Completed Earn-In Option for Horse Heaven Project Neighbouring Perpetua Resources’ Stibnite Project
VANCOUVER, British Columbia, May 29, 2023 (GLOBE NEWSWIRE) -- 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 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 Stewart
Investor Relations
(604) 341-8177
lstewart@stalliondiscoveries.com
Drew Zimmerman
Chief 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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