08:21 AM EDT, 05/07/2024 (MT Newswires) -- Stallion Uranium ( STLNF ) on Tuesday said exploration drilling at the company's Coffer Project in northern Saskatchewan's Athabasca Basin showed anomalous radioactivity in all holes.

The company said the three-hole drilling program into the Appaloosa target totaling 2,798.2 meters all intersected areas of radioactivity and it believes it the site has "the characteristics needed to host a large uranium 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," exploration vice-president Darren Slugoski said in a release. "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."

Stallion said it is analyzing data from the drilling program to identify future exploration targets.

The company's shares closed up $0.01 to $0.11 Monday on the TSX Venture Exchange.