Standard Uranium Announces Signing of Definitive Agreement to Option Corvo Project in Eastern Athabasca Basin

Core Insights - Standard Uranium Ltd. has signed a definitive property option agreement with Vital Battery Metals Inc. for the Corvo Project, granting the latter a 75% interest in the 12,265-hectare project located in the eastern Athabasca Basin [1][3] Project Highlights - The Corvo Project is considered highly prospective for shallow, high-grade basement-hosted uranium mineralization, similar to the Rabbit Lake deposit and the recently discovered Gemini Mineralized Zone [3] - Historical sample results from the Manhattan Showing indicate concentrations of up to 59,800 ppm U at surface, which has never been drill tested [3][5] - The project features over 29 km of exploration strike length along three strong NE-SW magnetic low trends, providing highly prospective shallow drill targets [5] Financial and Operational Details - The Option Agreement includes a structured payment and share issuance plan over three years, totaling $225,000 in cash payments and $725,000 in shares, alongside $4.5 million in exploration expenditures [6] - The company will act as the operator of the project before the option is exercised, charging a fee that increases from 10% in Year 1 to 12% in Year 3 [8] Future Development Plans - Upon exercising the option, a joint venture will be formed for further development of the Corvo Project [8] - The project is strategically located 45 km northeast of Atha Energy's Gemini Mineralized Zone and 60 km east of Cameco's McArthur River mine, enhancing its potential for significant uranium discovery [7]