Additionally, the Company has expanded the Ascent project by 3,728 hectares, effectively doubling the project size.
With the addition of the Harrison project and expansion of the Ascent project (as described below), the Company now has ownership interests in eleven exploration properties, totalling over 209,867 acres across the uranium-rich
Key Highlights: Addition of the Harrison project - targeting high-grade1 uranium mineralization in the southwest
Harrison covers several kilometres of untested conductors coincident with magnetic low trends and key structural geology attributes
Ascent project doubled in size, covering 7,464 hectares of the eastern
Increased exposure to the southwest
The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be 'high-grade'.
'As we continue our low-cost staking efforts across the Basin, we aim to grow and diversify our portfolio of projects enabling
The Harrison project is comprised of two mineral claims totalling 1,750 ha, located 22 km SSE of the
The Company believes the newly acquired Harrison project is prospective for the discovery of high-grade unconformity-related uranium mineralization. Continued land acquisitions through staking efforts fits with the Company's strategy to increase its landholdings in the
Ascent Project Expansion
In 2022, the Company completed a helicopter-borne Xcite time domain electromagnetic (TDEM), magnetic, and radiometric survey over the Ascent project. The airborne EM survey detected several conductive anomalies and radiometric variances on the Ascent Property, which correlate with previous electromagnetic surveys and lake sediment geochemical anomalies, effectively enhancing the resolution of the conductive trends on the Project. Additionally, the magnetic survey contributes to definition of potential fault systems and structural trends not previously identified.
Regional prospecting by historical operators also identified uranium enrichment in basement rocks located east of the
The current exploration model for the Ascent project is analogous to that of the J-Zone and Roughrider deposits, that are located proximal to a similar airborne EM target that has dimensions of roughly 2-km long by 1-km wide. The Ascent EM target is interpreted by the Company to represent a shallow-dipping conductive system and will be the focus of future exploration programs, drawing on the analogy of the J-Zone and Roughrider uranium deposits.
Ascent Project Earn-In Option Agreement
The Company has signed a term sheet (the 'Term Sheet'), dated
Shareholder Approval of 10% Rolling Omnibus Incentive Plan
The Company is also pleased to announce the adoption of its new omnibus incentive plan (the 'Omnibus Plan'), which was approved by the Company's shareholders at the annual and special meeting of shareholders held on
The Omnibus Plan was created to comply with the requirements of the new TSX Venture Exchange Policy 4.4 - Security Based Compensation, effective
The Omnibus Plan replaced the Company's existing stock option plan and includes a 10% 'rolling' option plan permitting a maximum of 10% of the issued and outstanding common shares of the Company as at the date of any security-based grant to be reserved for grant. Please refer to the Company's management information circular dated
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Standard
Contact:
Chief Executive Officer, and Chairman
Tel: 1 (306) 850-6699
Email: info@standarduranium.ca
Cautionary Statement Regarding Forward-Looking Statements
This news release contains 'forward-looking statements' or 'forward-looking information' (collectively, 'forward-looking statements') within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, but are not limited to, statements regarding: execution of the definitive agreement; conditions to the exercise the Option; completion of the Optionee's go public transaction; the timing and content of upcoming work programs; geological interpretations; timing of the Company's exploration programs;and estimates of market conditions.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the 'Risks and Uncertainties' in the Company's management discussion and analysis for the fiscal year ended
Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company's actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: that the transaction with the Optionee will proceed as planned; the future price of uranium; anticipated costs and the Company's ability to raise additional capital if and when necessary; volatility in the market price of the Company's securities; future sales of the Company's securities; the Company's ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company's mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.
The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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