Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) has announced that exploration activities have commenced on its 100%-owned Sun Dog project in Saskatchewan's northwestern Athabasca Basin.
The uranium exploration company said ice road access is currently being constructed at the site, close to Uranium City, with the Standard Uranium team and drill crews scheduled to mobilize in three weeks.
“The Sun Dog project boasts all the favorable characteristics to host a high-grade, Athabasca-style unconformity-related uranium deposit,” Standard Uranium said in a statement. “The company aims to help breathe new life into the Uranium City area through exploration for high-grade basement- and sandstone-hosted uranium using modern exploration techniques and geological understanding.”
READ: Standard Uranium signs agreement with Ya’ thi Néné Lands and Resources, Athabasca First Nations and Communities
2023 Sun Dog drill program summary:
- Approximately 3,000 metres in eight diamond drill holes planned, subject to weather and ice conditions, to follow up on known high-grade uranium mineralization and winter 2022 drill holes;
- Drilling to commence in early February 2023;
- Follow-up drilling by Standard Uranium at the Skye, Haven, Johnston-Bay, and Java target areas;
- Exploring several kilometres of graphitic conductors coincident with cross-cutting faults and historical surface and drill hole intersections of high-grade uranium mineralization; and
- Efficiently testing down-dip extensions of structures hosting mineralization at surface with the aim of discovering high-grade basement “roots” of the mineralizing systems underlying the Athabasca sandstones.
The company noted that strongly elevated pathfinder elements such as boron and moderately anomalous uranium (partial digestion) indicate the possible proximity to mineralization at depth and encourage continued exploration of the project in 2023.
The Haven and Johnston-Bay target areas are priority follow-ups for the upcoming program based on dravite alteration and significant boron, structure, and anomalous uranium and pathfinder elements, it added. During the planned two-drill program for 2023, the Skye target area to the East of Johnston Island will also be tested for the first time.
New CFO
Standard Uranium also announced that Sean McGrath has been appointed as its chief financial officer, effective immediately, replacing Martin Bajic, who has resigned to focus on other ventures.
“It is a pleasure to welcome Sean McGrath back to the team in his new role as the chief financial officer,” Standard Uranium CEO Jon Bey commented. “I would also like to personally thank Martin Bajic for his five years of service as our CFO.”
Also, under its Omnibus Incentive Plan, Standard Uranium said it has granted stock options to certain directors, management, and consultants to purchase an aggregate of 1,570,000 common shares at f $0.10 earth until January 18, 2028. The options will vest immediately upon grant.
In addition to the options, the company said it has also granted 2,550,000 restricted share units to certain of its directors and senior officers. The units entitle the holder to receive one common share, the cash equivalent or a combination thereof upon vesting. They vest on January 18, 2024.
The Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of six mineral claims over 17,309 hectares. The 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.
Standard Uranium is a uranium exploration company with a focus on the world-class Athabasca Basin in Saskatchewan, Canada. Since its establishment, the company has focused on the identification and exploration of Athabasca-style uranium targets with a view to discovery and future development.
Contact the author at stephen.gunnion@proactiveinvestors.com