08:37 AM EDT, 04/17/2024 (MT Newswires) -- Stallion Uranium ( STLNF ) said Wednesday that it encountered "anomalous radioactivity" in the second completed hole of its maiden drill program on the Coffer project in Saskatchewan.

The company said hole CF24-002 encountered the anomalous radioactivity near the unconformity in the Athabasca Sandstone of 333 counts per second (cps) over 3.4 meters, including 0.4 meters at 664 cps with a peak of 771 cps.

The hole hit the unconformity at 736.2 meters and was completed at a depth of 914 meters, Stallion added.

Drillhole CF24-002 is located 700 meters west along strike from drillhole CF24-001.

"CF24-002 was able to reaffirm radioactivity at the unconformity previously intersected in drill hole CF24-001 as well as demonstrate the fertility of the Appaloosa target and its potential to host a significant deposit," said Darren Slugoski, Stallion's vice president for exploration in Canada. "With each drill hole we continue to make significant strides in understanding the geology and structure of the target area."

The company's shares fell 4% on Tuesday