Standard Uranium advances Athabasca Basin projects with new private placement

Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) announced plans to advance its uranium exploration portfolio in the eastern Athabasca Basin region, leveraging proceeds from a recently closed $700,000 tranche of a private placement.

Funds from the private placement will support targeted geophysical surveys across its 100%-owned Atlantic, Rocas, and Corvo projects, aiming to refine exploration strategies and identify high-priority drill targets.

The company’s exploration initiatives include ground gravity surveys and an airborne time-domain electromagnetic survey to map structural corridors and identify uranium-bearing geological formations.

"These high-resolution surveys add value in continuing to advance our portfolio of uranium exploration projects with additional discovery vectors, providing more opportunities for new joint venture partners looking to enter or expand in the Athabasca Basin region," said Sean Hillacre, President & VP Exploration of Standard Uranium. "I look forward to de-risking our exploration strategies and upgrading our drill targets for next year on these projects through these proven technologies."

At the Atlantic project, the company aims to build on uranium mineralization confirmed in early 2024, focusing on untested strike lengths within graphitic shear zones. The Corvo and Rocas projects will undergo EM and gravity surveys, respectively, to identify shallow, high-grade targets and hydrothermal alteration zones, leveraging historical samples with uranium grades of up to 59,800 ppm and 0.50% uranium oxide.

Separately, Standard Uranium confirmed it has regained 100% ownership of the Canary Uranium Project after Mamba Exploration Limited withdrew from an earn-in agreement. Results from a 2024 drill program revealed promising uranium pathfinder elements, positioning Canary as an advanced exploration asset now available for option.

As for the private placement, Standard Uranium issued 7 million flow-through units (FT Units) at $0.10 each, comprising one common share and half a warrant. Each full warrant allows the holder to purchase a share at $0.15 until December 2026.

Standard Uranium expects to complete the final tranche of the placement by December 20, pending regulatory approval.