Standard Uranium Reaches Terms to Option Atlantic Project in Athabasca Basin - Seite 2

The Atlantic Project covers 6.5 km of an 18 km long, east-west trending conductive exploration trend which hosts numerous uranium occurrences. In June 2022, the Company completed a high-resolution ground gravity survey on the western claim block identifying multiple subsurface density anomalies, potentially representing substantial alteration zones. Exploration efforts are focused on several high-priority target areas along several kilometres of under-tested conductors, targeting high-grade unconformity-related uranium mineralization.

Figure 1. Summary of the Atlantic Project, highlighting geophysical target areas and historical uranium showings.

Following exercise of the Option, the parties intend to form a joint venture for the further development of the Project. Prior to exercise of the Option, the Company will act as the operator of the Project and will be entitled to charge a 10% fee on expenditures in Year 1, increasing to 12% in Year 2 and Year 3.   Following exercise of the Option, the Company will retain a 2.5% net smelter returns royalty on the Project, of which 1.0% may be purchased back at any time for a one-time cash payment of $1,000,000.

The Term Sheet is non-binding at this time and the grant of the Option remains subject to the negotiation of definitive documentation. No finders’ fee is payable by the Company in connection with the Option.

The scientific and technical information contained in this news release has been reviewed, verified and approved by Sean Hillacre, P.Geo., President and Vice-President of Exploration of the Company, and a qualified person as defined in National Instrument 43-101.

About Standard Uranium (TSX-V: STND)

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Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world’s richest uranium district. The Company holds interest in over 209,867 acres (84,930 hectares) in the world-class Athabasca Basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition, and exploration of Athabasca-style uranium targets with a view to discovery and future development.

Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.