Stallion sheds antimony project to focus on Athabasca uranium
TSX-V-listed Stallion Uranium has announced an agreement to monetise a portion of its antimony and gold project in Idaho, US, to focus exclusively on its vision of making “the next big uranium discovery” in the Athabasca basin of Canada.
Stallium entered into a definitive agreement with 150351 BC, an arm’s length party, on revised terms pursuant to which the company has granted the optionor the option to acquire the Horse Haven project, comprising 699 mineral claims covering 5 817 ha.
The optionor will have the option to acquire the asset for $600 000 in cash and $2-million in shares at a deemed price of $0.18 each.
“This definitive agreement allows Stallion to monetise a portion of the value of the Horse Heaven project while maintaining upside exposure through a sizeable equity ownership. Antimony scarcity, especially in the United States, where they have no domestic production, will be a key driver of value of the project moving forward. Having a new company focused on advancing that project will allow that value to be realised,” said Stallion CEO Drew Zimmerman.
The Horse Heaven project consists of 699 unpatented federal mining claims in Valley county. The property is located 212 km north-east of Boise, and shares its eastern boundary with Perpetua Resource's Stibnite gold project. The project has had historical production of antimony and tungsten, both listed as critical minerals in the US.
Zimmerman said Stallion was now “squarely focused” on its uranium vision.
Stallion is exploring about 3 000 km2 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.
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