Stallion Uranium Signs Binding LOI for up to $2.2M for Horse Heaven Gold and Antimony Project
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700-838 WEST HASTINGS ST
VANCOUVER, BRITISH COLUMBIA
V6C 0A6
Stallion Uranium Signs Binding LOI for up to $2.2M for Horse
Heaven Gold and Antimony Project
Vancouver, British Columbia, October 09, 2024 – Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-
V: STUD; OTCQB: STLNF; FSE: FE0) is pleased to announce that the Company has entered into a binding letter
of intent (the “LOI”) with an arm’s-length party (the “Optionor”), under which the Company has granted the
Optionor the option to acquire an 80% interest in its Horse Heaven Gold and Antimony project consisting of
699 mineral claims covering over 5,817 ha located in Idaho, United States (the “Property”).
"The signing of this option agreement creates the opportunity for Stallion to maximize the value of its Horse
Heaven project. Antimony, a critical mineral, has become even more vital as China restricts exports ,
highlighting the pressing need for the US to secure a domestic supply. Horse Heaven's high-grade antimony
target with historical production presents a n invaluable asset for advancing domestic supply,” said Drew
Zimmerman, CEO. "The LOI will drive the advancement of the Horse Heaven project, creating substantial
value for all stakeholders involved."
Pursuant to the LOI, the Optionor may acquire eighty percent (80%) of the issued and outstanding common
shares (the “Horse Heaven Parent Shares”) of 1262446 B.C Ltd. (“ Horse Heaven Parent”), a wholly owned
subsidiary of the Company, which holds an undivided 100% legal, beneficial and registerable interest in the
Property, in consideration of the following to the Company:
i. $200,000 in cash on the date that the LOI is executed;
ii. $200,000 in cash on the date in which a definitive agreement (the “ Definitive
Agreement”) is entered into;
iii. $300,000 in common shares of Privco (“Privco Shares”) at a deemed price per Privco Share
equal to $0.18 per Privco Share on the effective date of the Definitive Agreement;
iv. $50,000 in cash and $200,000 in Privco Shares at a deemed price per Privco Share equal to
the price of the underlying securities sold in Privco’s most recently completed equity financing
at the date of issuance (the “Financing Price”) on the first anniversary of the effective date of
the Definitive Agreement;
v. $50,000 in cash and $200,000 in Optionor Shares at the Financing Price on the second
anniversary of the effective date of the Definitive Agreement;
vi. $50,000 in cash and $200,000 in Optionor Shares at the Financing Price on the third
anniversary of the effective date of the Definitive Agreement; and
vii. $50,000 in cash and $200,000 in Optionor Shares at the Financing Price on the fourth
anniversary of the effective date of the Definitive Agreement.
In addition, the Optionor must complete an aggregate of $1,000,000 in exploration expenditures to advance
the Property prior to the first anniversary of the effective date of the Definitive Agreement (the “ Expiry
Date”) and completing an additional $4,000,000 in exploration expenditures within the next three (3) years
from the Expiry Date to advance the Property.
The Company shall also be eligible to receive the following milestone payments:
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i. If Horse Heaven Parent receives a drill permit for Antimony Ridge drill from the United
States Forest Service, the Optionor shall pay the Company $250,000, which shall be
payable in cash or in Optionor Shares (at the Financing Price), at the Optionor ’s sole
discretion.
ii. If Horse Heaven Parent receives funding from the United States Government in excess
of USD $5,000,000, the Optionor shall pay the Company $250,000, which shall be
payable in cash or in Optionor Shares (at the Financing Price), at the Optionor ’s sole
discretion.
The LOI shall terminate if the parties have not entered into a definitive agreement by October 30, 2024. The
definitive agreement is subject to the receipt of any third -party consents or regulatory approvals, including
but not limited to any necessary stock exchange approvals required by the Company or the Optionor ,
respectively.
Horse Heaven Overview
The Horse Heaven Project is located 212 kilometers northeast of Boise, Idaho, in Valley County. The Horse
Heaven Project comprises 699 unpatented federal mining claims, covering 5,817 hectares, and shares its
eastern boundary with Perpetua Resource's Stibnite Gold Project , a project expected to be the only near -
term domestic supply of antimony in the U nited States. At Horse Heaven the focus of historical mining and
recent exploration programs have been on the Golden Gate Fault Zone and Antimony Ridge.
Golden Gate Fault Zone
The Golden Gate Mine historically produced approximately 8,000 tons of tungsten between the 1960s and
1980. Mapping of the Golden Gate Shear Zone has identified a 3 -kilometer strike length with structurally
controlled gold, antimony, and tungsten mineralization. Stallion’s soil sampling along the shear z one
returned strong results of 1.99 ppm gold, 5.5 ppm silver, 137 ppm antimony, 230 ppm tungsten. Rock
sampling also showed strong results of 4.3 ppm gold, 132 ppm silver, 724 ppm antimony, 180 ppm tungsten.
In 2022, a ground geophysical Controlled Source Audio -frequency Magneto -telluric (CSAMT) survey was
conducted over the Golden Gate Shear Zone, confirming the presence of the shear zone at depth. Stallion
has a pending Categorical Exclusions drill permit fr om the Boise National Forest, with the aim of testing
mineralization at depth along the Golden Gate Shear Zone.
Antimony Ridge
Historically, Antimony Ridge was a significant source of antimony, having produced 60 rail cars of antimony
during World War I, World War II, and up until its last recorded production in 1952. Mineralization at
Antimony Ridge is distributed across approximately 700 meters by 50 meters of open cuts. Recent rock
sampling conducted by Stallion returned notable assay results of 5.9 g/t gold, 19.5% antimony, 367 ppm
silver.
Structural mapping has delineated over 0.7 kilometers of high -grade antimony veins, many of which were
historically mined during wartime. Follow-up work is planned to better define the high-grade antimony and
precious metal mineralization in this zone.
Qualifying Statement:
William Breen, (Registered Member 04203997 of SME), is the Qualified Person as defined by NI 43 -101,
Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical
content of this press release. Mr. Breen is an officer of the Company.
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About Stallion Uranium
Stallion Uranium is working to ‘Fuel the Future with Uranium’ through the exploration of roughly 3,000 sq/km
in the Athabasca Basin, home to the largest high-grade uranium deposits in the world. The company, with JV
partner Atha Energy holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple
high-grade discovery zones.
Our leadership and advisory teams 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.
Stallion offers optionality with the Horse Heaven gold project in Idaho that neighbours the world class
Stibnite Gold deposit held by Perpetua Resources , offering exposure to upside potential from district
advancement with limited capital expenditures.
For more information visit stallionuranium.com or contact:
Drew Zimmerman
Chief Executive Officer
778-686-0973
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Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward- looking statements and forward- looking information within the meaning of Canadian securities
legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events.
Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future ev ents or
performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will
continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective”
and “outlook”) are not historical facts and may be forward- looking statements and may involve e stimates, assumptions and
uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward- looking
statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included
in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of
which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed
in or implied by such forward- looking statements. The Company undertakes no obligation to update or revise any forward- looking
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from time to time, and it is not possible for the Company to predict all of them, or assess the impact of each such factor or the extent
to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward- looking
statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary
statement.