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Stallion Uranium Corp
Symbol STUD
Shares Issued 123,409,065
Close 2024-02-13 C$ 0.17
Market Cap C$ 20,979,541
Recent Sedar Documents

Stallion Uranium to sell Sask. property to Glorious

2024-02-13 09:51 ET - News Release

Mr. Drew Zimmerman reports

STALLION URANIUM SIGNS DEFINITIVE AGREEMENT TO SELL NON-CORE URANIUM PROJECTS IN EASTERN ATHABASCA BASIN

Stallion Uranium Corp., further to its news release dated Jan. 22, 2024, has entered into a definitive purchase and sale agreement dated Feb. 12, 2024, under which the company has granted Glorious Creation Ltd. the right to acquire a 100-per-cent interest in its eastern basin projects, comprising seven mineral claims totalling approximately 10,874 hectares (26,870 acres) and located in the province of Saskatchewan.

"We are excited to see our three eastern basin projects move into the hands of Glorious, while still being able to benefit from their success. These projects warrant, and will now receive, a committed uranium exploration program led by the strength of our technical and geological team. All three projects are located in the heart of the world-renowned eastern Athabasca basin and hold potential for a high-grade discovery," stated Drew Zimmerman, chief executive officer. "It also allows for Stallion to remain focused on progressing our projects in the southwestern basin where we hold the largest exploration land package."

Pursuant to the agreement, Glorious shall acquire a 100-per-cent interest in the property for the following consideration to the company:

  • Concurrently with the signing the agreement, a cash payment of $100,000 (the deposit), which one-half of the deposit ($50,000) will be refundable by the company to Glorious should Glorious not obtain approval from the Canadian Securities Exchange (CSE);
  • On the date of the closing, a cash payment of $300,000;
  • An aggregate of 2.5 million common shares of Glorious to be issued to the company as follows:
    • 500,000 shares on the date which is six months following the closing date;
    • 500,000 shares on the date which is 12 months following the closing date;
    • 500,000 shares on the date which is 18 months following the closing date; and
    • One million shares on the date which is 24 months following the closing date.

The company shall retain a royalty of 3 per cent of net smelter returns from minerals mined and removed from the property, of which Glorious may purchase up to 1.5 per cent at any time prior to commercial production on the property as follows: $500,000 for 0.5 per cent; $750,000 for an additional 0.5 per cent; and $1-million for an additional 0.5 per cent.

The company and Glorious have also agreed to enter into an operating agreement, pursuant to which Stallion will conduct an agreed-upon exploration program on one or more of the properties.

The completion of the transaction is subject to the satisfaction of various conditions as are standard for a transaction of this nature, including the approval of the TSX Venture Exchange, if applicable, Glorious's receipt of approval of the CSE and its shareholders, and the company delivering a National Instrument 43-101 -- Standards of Disclosure for Mineral Properties compliant technical report with respect to the property.

The projects are located in the eastern Athabasca basin with the Wollaston and Mudjatik supergroups. The region has been the focus of uranium exploration over the last 50 years and is host to the world-class Cigar Lake and McArthur River uranium deposits, which, together, host over 55 million pounds of uranium. Uranium mineralization in the eastern Athabasca basin occurs in three deposit types: 1) unconformity-hosted uranium which occur at the contact between the overlying Athabasca basin and the crystalline basement rocks; 2) basement-hosted uranium which occur within the basement rocks; 3) sandstone-hosted uranium which occur perched in the Athabasca sandstone. The projects have the potential to host all three uranium deposit types. Given that uranium mineralization is structurally controlled, the company will be utilizing the recently completed magnetic and electromagnetic survey data to identify structural areas for advanced exploration.

Qualifying statement

The foregoing scientific and technical disclosures for Stallion Uranium have been reviewed by Darren Slugoski, PGeo, vice-president of exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Slugoski is a qualified person as defined by National Instrument 43-101.

About Stallion Uranium Corp.

Stallion Uranium is working to fuel the future with uranium through the exploration of over 3,000 square kilometres in the Athabasca basin, home to the largest high-grade uranium deposits in the world. The company, with joint venture partner Atha Energy, holds the largest contiguous project in the western Athabasca basin adjacent to multiple high-grade discovery zones.

The company's leadership and advisory teams comprise 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.

We seek Safe Harbor.

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