Davidson River Project

Davidson River is Standard Uranium’s flagship property, located in the southwest Athabasca uranium district of the Athabasca Basin, Saskatchewan, and encapsulates the inferred extension of the structural trend that hosts Fission Uranium’s Triple R deposit and NexGen Energy’s Arrow deposit (Figure 1). The project consists of 21 mineral dispositions totaling 25,886 hectares (Figure 2) and lies approximately 25 to 30 km west of Arrow and Triple R, and 75 km south of the past producing Cluff Lake uranium mines. The flagship property hosts four main conductive corridors, the Warrior, Bronco, Thunderbird, and Saint trends (Figure 3). All four geophysical corridors contain several target areas, favorable for high-grade basement hosted uranium mineralization.

The Company completed its Phase I drill campaign on the project between August 4th, 2020 and September 19th, 2020. During the program, 13 Phase I drill holes comprising 5,607 metres of diamond drill core were completed along the Warrior Trend (Figure 4). Previously, in 2018 and 2019, the Company conducted geophysical surveys that identified prospective signatures for uranium mineralization associated with four main conductive corridors that comprise the Warrior, Bronco, Thunderbird, and Saint Trends. These conductive trends are believed to be associated with graphitic-sulphidic structures in basement rocks, which are commonly associated with high-grade uranium mineralization systems. This concept was proven for the Warrior trend during the summer 2020 Phase I drill program, with several instances of graphitic-sulphidic rocks and structures intersected along the tested strike length.

Favorable basement rock types were observed across the tested strike length of the Warrior trend, resembling those which host other uranium deposits in the southwestern Athabasca Basin region including stacked lenses of variably strained graphite and sulphide-bearing garnetiferous gneisses and altered feldspar-rich rocks. Elevated uranium in basement rocks was highlighted in drill holes DR-20-006 and DR-20-011, returning 45.1 ppm U and 29.5 ppm U, respectively. DR-20-001 returned the highest uranium assay value in the overlying Devonian Meadow Lake Formation sandstone with 4.31 ppm U from 57.05 to 62.6 m. Elevated uranium values in the basement rocks are dominantly associated with deformed metasedimentary units and coarse-grained pegmatites. Structural zones in the basement are locally associated with elevated uranium and/or boron values (over 1,000 ppm B), such as in DR-20-009 and -011 (Photo 1).

The results from the 2020 diamond drilling program highlight the potential for the Davidson River property to host significant basement hosted unconformity-related uranium mineralization, and the property contains several priority targets along the Warrior trend and others, that warrant further exploration. Phase II target areas on the Warrior trend include the Skyline, Meadow, and Levee targets, identified to follow up on major graphitic-sulphidic basement structures and anomalous geochemical signatures (Figure 4). In addition, Phase II exploration will branch out to the untested Bronco and Saint conductive trends (Figure 4). Phase II Warrior and Saint target areas and drill core storage will be accessed via the Davidson River access trail from Highway 955 (Figure 5).

Disclosure of Technical and Scientific Information

Except as otherwise noted herein, Neil McCallum, BSc. P.Geo., Standard Uranium’s VP Exploration, has reviewed and approved the scientific and technical information contained in this website. Mr. McCallum is a Qualified Person within the meaning of Canadian Securities Administrator’s National Instrument 43-101.

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