Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) said it has wrapped up its inaugural drilling program at the 7,302-hectare Canary project in the eastern Athabasca Basin.
Drilling revealed localized anomalous radioactivity and rock types typical of basement-hosted uranium deposits, according to a statement.
The project, under a three-year earn-in option agreement with Mamba Exploration, allows Mamba to earn a 75% interest by investing C$6 million in exploration over three years.
One of the four drill holes in the latest program showed anomalous radioactivity and favorable hydrothermal alteration, Standard Uranium said.
A drill hole indicated hydrothermal uranium input with uranium ratios of 4:1.
The drilling targeted areas identified by 2022 geophysical surveys, with the unconformity intersected nearly 220 to 250 meters below the surface.
Standard Uranium said the program exceeded expectations, completing 1,863 meters across four drill holes ahead of schedule and under budget. Further geophysical surveys will refine targets for subsequent drilling phases.
“Intersecting anomalous radioactivity and zones of hydrothermal alteration in a completely untested area on one of three conductive corridors on the Canary project is very encouraging,” Sean Hillacre, Standard Uranium’s president and exploration head said in a statement.
“The results from this program have revealed packages of the ideal host rocks for basement-hosted uranium mineralization, in addition to a potential quartzite ridge which is an important feature present in other eastern Athabasca uranium deposits such as McArthur River and Phoenix.”
Separately, Standard Uranium announced it would not proceed with a previously announced private placement offering of up to $3 million.