ATHA Energy Corp. (
TSX.V: SASK)
(
FRA: X5U) (
OTCQB: SASKF)
(“
ATHA” or the “
Company”), holder
of the largest uranium exploration portfolio in two of the
highest-grade uranium districts in the world, is pleased to
announce radioactivity results from six diamond drill holes
completed as part of the Company’s inaugural 2024 Angilak
Exploration Program at its 100%-owned Angilak Project in Nunavut.
Phase I of the 2024 Angilak Exploration Program
is comprised of approximately 10,000 m of diamond drilling
targeting the expansion of high-grade uranium mineralization
outside of the historic resource footprint at the Lac 50 Deposit.
The initial six holes total 2,817.6 m and target the expansion of
the Main Zone, Eastern Extension, and the J4 & Ray Zone along
the Lac 50 Trend at the Lac 50 Deposit.
ANGILAK PROJECT – NUNAVUT
The Angilak Project is situated within the
Angikuni Basin, approximately 225 km southwest of Baker Lake in the
Kivalliq Region of Nunavut (Figure 1) and is host to the Lac 50
Uranium Deposit, which has a historical mineral resource estimate
of 43.3M lbs at an average grade of 0.69% U3O8.1
ATHA’s 2024 Angilak exploration program consists
of diamond drilling, airborne geophysical surveys, and surficial
sampling and mapping programs that prioritize the expansion of the
footprint of known uranium mineralization, while also advancing
regional exploration targets. Approximately 10,000 m of diamond
drilling is currently underway, focused on expansion of the
historic footprint at the Lac 50 Deposit’s Main Zone, Western
Extension, Eastern Extension, and J4 & Ray Zone, as well as
expansion of the recently identified parallel mineralized Tuff
Horizons. Diamond drilling will also test additional regional
targets that have been identified through past exploration
campaigns – the most recent of which was completed in the fall of
2023 by Latitude Uranium (“Latitude”) (acquired by
ATHA). During Latitude’s most recent exploration program, the
Company reported uranium drill hole intersections targeting the
Main Zone showing grades of up to 7.54 % U3O8 over 1.6 m from hole
23-LC-005.
Figure 1: Plan Map detailing the Angilak Project
location within Nunavut1
Figure 2: Lac 50 Trend Schematic, displaying
drill hole traces, historic resource shells, and prospective
mineralized Tuff Horizon
Main Zone
The Main Zone at the Lac 50 Deposit has a
historically defined mineralized footprint with a strike length of
approximately 1,500 m and depth of 340 m. The uranium
mineralization within the historic mineral resource is restricted
to one lens. Additional drilling completed by Latitude Uranium
intersected extensive mineralization outside of the historic
resource. Recent geological interpretation and modeling of the
additional mineralization demonstrates the Main Zone - along with
the Western Extension, Eastern Extension, and J4 & Ray Zones –
is part of a stacked lens system associated with Tuff Horizons.
Tuff MZ_001, represents the bulk of the historic resource at the
Main Zone, with Tuff MZ_002 through to Tuff MZ_005 representing
newly defined parallel lenses of uranium mineralization.
Drill hole MZ-DD-174 was designed to test the
down-plunge extent of uranium mineralization in Tuff MZ_001, as
well as testing the extensions of additional newly defined Tuff
Horizons. The hole was completed to a total depth of 600 m and
successfully intersected Tuff MZ_001, 002, 003, 005, as well as a
new shallow lens of uranium mineralization between 31 m and 32.5 m
depth.
Figure 3: Strip log detailing results from drill
hole MZ-DD-174 located at the Main Zone of the Lac 50 Deposit. The
Strip log displays radioactivity derived from a 40TGU Triple Gamma
Probe which measures radioactivity every 10 cm. Depth intervals
mentioned are approximate (~) corresponding to 0.5 m intervals, and
have been corrected to radioactivity observed in drill core via an
RS-120 scintillometer.
Drill hole MZ-DD-175 was designed to test the
strike extent of mineralization between the Western Extension and
the Main Zone of the Lac 50 Deposit, targeting the extension of
Tuff MZ_001 as well as other parallel Tuff Horizons. The hole was
completed to a total depth of 471 m and successfully intersected
Tuff MZ_001, 002, 003, and 004.
Figure 4: Strip log detailing results from drill
hole MZ-DD-175 located at the Main Zone of the Lac 50 Deposit. The
Strip log displays radioactivity derived from a 40TGU Triple Gamma
Probe which measures radioactivity every 10 cm. Depth intervals
mentioned are approximate (~) corresponding to 0.5 m intervals, and
have been corrected to radioactivity observed in drill core via an
RS-120 scintillometer.
