Standard Uranium Ltd (TSXV:STND) (OTCQB:STTDF) announced that its Sun Dog uranium project is being combined into a district-scale opportunity in Uranium City, Saskatchewan.
The company said on Friday that Aero Energy, previously known as Angold Resources, possesses options to acquire ownership stakes ranging from 70 per cent to 100 per cent in three uranium exploration projects: the Sun Dog project, and Fortune Bay’s Murmac and Strike projects.
The option agreement includes the right to purchase a maximum of 100 per cent ownership in Sun Dog from the company for $650,000 in cash and $650,000 in share payments, to be paid annually over a 2-year period.
Additionally, there is a $6.5 million work commitment over 3 years, with a 10 per cent operator fee on expenditures.
The Sun Dog project also includes a 2 percent net smelter royalty, which the company can reduce to 1 percent by making a CAD$1 million cash payment.
The combined optionable properties encompass a total area of 39,381 hectares and showcase high-grade uranium mineralization at the surface.
These properties feature numerous permitted and drill-ready targets. Both the company and Fortune Bay have conducted reconnaissance drilling, revealing narrow zones of uranium mineralization and substantial areas of hydrothermal alteration.
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Athabasca Basin is thick with competition
On each property, the drill core reveals shallow, elevated uranium levels. Geologists have linked this uranium to electromagnetic conductors that originate from brittle-deformed graphitic rocks. Additionally, pathfinder elements, commonly found in high-grade Athabasca deposits, are present in the core samples.
“By combining our properties and infrastructure under one company, Aero Energy, we can now explore this region year-round,” Jon Bey, CEO and chairman of Standard Uranium, said, “decreasing exploration expenses and creating work for the local communities and exploration vendors.
“The Standard Uranium technical team will be heavily involved in planning and operating the exploration programs.”
The new business combination comes into an arena where competition for space and resources is stiff.
Cameco Corporation (TSX: CCO) (NYSE: CCJ), Orano Canada, IsoEnergy Ltd. (TSXV: ISO), and Rio Tinto. (ASX: RIO) (NYSE: RIO) (LON: RIO) operate uranium mining activities in the east of the basin. Their operations, including Cigar Lake and McArthur River, are located on that side of the jurisdiction.
In the west, Fission Uranium Corp. (TSX: FCU) (OTCQX: FCUUF) intends on completing a 6,000-meter, 13-hole winter exploration program at its PLS project. This project is directly south of the Coffer project and southwest of a significant land package jointly held with ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF).
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) has also expanded uranium exploration in the southeastern edge of the region by 16,900 hectares.
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Koos
December 30, 2023 at 2:02 am
Wat betekent dat voor standaard uranium?