Standard Uranium Begins 5,000m Drill Program at its Flagship Davidson River Project
VANCOUVER, British Columbia, Aug. 06, 2020 (GLOBE NEWSWIRE) — Standard Uranium Ltd. (“Standard Uranium” or the “Company”) (TSX-V: STND) (Frankfurt: FWB:9SU) is pleased to announce that the Phase 1, 2020 summer diamond drilling program at its flagship 25,886 hectare Davidson River Uranium Project (the “Project”) has begun. The Project is located in the Southwest Athabasca Uranium District of the Athabasca Basin, Saskatchewan, and covers the inferred trend that hosts Fission Uranium’s Triple R deposit and NexGen’s Arrow deposit, in an area lying 25km to 30km to the west of those deposits. The first two holes were collared yesterday morning, the first drill pad was built, and drilling began the morning of August 6th.
Jon Bey, President, CEO and Chairman commented: “It is amazing to see the drills turning on our Davidson River Project. We are fortunate to have the Aggressive Drilling team working with us on this project. Their experience in this region and geology is second to none. The weather conditions for drilling are perfect right now and we anticipate we could complete up to 100m of drilling per day.”Full details of the drill program are available in the previously announced news release, July 23, 2020.Drilling Program Summary:5,000m planned in approximately 15-17 drill holesDrilling began on August 6thDrill testing a uranium fertile corridor to confirm uranium mineralization on the propertyTesting offsets and flexures in wide conductive corridor with fence drillingDrilling regular intervals to vector along the conductors searching for: radioactivity, alteration, structure and graphite- and sulphide- rich shear zones.CEO Performance bonusThe Company also announces that it has received the requisite disinterested shareholder approval for the payment of a one-time incentive bonus to the President and Chief Executive Officer of the Company, Jon Bey. The bonus consists of 800,000 common shares of the Company (the “Bonus Shares”), and is intended to compensate Mr. Bey for services provided in connection with the successful listing of the Company on the TSX Venture Exchange and to reflect below-market compensation which Mr. Bey agreed to accept during the initial listing and financing of the Company. Shareholder approval was obtained through the consent of the holders of the majority of the outstanding share capital of the Company, excluding those shares held by Mr. Bey and his associates, affiliates and immediate family members.Subject to final approval of the TSX Venture Exchange, the Company will proceed with the issuance of the Bonus Shares to Mr. Bey. Upon issuance, the Bonus Shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws and the policies of the TSX Venture Exchange.The scientific and technical information contained in this news release has been reviewed and approved by Neil McCallum, VP Exploration and is a “Qualified Person” as defined in NI 43-101.About Standard Uranium (TSX-V: STND)We find the fuel to power a clean energy futureStandard Uranium is a mineral resource exploration company based in Vancouver, British Columbia. Since its establishment, Standard Uranium has focused on the identification and development of prospective exploration stage uranium projects in the Athabasca Basin in Saskatchewan, Canada. Standard Uranium’s Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, is comprised of 21 mineral claims over 25,886 hectares. The Davidson River Project is highly prospective for basement hosted uranium deposits yet remains untested by drilling despite its location along trend from recent high-grade uranium discoveries. A copy of the 43-101 Technical Report that summarizes the exploration on the Project is available for review under Standard Uranium’s SEDAR issuer profile (www.sedar.com).For further information contact: