Standard Uranium is advancing exploration efforts at the Canary Project located in the prolific Athabasca Basin region. CEO Jon Bey confirmed the company has engaged drill and helicopter contractors in preparation for the inaugural Spring 2024 drill program scheduled to commence in early May. The program will involve helicopter-supported diamond drilling targeting high-priority unconformity-related uranium targets identified through geophysical work conducted by the company in 2022.
These targets are situated approximately 200-300 meters below the surface, representing ideal unconformity target zones for uranium exploration. Bey emphasized the underexplored nature of the northeast portion of the eastern Athabasca Basin, noting that the Canary project contains two main conductive corridors yet only has three historical drill holes. This represents a drilling density of just 0.04 drill holes per square kilometer, highlighting the significant exploration potential remaining in the area.
The Canary Project is currently under a three-year earn-in option agreement with Mamba Exploration. Under this partnership arrangement, Mamba aims to earn a 75% interest in the project by funding $6 million in exploration expenditures over three years. The upcoming drill program represents a crucial step in advancing the project and unlocking its mineral potential through systematic exploration of identified targets.
Standard Uranium's strategic focus on the Canary Project aligns with the company's commitment to exploring and developing high-quality uranium assets in the Athabasca Basin, a region renowned for hosting world-class uranium deposits. The company's upcoming drill program will provide valuable insights into the project's mineral potential and guide future exploration decisions. By leveraging its technical expertise and strategic partnerships, Standard Uranium is positioned to make significant progress in evaluating this promising exploration project during the 2024 field season.
