Sun Dog, Canary, Ascent, and Davidson River projects.

”The Atlantic Project covers 6.5 km of an 18 km long, east-west trending conductive exploration trend which hosts numerous uranium occurrences. In June 2022, the Company completed a high-resolution ground gravity survey on the western claim block identifying multiple subsurface density anomalies, potentially representing substantial alteration zones. Exploration efforts are focused on several high-priority target areas along several kilometres of under-tested conductors, targeting high-grade unconformity-related uranium mineralization.

Figure 1. Summary of the Atlantic Project, highlighting geophysical target areas and historical uranium showings.

Following exercise of the Option, the parties intend to form a joint venture for the further development of the Project. Prior to exercise of the Option, the Company will act as the operator of the Project and will be entitled to charge a 10% fee on expenditures in Year 1, increasing to 12% in Year 2 and Year 3.  Following exercise of the Option, the Company will retain a 2.5% net smelter returns royalty on the Project, of which 1.0% may be purchased back at any time for a one-time cash payment of $1,000,000.

The Term Sheet is non-binding at this time and the grant of the Option remains subject to the negotiation of definitive documentation. No finders’ fee is payable by the Company in connection with the Option.

The scientific and technical information contained in this news release has been reviewed, verified and approved by Sean Hillacre, P.Geo., President and Vice-President of Exploration of the Company, and a qualified person as defined in National Instrument 43-101.

About Standard Uranium (TSX-V: STND)

We find the fuel to power a clean energy future

Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world’s richest uranium district. The Company holds interest in over 209,867 acres (84,930 hectares) in the world-class Athabasca Basin in Saskatchewan, Canada. 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’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.

Standard Uranium’s eight eastern Athabasca projects comprise thirty 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.

Standard Uranium’s Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.

For further information contact:

Jon Bey, Chief Executive Officer, and Chairman1030 West Georgia Street, Suite 918Vancouver, BC V6E 2Y3Tel: 1 (306) 850-6699
E-mail: info@standarduranium.ca

ILR4

Loading

NationTalk Partners & Sponsors Learn More