Latest news with #CorvoProject
Associated Press
3 days ago
- Business
- Associated Press
Standard Uranium Announces Intent to Complete NI 43-101 Technical Report on the Corvo Uranium Project, Eastern Athabasca Basin
Vancouver, British Columbia--(Newsfile Corp. - June 5, 2025) - Standard Uranium Ltd. (TSXV: STND) (OTCQB: STTDF) (FSE: 9SU0) ('Standard Uranium' or the 'Company') is pleased to announce that it has contracted Axiom Exploration Group Ltd. ('Axiom') to complete a Technical Report (the 'Report') in accordance with National Instrument 43-101 on the Corvo Uranium Project ('Corvo' or the 'Project') located along the eastern margin of the Athabasca Basin, northern Saskatchewan, Canada. Corvo is currently under a three-year earn-in option agreement with Aventis Energy Inc. ('Aventis') (CSE: AVE). Axiom combines geoscience technology and authoritative expertise to offer tailored, sustainable solutions for efficient, responsible mineral exploration and development projects. Axiom focuses on utilizing cutting-edge technology, export advisory, and tailored services that drive project success and by crafting innovative strategies that address environmental challenges while building shared value. The purpose of the report is to provide a comprehensive update on the Corvo Uranium Project including all available historical data that the Company has gathered, in addition to newly acquired TDEM data and sampling information from 2025 programs. The NI 43-101 will offer valuable insights by compiling existing data, previous work, and new technology to better guide future programs. Corvo hosts historical drill holes that intersected multiple intervals of uranium mineralization, notably along a strike length of 800 metres between historical drill holes TL-79-3 (0.116% U 3 O 8 over 1.05 m) and TL-79-5 (0.065% U 3 O 8 over 0.15 m) 1. High-grade* uranium at surface has been recorded at the Manhattan showing (1.19 to 5.98% U 3 O 8 ) and SMDI showing 2052 (0.137% U 3 O 8 and 2,300 ppm Th) 2. Sean Hillacre, President & VP Exploration of the Company, commented, 'I look forward to working closely with Axiom to publish the NI 43-101 Technical Report on Corvo. As we prepare for our first ground-truth exploration program on Corvo this summer, the timing is ideal to engage Axiom and construct the first technical report on this exciting project.' [ This image cannot be displayed. Please visit the source: ] Figure 1. Regional map of the Corvo Project. The Project is located 45 km northeast of Atha Energy's Gemini Mineralized Zone ('GMZ') and 60 km due east of Cameco's McArthur River mine. To view an enhanced version of this graphic, please visit: The Company believes the Project is highly prospective for the discovery of shallow, high-grade basement-hosted uranium mineralization akin to the Rabbit Lake deposit and the recently discovered Gemini Mineralized Zone. Located just outside the current margin of the Athabasca Basin, Corvo boasts shallow drill targets with bedrock under minimal cover of glacial till. Several outcrop showings of mineralized veins and fractures are present on the Project, notably the Manhattan Showing that returned historical sample results up to 59,800 ppm U at surface2 and has never been drill tested. *The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8to be 'high-grade.' **The Company considers radioactivity readings greater than 300 counts per second (cps) to be 'anomalous.' Qualified Person Statement The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, President and VP Exploration of the Company and a 'qualified person' as defined in NI 43-101. Historical data disclosed in this news release relating to sampling results from previous operators are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company's future exploration work may include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of exploration projects. Any historical grab samples disclosed are selected samples and may not represent true underlying mineralization. References 1 Mineral Assessment Report 64E13-0054: Norbaska Mines Ltd., 1979-1980 2 SMDI# 2052: & Mineral Assessment Report MAW00047: Eagle Plains Resources Inc., 2011-2012 About Standard Uranium (TSXV: STND) We find the fuel to power a clean energy future Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world's richest uranium district. The Company holds interest in over 233,455 acres (94,476 hectares) in the world-class Athabasca Basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition, and exploration of Athabasca-style uranium targets with a view to discovery and future development. Standard Uranium's Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected. Standard Uranium's eastern Athabasca projects comprise over 42,384 hectares of prospective land holdings. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries. Standard Uranium's Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area. For further information contact: Jon Bey, Chief Executive Officer, and Chairman Suite 3123, 595 Burrard Street Vancouver, British Columbia, V7X 1J1 Tel: 1 (306) 850-6699 E-mail: [email protected] 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: 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 April 30, 2024. 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. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit
Yahoo
20-05-2025
- Business
- Yahoo
Aventis Energy Provides Recent Exploration Insights at the Corvo Uranium Project
The Corvo Uranium Project is prime real estate for a basement-hosted uranium discovery VANCOUVER, British Columbia, May 20, 2025 (GLOBE NEWSWIRE) -- Aventis Energy. ('Aventis' or the 'Company') (CSE: AVE | OTC: VBAMF), is pleased to provide a comprehensive summary of exploration insights and historical data gathered at its Corvo Uranium Project ('Corvo', or the 'Project'). Highlights: Basement-hosted Uranium Prospect: Historical drill holes intersected multiple intervals of uranium mineralization, notably along a strike length of 800 metres between historical drill holes TL-79-3 (0.116% UO over 1.05 m) and TL-79-5 (0.065% UO over 0.15 m) High-grade* Uranium at Surface: Prospecting, mapping, geochemical surveying, and drilling completed in the late 1970s and 80s identified graphitic metasedimentary rocks in outcrop along the conductive corridor and led to the discovery of multiple uraniferous outcrops including the Manhattan showing (1.19 to 5.98% UO) and SMDI showing 2052 (0.137% UO and 2,300 ppm Th) Favorable Host Rocks: An airborne Time-Domain Electromagnetic ('TDEM') survey was recently completed to pinpoint graphitic rocks (conductors) favourable for hosting significant concentrations of uranium. This modern electromagnetic survey will infill and improve upon historical surveys which have identified at least 25 km of combined conductor strike length. Target Development & Drilling: The results of the recent airborne TDEM survey will be subject to geophysical interpretation and modelling, and integrated with the Project's existing datasets, to prioritize target areas for additional geophysics and inaugural drilling. Mandeep Parmar, Interim CEO of Aventis, commented: 'The Corvo Project has many areas that need further investigation. We look forward to developing our target areas with additional work programs throughout the year as we advance towards our maiden drilling program.'Figure 1. Regional map of the Corvo Project. The Project is located 45 km northeast of Atha Energy's Gemini Mineralized Zone ('GMZ') and 60 km due east of Cameco's McArthur River mine. Corvo Project Overview and Historical Exploration: The Project covers 12,265 hectares in the eastern Athabasca Basin region, targeting high-grade basement-hosted uranium on the Corvo project. The Corvo Project is situated 1.5 km outside the current margin of the Athabasca Basin, approximately 45 kilometres northeast of the Gemini Mineralized Zone ('GMZ'; Figure 1). The Company believes the Project is highly prospective for the discovery of high-grade basement-hosted uranium mineralization akin to the Rabbit Lake deposit and the recently discovered Gemini Mineralized Zone. Several outcrop showings of mineralized veins and fractures are present on the Project, notably the Manhattan Showing that returned historical sample results up to 59,800 ppm U at surface and has never been drill tested. The Project is also prospective for rare earth element ('REE') mineralization, potentially providing additional value upside. Basement-hosted uranium deposits in the Athabasca Basin region are typically associated with graphite-rich rocks, evident as electromagnetic ('EM') conductors in geophysical surveys. These graphite-rich rocks, softer than surrounding quartzite and granitoid lithologies, are not frequently exposed at the surface due to glacial cover. However, prospecting, mapping, and geochemical surveying completed in the late 1970s and 80s on the Project identified graphitic metasedimentary rocks in outcrop along conductive corridors and led to the discovery of multiple uriniferous outcrops including the Manhattan Showing (up to 59,800 ppm U) and SMDI showing 2052 (0.137% UO & 2,300 ppm Th).3 Historical airborne and ground electromagnetic work between 1979 and 2017 identified a broad, northeast-southwest trending, conductive system that is approximately 2.5-km wide with prospective targets associated with magnetic-low corridors and cross-cutting faults. Historical drilling on the Project by Norbaska Mines Ltd. in 1979 and 1980 has outlined multiple intercepts of basement-hosted uranium mineralization (Figure 2). Historical drill hole TL-79-3 intersected 4.63 metres of composite mineralization >0.05% UO across multiple mineralized zones, including 0.116% UO over 1.05 metres. Drill hole TL-79-5 intersected 0.065% UO over 0.15 metres, approximately 800 metres along strike from 2. Summary map showing low/EM conductor trends on the Corvo project and highlighting historical samples and drill holes with anomalous uranium and/or radioactivity, with first vertical derivative magnetics in the this year, the Company contracted Axiom Exploration Group Ltd. in partnership with New Resolution Geophysics to carry out a helicopter-borne Xcite time domain electromagnetic and total field magnetic