Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) announced plans to start a diamond drill program at its flagship Davidson River project in the southwest Athabasca Basin region of northern Saskatchewan.
The drill program follows the completion of the first Exosphere Multiphysics survey conducted in the southwest Athabasca Uranium District.
The survey was carried out in partnership with Fleet Space Technologies Canada and provided high-resolution 3D imaging of basement structures and alteration zones across the Warrior, Bronco, and Thunderbird conductor corridors.
The data has refined and de-risked target areas for upcoming drilling, according to the company.
“The newly acquired data from the multiphysics survey has outlined density anomalies in the basement rock coinciding with known graphitic conductors, which are often indicative of potential zones of hydrothermal alteration of host rocks associated with uranium mineralization events,” Standard Uranium vice president exploration Sean Hillacre said.
“Drill targeting with this strategy has been proven through the discovery of world-class uranium deposits in the SW Athabasca Basin and upgrades our targets across the project."
The company said it has secured drill permits, signed Exploration Agreements with the Clearwater River Dene Nation, and arranged necessary vendors.
Drilling is scheduled for early September 2025 and is expected to run for four to six weeks.
"Standard Uranium has been working towards this drill program for over three years, and we couldn't be more excited to see the drills turning once again,” Standard Uranium CEO Jon Bey said in a statement.
“It is now time to make a discovery and add significant value for our shareholders and I have full confidence that our team is up for the task."
The company also announced a non-brokered private placement to raise up to C$3.5 million. The net proceeds from the offering will be used for exploration activities at the company’s projects and for working capital.
The private placement will consist of units priced at C$0.08 each and flow-through units priced at C$0.10 each.
Each unit will include one common share and one-half of one common share purchase warrant. Each flow-through unit will consist of one flow-through common share and one-half of one warrant.
Whole warrants will entitle the holder to acquire an additional common share at C$0.15 for a period of 24 months from the closing date.