Feb 8 2022Reviewed by Alex Smith
Standard Uranium Ltd. (“Standard Uranium” or the “Company”) is delighted to announce that exploration activities have begun on the Sun Dog Project (“Sun Dog” or the “Project”), which is located in Saskatchewan’s northwestern Athabasca Basin. The Project is now undergoing high-resolution geophysical studies, with the Standard Uranium team and drill crews expected to mobilize in three weeks.
The Project covers 15,770 hectares and consists of six mining claims. It is highly promising for basement-hosted and unconformity-related uranium deposits.
Inaugural Sun Dog Drill Program Summary
- Specific drill targets will be refined using high-resolution ground gravity and UAV magnetic surveys
- Weather and ice conditions permitting, about 3,000 meters in ten (10) diamond drill holes are scheduled to follow up on known high-grade* uranium deposit
- Drilling is expected to begin in the first week of March 2022
- Standard Uranium’s first drilling at the Skye, Haven, and Java target regions
- Exploring numerous kilometers of graphitic conductors that run parallel to cross-cutting faults and past high-grade uranium mineralization intersections on the surface and in drillholes
- Detecting high-grade basement “roots” of the mineralizing systems beneath the Athabasca sandstones by efficiently probing down-dip extensions of structures containing mineralization at surface
Sun Dog target locations are now undergoing high-resolution ground gravity and UAV magnetic surveys, which will help refine existing high-priority drill targets. The Project’s ice road is now being built, and geologists and drill teams from Standard Uranium are expected to move to the site in the final week of February 2022, with drilling to begin the first week of March.
*Uranium mineralization with concentrations of more than 1.0 wt% U3O8 is considered “high-grade” by the Company.
In spite of the excellent past findings, the Sun Dog Project has not been drill-tested in 14 years, despite all of the favorable features for hosting an Athabasca-style unconformity-related uranium deposit. The Company’s goal is to revitalize the Uranium City area by employing contemporary technology and geological knowledge to search for high-grade basement and sandstone-hosted uranium.
Appointment of Sean McGrath as President
The company announced that Mr Sean McGrath will take over as the President, with effect from February 7th, 2022. He will be working alongside Standard Uranium CEO Jon Bey to expand the Company’s uranium projects in Saskatchewan’s booming Athabasca Basin.
Over the course of his 25-year career as a mining executive, Mr McGrath has worked for both the exploration and production of mining firms.
Mr. McGrath graduated from the Memorial University of Newfoundland with a Bachelor of Commerce (Hons) degree and is a Chartered Professional Accountant.
In his capacity as President, Mr McGrath will work directly with the CEO on a daily basis, assisting him with the Company’s finance and strategic initiatives.
We are thrilled that Sean has agreed to bring his experience to Standard Uranium as our new President. With a background in the resource sector and capital markets, he is a great fit for Standard Uranium in our exploration and growth stage. I look forward to working closely with him as we continue to unlock value for Standard Uranium shareholders.
Jon Bey, CEO, Standard Uranium
Granting of stock options
Standard also announced that it has given stock options to certain directors, executives, and consultants to acquire an aggregate of 2,860,000 common shares of the Company at $0.20 per share for a term of five years from the grant date, under its Stock Option Plan. The options will become fully vested as soon as they are granted.