survey over the Corvo project. The survey totalled approximately 1,380 line-kms with a traverse line spacing of 100 m and tie-line spacing of 1,000 m. The airborne TDEM survey outlines several kilometers of conductive anomalies and magnetic features in bedrock, effectively enhancing the resolution of the conductive trends on the project. The magnetic survey contributes to definition of potential fault systems and structural trends not previously identified across the project related to historical uranium showings at surface and in historical drill holes. The Company is planning supplementary geophysical surveys across the Project in 2025 to further refine drill targets for an inaugural drill program, in addition to a mapping, prospecting, and sampling program to ground-truth historical uranium showings at surface. Ongoing geophysical interpretation and modeling is planned to integrate historical surveys with newly collected datasets, which will provide high-priority drill targets and significantly derisk the Project prior to modern drilling. *The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be 'high-grade'. **The Company considers radioactivity readings greater than 300 counts per second (cps) to be 'anomalous'.The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, President and VP Exploration of Standard Uranium and a 'qualified person' as defined in NI 43-101. Historical data disclosed in this news release relating to sampling results from previous operators are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company's future exploration work may include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of exploration projects. Any historical grab samples disclosed are selected samples and may not represent true underlying mineralization.1 Vital Battery Metals Announces Effective Date of Name Change to Aventis Energy Inc., News Release, May 9, 2025. 2 Mineral Assessment Report 64E13-0054: Norbaska Mines Ltd., 1979-1980 3 SMDI# 2052: & Mineral Assessment Report MAW00047: Eagle Plains Resources Inc., 2011-2012 4 Standard Uranium Provides Exploration Update Highlighting Results of Gravity and TDEM Surveys on Three Eastern Athabasca Uranium Projects, News Release, March 13, 2025. 5 Vital Battery Metals Drills 20.5m of 1.21% Cu Including 5.0m of 2.22% Cu at Sting Copper Project., News Release, January 14, 2025. About Aventis Energy Inc. Aventis Energy Inc. (CSE: AVE | OTC: VBAMF) is a mineral exploration company dedicated to the development of strategic projects comprised of battery, base and precious metals in stable jurisdictions. The Company is working to advance its Corvo Uranium & Sting Copper Project. The Corvo Uranium property has historical drill holes intersected multiple intervals of uranium mineralization, notably along a strike length of 800 metres between historical drill holes TL-79-3 (0.116% UO over 1.05 m) and TL-79-5 (0.065% UO over 0.15 m). High-grade* Uranium at Surface with the Manhattan showing (1.19 to 5.98% UO) and SMDI showing 2052 (0.137% UO and 2,300 ppm Th) The Sting Copper Project covers approximately 12,700 hectares and recently had results of 54.8m at 0.32% Cu starting at a depth of 27.0m, with higher-grade intervals including six samples (≥0.5m length) ranging from 0.96% to 5.43% Cu. High grade samples of 0.5m at 2.85% Cu and 0.5m at 1.92% Cu with an additional broader interval of 31.1m at 0.27% Cu.5 On Behalf of the Board of Directors Mandeep ParmarInterim Chief Executive Officer, Director+1 (604) 229-9772info@ Disclaimer for Forward-Looking Information Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Forward looking statements in this news release include, but are not limited to, statements respecting: the provision of the Services by RMK under the Agreement. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy or accuracy of this release. Photos accompanying this announcement are available at: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hamilton Spectator
08-05-2025
- Business
- Hamilton Spectator
Vital Battery Metals Announces Acquisition of Corvo Uranium Project & Closing of Financing
Highlights: VANCOUVER, British Columbia, May 08, 2025 (GLOBE NEWSWIRE) — Vital Battery Metals Inc. ('Vital' or the 'Company') (CSE: VBAM | OTC: VBAMF | FRA: C0O), is pleased to announce that it has signed a definitive property option agreement (the 'Option Agreement'), dated May 8, 2025, with Standard Uranium (Saskatchewan) Ltd. and Standard Uranium Ltd. (collectively, the 'Optionors'), who are arm's-length parties to the Company. Pursuant to the Option Agreement, the Company has been granted the option (the 'Option') to acquire a seventy-five percent (75%) interest in the 12,265-hectare Corvo Project (the 'Corvo Property' or the 'Project') located in the eastern Athabasca Basin region (Please see Figure 1). The Company believes the Corvo Property is highly prospective for the discovery of shallow, high-grade basement-hosted uranium mineralization akin to the Rabbit Lake deposit and the recently discovered Gemini Mineralized Zone. Located just outside the current margin of the Athabasca Basin, the Project boasts