- ATHA begins the Company's most significant exploration program to date, targeting Canada's most prospective regions for high-grade uranium discovery, including: the Angilak Project in Nunavut and maturation of ATHA's tier one exploration portfolio in the Athabasca Basin
- ATHA's proposed transaction with 92 Energy is expected to close on or about April 11, 2024, at which point the development of 92 Energy's portfolio - including the Gemini Project that is host to the newly discovered, high-grade GMZ Corridor - will become a primary focus for ATHA's 2024 exploration program. ATHA will provide a detailed update after the close of the transaction with 92 Energy.
- Angilak Project: The Angilak Project is host to the Lac 50 Uranium Deposit, which is 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
- Latitude Uranium recently completed (September 2023) a diamond drill-based exploration program comprising a total of 18 holes (5,665 meters). The 2023 Program focused on delineation and expansion of the Main Zone within the Lac 50 Deposit, and successfully achieved all objectives - highlighted by:
- Extension of known mineralization along strike and at depth within the Main Tuff Horizon, demonstrated by drill hole 23-LC-005 - designed to infill a 100 m gap in historic drilling - intersected grades of up to 7.54 % U3O8 over 1.6 m and represents continuity of high-grade mineralization at depth.
- Discovery of a new lens of uranium mineralization within the Lac 50 Deposit
- Increased understanding of structural controls on uranium mineralization and identification of similar settings at regional prospective targets
- Angilak Project 2024 Exploration Programs builds upon the work completed by Latitude Uranium:
- Phase I (diamond drilling): A ~10,000m diamond drilling program is planned to begin June 2024, targeting expansion of the Lac 50 Deposit, which remains open in all directions. Exploration drilling is also expected to test high-priority targets on parallel structures to Lac 50 that were previously identified as being prospective to host uranium mineralization.
- Phase II (geophysics & ground geochemistry): In concert with the Phase I diamond drilling program, ATHA will also undertake a targeted airborne geophysics program comprised of electromagnetic ("EM"), Mag, and VLF survey types in addition to targeted ground geochemistry sampling and mapping. The objective of Phase II is to identify and derisk a pipeline of additional high-priority targets for future exploration programs.
- Athabasca Basin Exploration: In addition to proposed work on 92 Energy's portfolio of projects post transaction with 92 Energy, ATHA is planning to further advance and develop nine of its wholly-owned high-priority projects within its four Athabasca Exploration Districts (North Rim, Cable Bay, East Rim and West Rim) covering all currently producing, past producing, and developing uranium mining jurisdictions within the Athabasca Basin - home to the highest grade uranium deposits and mines globally. The objective of the 2024 Athabasca Basin Exploration Program is to advance ATHA's exploration model, generating additional high-priority targets for future drill programs.
- ATHA plans to employ a combination of EM, Gravity, and Ambient Noise Tomography ("ANT") survey types.
- The Athabasca Basin Exploration Program is currently underway and is projected to continue through the end of Q3 2024.
VANCOUVER, British Columbia, March 20, 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 plans for its 2024 Exploration Program. At the 100%-owned Angilak Project in Nunavut, the Company will focus on diamond drilling with the objective of deposit expansion and discovery. In the Athabasca Basin, the Company will be further advancing nine of its 100%-owned projects through a combination of ground and airborne geophysical surveys. The objective of the Athabasca Basin Program is to continue to mature ATHA's geological understanding within each of its projects, increasing the probability of discovery and optimise capital expenditure during future drill campaigns. Additionally, subject to the completion of the Company's proposed scheme of arrangement (the "Scheme") with 92 Energy Limited (ASX: 92E) ("92E"), development of 92 Energy's projects, such as Gemini, which hosts the recently discovered high-grade GMZ showing, will be incorporated into the into the Company's Athabasca Basin Exploration Program. The Company will provide an update inclusive of drilling plans for the Gemini project, post closing of the Scheme.
EXPLORATION OUTLOOK
Following ATHA's recent closing of its acquisition of Latitude Uranium (CSE: LUR) ("Latitude") and assuming the completion of the Scheme, ATHA expects to have a diversified portfolio of uranium projects across the exploration risk curve. Going forward, ATHA's exploration approach is designed with the intention of providing maximum exploration exposure by investing at scale in a large number of early-stage projects, derisking those targets, and seeking to deliver advanced exploration upside through the expansion of known uranium deposits and discoveries. With the Company's recently closed transaction with Latitude and subject to the completion of the Scheme, ATHA intends to leverage its robust cash position to pursue a fully-funded growth strategy with focus on:
- Deposit and Discovery Expansion: Historical resource deposits at the Angilak Project and CMB Discoveries, as well as, subject to the completion of the Scheme, the GMZ Corridor (host to the Gemini Discovery), remain underexplored and are expected to provide significant resource and discovery expansion potential on a regional scale. Diamond drilling is planned for both Angilak and, subject to the completion of the Scheme, Gemini in Summer 2024.
