The New Frontier of Exploration in the Western Athabasca Basin
- Expansive Land Package- Over 2,215 km2 in the prolific Western Athabasca Basin
- The addition of Atha’s 47 mineral claims to Stallion’s mineral claims creates the largest contiguous land package in the Western Athabasca Basin covering over 2,800 km2
- Underexplored and untested allowing Stallion to create value
- Stallion expanding the new frontier of exploration in the southwestern Athabasca Basin
- Exploration will identify all new exploration corridors and target areas using proven and cutting edge exploration techniques
A definitive agreement was signed between Stallion Discoveries and ATHA Energy giving Stallion the Option to acquire a 70% interest in 47 mineral claims covering 547,524 acres in Saskatchewan’s prolific Western Athabasca Basin. This land package has not been tested and represents huge potential in developing the next frontier in uranium exploration.
A regional airborne passive EM survey will be completed on the Stallion / Atha JV Project. The survey will cover over 2,200 km2 of Stallion’s new frontier in the Western Athabasca and consists of over 5,500 line kms, giving the company potential to reveal previously undiscovered exploration corridors and pivotal data to find new target areas over the underexplored project.
During the term of the Option, Stallion will be the sole operator of all exploration programs on the Project.
The Option will become exercisable upon completion of the last milestone and will remain exercisable for one year thereafter. Milestones include:
- issuance of 3,333,333 shares of Stallion to Atha Energy on effective date
- accumulation of $3,311,770 Saskatchewan Exploration Expenditure Credits on the Project within 12 months; and
- accumulation of an additional $8,688,230 Saskatchewan Exploration Expenditure Credits (for an aggregate of $12,000,000) on the Project within 60 months
Following the exercise of the Option, Stallion and Atha will commence a joint venture on the Project with Stallion and Atha (including the carried over interest of the legacy owner) holding a 70% and a 30% interest, respectively.