shallow drill targets with bedrock under minimal cover of glacial till. Several outcrop showings of mineralized veins and fractures are present on the Project, notably the Manhattan Showing that returned historical sample results up to 59,800 ppm U at surface and has never been drill tested. Interim Chief Executive Officer, Mandeep Parmar, commented, 'The Company is poised for growth as we have now secured funding from strategic investors to advance our projects. The acquisition of the Corvo Uranium Project is fundamental to the growth of the Company. We're eager to step into a new jurisdiction in the Athabasca Basin, one that is known to host several world-class uranium deposits. Moving forward, the Company is uniquely positioned to capitalize on the global demand for energy and is poised to advance towards its long-term objectives.' Figure 1 - Regional map of the Corvo Property. The Project is located 45 km northeast of Atha Energy's Gemini Mineralized Zone and 60 km due east of Cameco's McArthur River mine. Following the exercise of the Option, the parties intend to form a joint venture for the further development of the Project. Prior to the exercise of the Option, the Optionors will act as the operator of the Project and will be entitled to charge a 10% fee on expenditures in Year 1, increasing to 11% in Year 2 and 12% in Year 3. Following the exercise of the Option, Eagle Plains Resources Ltd. will retain a 2.5% net smelter returns royalty on the Project, of which 1.0% may be purchased back at any time for a one-time cash payment of $1,000,0002. No finders' fee are payable by the Company in connection with the Option. *The Company considers uranium mineralization with concentrations greater than 1.0 wt% U 3 O 8 to be 'high-grade'. **The Company considers radioactivity readings greater than 300 counts per second (cps) to be 'anomalous'. Option Agreement Details The Option is exercisable by the Company completing cash payments and share issuances ('Consideration Shares'), and incurring the following exploration expenditures on the Project: The Consideration Shares issuable in the first year will issued at a deemed price of $0.13 per Consideration Share and will be subject to resale restrictions from which one-quarter of the Consideration Shares will be released every six months for a twenty-four month period. The remaining Consideration Shares will be issuable at a deemed price equivalent to the volume-weighted average closing price of the common shares of the Optionee on the Canadian Securities Exchange in the thirty (30) trading days immediately prior to issuance. Consideration Shares issuable in the second year will be subject to resale restrictions from which one-third will be released every six months for an eighteen month period. Consideration Shares issuable in the third year will be subject to resale restrictions from which one-half will be released every six months for a twelve month period. Private Placement The Company is pleased to announce that, further to its news release dated April 2, 2025, the Company has completed the previously announced non-brokered private placement of units of the Company (the 'Units') at a price of $0.065 per Unit for aggregate gross proceeds of $1,040,114.40 (the 'Offering'). Each Unit consists of one (1) common share of the Company and one (1) transferable common share purchase warrant (a 'Warrant'). Each Warrant entitles the holder to purchase one (1) common share at a price of $0.10 per share until May 8, 2027. The Warrants contain an accelerated expiry clause (the 'Acceleration Clause'). Pursuant to the Acceleration Clause, if the Shares of the Company close at or above $0.20 for ten (10) consecutive trading days on the Canadian Securities Exchange ('CSE'), then the Company may accelerate the expiry date of the Warrants by issuing a news release announcing the accelerated Warrant term, pursuant to which the Warrants will expire on the 30th calendar day after the date of such news release. In connection with the closing of the Offering, an aggregate of $35,742.87 was paid in cash and a total of 549,890 finder's warrants (the 'Finder's Warrants') were issued as finder's fees. Each Finder's Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.10 per share until May 8, 2027. The net proceeds of the Offering are expected to be used towards advancement of the Company's projects and for general working capital purposes. All securities issued pursuant to the Offering are subject to a statutory hold period of four months and one day, expiring on August 9, 2025. A director of the Company participated in the Offering by subscribing for 100,000 Units for gross proceeds of $6,500. The issuance of the Units to the insider of the Company is considered a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the participation by the insider does not exceed 25% of the fair market value of the Company's market capitalization. The securities issued pursuant to the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the ' U.S. Securities Act '), or any state securities laws. Accordingly, the securities issued pursuant to the