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Thursday, May 23, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Mining

Stallion Uranium finishes winter 2024 campaign in Athabasca Basin

The program drilled 2,798.2 meters across three holes, which found conductive radioactivity

Stallion Uranium finishes winter 2024 campaign in Athabasca Basin
Image from MiningWatch Portugal via Unsplash.

Stallion Uranium Corp. (TSXV: STUD) (OTCQB: STLNF (FSE: HM40) completed its winter 2024 drilling program on the Coffer Project, which is a property it shares as part of a joint venture with uranium-junior ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF).

The company reported on Monday that the initiative found anomalous radioactivity in all three drill holes along with a large conductive structure, which it found on the final drill hole CF24-003, which gives the target the required traits to host a large uranium deposit.

Furthermore, Stallion’s drill program started in March to test geophysical targets identified from both regional and advanced ground surveys.

The program drilled 2,798.2 meters across three holes. Additionally, all three encountered anomalous radioactivity either at or close to the unconformity. The final hole found the conductive structure, revealing an intercept of over 94 meters, demonstrating the structure’s size and capacity to transport uranium-bearing fluids. The substantial size of the structure reinforces Stallion’s perspective that it is not only fertile for a uranium deposit but also capable of hosting a large deposit.

“Stallion’s winter 2024 drilling program at the Coffer project has yielded remarkable results, identifying a large conductive structure and 1.4 km of anomalous radioactivity at the unconformity across all three drill holes,” said Darren Slugoski, vice president of exploration in Canada.

“The third hole intersected significant alteration and structure, and given the size of those intersections, indicate that the Appaloosa target possesses the characteristics capable of hosting a substantial uranium deposit.”

Drill hole location map. Image via Stallion Uranium.

Read more: ATHA Energy applies for listing on TSX Venture Exchange, gives update on 92 and Latitude merger

Read more: ATHA Energy discovers strong uranium mineralization at North Valour-East

Stallion is analyzing data from drilling program

The drill program identified the key characteristics of a uranium-bearing system.  Also, the findings further validate Stallion’s geological model, building confidence in the target area. The structural elements, scale and the radioactivity throughout show the Appaloosa target could potentially host a significant uranium discovery. The winter drill program tested only 1.4km of the extensive 3.5-kilometer-long conductive zone.

Currently, the company is putting together and analyzing all data found during the drilling program. Stallion will use this analysis to inform future exploration and help develop an exploration strategy for the target.

CF24-003 is located 700 meters west of CF24-002 and targeted an electromagnetic (EM) conductor within a gravity low. This drill hole successfully explained the conductive anomaly and intersected a significant deep-rooted structure.

In the Athabasca Sandstone above the unconformity, drilling also encountered two zones with higher radioactivity: 356 counts per second (cps) over 0.5 meters peaking at 590 cps, and 336 cps over 1.3 meters peaking at 616 cps.

Measurements using a handheld gamma-ray spectrometer and a downhole gamma probe confirmed these values.  The highest radiometric peak recorded at 616 cps at a depth of 718.3 meters. The drill reached the unconformity at 720.0 meters, followed by the discovery of intensely silicified rock at 876.1 meters at the upper contact of the structure.

The graphitic structure starting at 880.6 meters showed signs of brittle and ductile shearing. It was also rich in clay and chlorite-altered minerals associated with uranium deposits.

Example of graphitic structure with associated clay alteration from 973.7 to 990.8m. Image via Stallion Uranium.

Read more: ATHA Energy expands into new Canadian territory with 2024 exploration program

Read more: ATHA Energy closes acquisition of Latitude Uranium, obtains Nunavut and Labrador properties

Stallion completes extensive helicopter survey

Three holes totalling 2798.2 meters were completed at the Appaloosa target. This was less than what the company had planned due to the shallower than expected unconformity. The drilling was effective in finding a significant conductive structure, notable clay alterations, and anomalous radioactivity.

“Our drill program proved to be a resounding success, showcasing our ability to swiftly navigate from greenfield to drill testing in just 14 months,” said Drew Zimmerman, CEO.

“This achievement highlights our strategic approach to uncovering the next major uranium discovery. By systematically uncovering high-potential targets within our extensive portfolio of conductive corridors, we are maximizing the probability of success in all future exploration endeavours.”

Recently, the uranium prospector completed an extensive helicopter survey in the southwestern corner of the Basin.

This survey resulted in the discovery of over 560 kilometres of conductive trends associated with uranium mineralization on the joint venture property of Stallion and ATHA Energy.

Through the survey, Stallion discovered more than 560 kilometres of conductive trends, including “bends and splays” known to be associated with uranium mineralization. As a result, the company believes these discoveries open up a new frontier of exploration.

 

ATHA Energy Corp. is a sponsor of Mugglehead news coverage

 

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