Stallion Discoveries Corp. (the
“Company” or
“Stallion”) (TSX-V: STUD; OTCQB: STLNF; FSE:
HM40), a prominent uranium explorer in the Athabasca Basin, is
pleased to announce the Company will change its name to Stallion
Uranium Corp., pending TSX Venture Exchange approval.
Under the name of Stallion Uranium Corp., the
Company aims to underscore its focus on uranium exploration in the
Athabasca Basin. Stallion, through three separate transactions over
the previous nine months has built the largest continuous land
package in the prolific and under-explored Western Athabasca Basin.
The company is driven by a mission to find the next significant
uranium discovery and fuel the future with uranium. Uranium plays a
pivotal role in nuclear power generation, which is increasingly
recognized as a low-carbon, high-energy alternative to traditional
fossil fuels and essential in the global transition to clean
energy.
"Stallion Uranium Corp. reflects our dedication
to advancing our uranium projects in the Athabasca Basin and our
commitment to advancing sustainable energy solutions,” expressed
Stallion’s CEO, Drew Zimmerman. “The world needs a significant
amount of exploration for uranium resources to ensure a pipeline of
available deposits that will contribute to fueling a more
sustainable future.”
Recent Exploration
Highlights
Stallion has completed a regional airborne
exploration on its 100% owned mineral claims covering 78,831
hectares in the Athabasca Basin. The program consisted of a VTEMTM
Plus electromagnetic (EM), and magnetic survey designed to identify
prospective conductive corridors and drill targets. When combined
with all available historical data Stallion was able to:
- Identify over 35 km of cumulative
prospective conductive corridors.
- Prioritize 4 key target areas
across the Coffer and Gunter Lake projects.
- Coffer Project is ideally situated
3 km from the Saskatoon Lake Conductor which hosts the Shea Creek
Project. The VTEMTM Plus survey results identified untested
conductors which occur sub-parallel to the uranium bearing
Saskatoon Lake Conductor.
- Coffer Project target areas are
proximal to the Clearwater Domain which is theorized to be a key
driver of uranium bearing fluid for F3 Uranium’s JR Zone.
- Multiple structural trends that
reflect the Patterson Lake trend have been identified as priority
areas on the Gunter Lake Project. The conductors extend onto the
Stallion / Atha JV claim package which will be further defined with
exploration in fall 2023.
Upcoming Exploration
Exploration planned for this fall will include a
Ground Time Domain Electromagnetic Survey over 4 target areas
identified on the Coffer and Gunter Lake Projects. The surveys will
increase the resolution from the existing regional survey data and
allow for more precise drill targeting of potential uranium
mineralization zones. These are highly prospective targets areas
that Stallion has prioritized as it prepares for its maiden drill
program planned to begin at the start of 2024.
In addition to the exploration on the Company’s
100% owned projects, Stallion will be embarking on a new frontier
of exploration in the under-explored Western Athabasca Basin. The
company will be utilizing a regional airborne EM survey to fly over
5,550 line-km’s, efficiently covering the entire ATHA Energy JV
Project. Stallion will utilize 3 separate survey systems in
different project locations, each designed to identify new
prospective conductive corridors where no effective exploration
program has ever been completed. This program will allow Stallion
to locate target areas over vast areas that were previously
unexplored, allowing Stallion further prospects for additional high
priority target areas.
Stallion’s Gold and Critical Mineral
Assets
While the focus of the Company has shifted to
focus on its uranium assets, Stallion still holds its Horse Heaven
and Richmond Mountain gold and critical mineral assets in Idaho and
Nevada. These are both incredibly strong exploration projects, with
both neighbouring world class deposits that have significant
milestones in the coming months. The Company will continue to work
to create value for its shareholders as it explores various options
to see the advancement of these projects.
The transition from Stallion Discoveries Corp.
to Stallion Uranium Corp. will not impact the company's core values
or dedication to excellence. Stakeholders, including shareholders,
clients, and partners, can expect the same level of
professionalism, integrity, and innovation that Stallion
Discoveries Corp has been known for over the years.
Correction on Details of Previously
Announced Financing
Additionally, the Company makes corrections to
previously announced financing. Further to its news release on
October 11, 2023, the Company wishes to correct the details of the
closed a non-brokered private placement offering for total gross
proceeds of $3,303,508.24 (the “Offering”).
The Company has allotted and issued 9,160,451
Flow-Through Units of the Company (each, a “FT
Unit”) at a price of $0.24 per FT Unit and 5,525,000
Non-Flow Through Units of the Company (each, a
“Unit) at a price of $0.20 per Unit. Each FT Unit
consists of one common share of the Company to be issued as a
“flow-through share” within the meaning of the Income Tax Act
(Canada) (each, a “FT Share”) and one-half of one
common share purchase warrant (each whole warrant, a
“Warrant”). Each Unit consists of one common share
of the Company (each, a “Share”) and one-half of
one Warrant. Each Warrant entitles the holder to purchase one
common share of the Company (each, a “Warrant
Share”) at a price of $0.30 for a period of 24 months.
In relation to the Offering, the Company has
paid finder’s fees of $196,735.58 and issued 851,232 finder’s
warrants to arm’s-length parties, entitling the holder to acquire
one Share at a price of $0.30 per Share for a period of 24 months.
In addition, the Company has paid an advisory fee of $60,000 to
Canaccord Genuity Corp. which was paid through the issuance of
300,000 Units. All securities issued pursuant to the Offering will
be subject to a hold period expiring February 12, 2024. The
Offering remains subject to final approval of the TSX Venture
Exchange.
The gross proceeds from the FT Shares will be
used by the Company to incur eligible “Canadian exploration
expenses” that qualify as “flow-through critical mineral mining
expenditures” as such terms are defined in the Income Tax
Act (Canada) (the “Qualifying Expenditures”)
related to the Company’s uranium projects in the Athabasca Basin,
Saskatchewan, on or before December 31, 2024. All Qualifying
Expenditures will be renounced in favour of the subscribers of the
FT Units effective December 31, 2023. The gross proceeds from
the sale of Units will be used by the Company towards
non-qualifying exploration expenditures and general working
capital.
A portion of the Offering constitutes a “related
party transaction” within the meaning of TSX Venture Exchange
Policy 5.9 and Multilateral Instrument 61-101 -Protection
of Minority Security Holders in Special
Transactions (“MI 61-101”) adopted in the Policy. The
Company has relied on exemptions from the formal valuation and
minority shareholder approval requirements of MI 61-101
contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101
in respect of related party participation in the Offering.
About Stallion Discoveries
Stallion 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)
341-8177 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.
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