The Athabasca Basin is the home to the largest high grade uranium deposits in the world. It contains an estimated 13.2% of the world’s uranium supplies. It has a staggering 20 times the average grades of the uranium produced by other jurisdictions. It has been the making of several multi-billion dollar uranium companies.
Stallion Discoveries TSXV:STUD has been accumulating a very substantial land package in the area, a punchy 742,320 acres which represents the largest continuous project in the Western Basin. This includes a monster 692,647 continuous project which borders prime uranium territory controlled by the likes of NexGen and Cameco, among others.
This is a district that has made many fortunes in the past. Stallion has just reported preliminary reports from an airborne geophysical survey over its Athabasca Basin projects, covering some 195,000 acres across its eight projects. The focus of the VTEM survey is basement hosted graphic conductors, which are known to be associated with high grade uranium deposits. The company said it was very pleased with the initial results, which should help it to identify the EM conductors that are illustrative of highly attractive target areas.
There’s quite a lot to digest from the survey, but three properties popped up as most optimistic, top of the heap being Coffer, which is 3kn southeast of Shea Creek, a monster indicated and inferred uranium project with 85m lbs tot be mined. The magnetic tilt angle derivative shows excellent structure, including NW to SE trending geology, which occurs parallel to the Shea Creek Saskatoon Lake conductor.
Coffer is a highly attractive project which is ideally sited both proximal to the Saskatoon Lake conductor and the clearwater domain, which are both believed to contribute to uranium mineralisation in the Western Athabasca.
In July Stallion signed an agreement with ATHA Energy Corp giving Stallion the option to acquire a 70% interest in 47 mineral claims, covering another 547,000 acres. Should it gets it hands on the ATHA Energy property, Stallion would have the largest contiguous land packaged in the Western Athabasca. The deal could be transformation for Stallion, as during the term of the option it becomes the sole operator of all exploration programs on the project. Following exercise of the option, Stallion and ATHA plan to commence a JV with ATHA staying on board to the tune of 30%.
Additional gold exploration projects
Stallion also has some gold discoveries as an added bonus: in Idaho at Horse Heaven it has a 2.8km strike length with controlled anomalous gold. Historical drilling here has uncovered 1.51 g/t over 36m. The company has drill targets ready here and is just going through the permitting process.
Next door to Horse Heaven Perpetua Resources is redeveloping what will be one of the largest, high grade and low cost independent gold mines in the US. Historical production of gold here was 980,000 ounces and it has measured and indicated resources of an additional 6m ounces. The mine here may also be able to meet up to 35% of the US domestic antimony requirements.
Stallion has further gold developments at Richmond Mountain in Nevada, near the I-80 Gold Corp open pit mineralisation at Ruby Hill. This has new CRD discovery zones with high grade zinc, lead and silver.
