Standard Uranium Concludes Phase I Drilling at its Flagship Davidson River Project, Announces Gunnar Exploration Program - Seite 3

Gunnar Project Commencement

The focus of the initial reconnaissance work at the Gunnar Project is to assess the surface expression of the uranium mineralized zones in two distinct areas of the project: Johnston Island and Stewart Island. The prospects have not been assessed in detail since the last major uranium exploration boom of 1978 to 1981.  Geochemical and clay samples will be collected from both zones to assess the nature of the mineralization in the sandstone in the modern context and understanding of Athabasca Basin uranium geology.

Stewart Island Target

At the south end of Stewart Island is a small uranium deposit that was defined during exploration between 1960 and 1969. A small historical resource of 2,561 tons averaging 0.476% U₃O₈ was defined in three separate zones (*).  This “perched” mineralization is hosted in a single Athabasca Supergroup sandstone horizon. A historical sample across the surface exposure returned 1.05% U₃O₈ over 2.6 m. Historical drill hole N-2 drilled at -30° intersected 0.9% U₃O₈ over 5.49 m. A compilation of historical work in the area has defined a high-priority electromagnetic target, thought to be a favourable host-rock for traditional unconformity-related uranium mineralization, located approximately 1-km west of the current Stewart Island sandstone-hosted mineralization (Figure 3). The Company interprets that the mineralization that constitutes the historically defined uranium mineralization at Stewart Island is a re-mobilized portion of a larger, yet-to-be discovered classic unconformity-related uranium accumulation nearby. Other classic unconformity-related uranium deposits in the Athabasca Basin contain lower-grade “perched” uranium mineralization related to larger and higher-grade deposits of uranium at the unconformity or in the basement (Midwest, Cigar Lake, Dawn Lake, Shea Creek, for example). The exploration model is that the conductive targets defined by two airborne EM surveys and a recent ground IP survey are related to a potential main zone of mineralization.

Johnston Island Target

At the north-west end of Johnston Island is the historical JNW-1 prospect. This Athabasca sandstone-hosted mineralization has been sampled on the surface with results of 0.43% U₃O₈ over 4.2 m and 0.25% U₃O₈ over 1.5 m. Samples as high as 12.4% U₃O₈ were collected. The immediate area of the JNW-1 prospect was drill-tested with 14 drill holes, two of which were mineralized (DDH-3: 0.25% U₃O₈ over 1m and DDH-5: 0.163% U₃O₈ over 1 m). Subsequent historical drilling about 500 metres to the north of this prospect intersected minor uranium mineralization within several drill holes that intercepted strongly altered and brecciated, chlorite-, sulphide-, and graphite-bearing metasediments below the Athabasca sandstones. The best hole of the area, LAO-1, contains 0.10% U₃O₈ over 1 metre. Compilation of this work has revealed un-tested targets in either direction of the 1.6 km strike length of the EM Targets, and there is a large lake-bed radiometric anomaly that continues for 600 metres in the northeast direction (Figure 3).