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Thursday, Jul 25, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Standard Uranium’s Canary Project is highly prospective for uranium

The Canary Project’s drilling campaign yielded anomalous radioactivity exceeding 300 counts per second

Standard Uranium's Canary Project is highly prospective for uranium
Drilling in Northern Saskatchewan. Image via Standard Uranium.

Standard Uranium Ltd (TSXV: STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) discovered anomalous radioactivity and rocks typical of basement-hosted uranium deposits its Canary Project in the Athabasca Basin.

The company announced that it finished its drilling campaign in Northern Saskatchewan on Thursday.

Mamba Exploration Limited (ASX: M24) currently holds a three-year earn-in option agreement for the project. Under this agreement, Mamba has the option to earn a 75 per cent interest in the project by funding CAD$6 million in exploration expenditures over three years. The inaugural drill program will satisfy the year one exploration spend.

The Canary Project’s inaugural drilling campaign has yielded promising results, with one of the four drill holes intersecting anomalous radioactivity exceeding 300 counts per second (cps). Additionally, Standard identified multiple zones of favourable alteration, including hydrothermal silicification, clay, chlorite, and hematite. The company also found fracture-hosted elevated radioactivity in drill hole CAN-24-004. The uranium ratios exceeding 4:1, indicating potential hydrothermal uranium input.

The drilling, which targeted high-priority areas refined through the company’s geophysical work in 2022, reached the unconformity on the project at depths of approximately 220-250 meters below the surface.

Remarkably, Standard Uranium’s drilling campaign was completed ahead of schedule and under budget, with 1,863 meters drilled across four holes, surpassing meterage expectations by more than a week. Looking ahead, Canary Project has identified follow-up targets for further exploration.

The project boasts significant potential for discovery along three different and significantly underexplored conductor systems. The team will conduct supplementary geophysical surveys over all three corridors, providing additional areas of interest for phase II and III drilling.

Read more: ATHA enters C$8M option agreement with Inspiration Energy for Saskatchewan assets

Read more: ATHA completes 92 Energy acquisition; prepares for drill program at Gemini project in Q3

Mudjatik domain has been home to several discoveries

The project is located in the Mudjatik geological domain, where several recent discoveries have been made, including IsoEnergy Ltd.’s (TSXV: ISO) Hurricane Deposit just 11 km to the south. IsoEnergy’s land package in the Athabasca Basin spans over 200,000 hectares. The company has partnered with ATHA Energy Corp. (TSXV: SASK) (OTCQB: SASKF) (FRA: X5U), granting ATHA a 10 per cent carried interest in certain portions of the land.

The region is underexplored relative to adjacent magnetic low/EM conductor corridors. The team is currently planning follow-up targets based on the geological data collected from the spring 2024 program.

“The results from this program have revealed packages of the ideal host rocks for basement-hosted uranium mineralization, in addition to a potential quartzite ridge which is an important feature present in other eastern Athabasca uranium deposits such as McArthur River and Phoenix,” said Sean Hillacre, Standard Uranium’s President and VP of Exploration.

In spring 2024, the drill program completed 1,863 meters of diamond drilling across 4 holes. It started on May 3rd and finishing ahead of schedule on May 31st, 2024. Additionally, drill hole CAN-24-004 intersected local fracture-hosted anomalous radioactivity in the basement rocks. The company recorded readings up to 410 counts per second (cps) from 449.0 to 449.5 meters.

The project also encompasses more than 16 km of conductive corridors along three exploration trends. These have historically shown anomalous uranium occurrences. A high-resolution ground DC/IP survey conducted in 2022 provided crucial structural and lithological information. This has helped identify conductive bodies and potential fault systems.


ATHA Energy Corp. is a sponsor of Mugglehead news coverage


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