J4 & Ray Zones
The J4 and Ray Zones are situated approximately
1,800 m along strike to the southeast of the Main Zone at the Lac
50 Deposit and have a historically defined mineralized footprint
with a strike length of approximately 920 m and depth of 420 m. The
uranium mineralization within the historic resource is restricted
to two lenses: Tuff J4R_001 – representing the bulk of the historic
resource at the J4 Zone – and Tuff J4R_003 – representing the bulk
of the historic resource in the Ray Zone. Tuff lenses J4R_002 and
J4R_004 are newly defined Tuff horizons with associated
mineralization.
Drill hole J4R-DD-085 was designed to test the
down-plunge extent of mineralization at the J4 & Ray Zones of
the Lac 50 Deposit along with testing for additional lenses of
parallel mineralization. The hole was completed to a depth of 490.8
m and successfully intersected mineralization, extending
mineralization associated with Tuff J4R_001 between ~451.5 m and
~459 m, Tuff J4R_002 from ~426 m to ~429.5 m, and Tuff J4R_003 from
~111.5 m to ~113 m.
Figure 5: Strip log detailing results from drill
hole J4R-DD-085 located at the J4 & Ray Zones of the Lac 50
Deposit. The Strip log displays radioactivity derived from a 40TGU
Triple Gamma Probe which measures radioactivity every 10 cm. Depth
intervals mentioned are approximate (~) corresponding to 0.5 m
intervals, and have been corrected to radioactivity observed in
drill core via an RS-120 scintillometer.
J4R-DD-086 was designed to test the eastern
strike extent of mineralization in the Ray Zone and the down-dip
extension of mineralization in the J4 Zone, as well as testing for
additional lenses of parallel mineralization. The hole was
completed to a depth of 468.5 m and successfully intersected
mineralization, extending Tuff J4R_002 associated mineralization
between ~390.5 m and ~392 m, Tuff J4R_003 with associated
intermittent mineralization from ~84.5 m to ~92.5 m, and Tuff
J4R_004 with associated mineralization from ~35 m to ~36 m.
Figure 6: Strip log detailing results from drill
hole J4R-DD-086 located at the J4 & Ray Zones of the Lac 50
Deposit. The Strip log displays radioactivity derived from a 40TGU
Triple Gamma Probe which measures radioactivity every 10 cm. Depth
intervals mentioned are approximate (~) corresponding to 0.5 m
intervals, and have been corrected to radioactivity observed in
drill core via an RS-120 scintillometer.
Eastern Extension
The Eastern Extension is situated approximately
350 m along strike to the northeast of the Main Zone at the Lac 50
Deposit and has a historically defined mineralized footprint with a
strike length of approximately 700 m and depth of 320 m. The
uranium mineralization within the historic resource is restricted
to one lens currently identified as Tuff EX_001. Although
mineralization has been encountered outside of the Tuff EX_001
horizon, additional lenses of mineralization have not yet been
defined.
Drill holes EEX-DD-052 and EEX-DD-053 were
designed to test the down plunge extent of mineralization within
the Eastern Extension Tuff EX_001 lens. Both holes were successful
in extending the Tuff EX_001 associated mineralized footprint with
intersections from 374 m to 376m and 305m to 307m, in EEX-DD-052
and EEX-DD-053, respectively. Both holes also intersected
additional mineralized structures within the hanging-wall of the
Tuff EX_001 lens, as depicted in Figures 6 and 7. Drill holes
EEX-DD-052 and EEX-DD-053 were drilled to final depths of 427.3m
and 360m, respectively.
Figure 6: Strip log detailing results from drill
hole EEX-DD-052 located at the Eastern Extension of the Lac 50
Deposit. The Strip log displays radioactivity derived from a 40TGU
Triple Gamma Probe which measures radioactivity every 10 cm. Depth
intervals mentioned are approximate (~) corresponding to 0.5 m
intervals, and have been corrected to radioactivity observed in
drill core via an RS-120 scintillometer.
Figure 7: Strip log detailing results from drill
hole EEX-DD-053 located at the Eastern Extension of the Lac 50
Deposit. The Strip log displays radioactivity derived from a 40TGU
Triple Gamma Probe which measures radioactivity every 10 cm. Depth
intervals mentioned are approximate (~) corresponding to 0.5 m
intervals, and have been corrected to radioactivity observed in
drill core via an RS-120 scintillometer.
