Standard Uranium Begins 5,000m Drill Program at its Flagship Davidson River Project

VANCOUVER, British Columbia, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (Frankfurt: FWB:9SU) is pleased to announce that the Phase 1, 2020 summer diamond drilling program at its flagship 25,886 hectare Davidson River Uranium Project (the “Project”) has begun. The Project is located in the Southwest Athabasca Uranium District of the Athabasca Basin, Saskatchewan, and covers the inferred trend that hosts Fission Uranium’s Triple R deposit and NexGen’s Arrow deposit, in an area lying 25km to 30km to the west of those deposits. The first two holes were collared yesterday morning, the first drill pad was built, and drilling began the morning of August 6^th.

Jon Bey, President, CEO and Chairman commented: “It is amazing to see the drills turning on our Davidson River Project. We are fortunate to have the Aggressive Drilling team working with us on this project. Their experience in this region and geology is second to none. The weather conditions for drilling are perfect right now and we anticipate we could complete up to 100m of drilling per day.”

Full details of the drill program are available in the previously announced news release, July 23, 2020.

Drilling Program Summary:

• 5,000m planned in approximately 15-17 drill holes
• Drilling began on August 6th
• Drill testing a uranium fertile corridor to confirm uranium mineralization on the property
• Testing offsets and flexures in wide conductive corridor with fence drilling
• Drilling regular intervals to vector along the conductors searching for: radioactivity, alteration, structure and graphite- and sulphide- rich shear zones.

CEO Performance bonus

The Company also announces that it has received the requisite disinterested shareholder approval for the payment of a one-time incentive bonus to the President and Chief Executive Officer of the Company, Jon Bey. The bonus consists of 800,000 common shares of the Company (the “Bonus Shares”), and is intended to compensate Mr. Bey for services provided in connection with the successful listing of the Company on the TSX Venture Exchange and to reflect below-market compensation which Mr. Bey agreed to accept during the initial listing and financing of the Company. Shareholder approval was obtained through the consent of the holders of the majority of the outstanding share capital of the Company, excluding those shares held by Mr. Bey and his associates, affiliates and immediate family members.