Stallion Discoveries and ATHA Energy Corp. Form Option for Joint Venture Creating the Largest Contiguous Project in the Western Athabasca Basin
May 16 2023 - 11:34AM
Stallion Discoveries Corp. (the
"Company" or
"Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: HM4)
is pleased to announce that the Company has entered into a binding
letter of intent with Atha Energy Corp. (
“Atha”)
(CSE: SASK) pursuant to which the Company and Atha shall seek to
enter into definitive agreements which shall give the Company an
option (the “
Option”) to acquire a 70% interest in
47 mineral claims covering 547,524 acres in Saskatchewan’s prolific
Western Athabasca Basin (the
“Project”) by
acquiring the requisite interest from Atha, which currently holds a
90% interest in the Project.
The addition of the Project to Stallion’s
existing holdings is expected to significantly expand the Company’s
land package in the Western Athabasca Basin to total 715,450 acres.
Should the Option be exercised, the Company may hold an aggregate
692,647 acres that could form the largest contiguous project in the
Western Athabasca basin. This Project’s lands, together with the
Company’s current holdings, share significant borders with projects
held by Cameco Corporation, Orano Canada Inc., NexGen Energy Ltd.,
Denison Mines Corp. and F3 Uranium Corp., as illustrated in Figure
1. The scale and strategic location of the asset base is expected
to provide numerous high-potential target zones along several major
trends as Stallion continues its exploration efforts.
Figure 1-Stallion’s Potential Land Package with
Option
“We are thrilled to announce this
transformational option to expand our position in the Western
Athabasca basin. There is significant strategic value in gaining
access to this land package that is directly adjacent to our
current projects. We and other key stakeholders in the district
believe that the Western Basin is underexplored and provides
tremendous opportunity for exploration success. Stallion now has
the potential to hold the largest continuous land package in the
Western Athabasca basin, offering exploration synergies and more
target areas as we execute on our exploration plan,” stated
Stallion CEO, Mr. Drew Zimmerman.
As previously announced on March 1, 2023, the
Company has commenced the first phase of its exploration program in
the Athabasca Basin, completing the data acquisition phase
announced on April 27, 2023, and will provide further updates to
the program in the coming weeks.
Key Terms:
- During the term of the Option,
Stallion will be the sole operator of all exploration programs on
the Project.
- The Option will become exercisable
upon completion of the last Milestone and will remain exercisable
for one year thereafter. Milestones include:
- i) issuance of 3,333,333 shares of
Stallion within two business days following the definitive
agreement
- ii) accumulation of $3,311,770
Saskatchewan Exploration Expenditure Credits on the Project within
12 months
- iii) accumulation of an additional
$8,688,230 Saskatchewan Exploration Expenditure Credits (for an
aggregate of $12,000,000) on the Project within 60
months
- Following the exercise of the
Option, Stallion and Atha will commence a joint venture on the
Project with Stallion and Atha (including the carried over interest
of the legacy owner) holding a 70% and a 30% interest,
respectively
The transaction is subject to TSX Venture
Exchange approval on the part of Stallion and the Canadian
Securities Exchange on the part of Atha, execution of definitive
agreements in respect of the Option, and satisfactory completion of
due diligence.
About Atha Energy
Corp.: ATHA is a mineral exploration company focused
on the acquisition, exploration and development of mineral resource
properties. The Company has an option to acquire a 100% interest
and title to the Golden Rose Property located in Northeastern
Ontario and has acquired 3.4 million acres in the Athabasca basin
in Saskatchewan and Alberta along with a 10% carried interest
portfolio of claims operated by Nexgen Energy Ltd. and IsoEnergy
Ltd. For more information visit
https://www.athaenergy.com.
About Stallion Discoveries
Stallion Discoveries is an exploration company
bred to pursue the exploration of large, underexplored land
packages located in the best jurisdictions next to world class
projects. Stallion is using modern exploration techniques to
explore historical and new mineral targets on its expansive land
packages in Saskatchewan, Idaho and Nevada with the singular
ambition of making significant discoveries. Our leadership and
advisory team are comprised of uranium and precious metals
exploration experts with the capital markets experience and the
technical talent for acquiring and exploring early-stage properties
with highly prospective targets.
For more information visit
Stalliondiscoveries.com
For further information
contact:
Lisa StewartInvestor Relations(604)
341-8177 lstewart@stalliondiscoveries.com
Drew ZimmermanChief Executive Officer
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This news release contains forward-looking
statements and forward-looking information within the meaning of
Canadian securities legislation (collectively, “forward-looking
statements”) that relate to the Company’s current expectations and
views of future events. Any statements that express, or involve
discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance (often, but not always,
through the use of words or phrases such as “will likely result”,
“are expected to”, “expects”, “will continue”, “is anticipated”,
“anticipates”, “believes”, “estimated”, “intends”, “plans”,
“forecast”, “projection”, “strategy”, “objective” and “outlook”)
are not historical facts and may be forward-looking statements and
may involve estimates, assumptions and uncertainties which could
cause actual results or outcomes to differ materially from those
expressed in such forward-looking statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this material change report
should not be unduly relied upon. These statements speak only as of
the date they are made.
Forward-looking statements are based on a number
of assumptions and are subject to a number of risks and
uncertainties, many of which are beyond the Company’s control,
which could cause actual results and events to differ materially
from those that are disclosed in or implied by such forward-looking
statements. The Company undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law. New factors emerge from time to time, and it is not
possible for the Company to predict all of them, or assess the
impact of each such factor or the extent to which any factor, or
combination of factors, may cause results to differ materially from
those contained in any forward-looking statement. Any
forward-looking statements contained in this presentation are
expressly qualified in their entirety by this cautionary
statement.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ba121e93-4fd9-4894-af3d-1c974263931e
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