Table 1: 2024 drill hole collar and orientation
details for drill holes completed on Main Zone, Eastern Extension,
J4 and Ray zones as of the end of June.
|
Hole ID |
Zone |
Azimuth (⁰) |
Dip (⁰) |
Easting (mE) |
Northing (mN) |
Elevation (m) |
End of Hole (m) |
|
MZ-DD-174 |
Main Zone |
25.0 |
-78.6 |
518907.4 |
6939921.0 |
214.85 |
600.0 |
|
MZ-DD-175 |
Main Zone |
25.0 |
-50.0 |
518103.8 |
6940337.7 |
230.00 |
471.0 |
|
EEX-DD-052 |
Eastern Extension |
25.0 |
-70.2 |
520314.0 |
6939522.3 |
193.00 |
427.3 |
|
J4R-DD-085 |
J4-Ray |
23.0 |
-68.0 |
522375.8 |
6938727.0 |
217.84 |
490.8 |
|
EEX-DD-053 |
Eastern Extension |
23.0 |
-65.0 |
520219.9 |
6939570.4 |
192.99 |
360.0 |
|
J4R-DD-086 |
J4-Ray |
25 |
-50 |
522602.8 |
6938606 |
207.22 |
468.5 |
Troy Boisjoli, CEO added: “The first six drill
holes from ATHA's inaugural drill program at the Angilak Project in
Nunavut confirms the significant potential for expansion of the
known zones of mineralization along the Lac 50 Trend along with
demonstrating the high probability of additional discoveries. The
100% hit rate for these holes, on substantial step outs, is
extremely encouraging and speaks to the robust nature of the
mineralizing system at play at our Angilak Project. The results
help confirm ATHA's thesis, that Nunavut has exploration potential
analogous to the Athabasca Basin with respect to substantial
uranium discoveries. Coming at a time when the macro case for
Uranium has never been better, particularly for high-grade assets
in proven stable jurisdictions.”
Cliff Revering, VP Exploration added: “Drilling
results to date have been very encouraging and demonstrate the
exciting expansion potential of uranium mineralization within the
Lac 50 deposit. As we progress through our 2024 exploration program
and strategy, we will continue to develop our understanding of this
relatively under-explored and highly prospective uranium
district.”
Qualified Person
The scientific and technical information
contained in this news release have been reviewed and approved by
Cliff Revering, P.Eng., Vice President, Exploration of ATHA, who is
a "qualified person" as defined under National Instrument 43-101 –
Standards of Disclosure for Mineral Projects.
About ATHA
ATHA is a Canadian mineral company engaged in
the acquisition, exploration, and development of uranium assets in
the pursuit of a clean energy future. With a strategically balanced
portfolio including three 100%-owned post discovery uranium
projects (the Angilak Project located in Nunavut, and CMB
Discoveries in Labrador hosting historical resource estimates of
43.3 million lbs and 14.5 million lbs U3O8 respectively, and the
newly discovered basement hosted GMZ high-grade uranium discovery
located in the Athabasca Basin). In addition, the Company holds the
largest cumulative prospective exploration land package (8.4
million acres) in two of the world’s most prominent basins for
uranium discoveries - ATHA is well positioned to drive value. ATHA
also holds a 10% carried interest in key Athabasca Basin
exploration projects operated by NexGen Energy Ltd. and IsoEnergy
Ltd. For more information visit www.athaenergy.ca.1,2,3.
For more information, please
contact:
Troy BoisjoliChief Executive OfficerEmail:
info@athaenergy.cawww.athaenergy.ca
Historical Mineral Resource
Estimates
All mineral resources estimates presented in
this news release are considered to be “historical estimates” as
defined under NI 43-101, and have been derived from the following
(See notes below). In each instance, the historical estimate is
reported using the categories of mineral resources and mineral
reserves as defined by the CIM Definition Standards for Mineral
Reserves, and mineral reserves at that time, and these “historical
estimates” are not considered by ATHA to be current. In each
instance, the reliability of the historical estimate is considered
reasonable, but a Qualified Person has not done sufficient work to
classify the historical estimate as a current mineral resource, and
ATHA is not treating the historical estimate as a current mineral
resource. The historical information provides an indication of the
exploration potential of the properties but may not be
representative of expected results.
Notes on the Historical Mineral Resource
Estimate for the Angilak Deposit:
- This estimate is
considered to be a “historical estimate” under NI 43-101 and is not
considered by any of to be current. See below for further details
regarding the historical mineral resource estimate for the Angilak
Property.
