Standard Uranium Prepares to Mobilize for JV-Partner Funded Inaugural Drill Program at Canary Project, Eastern Athabasca Basin

VANCOUVER, British Columbia, April 29, 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 and mobilization plans have been finalized for 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, with the inaugural drill program planned for spring 2024.

The Company and Mamba are pleased to announce that final planning is complete for the inaugural Spring/Summer drill program on the Project, situated in the prolific eastern Athabasca Basin (Figure 1). Exploration teams will be mobilizing to the field in early May, ahead of schedule.

Highlights:

• Drill Plan Finalized: Approximately 1,000-1,500 metres 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.
• Mobilization: Diamond drilling crews will mobilize to the Canary Project on May 3^rd.
  

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

“Our technical team and partners at Mamba are thrilled to begin drilling the exciting targets identified on the first of three EM corridors on the Project for the first time, exploring for shallow high-grade unconformity-related uranium mineralization,” said Sean Hillacre, President & VP Exploration for the Company. “Our exploration thesis on the Project is directly analogous to the targeting strategies that lead to recent discoveries in the Mudjatik Domain such as the high-grade Hurricane deposit just to the south of Canary.”