Standard Uranium Advances Exploration at Underexplored Canary Project in Athabasca Basin

Standard Uranium is advancing exploration efforts at its Canary Project located in the prolific Athabasca Basin region, with CEO Jon Bey confirming preparations for the inaugural Spring 2024 drill program scheduled to commence in early May. The company has engaged drill and helicopter contractors for helicopter-supported diamond drilling targeting high-priority unconformity-related uranium targets identified through geophysical work conducted in 2022. These targets are situated approximately 200-300 meters below the surface, representing ideal unconformity target zones for uranium discovery.

The northeast portion of the eastern Athabasca Basin where the Canary project is located remains significantly underexplored, containing two main conductive corridors with only three historical drill holes representing a drilling density of 0.04 drill holes per square kilometer. This sparse drilling history underscores the substantial exploration potential of the area and the opportunity for new discoveries in a region known for world-class uranium deposits. The upcoming drill program represents a crucial step in advancing the project and unlocking its mineral potential through systematic exploration.

The Canary Project is currently under a three-year earn-in option agreement with Mamba Exploration, where Mamba aims to earn a 75% interest in the project by funding $6 million in exploration expenditures over three years. This partnership structure provides Standard Uranium with funded exploration while maintaining significant exposure to potential discoveries. The strategic focus on the Canary Project aligns with Standard Uranium's commitment to exploring and developing high-quality uranium assets in the Athabasca Basin, leveraging both company expertise and strategic partnerships to advance promising projects.

The upcoming drill program will provide valuable insights into the project's mineral potential and guide future exploration efforts, with results expected to help define the geological characteristics of the targeted conductive corridors. Standard Uranium's systematic approach to exploration, combined with the underexplored nature of the project area, positions the company to potentially make significant discoveries in one of the world's premier uranium districts. The program represents an important milestone in the company's exploration strategy and the broader development of uranium resources in the Athabasca Basin region.