Stallion Discoveries Corp. Closes Hathor and U92 Acquisitions
VANCOUVER, Jan. 19, 2023 - Stallion Discoveries Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: SLLGF) is pleased to announce that, further to its news releases dated January 6 and January 12, 2023, it has closed the acquisition of all outstanding shares, representing a 100% interest, in Hathor Exploration Ltd. ("Hathor") and U92 Exploration Limited. ("U92").The U92 projects included 6 mineral claims totaling 29,273 hectares held in the prolific Western Athabasca Basin, home to some of the world's largest high grade uranium deposits and discoveries.
The Hathor Exploration projects included 17 mineral claims totaling 49,558 hectares that are held strategically throughout the Athabasca Basin.
With the combined acquisitions Stallion now holds 23 minerals claims covering 78,831 hectares in strategic locations throughout the Athabasca Basin as shown in Figure 1 below. This combination created a large continuous claim block of 35,875 hectares in the prolific western side of the basin that shares a significant boundary with Fission 3.0's PLN project, with the recent ultra-high-grade discovery. The large block is the anchor project of the 5 projects in the Western Athabasca Basin that together total 67,957 hectares.
Figure 1
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.
Transaction Terms
In consideration of the acquisition of all outstanding shares in U92, the Company paid the shareholders of U92 the sum of $300,000 and issued an aggregate of 3,000,000 common shares in the capital of the Company (the "Shares"). The Shares are subject to restrictions on resale for four months and one day from issuance.
In consideration of the acquisition of all outstanding shares in Hathor, the Company paid the shareholders of Hathor the sum of $400,000.
Further, in consideration of introducing the Hathor transaction, the Company has paid $37,500 as a finder's fee to an arm's-length third party.
About Stallion Discoveries
Stallion Discoveries is an exploration company bred to pursue the exploration of large, underexplored land packages in the best jurisdictions next to world class projects with a singular focus of making significant discoveries. Stallion is using modern exploration techniques to explore historical and new mineral targets on its expansive land packages in Saskatchewan, Idaho and Nevada. Our leadership and advisory team 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 with highly prospective targets.
For more information visit Stalliondiscoveries.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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c0f5b96d-38ed-4e07-b673-6765994d121a