Leveraging modern survey techniques towards a new high-grade uranium discovery
Vancouver, British Columbia--(Newsfile Corp. - May 22, 2025) - Standard Uranium Ltd. (TSXV: STND) (OTCQB: STTDF) (FSE: 9SU) ("Standard Uranium" or the "Company") is pleased to announce the commencement of the first ExoSphere Multiphysics survey in the southwest Athabasca Basin region at its flagship Davidson River Project ("Davidson River", or the "Project"). Davidson River covers 30,737 hectares of prime exploration real estate in the SW Athabasca Uranium District, highly prospective for basement-hosted uranium deposits along trend from high-grade* uranium deposits under development (Figure 1). The surveys will be completed in partnership with Fleet Space Technologies Canada Corp. ("Fleet Space") across three exploration corridors in May-June 2025.
Highlights:
First Multiphysics in SW Athabasca: Standard Uranium and Fleet Space will complete the first three ExoSphere Multiphysics surveys in the prolific SW Athabasca Uranium District on Davidson River.
Poised for Discovery: High-priority target areas across three conductor corridors will be significantly derisked with high-resolution 3D imaging of basement structures and alteration zones, providing key targeting information for a follow up drill program.
Integrative Exploration Strategy: Combined real-time 3D Ambient Noise Tomography ("ANT"), Horizontal-to-Vertical Spectral Ratio ("HVSR"), and ground gravity surveys will provide new data layers to characterize lithological variations and identify potential alteration signatures related to uranium mineralization, in addition to further refining the structural architecture of known basement conductors.
Target Development & Drilling: The results of the Multiphysics surveys will be subject to geophysical interpretation and modelling, and integrated with the Project's existing drilling and geophysical datasets, to prioritize target areas for summer 2025 drilling.
"We are extremely excited to get back on the ground at our crown jewel project, Davidson River," saidSean Hillacre, President & VP Exploration of Standard Uranium, "Integrating the 3D density and velocity models to image alteration systems in the basement rock could provide the key data we've been looking for to vector into a new discovery at Davidson. We have been hard at work developing targets across the Project since 2022 and armed with the new datasets from the Multiphysics system, we aim to expedite discovery of a new basement-hosted uranium system with drilling this year."
Figure 1. Overview of Standard Uranium's Flagship Davidson River Project in the southwest Athabasca Basin uranium district along trend from significant uranium discoveries and resources1,2.
In partnership with Fleet Space, the Company will undertake three ExoSphere Multiphysics survey grids across the Warrior, Bronco, and Thunderbird conductors on the Project (Figure 2). The Company and Axiom Exploration Group Ltd. will mobilize to deploy the survey grids in late May, and the survey is anticipated to take approximately 35 days to complete.
The Multiphysics surveys will collect and integrate ANT, HVSR, and ground gravity datasets covering highly prospective areas along three of the four main structural corridors on the Project. The surveys will provide critical targeting layers in the form of 3D ANT-HVSR shear velocity models and custom inversion models for subsurface density, leveraging both passive seismic and ground gravity datasets as inputs.
Using Fleet Space's proprietary Cover Depth analysis from the ANT data in combination with the ground gravity data, Fleet Space will compute and provide a cover-corrected gravity dataset which will significantly upgrade target areas at Davidson River through imaging of density anomalies in the basement rock. These surveys will be the first of their kind in the SW Athabasca Basin uranium district and marks a significant step towards discovery on the Project.
Density anomalies in the basement rock coinciding with known graphitic conductors are often indicative of potential zones of hydrothermal alteration of host rocks associated with uranium mineralization events. Drill targeting with this strategy has been proven through the discovery of world-class uranium deposits in the SW Athabasca Basin and will upgrade targets across the Project.
Following post-survey data analysis and integration, the Company plans to execute a diamond drill program to begin testing the highest priority targets across all three surveyed conductor corridors. Drilling is planned to be completed this summer, marking the first drill program on the Project since 2022. Positive results from previous drill campaigns will be integrated into drill targeting with the newly acquired Multiphysics data.
About Davidson River
Davidson River is Standard Uranium's flagship property, located in the southwest Athabasca Uranium District of the Athabasca Basin, Saskatchewan, and encapsulates the inferred extension of the structural trend that hosts the Triple R and Arrow uranium deposits (Figure 1). The Project consists of 10 contiguous mineral dispositions totaling 30,737 hectares and lies approximately 25 to 30 km west of Arrow and Triple R and 75 km south of the past-producing Cluff Lake uranium mines. The Company has completed 16,561 metres of diamond drilling in 39 drill holes on the Davidson River property since 2020, which has further refined the exploration strategy for high-grade basement hosted uranium mineralization on the property3.