Offering may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Vital Battery Metals Inc. Vital Battery Metals Inc. (CSE: VBAM | OTC: VBAMF | FRA: C0O) is a mineral exploration company dedicated to the development of strategic projects comprised of battery, base and precious metals in stable jurisdictions. The Company is working to advance its Corvo Uranium & Sting Copper Project. The Sting Copper Project covers approximately 12,700 hectares and hosts multiple historic Newfoundland and Labrador Government documented mineral occurrences and is located within a 50 km corridor known for significant volcanogenic massive sulfide (VMS), copper quartz vein lode and low sulphation epithermal gold showings. For more information, visit . Qualified Person Statement The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, President and VP Exploration of Standard Uranium Ltd. and a 'qualified person' as defined in NI 43-101 – Standards of Disclosure for Mineral Projects . Historical data disclosed in this news release relating to sampling results from previous operators are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company's future exploration work may include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of exploration projects. Any historical grab samples highlighted in this release are selected samples and may not represent true underlying mineralization. References 1 SMDI# 2052: ; Mineral Assessment reports: MAW00047: Eagle Plains Resources Inc., 2011-2012 & 64E13-0054: Norbaska Mines Ltd., 1979-1980 2 Standard Uranium Announces Agreement to Expand Newly Staked Corvo Project in the Eastern Athabasca Basin News Release, August 24, 2023. On Behalf of the Board of Directors Mandeep Parmar Interim Chief Executive Officer, Director +1 (604) 229-9772 info@ Disclaimer for Forward-Looking Information This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the Project acquisition bringing a low-risk opportunity, the Company building a strong battery metals portfolio with low-risk opportunities that positively impact the Company and its shareholders and the Company providing an initial work plan are 'forward-looking statements'. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Project and its mineralization potential; the Company's objectives, goals or future plans with respect to the Project; the commencement of drilling or exploration programs in the future; the anticipated results of any drilling or exploration programs conducted in the future; statements with respect to the Offering and the intended use of proceeds therefrom; completion of the Option. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The Canadian Securities Exchange (CSE) does not accept responsibility for the adequacy or accuracy of this release. A photo accompanying this announcement is available at
Associated Press
07-04-2025
- Business
- Associated Press
Standard Uranium Executes Letter of Intent to Option Corvo Project in Eastern Athabasca Basin
Vancouver, British Columbia--(Newsfile Corp. - April 7, 2025) - Standard Uranium Ltd. (TSXV: STND) (OTCQB: STTDF) (FSE: 9SU0) ('Standard Uranium' or the 'Company') is pleased to announce that it has signed a letter of intent (the 'LOI'), dated April 4, 2025, with Vital Battery Metals Inc. (CSE: VBAM) (OTCQB: VBAMF) (FSE: C0O) (the 'Optionee'), an arms-length party. Pursuant to the LOI, the Optionee will be granted the option (the 'Option') to acquire a seventy-five percent interest in the 12,265-hectare Corvo Project ('Corvo' or the 'Project') located in the eastern Athabasca Basin region (Figure 1). Corvo Highlights: More than 29 km of exploration strike length along three strong NE-SW magnetic low trends coincident with EM conductors and cross-cutting faults, providing highly prospective shallow drill targets. Uranium mineralization is present along a strike length of 800 metres between historical drill holes TL-79-3 (0.057% U 3 O 8 over 3.5 m) and TL-79-5 (0.065% U 3 O 8 over 0.1 m) on the Project, in addition to the Manhattan Showing with historical results of 59,800 ppm U at surface 1. High-resolution geophysical survey — A modern high-resolution time domain electromagnetic ('TDEM') survey was recently completed, upgrading drill targets through definition of the main conductor trends associated with uranium mineralization. The Option is exercisable by the Optionee completing cash payments and share issuances, and incurring the following exploration expenditures on the Project: Consideration Payments Consideration Shares Exploration Expenditures Operator Fees Year 1 $50,000 $125,000 $750,000 $75,000 Year 2 $75,000 $275,000 $1,750,000 $192,500 Year 3 $100,000 $325,000 $2,000,000 $240,000 Total $225,000 $725,000 $4,500,000 $507,500 Jon Bey, Standard Uranium CEO and Chairman, commented: 'We are very pleased to have agreed to terms with our new partners at Vital Battery Metals to advance our Corvo Project. The global demand for nuclear energy requires more uranium exploration and high-grade discoveries. There is no better place on the planet to make these discoveries than the Athabasca Basin region. We look forward to completing this