- Mineral
resources which are not mineral reserves do not have demonstrated
economic viability.
- The estimate of
mineral resources may be materially affected by geology,
environment, permitting, legal, title, taxation, sociopolitical,
marketing or other relevant issues.
- The quality and
grade of the reported inferred resource in this estimation are
uncertain in nature and there has been insufficient exploration to
define these inferred resources as an indicated or measured mineral
resource, and it is uncertain if further exploration will result in
upgrading them to an indicated or measured resource category.
- Contained value
metals may not add due to rounding.
- A 0.2% U3O8
cut-off was used.
- The mineral
resource estimate contained in this press release is considered to
be “historical estimates” as defined under NI 43-101 and is not
considered to be current.
- The “historical
estimate” is derived from a Technical Report entitled “Technical
Report and Resource Update For The Angilak Property, Kivalliq
Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc.,
P.Geol. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM
Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource
Consulting Inc., dated March 1, 2013 for ValOre Metals Corp.
- As disclosed in
the above noted technical report, the historical estimate was
prepared under the direction of Robert Sim, P.Geo, with the
assistance of Dr. Bruce Davis, FAusIMM, and consists of
three-dimensional block models based on geostatistical applications
using commercial mine planning software. The project limits area
based in the UTM coordinate system (NAD83 Zone14) using nominal
block sizes measuring 5x5x5m at Lac Cinquante and 5x3x3 m (LxWxH)
at J4. Grade (assay) and geological information is derived from
work conducted by Kivalliq during the 2009, 2010, 2011 and 2012
field seasons. A thorough review of all the 2013 resource
information and drill data by a Qualified Person, along with the
incorporation of subsequent exploration work and results, which
includes some drilling around the edges of the historical resource
subsequent to the publication of the 2013 technical report, would
be required in order to verify the Angilak Property historical
estimate as a current mineral resource.
- The historical
mineral resource estimate was calculated in accordance with NI
43-101 and CIM standards at the time of publication and predates
the current CIM Definition Standards for Mineral Resources and
Mineral Reserves (May, 2014) and CIM Estimation of Mineral
Resources & Mineral Reserves Best Practices Guidelines
(November, 2019).
- A thorough
review of all historical data performed by a Qualified Person,
along with additional exploration work to confirm results would be
required to produce a current mineral resource estimate prepared in
accordance with NI 43-101.
- Notes
on the Historical Mineral Resource Estimate for the Moran Lake
Deposit:
- Jeffrey A.
Morgan, P.Geo. and Gary H. Giroux, P.Eng. completed a NI 43-101
technical report titled “Form 43-101F1 Technical Report on the
Central Mineral Belt (CMB) Uranium Project, Labrador, Canada,
Prepared for Crosshair Exploration & Mining Corp.” and dated
July 31, 2008, with an updated mineral resource estimate for the
Moran Lake C-Zone along with initial mineral resources for the
Armstrong and Area 1 deposits. They modelled three packages in the
Moran Lake Upper C-Zone (the Upper C Main, Upper C Mylonite, and
Upper C West), Moran Lake Lower C-Zone, two packages in Armstrong
(Armstrong Z1 and Armstrong Z3), and Trout Pond. These mineral
resources are based on 3D block models with ordinary kriging used
to interpolate grades into 10 m x 10 m x 4 m blocks. A cut-off
grade of 0.015% U3O8 was used for all zones other than the Lower C
Zone which employed a cut-off grade of 0.035%. A thorough review of
all historical data performed by a Qualified Person, along with
additional exploration work to confirm results, would be required
to produce a current mineral resource estimate prepared in
accordance with NI 43-101 standards.
3. Notes on the Historical Mineral
Resource Estimate for the Anna Lake Deposit:
- The mineral
resource estimate contained in this table is considered to be a
“historical estimate” as defined under NI 43-101, and is not
considered to be current and is not being treated as such. A
Qualified Person has not done sufficient work to classify the
historical estimate as current mineral resources. A qualified
person would need to review and verify the scientific information
and conduct an analysis and reconciliation of historical drill and
geological data in order to verify the historical estimate as a
current mineral resource.
- Reported by
Bayswater Uranium Corporation in a Technical Report entitled “Form
43-101 Technical Report on the Anna Lake Uranium Project, Central
Mineral Belt, Labrador, Canada”, prepared by R. Dean Fraser, P.Geo.
and Gary H. Giroux, P.Eng., dated September 30, 2009.
