Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) wrapped up a successful inaugural drilling program at the Atlantic project in Saskatchewan's eastern Athabasca Basin.
The company reported significant findings of anomalous radioactivity in all five completed drill holes.
The discovery coincides with prospective structural zones and favorable alterations, including dravite-rich clays, Standard Uranium reported.
Drilling also revealed multiple zones of elevated radioactivity associated with the sub-Athabasca unconformity and basement structural zones. This suggests the presence of a uranium-rich system, offering considerable potential for uranium mineralization.
Results indicate a uranium-fertile system with several kilometers of untapped strike length, Standard Uranium said.
It also noted it had completed the 3,316 meters within five drill holes within budget and ahead of schedule.
Sean Hillacre, Standard Uranium's VP of Exploration, expressed optimism about the findings, highlighting the presence of a significant structural framework conducive to high-grade uranium mineralization.
“The scale and intensity of deformation in the basement rocks we drilled this season is highly prospective and paired with the radioactivity and hydrothermal alteration intersected in the overlying sandstone, we are just in the beginning of uncovering the compelling story on the first of many target areas on Atlantic,” Hillacre said.
Neil McCallum, director of Standard Uranium and ATCO (TSX:ACO.X) Mining, underscored the significance of the discoveries, telling shareholders: “Combined with the anomalous radioactivity, we’re setting the stage for more success on the project.”
Plans for follow-up targets are underway, leveraging geological data from the winter 2024 program.
The Atlantic project, currently under option to ATCO (TSX:ACO.X) Mining Inc., allows for the potential earning of a 75% interest in Atlantic over three years.
The winter 2024 drill program, funded by the optionee, will contribute to meeting the minimum exploration expenditures required by the option.