In Vancouver, British Columbia, Standard Uranium Ltd. announced that it has entered into a property acquisition agreement with Mustang Energy Corp. for the Brown Lake Project in northern Saskatchewan’s eastern Athabasca Basin region. The Company will transfer a 90% interest in the project to Mustang in exchange for 60,000 common shares. Standard Uranium will retain a 10% carried interest in the project.
The key highlights of this agreement include the retention of a 10% free carried interest by Standard Uranium, the identification of shallow drill targets with untested potential in the area, the proximity to historical uranium showings and infrastructure, and the favorable geology for uranium discovery. The Brown Lake Project is situated near the Key Lake Mill facilities and shows promising signs of uranium mineralization potential.
The Company’s President & VP Exploration, Sean Hillacre, expressed excitement about the transaction with Mustang Energy, highlighting the increased exposure to potential discovery and transactional upside for Standard Uranium shareholders. This strategic move aligns with the Company’s focus on identifying areas with shallow drill targets and favorable geology for uranium discovery.
The Brown Lake Project holds significant potential for the discovery of high-grade uranium mineralization, particularly in basement-hosted and unconformity-related deposits. The Acquisition Agreement with Mustang Energy allows Standard Uranium to benefit from this potential without further capital commitment.
The scientific and technical information in this news release has been reviewed and approved by Sean Hillacre, a qualified person as defined in NI 43-101. Standard Uranium is a uranium exploration company with interests in various projects in the Athabasca Basin, focusing on the identification, acquisition, and exploration of uranium targets. For further information, please contact the Company’s Chief Executive Officer, Jon Bey.