- A 3-dimensional
geologic model of the deposit was created for the purpose of the
resource estimate using the Gemcom/Surpac modeling software. A
solid model was created using a minimum grade x thickness cutoff of
3 meters grading 0.03% U3O8. Intersections not meeting this cutoff
were generally not incorporated into the model. The shell of this
modeled zone was then used to constrain the mineralization for the
purpose of the block model. Assay composites 2.5 meters in length
that honoured the mineralized domains were used to interpolate
grades into blocks using ordinary kriging. An average specific
gravity of 2.93 was used to convert volumes to tonnes. The specific
gravity data was acquired in-house and consisted of an average of
seventeen samples collected from the mineralised section of the
core. The resource was classified into Measured, Indicated or
Inferred using semi-variogram ranges applied to search ellipses.
All resources estimated at Anna Lake fall under the “Inferred”
category due to the wide spaced drill density. An exploration
program would need to be conducted, including twinning of
historical drill holes in order to verify the Anna Lake Project
estimate as a current mineral resource.
Cautionary Statement Regarding
Forward-Looking Information
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
“plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words
and phrases or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. These forward-looking statements or information may
relate to ATHA’s proposed exploration program, including statements
with respect to the expected benefits of ATHA’s proposed
exploration program, any results that may be derived from ATHA’s
proposed exploration program, the timing, scope, nature, breadth
and other information related to ATHA’s proposed exploration
program, any results that may be derived from the diversification
of ATHA’s portfolio, the successful integration of the businesses
of ATHA, Latitude Uranium and 92 Energy, the prospects of ATHA’s
projects, including mineral resources estimates and mineralization
of each project, the prospects of ATHA’s business plans and any
expectations with respect to defining mineral resources or mineral
reserves on any of ATHA’s projects, and any expectation with
respect to any permitting, development or other work that may be
required to bring any of the projects into development or
production.
Forward-looking statements are necessarily based
upon a number of assumptions that, while considered reasonable by
management at the time, are inherently subject to business, market
and economic risks, uncertainties and contingencies that may cause
actual results, performance or achievements to be materially
different from those expressed or implied by forward-looking
statements. Such assumptions include, but are not limited to,
assumptions that the anticipated benefits of ATHA’s proposed
exploration program will be realized, that no additional permit or
licenses will be required in connection with ATHA’s exploration
programs, the ability of ATHA to complete its exploration
activities as currently expected and on the current anticipated
timelines, including ATHA’s proposed exploration program, that ATHA
will be able to execute on its current plans, that ATHA’s proposed
explorations will yield results as expected, the synergies between
ATHA, 92 Energy and Latitude Uranium’s assets, and that general
business and economic conditions will not change in a material
adverse manner. Although each of ATHA and 92E have attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information.
Such statements represent the current view of
ATHA with respect to future events and are necessarily based upon a
number of assumptions and estimates that, while considered
reasonable by ATHA, are inherently subject to significant business,
economic, competitive, political and social risks, contingencies
and uncertainties. Risks and uncertainties include, but are not
limited to the following: inability of ATHA to realize the benefits
anticipated from the exploration and drilling targets described
herein or elsewhere; in ability of ATHA to complete current
exploration plans as presently anticipated or at all; inability for
ATHA to economically realize on the benefits, if any, derived from
the exploration program; failure to complete business plans as it
currently anticipated; overdiversification of ATHA’s portfolio;
failure to realize on benefits, if any, of a diversified portfolio;
unanticipated changes in market price for ATHA shares; changes to
ATHA’s current and future business and exploration plans and the
strategic alternatives available thereto; growth prospects and
outlook of the business of ATHA; any impacts of COVID-19 on the
business of ATHA and the ability to advance the Company projects
and its proposed exploration program; risks inherent in mineral
exploration including risks related worker safety, weather and
other natural occurrences, accidents, availability of personnel and
equipment, and other factors; aboriginal title; failure to obtain
regulatory and permitting approvals; no known mineral
resources/reserves; reliance on key management and other personnel;
competition; changes in laws and regulations; uninsurable risks;
delays in governmental and other approvals, community relations;
stock market conditions generally; demand, supply and pricing for
uranium; and general economic and political conditions in Canada,
Australia and other jurisdictions where ATHA conducts business.
Other factors which could materially affect such forward-looking
information are described in the filings of ATHA with the Canadian
securities regulators which are available on ATHA’s profile on
SEDAR+ at www.sedarplus.ca. ATHA does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
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