Stallion acquires interest in Canadian mineral claims from Atha Energy

Stallion Discoveries has agreed to acquire a 70% interest in 47 mineral claims in SaskatchewanCanada, by Atha Energy.

The mineral claims cover an area of ​​547,524 acres in the prolific western Athabasca Basin of Saskatchewan.

Under the terms of the Definitive Agreement, Stallion Discoveries will acquire an interest in the Claims through the issuance of more than three million shares of Stallion within two business days after customary conditions precedent are met.

Stallion will also accrue $3.31 million (C$4.36 million) in Saskatchewan exploration expense credits for the project over a one-year period and an additional $8.69 million in credits over 60 months.

In a press statement, Stallion said, “Should the option be exercised, the Company would own a total of 715,450 acres in the western Athabasca Basin, a portion of which would form the largest contiguous land package in the western Athabasca Basin.”

Upon exercise of the option, the two companies will form a joint venture (JV) for the project. The JV will be 70% owned by Stallion while Atha will hold the remaining 30% stake.

Drew Zimmerman, CEO of Stallion Discoveries, said, “We are pleased to have signed the definitive agreement with Atha and look forward to welcoming them as Stallion shareholders.” This is a transformative deal for Stallion to expand our position in the western Athabasca Basin and create the largest single exploration land package.

“With exploration efforts well underway and initial geophysical results for our 100% owned projects, this transaction will add even more potential to our exploration efforts in the emerging and underexplored Western Basin.”