transaction and beginning phase one of our three-year exploration programs run by our Standard Uranium technical team.' The Company believes the Corvo Project is highly prospective for the discovery of shallow, high-grade* basement-hosted uranium mineralization akin to the Rabbit Lake deposit and the recently discovered Gemini Mineralized Zone and Ackio discovery. Located just outside the current margin of the Athabasca Basin, Corvo boasts shallow drill targets with bedrock under minimal cover of glacial till. Several outcrop showings of mineralized veins and fractures are present on the Project, notably the Manhattan Showing that returned historical sample results up to 59,800 ppm U at surface and has never been drill tested. Figure 1. Regional map of Standard Uranium's Corvo Project. The Project is located 45 km northeast of the Gemini Mineralized Zone ('GMZ') and 60 km due east of Cameco's McArthur River mine. To view an enhanced version of this graphic, please visit: Following successful completion of the obligations of the Option (i.e at the end of Year 3), the parties intend on forming a joint venture for the further development of the Project. Prior to exercise of the Option, the Company will act as the operator of the Project and will be entitled to charge a 10% fee on expenditures in Year 1, increasing to 11% in Year 2, and 12% in Year 3. Following exercise of the Option, Eagle Plains Resources Ltd. will retain a 2.5% net smelter returns royalty on the Project, of which 1.0% may be purchased back at any time for a one-time cash payment of $1,000,000 2. The LOI is non-binding at this time and the grant of the Option remains subject finalisation and execution of definitive agreements. No finders' fee is payable by the Company in connection with the Option. *The Company considers uranium mineralization with concentrations greater than 1.0 wt% U 3 O 8 to be 'high-grade'. **The Company considers radioactivity readings greater than 300 counts per second (cps) to be 'anomalous'. Chief Financial Officer The Company also announces that Sean McGrath has resigned as Chief Financial Officer of the Company to focus on other ventures. The Company thanks Mr. McGrath for his many years of service. The Company has commenced a search for a new Chief Financial Officer, and in the interim Jon Bey, the Chief Executive Officer of the Company, will fill the role. Jon Bey, CEO and Chairman, commented: 'I'd like to thank Mr. McGrath for his many years of service, he has been an integral part of our management team, and we wish him well in his future endeavours.' Qualified Person Statement The scientific and technical information contained in this news release has been reviewed, verified, and approved by Sean Hillacre, President and VP Exploration of the Company and a 'qualified person' as defined in NI 43-101. Historical data disclosed in this news release relating to sampling results from previous operators are historical in nature. Neither the Company nor a qualified person has yet verified this data and therefore investors should not place undue reliance on such data. The Company's future exploration work may include verification of the data. The Company considers historical results to be relevant as an exploration guide and to assess the mineralization as well as economic potential of exploration projects. 2 Standard Uranium Announces Agreement to Expand Newly Staked Corvo Project in the Eastern Athabasca Basin News Release, August 24, 2023. About Standard Uranium (TSXV: STND) We find the fuel to power a clean energy future Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world's richest uranium district. The Company holds interest in over 233,455 acres (94,476 hectares) in the world-class Athabasca Basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition, and exploration of Athabasca-style uranium targets with a view to discovery and future development. Standard Uranium's Davidson River Project, in the southwest part of the Athabasca Basin, Saskatchewan, comprises ten mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly under-tested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected. Standard Uranium's eastern Athabasca projects comprise over 42,384 hectares of prospective land holdings. The eastern basin projects are highly prospective for unconformity related and/or basement hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies, and location along trend from several high-grade uranium discoveries. Standard Uranium's Sun Dog project, in the northwest part of the Athabasca Basin, Saskatchewan, is comprised of nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement and unconformity hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area. For further information contact: Jon Bey, Chief Executive Officer, and Chairman Suite 918, 1030 West Georgia Street Vancouver, British Columbia, V6E 2Y3 Tel: 1 (306) 850-6699 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: 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 April 30, 2024. 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. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
