Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) has kicked off its first drilling program at the Atlantic project in the eastern Athabasca Basin.
The project spans 3,061 hectares and is currently under option to ATCO (TSX:ACO.X) Mining Inc.
The first hole of the inaugural Atlantic program aims to test high-priority ‘target area A’, focusing on a significant density anomaly coinciding with modeled electromagnetic conductors and interpreted faults.
Standard Uranium plans to conduct approximately 2,000 to 3,000 meters of drilling across four to six drill holes, targeting high-grade unconformity-related uranium mineralization.
Under the terms of the option agreement, ATCO (TSX:ACO.X) can earn a 75% interest in the Atlantic project over three years, with the ATCO-funded winter 2024 drill program intended to meet the first year's minimum exploration expenditures required by the option.
Sean Hillacre, president and vice president exploration for Standard Uranium, expressed excitement about the early start to drilling.
“There will be rocks in the box just in time for me and (Standard Uranium CEO) Jon Bey to continue sharing our story at the 2024 PDAC Convention, and we look forward to keeping the market updated as we progress our first eastern Athabasca drill program.”
This winter's drill campaign represents Standard Uranium's first exploration efforts on the Atlantic project following the identification of high-priority targets in previous years. The project spans a significant portion of an exploration trend known to host numerous uranium occurrences.
Standard Uranium, a uranium exploration company and emerging project generator, holds significant interests in the Athabasca Basin in Saskatchewan, Canada. The company has completed four joint venture earn-in partnerships on various projects, totaling over $31 million in work commitments from 2024 to 2027.