Stallion Uranium Confirms Uranium Presence in Graphitic Structure from Final Assay Results

Wednesday, August 7, 2024 4:30 AM PDT
GLOBENEWSWIRE

VANCOUVER, British Columbia, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: FE0) is pleased to announce that the assay results have been received from the winter 2024 drilling program. The assay results confirm the presence of uranium in the intersected graphitic structure on the Coffer uranium project in the Western Athabasca Basin, Saskatchewan, Canada. The maiden drill program was focused on the Appaloosa Target Zone with the preliminary results from each hole reported in news releases on April 2, 2024, April 17, 2024 and May 7, 2024.

Highlights:

  • Drillhole CF24-003 intersected anomalous uranium within the graphitic structure, averaging 5 ppm U (uranium) and reaching a maximum of 14 ppm U over a span of 94.7 meters.
  • Elevated lead (Pb), nickel (Ni), arsenic (As) and uranium (U) anomalies are located within the graphitic structure, which correlate well to the known high grade, uranium mineralization located at the Shea Creek deposits.
  • The assay results are confirmation of the initial anomalous radioactivity readings, confirming the presence of uranium-bearing fluids within the identified alteration system.
  • Outlined priority follow-up target area are shown in Figures 1.

“The assay results have confirmed initial results as to the presence of uranium in the large conductive structure intersected in the third drillhole at the Coffer Project,” said VP, Exploration, Darren Slugoski. “The structure, and zones of alteration, are substantial in size and have the potential to host a large uranium deposit. Our model from all the data collected during the drill program has identified multiple key targets that give Stallion great potential to make a discovery. The intersection of the graphitic conductor with the unconformity will be a top priority target for our future drilling program.”

Figure 1 – Cross section of CF24-003. The figure is an interpretation of the geological structure with target area

Assay Results:

A total of 267 assay samples and 15 samples QAQC samples were collected throughout the 2,798.2 meters completed in 3 drill holes and sent to the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon for analysis. The third and final hole of the inaugural drilling program intersected a large structural system in the previously untested “Appaloosa Target” (Figure 1), confirming the presence of a significant graphitic fault system linked to prospective hydrothermal alteration in the basement rock.

  • CF24-003 intersected a deep-rooted conductive structure, spanning 94.7 meters in down-hole thickness. Assay results show that the structure and alteration is associated with anomalous uranium with all samples in the graphic structure averaging 5 ppm U up to a maximum of 14 ppm U. The structure also contains anomalous 206Pb/204Pb, one of the most important indicators of proximal uranium. Large quantities of uranium will decay to 206Pb (238U decays to 206Pb) causing uranium bearing structures to be enriched with 206Pb relative to common lead (204Pb). The structure also hosted anomalous arsenic, thorium and vanadium which indicates the presence of uranium bearing fluids. Also of significance is that the Athabasca Basin Sandstone is enriched with Boron averaging 288 ppm B throughout the entire column and hosts maximum of 1,600 ppm B over 10 metres. Boron can be found in certain clay minerals such as dravite, which can form in the alteration halos around uranium deposits.The assay results are confirmation of the initial anomalous radioactivity readings, confirming the presence of uranium-bearing fluids within the identified alteration system that highlight that the system is a fertile structure for concentrated uranium mineralization. The follow-up drill program will test areas of the system with the highest probability of fluid concentration and the zones likely to host high-grade uranium mineralization.

Additional Results

Geochemical results from CF24-001 and 002 also show anomalous uranium, 206Pb/204Pb ratios, thorium and lanthanum.