Davidson River hosts four main conductive corridors - the Warrior, Bronco, Thunderbird, and Saint trends (Figure 2). These conductive trends are associated with graphitic-sulphidic structures in basement rocks, which are commonly associated with high-grade* uranium systems, providing the conduits for mineralizing fluids. This concept has been proven for all four corridors, with several instances of graphitic-sulphidic fault rocks and reactivated structures intersected along the tested strike length.
Favorable basement rock types and alteration phases have been observed across the strike length of the main trends, resembling those which host other uranium deposits in the southwestern Athabasca Basin region. Key indicators include clay-dravite alteration and stacked lenses of variably strained graphite and sulphide-bearing garnetiferous gneisses and altered feldspar-rich rocks. Structural zones in the basement are locally associated with elevated uranium and/or boron values (over 1,000 ppm B), such as in DR-20-009 and -0113.
The results from diamond drilling programs to date highlight the potential for the Davidson River Project to host significant basement hosted unconformity-related uranium mineralization, and the property contains several priority targets along all four trends that warrant further exploration.
Figure 2. Summary map showing major EM conductor trends on Davidson River and highlighting drill holes with anomalous uranium and dravite alteration, with first vertical derivative magnetics in the background.
*The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be "high-grade".
**The Company considers radioactivity readings greater than 300 counts per second (cps) to be "anomalous".
Davidson River Project Agreement
The Company also announces that it has reached an agreement with the underlying owners (the "Optionors") of the Davidson River Project to amend (the "Amendment") the timeline for completion of the remaining payments owing for the Company to complete the acquisition of a ninety percent interest in the Project. To exercise the existing option to acquire the interest in the Project, the Company is now required to complete the following payments to the Optionors:
$100,000 on or before July 15, 2025;
$150,000 on or before July 15, 2026;
$150,000 on or before July 15, 2027; and
$150,000 on or before July 15, 2028.
Provided that the Company will be required to accelerate certain payments in the event it successfully completes certain levels of equity financing.
In consideration for the Amendment, the Company has agreed to issue 1,000,000 common share purchase warrants (the "Warrants") to the Optionors. Each Warrant will entitle the holder to acquire a common share of the Company at a price of $0.15 per share until July 19, 2029. In the event the closing price of the common shares of the Company on the TSX Venture Exchange is $0.75 or greater for ten consecutive trading dates, the Company will have the right to accelerate the expiry of the Warrants.
The Company is at arms-length from the Optionors. Completion of the issuance of the Warrants remains subject to the approval of the TSX Venture Exchange. Upon issuance, the Warrants will be subject to restrictions on resale for a period of four-months-and-one-day in accordance with applicable securities laws.
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, P.Geo., President and VP Exploration of the Company and a "qualified person" as defined in NI 43-101.
Historical data disclosed in this news release relating to sampling results from previous operators are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company's future exploration work may include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of exploration projects. Any historical grab samples disclosed are selected samples and may not represent true underlying mineralization.
References
1 Arrow deposit, Rook I Project, Saskatchewan, NI 43-101 Technical Report on Feasibility Study, Prepared for NexGen Energy Ltd., Effective date: February 22, 2021
2 Feasibility Study, NI 43-101 Technical Report, for PLS Property, Prepared for Fission Uranium Corp., Effective date: January 17, 2023
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 233,455 acres (94,476 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.
Standard Uranium's eastern Athabasca projects comprise over 42,384 hectares of prospective land holdings. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries.
Standard Uranium's Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.
About Fleet Space Technologies
Fleet Space Technologies, Australia's leading space exploration company, is revolutionizing critical mineral discovery with its end-to-end mineral exploration platform, ExoSphere, which combines satellite connectivity, 3D multiphysics, and AI to image mineral systems in real-time. Over 40 leading mining and exploration companies like Rio Tinto, Barrick, and Gold Fields use ExoSphere's real-time 3D subsurface imaging and multiphysics surveys on projects across five continents. With Maaden, Fleet Space will deploy ExoSphere's AI-enabled drill targeting and multiphysics surveys across 12,000km2 of the Arabian Shield (learn more here). In 2024, Fleet Space was recognised as the winner of the Innovation category at the Mining Technology Excellence Awards and received the Climate Impact Technology Award by the Banksia Foundation. To learn more about ExoSphere, please reach out to the Fleet Space team here.
For further information contact:
Jon Bey, Chief Executive Officer, and Chairman Suite 3123, 595 Burrard Street Vancouver, British Columbia, V7X 1J1
This news release contains "forward-looking statements" or "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, but are not limited to, statements regarding: the timing and content of upcoming work programs; geological interpretations; timing of the Company's exploration programs; and estimates of market conditions.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the "Risks and Uncertainties" in the Company's management discussion and analysis for the fiscal year ended April 30, 2024.
Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company's actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: that the transaction with the Optionee will proceed as planned; the future price of uranium; anticipated costs and the Company's ability to raise additional capital if and when necessary; volatility in the market price of the Company's securities; future sales of the Company's securities; the Company's ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company's mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.
The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
