Stallion Uranium Corp. (TSX-V: STUD) (OTCQB: STLNF) has been continually expanding its land package and influence in northern Saskatchewan’s section of the Athabasca Basin.
The company announced Wednesday that it had added three new claims, spanning 13,175 hectares, to its exploration package. Stallion’s land tenements in the uranium-rich jurisdiction now span over 313,000 hectares. They are directly east of the top-notch Arrow deposit developed by the region’s second-largest company NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE).
“This addition builds on Stallion’s strategy to secure large, high potential land packages and work to advance the most compelling target areas towards drill testing,” Stallion’s CEO Drew Zimmerman said. “They give the company the highest probability of discovering the next significant uranium deposit.”
Stallion’s Vice President of Exploration Darren Slugoski says the new claims have magnetic signatures potentially representing extensions of structural anomalies from nearby dispositions held by the company. These signatures give Stallion additional areas of interest.
The company now plans on conducting a series of geophysical surveys throughout the claims and pursuing high-priority targets. They have never been drill-tested.
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Disclaimer:… pic.twitter.com/HBuyu8elR2
— Jesse Day (@jessebday) January 15, 2024
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Uranium market grows, exploration increases
The new claims are situated next to a substantial exploration package being jointly developed by Stallion and ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF). The companies are both making significant progress in the Athabasca Basin.
Stallion received an exploration permit for its Coffer project near their joint land package last month. ATHA just discovered uranium mineralization in several areas at its North Valour-East project in the jurisdiction.
Stallion is involved with gold projects in Idaho and Nevada as well.
A report from the market intelligence firm RationalStat last fall predicted that the global uranium market would be worth about US$3.3 billion more in 2030 than it is now. Multiple factors, such as the increasing demand for carbon-free energy, are propelling the market’s growth.
“Countries investing in nuclear energy to cut carbon emissions and battle climate change are boosting the uranium market,” the report said.
The price of uranium just rose above US$100 per pound for the first time since 2007.
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