Signs Definitive Agreement to Acquire 17 Mineral Claims Covering Approximately 49,558 Hectares
VANCOUVER, British Columbia, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Stallion Gold Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: SLLGF) is pleased to announce it has signed a share purchase agreement dated January 11, 2022 (the "Definitive Agreement") among the Company, Hathor Exploration Ltd. ("Hathor") and the shareholders of Hathor to acquire all of the issued and outstanding securities of Hathor (the "Transaction").
Hathor owns 17 mineral claims that are held strategically throughout the Athabasca Basin, home to some of the world’s largest high grade uranium deposits. The claim packages are split into 12 distinct blocks that range from the western edge of the basin near Cluff Lake to as far east as the Roughrider deposit acquired by Uranium Energy. Of the new claim blocks, one is contiguous with a claim block from the U92 Agreement recently announced on January 6th (here). This combined claim block now starts at its north end near Shea Creek, extends down to the north end of Fission 3.0’s PLN project and now wraps around to extend along the majority of the eastern border of the PLN project and stops roughly 20km north of the Arrow deposit held by Nexgen. The other land blocks give Stallion proximity to some of the most important uranium discoveries and mines throughout the basin. The mineral claims together cover 49,558 hectares and can be seen in Figure 1 below.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7ec7cfe3-f6a8-473e-b580-0b38af0661b2
“The acquisition of Hathor more than doubles Stallion’s footprint in the basin to a combined total of 78,831 hectares. The additional package now creates one continuous claim block of 35,875 hectares in the prolific western side of the basin and it shares a significant boundary with Fission 3.0’s PLN project,” says Mr. Drew Zimmerman, CEO of Stallion. “This acquisition gives Stallion strategic land holdings across the basin and puts the Company at the epicenter of significant exploration activity and capital deployment. We have a highly experienced team of uranium industry veterans with a history of value creation in the Basin and we will be leveraging that expertise as we commence our work program in the coming weeks.”
"The Athabasca Basin is home to the world’s foremost high-grade uranium discoveries. Having had first-hand experience in the discovery of the Roughrider uranium deposit, I am excited by the Company’s acquisition of these highly prospective claims,” added Mr. Stephen Stanley, Advisor to Stallion. “Through the acquisition of these two land packages Stallion has inserted itself into the heart of one of the most active areas in the basin.”
The Company will be evaluating and prioritizing a work program commencing on the claims during Q1-23 and will provide additional updates in the coming weeks.
Share Purchase Agreement Terms
In consideration for the Transaction and pursuant to the terms of the Definitive Agreement, and on closing thereof ("Closing"), the Company will pay the shareholders of Hathor the sum of $400,000.
Closing of the Transaction remains subject to certain closing conditions, including, obtaining all necessary approvals. There can be no assurance that the Transaction will be completed as proposed or at all. Additionally, subject to approval of the TSX-V, the Company will pay a finder’s fee in cash to a non-related third party in relation to the Transaction.
About Stallion Gold
Stallion Gold is a mineral exploration company focused on the exploration of precious metals and critical minerals. Stallion Gold is using modern exploration techniques to explore historical and new mineral targets on its expansive land package in Idaho and Nevada. A strong management team brings expertise in both the capital markets and the technical talent for acquiring early-stage property with highly prospective targets.
For more information visit Stalliongold.com
For further information contact:
Drew Zimmerman
Chief Executive Officer
(778) 686-0973
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.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
