Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) announced that its Sun Dog uranium project is being combined into a district-scale opportunity in Uranium City, Saskatchewan.
The company said Aero Energy, formerly Angold Resources, holds options to acquire between 70% to 100% of three uranium exploration projects: its Sun Dog project and Fortune Bay’s Murmac and Strike projects.
It can acquire 100% of the Sun Dog project by carrying out $6.5 million in exploration over three years and completing a series of cash and equity payments.
The properties are located near the optionee's existing uranium exploration properties near Uranium City, Standard Uranium said.
They contain multiple, permitted drill-ready targets where reconnaissance drilling by the company and Fortune Bay has intersected narrow zones of uranium mineralization and significant zones of hydrothermal alteration.
“The vision for the Uranium City region has been shared by the management of Standard Uranium and Fortune Bay for some time,” Standard Uranium CEO Jon Bey said in a statement.
“By combining our properties and infrastructure under one company, Aero Energy, we can now explore this region year-round, decreasing exploration expenses and creating work for the local communities and exploration vendors. The Standard Uranium technical team will be heavily involved in planning and operating the exploration programs.”
Standard Uranium shares moved higher on the news, up 11.1% at C$0.05 in early trade on Friday.
The company is a uranium exploration company and emerging project generator poised for discovery in the world’s richest uranium district.