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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...
About this update from Standard Uranium Ltd
[{"type":"text","content":"Standard Uranium Executes Letter of Intent to Option Corvo Project in Eastern Athabasca BasinVancouver, 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% U3O8 over 3.5 m) and TL-79-5 (0.065% U3O8 over 0.1 m) on the Project, in addition to the Manhattan Showing with historical results of 59,800 ppm U at surface1.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:ConsiderationPaymentsConsiderationSharesExplorationExpendituresOperatorFeesYear 1$50,000$125,000$750,000$75,000Year 2$75,000$275,000$1,750,000$192,500Year 3$100,000$325,000$2,000,000$240,000Total$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 technic...