  • CF24-001 was drilled targeting a conductive anomaly along the eastern edge of a gravity low anomaly. After completion of the hole it was determined that the hole was drilled down dip of the geology. Despite drilling down dip of geology the hole successfully encountered anomalous radioactivity in the Athabasca Sandstone just above the unconformity as well as a second interval of anomalous radioactivity located 1.6 m into the basement. Anomalous radioactivity encountered in the Athabasca Sandstone interested a radioactive peak of 1,540 CPS in a 4.2 m interval that averaged 358 cps, including 0.3 m at 1,322 cps. Assay results indicate the radioactivity is associated with anomalous 206Pb/204Pb ratios and thorium. This hole was successful in identifying the trends of the geology and the true depth of the unconformity.
  • CF24-002 was a large step-out that was successful in following up radioactivity intersected in CF24-001 and to reorient the drill based on the results from CF24-001. Although the drill did not intersect the conductor, anomalous radioactivity was encountered in the Athabasca Sandstone at the unconformity with radioactivity of 333 cps over 3.4 m including 644 cps over 0.3 with a radioactive peak of 771 cps. As seen in CF24-001, assay results indicate the radioactivity is associated with anomalous uranium, 206Pb/204Pb ratios, thorium and lanthanum.

Figure 2 – 2024 Drill Hole locations on the Coffer Project

Future Drilling Priority Targets

A thorough review and interpretation of the results of the winter 2024 program at Coffer Project is continuing and preparation for a follow up program is planned to continue evaluating the alteration and structure encountered in CF24-003.

Drilling to date has successfully confirmed the geophysical targets are graphitic structural corridors which hosts significant alteration with associated anomalous radioactivity and indicator minerals. CF24-003 intersected the graphitic structure and alteration but did not properly test the unconformity for mineralization which makes this location a top priority to test with drilling. The target area will test the conductor intersected in CF24-003 near the unconformity as well as along strike.

Sample Quality Assurance / Quality Control (QAQC)

A total of 15 QAQC samples were collected throughout the program at regular intervals in accordance with Stallion Uranium’s quality assurance/quality control (QA/QC) protocols. Nine of the QAQC samples were duplicates and six of the samples were blanks. All samples passed internal QA/QC protocols and the results presented in this release are deemed complete, reliable, and repeatable.

Gamma Logging and Geochemical Assaying

All core radioactivity was measured using a RS-230 BGO Super-SPEC Handheld Gamma-Ray Spectrometer. Down hole probing radiometric surveying was conducted with a Mount Sopris 2PGA-1000 downhole total gamma probe with a maximum depth of investigation of 850 meters. The Company considers greater than 300 cps (on the borehole probe) to be anomalous radioactivity. Radioactivity greater than 80 cps using the RS-230 handheld scintillometer is considered to be “above background”. The background radioactivity levels in the Appaloosa Target area are considered 30-60 cps.

All drill core samples from the 2024 program will be shipped to the Saskatchewan Research Council Geoanalytical Laboratories ("SRC") in Saskatoon, Saskatchewan, an ISO/IEC 17025/2005 and Standards Council of Canada certified analytical laboratory. Stallion Uranium requests multi-element analysis by ICP-MS and ICP-OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion. One half of the split core samples are retained and the other half cores are sent to the SRC for analyses. Blanks, standard reference materials, and repeats are inserted into the sample stream at regular intervals by Stallion Uranium geologists and SRC in accordance with industry-standard quality assurance/quality control ("QA/QC") procedures.

All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses. The reader is cautioned that gamma probe readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials.

Qualifying Statement

The foregoing scientific and technical disclosures for Stallion Uranium have been reviewed by Darren Slugoski, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Slugoski is a Qualified Person as defined by National Instrument 43-101.

About Stallion Uranium

Stallion Uranium is working to ‘Fuel the Future with Uranium’ through the exploration of over 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, offering exposure to upside potential from district advancement with limited capital expenditures.

For more information visit stallionuranium.com or contact:

Drew ZimmermanChief Executive [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture 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 events 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 estimates, 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 statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge 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.

Photos accompanying this announcement are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/780e156e-a433-439d-a77a-f7c456dc961c

https://www.globenewswire.com/NewsRoom/AttachmentNg/74dbfb33-d92e-46cd-be0a-015e2bec17b2

Figure 1 – Cross section of CF24-003.

The figure is an interpretation of the geological structure with target area
Figure 2

2024 Drill Hole locations on the Coffer Project
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