Standard Uranium Begins Inaugural Drill Program at Canary Project, Eastern Athabasca Basin

VANCOUVER, British Columbia, May 08, 2024 (GLOBE NEWSWIRE) -- Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce that drilling has begun at the inaugural drill program on the 7,302-hectare Canary Project (“Canary” or “the Project”). The Project is currently under a three-year earn-in option agreement (the “Option Agreement”) with Mamba Exploration Limited (“Mamba”). Pursuant to the Option Agreement, Mamba has been granted an option (the “Option”) to earn a 75% interest in the Project by funding CAD$6M in exploration expenditures over three years.

Drilling and helicopter crews arrived at the Project (Figure 1) on May 3^rd followed by the Standard Uranium team on May 8^th and drilling has commenced ahead of schedule.

Highlights:

• Drilling Underway: Drilling began on May 8^th, 2024. Approximately 1,000-1,500 metres are planned across 3-4 drill holes, targeting shallow high-grade¹ unconformity-related uranium mineralization.
• Robust & Shallow Drill Targets: Drill plans comprise helicopter-supported diamond drilling focused on high-priority unconformity-related uranium targets refined by geophysical work completed by the Company in 2022. Ideal unconformity and basement target zones on the Project lie within approximately 200-350 metres below surface.
• Untapped Uranium Potential: One diamond drill will focus on the highest-priority target area along the northern electromagnetic (“EM”) corridor (Figure 2), investigating a significant resistivity anomaly coincident with modeled VTEM conductors for the first time.
• Fully Funded: Mamba Exploration will be funding 100% of the program to meet the year-one expenditure requirements under the Option Agreement.

¹ The Company considers uranium mineralization with concentrations greater than 1.0 wt% U₃O₈ to be “high-grade”.

Figure 1. Overview of northeastern Athabasca Basin region, highlighting the Canary Project. Hurricane Deposit Indicated Resource from IsoEnergy Ltd. Technical Report on the Larocque East Project, Northern Saskatchewan, Canada. Dates July 8, 2022.

Inaugural 2024 Drill Program

The spring/summer program will be the first drill campaign completed by the Company on the Project with partner company Mamba Exploration, following successful identification of high-priority targets in 2022-2023. The Project covers more than 16 km of conductive corridors across three prospective exploration trends which locally host anomalous historical uranium occurrences. The Company completed a high-resolution ground DC/IP survey on the project in 2022, providing valuable structural and lithological information in the area to identify conductive bodies and potential fault systems. Significant resistivity-low anomalies are present along the northern conductor on the project, potentially representing substantial hydrothermal alteration zones in the sandstone and coincident with basement conductors.