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Standard Uranium Announces Agreement to Expand Newly Staked Corvo Project in the Eastern Athabasca Basin
VANCOUVER, British Columbia, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Standard Uranium Ltd. (“Standard Uranium”, “Standard” or the “Company”) (TSX-V:STND) (OTCQB: STTD
About this update from Standard Uranium Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Standard Uranium Ltd. (“Standard Uranium”, “Standard” or the “Company”) (TSX-V:STND) (OTCQB: STTDF) (Frankfurt: FWB:9SU) is pleased to announce the Company’s wholly-owned subsidiary, Standard Uranium (Saskatchewan) Ltd., has entered into a mineral property purchase and sale agreement (the “Purchase Agreement”), dated effective August 24, 2023, with Eagle Plains Resources Ltd. (“Eagle Plains”), pursuant to which the Company will acquire eight additional mineral claims totalling 4,278 hectares contiguous with the recently staked Corvo Project, in the Eastern Athabasca Basin region (the “Acquisition”). Upon completion of the Acquisition, the Corvo Project will comprise 7,989 hectares within ten claims and contain 14.5 km of prospective exploration corridors across two trends. Standard Uranium continues to implement their project generator growth strategy, further adding to the already considerable land package in the Athabasca basin through expansion and acquisition opportunities. Summary of Purchase Agreement Pursuant the terms of the Definitive Agreement, the aggregate purchase price payable by Standard Uranium to the Eagle Plains consists of (a) 1,250,000 common shares of the Company, (the “Consideration Shares”) and (b) the granting of a net smelter returns royalty of 2.5% (the “NSR Royalty”) to Eagle Plains on all Corvo claims effective as of the commencement of commercial production. The NSR Royalty is subject to a buydown right in favour of Standard Uranium pursuant to which Standard Uranium may purchase 1% of the NSR Royalty in exchange for payment of $1,000,000, thereby reducing the NSR Royalty to 1.5%. The Consideration Shares will be subject to a four month hold period as prescribed by applicable securities laws. “Completing this deal with Eagle Plains will add significant value to the Corvo Project, delivering more than 5 kilometres of additional prospective exploration corridors in addition to several more historical uranium showings,” said Sean Hillacre, President and VP Exploration for the Company. “The fact that the project is road-accessible year-round compliments the strong geoscience attributes of the project, drawing on the analogy of the near-by Gemini Mineralized Zone. With this addition to the claims staked by our team, C...