Stallion Discoveries Corp. (the
"Company" or
"Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: HM4)
is pleased to announce that the Company has completed its earn-in
on the Share Option Agreement dated March 1, 2021 (the
“
Agreement”) pursuant to which the Company has
acquired all the shares outstanding in 1262446 B.C. Ltd.
(“
Horse Heaven Parent”). Horse Heaven Parent is
the sole owner of Horse Heaven Holdings Inc. (“
Horse Heaven
Nevada”). Horse Heaven Nevada holds a 100% interest in the
Horse Heaven Project (the “
Project”).
Horse Heaven Project
The Project is comprised of 699 mining claims
covering 14,374 acres in Valley County, Idaho and shares its entire
eastern boundary with Perpetua Resources’ Stibnite Gold Project.
Perpetua Resources’ vision is to provide the U.S. with a domestic
source of the critical mineral antimony, develop one of the largest
and highest-grade open pit gold mines in the country and restore an
abandoned brownfield site. The United Stated Forest Service
updated the permitting schedule for the Project with a Final
Environmental Impact Statement and draft Record of Decision
expected by the end of 2023 and a Final Record of Decision
anticipated in early 2024.
“The work we have done at Horse Heaven gives our
team high confidence in the potential for a significant discovery
of both Gold and Antimony. Our belief in the Horse Heaven project
comes from our own geological work, but when combined with the
continued advancement of the Stibnite Project by Perpetua Resources
right next door, we believe this area will be one of the most
exiting gold and critical mineral districts in the US,” stated Drew
Zimmerman, CEO of Stallion Discoveries.
The Project has two zones with historical
exploration: the Golden Gate Fault Zone and the Antimony Ridge
Fault Zone. The current focus of exploration on the Horse Heaven
project is along the 3km Golden Gate Fault Zone(GGFZ), which hosts
gold and tungsten mineralization. Stallion has advanced the GGFZ
through a 789 sample geochemical survey done in 2021 showing
structurally controlled anomalous gold and a CSAMT geophysical
survey across the whole zone in 2022. This work along with
historical drilling results showing grades of up to 1.51g/t over
36m give Stallion high confidence of strong gold mineralization
along the Fault Zone. The team has prepared a 19 pad drill program
to test the fault zone and is currently working with the USFS for a
drill permit.
Exploration at Antimony Ridge will focus on the
area that had historical mining of antimony and will include
geological mapping, rock, and soil sampling to delineate if and
where a potential geophysical survey would be beneficial. Antimony
is classified as a critical mineral in the USA and efforts to
delineate significant occurrences of strategic minerals that
currently have no domestic production cannot be overlooked,
especially with recent inclusion of antimony as a defense shortfall
material by the Department of Defense and inclusion in the Homeland
Acceleration of Recovering Deposits and Renewing Onshore Critical
Keystones Act ("HARD ROCK Act"), a bipartisan bill to bolster
domestic production of critical minerals released on June 14,
2022.
Stallion believes the property is underexplored
and that along with the two historical zones, there are several
other targets that have been identified for further exploration.
The Project has year-round road access, close proximity to
electrical transmission lines, available access to water rights and
a state maintained 1,000m airstrip adjacent to the property.
Stallion’s current strategy for the Horse Heaven
project requires minimal ongoing capital investment while providing
upside potential given the advancement of the adjacent Stibnite
Project, one of the largest, high-grade independent gold mines in
the United States. The successful permitting of the Stibnite
project would create significant value for the area.
Pursuant to the Agreement, the Company has made
its final payment of CAD$400,000 and issued 12,000,000 common
shares to acquire a 100% interest in Horse Heaven Parent. In total,
the Company has paid a total of CAD$1,200,000 and issued an
aggregate 36,000,000 common shares over a two-year period. All
shares issued pursuant to the Agreement are subject to a hold
period of four months and one day from issuance.
About Stallion DiscoveriesStallion Discoveries
is working to Fuel the Future with Uranium through the exploration
of over 3,000 sq/km in the Athabasca Basin, home to the largest
high-grade uranium deposits in the world. The company holds the
largest contiguous project in the Western Athabasca Basin adjacent
to multiple high-grade discovery zones.
Our leadership and advisory teams 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.
Stallion offers optionality with two gold
projects in Idaho and Nevada that neighbour world class gold
deposits offering exposure to upside potential from district
advancement with limited capital expenditures.
For more information visit
Stalliondiscoveries.com
For further information
contact:
Lisa StewartInvestor Relations(604)
341-8177lstewart@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/00aa8237-75ec-492e-ba53-ee3febe1d841
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