Uranium Exploration in the Athabasca Basin: Interview with Stallion Uranium CEO Drew Zimmerman

Written by

Robin Lefferts

Published on

Feb 12, 2024

Last updated

Feb 12, 2024

Governments across the world, including the United States, Canada, China, the EU, and Japan, have created lists of critical mineral resources and enacted programs to encourage domestic and friendly supplies of them as a matter of national security. Uranium is on the list for Canada, Japan, China, and the United States (classified as a fuel mineral). 


Uranium demand is skyrocketing due to increased nuclear energy development as countries try to decrease carbon emissions from fossil-fuel based energy sources. At the same time, geopolitical tensions have led democratic countries and utilities to seek more domestic and secure sources of the critical mineral. Kazakhstan, the former Russian republic and current authoritarian state, is the world’s top producer of uranium


Canada isn’t far behind though, and Saskatchewan’s Athabasca Basin is home to the world’s richest uranium deposits as well as the world’s largest high grade uranium mine. If an explorer could choose an area to find the next big high grade uranium deposit, the Athabasca Basin would probably be the choice.


There have been some recent major discoveries that could turn into mines, but there are currently only two mines operating there. More sources are needed, and Canada’s governments are incentivizing further exploration both provincially and federally. Considering the background, now is a pretty good time for investors to consider uranium explorers.


One compelling company operating in the Basin is Stallion Uranium Corp. (TSX.V: STUD) (OTCQB: STLNF) (FSE: HM40). Stallion Uranium has assembled one of the largest land packages in the southwestern region of the Athabasca Basin, historically less explored than the more developed eastern area but home to several recent discoveries.


We recently had the opportunity to talk with Stallion Uranium’s CEO, Drew Zimmerman. In the first segment, Drew discusses the company’s rapid development over the past year which resulted in two name changes. The company was called Stallion Gold Corp., with flagship properties in Nevada and Idaho focused on gold exploration (Stallion still holds those properties). In January 2023 the company acquired a major chunk of its current claims in the Athabasca Basin, changing its name to Stallion Discoveries to reflect a broader focus on world-class discoveries regardless of the target mineral. This past fall the company settled on Stallion Uranium to reflect the growing efforts and focus on its Athabasca Basin claims as the scale of the potential discoveries there became more clear.



In January 2023, Stallion Uranium acquired about 304 square miles of prospective uranium claims in the Basin. One of the companies acquired in the deal was Hathor Exploration. The original Hathor Exploration, led by President and CEO Stephen Stanley, discovered and developed the Roughrider uranium deposit which holds approximately 58 million pounds of uranium. Based on that discovery, the company was sold to Rio Tinto in 2012 for $642 million. Mr. Stanley is now an advisor to Stallion Uranium as the company heads down a similar path.


In September 2023, Stallion announced a finalized agreement with ATHA Energy Corp. (CSE:SASK) that gives the company the option to acquire a 70% interest in prospective uranium claims covering another 855 square miles. Most of these lands are located in the western portion of the Athabasca Basin, an area that is historically less explored than the eastern region but is home to several major recent discoveries.


In January 2024, the company staked out another 50 square miles of 100% owned claims adjacent to its existing optioned holdings. All together, Stallion’s claims comprise the single largest exploration project in the region.


Here, Mr. Zimmerman talks about the company’s focus in the southwestern basin and the thought process behind assembling such a large land package.



The first steps are already being taken to explore the massive holdings and identify the most likely targets for prospective drilling. Stallion has done a comprehensive airborne magnetic and electromagnetic survey of its wholly owned lands. Target areas were identified and two areas tagged for further and immediate exploration: The Coffer and Gunter Lake Projects. The ground survey on the Coffer Project has been completed and Stallion awaits the results. The company is advancing the targets on the Gunter Lake Project as well. 


Meanwhile, Stallion conducted an airborne magnetic survey of its jointly-held claims covering 855 square miles. Many of these lands have never been effectively explored, and the company is looking to identify the highest value targets for follow up and then drill testing. Results from the survey are currently pending..


In this segment, Mr. Zimmerman goes over Stallion’s exploration program as the company works toward an anticipated drill program commencing in the spring of 2024.



Overall, there is a good argument to be made that investors should be paying attention to uranium explorers in the Athabasca Basin. From a geological point of view, the Basin holds the world’s richest uranium deposits and is located in a nation that is highly motivated to develop those reserves. From a global perspective, uranium is in very high demand and forecasts call for uranium shortages to be exacerbated over the coming years as more nuclear energy projects come online in a constricted supply market.


There are recent explorer success stories in Stallion’s neighborhood that point to the potential for value creation should a discovery be made. In November 2022, F3 Uranium Corp. announced a significant find in what the company now calls the JR zone, about 13km due west of Stallion’s Coffer Project. That news, combined with some follow-up exploration, pushed the company’s market capitalization from CAD$28 million at the time of the announcement to CAD$148 million in mid January 2023.


In the final segment of the interview, Mr. Zimmerman talks about the potential for significant value creation through uranium exploration in the Athabasca Basin and why investors should be taking notes of developments there.



With Stallion Uranium Corp. moving through the initial exploration phases of the largest prospective uranium land package in the western Athabasca Basin, 2024 promises to be a pivotal year for the company. In the very near term Stallion expects to commence drilling on its most promising project areas while continuing to identify more zones of interest from incoming magnetic survey data. Investors are encouraged to keep an eye out for continuing news as Stallion hunts for the next major uranium discovery.




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Certain of the “risk factors” that could cause actual results to differ materially from the Company’s forward-looking statements include, without limitation risks relating to the following: risks related to the receipt of all necessary third party approvals, including environmental approvals; changes in project parameters as plans continue to be refined; fluctuations in prices of commodities, including uranium; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities; health and safety risks; climate change risks; risks related to potential opposition from non-governmental organizations and public interest groups; changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in the United States; reliance on management and dependence on key personnel; competition in the mining industry; risks related to international operations; fluctuations in foreign currency exchange rates; substantial capital requirements and liquidity; uninsurable risks; litigation; risks related to and uncertainty associated with general economic conditions, actual results of current exploration activities, unanticipated reclamation expenses; and other factors beyond the control of the Company.

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