Atco Mining Inc. announced that it has signed a definitive option agreement, dated February 16, 2024, with Standard Uranium Ltd., an arms-length party, to acquire up to a 75% interest in Standard's Atlantic Uranium Project located in the Eastern Athabasca Basin of northern Saskatchewan. The Project consists of 7 mineral claims totaling 3,061 hectares and covers 6.5 km of an 18 km long, east-west trending conductive corridor located due west of IsoEnergy Limited's Hurricane deposit. Atco believes the Atlantic Project is prospective for the discovery of classic high-grade unconformity-related uranium mineralization akin to the recently discovered Hurricane deposit nearby.

Depth to the unconformity is approximately 230 to 485 meters from surface. Historical drilling by Cameco in 1992 (Hole BE-04) encountered up to 0.06% U3O8 over 0.5 metres in the sandstone, proximal to the unconformity. Additionally, the hole encountered elevated uranium and nickel, as well as illite and chlorite alteration in the lower 10 metres of sandstone.

Follow-up drilling by Denison Mines in 2012 (Hole BL12-13), next to BE-04, encountered a metal-enriched fault-zone in the sandstone located 130 metres above the basement rocks that contains 10.2 ppm uranium, 786 ppm lead, and 2,270 ppm zinc over 0.1 metre. Additionally, a composite sample of the basal 13.4 metres of sandstone returned 477 ppm uranium. At the western claim block, drilling by Denison Mines in 2016 (Hole BL16-32) identified 342 ppm uranium over 0.5 metres at the base of the sandstone.

Standard Uranium recently completed additional pre-drill targeting on the Project which consisted of a high-resolution ground gravity survey on the western claim block to identify subsurface density anomalies, potentially representing significant alteration zones. The Project is fully permitted for a drill program and is included within a signed exploration agreement with the local First Nations and Indigenous communities.