ATHA Energy Expands Angilak Project by Acquiring Entire Prospective
Corridor
HIGHLIGHTS:
- ATHA Energy has
expanded its land package at the Angilak Project, acquiring the
entire prospective Lac 50 structural corridor and an additional
prospective parallel corridor. Both prospective corridors are
related to the Snowbird Tectonic Zone, a deep crustal structure
that extends from the Athabasca Basin, host to some of the largest
and highest-grade uranium deposits globally, through to the
Angikuni Basin, which hosts the Lac 50 Uranium Deposit.
- The Company has
staked an additional 69,704 hectares within 48 mineral claims, with
the Angilak Project now 158,447 hectares in size.
- The Angilak
Project is host to the Lac 50 Uranium Deposit (the “Lac 50
Trend”), one of the largest high-grade deposits outside of
the Athabasca Basin, with a historical mineral resource estimate of
43.3M lbs at an average grade of 0.69%
U3O8.1 Drilling conducted by
Latitude Uranium at the Angilak Project in 2023 intersected grades
of up to 7.54% U3O8 over 1.6 m.
- The 2024
Angilak Exploration Program has concluded after twenty-five diamond
drill holes were completed between early June and late August for a
total of ~10,051 m. The program was highly successful and
on budget.
- All objectives
were successfully achieved, including the expansion of the historic
footprint of mineralization along the Lac 50 Trend and the
identification of new parallel mineralized trends called the Lac
48, Lac 52, and Lac 54 Trends.
- The new mineral
claims solidify ATHA’s dominant position along prospective
structural corridors related to the Snowbird Tectonic Zone.
Additionally, the new claims capture the margins of the Angikuni
Basin, which remains prospective for the discovery of an
unconformity-style uranium deposit.
VANCOUVER, British Columbia, Sept. 19, 2024
(GLOBE NEWSWIRE) -- 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 the completion of the staking
of additional claims at the Company’s 100%-owned Angilak Project in
Nunavut. The Angilak Project area is now 158,447 hectares in size.
The claims were staked as a follow-up to the Company’s highly
successful maiden drill program that was completed in late August
2024. With the additional property, the Company now controls the
entire prospective Lac 50 structural corridor as well as an
additional parallel corridor, both related to the Snowbird Tectonic
Zone. These claims represent prospective continuations of known
mineralized trends related to the Snowbird Tectonic Zone and the
margins surrounding the Angikuni Basin, which is prospective to
host unconformity style mineralization.
Figure 1: Plan Map detailing the Angilak Project location
within Nunavut1
ANGILAK PROJECT – NUNAVUT
The Angilak Project is situated within the
Angikuni Basin (Figure 1), approximately 225 km southwest of Baker
Lake in the Kivalliq Region of Nunavut. The Angilak Project 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
The 2024 Angilak exploration program consisted
of diamond drilling, airborne geophysical surveys, and surficial
sampling and mapping programs. Exploration activities prioritized
areas proximal to known zones of uranium mineralization for
expansion and discovery.
During Phase I: diamond drilling, which began in
early June and continued through to late August, the Company
completed twenty-five diamond drill holes for a total of ~10,051 m.
Drilling targeted expansion along the Lac 50 Trend while also
expanding mineralization along several regional targets identified
as the Lac 48, 52, and 54 Trends (see Figures 2a and 2b). All
samples have been sent to SRC laboratories in Saskatoon, SK for
assay analysis.
Figure 2a: 2024 Angilak Exploration Planview
Schematic
Figure 2b: 2024 Angilak Exploration Long-section
Schematic
Troy Boisjoli, CEO added: “Extending the Angilak
project is a direct result of the successful 2024 exploration
program. Over the course of 2024, ATHA materially expanded
mineralization at Angilak - in doing so also gained site specific
knowledge of potential district scale uranium endowment.”
Cliff Revering, VP Exploration added: “Based on
the success of the 2024 exploration program at the Angilak Project
and nature of this highly prospective and historically
underexplored region, expanding our land position adds significant
potential for further discovery and expansion of the Lac 50
Deposit. We look forward to continuing our exploration efforts at
the Angilak Project and unlocking the value we see in this
region.”
Investor Relations
Agreements
ATHA is also pleased to announce it has
entered into an agreement commencing September 16, 2024 (the
“Agreement”) with Oak Hill Financial Inc.
(“Oak Hill”), an arm’s length party to
ATHA, to provide certain investor relations services to
ATHA Energy including, without limitation, in relation to providing
strategic advice with respect to ATHA’s stakeholder communication
initiatives and to expand market awareness (the
“Services”). Oak Hill will comply with all
applicable securities laws and the policies of the TSX Venture
Exchange (the “TSXV”) in providing the
Services. The Agreement is subject to TSXV approval and shall
be for an initial three-month term, for a monthly fee of
$11,000, plus applicable taxes, which may be automatically
renewed for successive one-month periods.
No securities of ATHA are being granted to Oak
Hill under the terms of its engagement and to the knowledge of
ATHA, neither Oak Hill nor any of its directors, officers or
employees currently owns any securities of ATHA. ATHA may also
reimburse Oak Hill for certain expenses incurred in connection with
the Services.
Oak Hill is based in Toronto, Ontario, and
specializes in leveraging the most effective investment, growth and
exposure strategies for small to mid-size companies through an
integrated approach to relationship development and corporate
communications. The contact information for Oak Hill is Oak
Hill Financial Inc., 161 Bay Street – Suite 2460, Toronto, Ontario,
Canada M5J 2S1. Tel: 647.479.5803.
Email: info@oakhillfinancial.ca. Damir Gunja,
a Partner of Oak Hill will be principally responsible for
the Services on behalf of Oak Hill.
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.com. 1,2,3.
For more information, please
contact:
Troy Boisjoli
Chief Executive Officer
Email: info@athaenergy.com
www.athaenergy.com
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.
- 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.
Photos accompanying this announcement are available at:
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