- Advanced Exploration: Drill ready targets on a number of advanced projects owned by ATHA and 92E have identified uranium mineralization, with active geophysical surveys informing future exploration programs within the Athabasca and Thelon Basins, as well as at the newly acquired Angilak Project.
- Greenfield Exploration: Pro-forma land position of 7.1 million acres across some of the highest-grade uranium districts in the world provide ATHA with a robust pipeline of early-stage projects that are currently undergoing geophysical and geochemical analysis.
ANGILAK PROJECT - NUNAVUT
ATHA is pleased to announce exploration plans for the upcoming 2024 field season at it's wholly owned Angilak Project, situated within the Angikuni Basin approximately 225 km southwest of Baker Lake in the Kivalliq Region of Nunavut (Figure 1). 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
Figure 1: Plan Map detailing the Angilak Project location within Nunavut1
The 2024 Angilak exploration program will consist of diamond drilling, airborne geophysical surveys, and surficial sampling and mapping programs, prioritized to expand the footprint of known uranium mineralization, while also advancing regional exploration targets. Approximately 10,000m of diamond drilling is planned to be completed during the June to August time frame. Drill targeting will focus on the Lac 50 Deposit and mineralized corridor, targeting expansion of the deposit footprint both along strike and down-dip, as well as testing parallel structures which may host uranium mineralization. Diamond drilling will also test additional regional targets that have been identified through past exploration campaigns - the most recent of which was completed in 2023 by Latitude Uranium (acquired by ATHA). During Latitude's most recent exploration program completed in the fall of 2023, the company reported uranium drill hole intersections with grades of up to 7.54 % U3O8 over 1.6 m from hole 23-LC-005, which targeted the Lac 50 Deposit.
ATHABASCA BASIN EXPLORATION PROGRAM
The Company's 2024 Athabasca Basin Exploration Program is built upon the results from the maiden 2023 campaign, which saw the completion of 17 EM surveys within ATHA's 3.8 million acres of mineral claims located in the Athabasca Basin. The objective of the 2024 Exploration program is to further mature nine high-priority project areas with the use of Airborne and Ground geophysical surveys. The surveys will target each of the Company's four exploration districts - North Rim, Cable Bay, East Rim, and West Rim Exploration Districts - which encompass all currently producing, past producing and developing uranium mining jurisdictions within the Athabasca Basin.
The 2024 Athabasca Basin Exploration Program is already underway and is slated to continue through to the end of Q3 2024. The Program will deploy seven different airborne and ground survey types, consisting of: EM, Mag, Gravity, and ANT. The objective of the 2024 Athabasca Basin Program is to further delineate and refine prospective trends and corridors within Atha's high-priority project areas in advance of drill testing.
Figure 2: ATHA Energy Land Package & Exploration Districts
Troy Boisjoli, CEO added: "The Company is excited to provide guidance on ATHA's industry leading exploration plans. At the recently acquired Angilak Project, ATHA will be leveraging the expansion potential of one of the highest-grade uranium deposits globally outside of the Basin through a combination of diamond drilling and geophysics. In the Athabasca Basin, home to the highest-grade uranium deposits and mines globally, our program will focus on adding to our pipeline of exceptional drill ready targets. Additionally, we look forward to providing guidance on our exploration plans - inclusive of diamond drilling - on the Gemini Project which hosts the high-grade GMZ discovery. Our objective through 2024 is to continue to advance and develop our uranium assets within the world's most prospective, highest grade uranium jurisdictions."
Cliff Revering, VP Exploration added: "We are very excited to be commencing our 2024 exploration program on our pro-forma portfolio of diversified uranium projects. ATHA has a unique opportunity to leverage a strong balance sheet to invest at scale in a large number of early-stage exploration projects, while also providing significant exploration upside through advancement of our known uranium deposits and discoveries. These factors, combined with the strength of our technical team, provides unrivaled potential for delivering on our objective of defining the next generation of world-class uranium assets."
Qualified Person
The scientific and technical information contained in this news release have been reviewed and approved by Cliff Revering, P.Eng., the 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 two 100%-owned post discovery uranium projects (the Angilak Deposit 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 largest cumulative prospective exploration land package (6.5 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.1,2,3
