ATHA Energy Provides Summer Update on 2024 Exploration Programs
2024 GEMINI EXPLORATION
PROGRAM
- Phase
III: Diamond Drilling – commenced in late August and is
designed to test for expansion areas at Gemini Mineralized Zone
(“GMZ”), as well as targeting highly prospective
regional target areas (Figure 3).
- GMZ
Expansion – designed to expand the footprint of
mineralization targeting the down-dip extents of GMZ, along with
parallel structure immediately to the east of the GMZ;
- Gemini
East Target Area –
situated approximately 3 km northeast of the GMZ and hosts a
shallow multi-convergence geophysical anomaly with high
conductivity, gravity and magnetic lows, and coincident ANT
low-velocity anomaly; and
- Gemini
West Target Area – situated approximately
2.5 km northwest of the GMZ and hosts a shallow multi-convergence
geophysical anomaly with high conductivity, a magnetic low, and
coincident ANT low-velocity anomaly.
2024 ANGILAK EXPLORATION
PROGRAM
- ATHA’s diamond
drill exploration program at its Angilak Project, located in
Nunavut, continues to successfully expand the mineralizing
footprint along the Lac 50 trend.
- The Company is
on track to complete the program by early September.
VANCOUVER, British Columbia, Aug. 28, 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 provide a summer update on its 2024
Exploration Program.
At ATHA’s 100%-owned Gemini Project located in
the Athabasca Basin, Saskatchewan, the Company has commenced Phase
III of its Gemini exploration program, which is designed to expand
the footprint of mineralization at depth as well as targeting a
parallel structure immediately east from the high-grade GMZ
discovery. Additionally, the Company intends to test two regional
target areas with multi-convergence geophysical anomalies.
At ATHA’s 100%-owned Angilak Project located in
Nunavut, the Company is pleased to report the program remains
successfully on-track, continuing to expand mineralization along
the Lac 50 trend. The Angilak exploration program is scheduled to
be complete in early September, at which point the Company intends
to communicate radioactivity results from the remaining drill
holes.
GEMINI PROJECT
In April of 2024, ATHA Energy gained
100%-ownership in the Gemini Project through its transaction with
92 Energy. Subsequent to the acquisition, ATHA interpreted data
from a ground gravity survey completed by 92E in February 2024,
along with results from Fleet Space’s Exosphere ANT (Ambient Noise
Tomography) survey completed in Q2 2024. Both surveys – in addition
to previously collected electromagnetic and magnetic surveys – form
the basis for the identification of the regional multi-convergence
geophysical anomalies the Company will be testing during the 2024
Gemini Exploration Program.
The Gemini Project is located 31 km northeast of
Cameco’s Key Lake Mine, along the southeastern margin of the
uranium rich Athabasca Basin (Figure 2) and hosts the high-grade
uranium Gemini Mineralized Zone (“GMZ”). The GMZ
is a shallow (mineralization begins at <60 m depth) basement
hosted, high-grade uranium discovery, which remains open at depth
and along strike. The new discovery shares similarities with
Cameco’s Rabbit Lake Trend (203MM lbs of uranium concentrate
production), which are demonstrated by:
- The visual
scale and nature of hydrothermal alteration;
- The interpreted
structural control on mineralization;
- Mineralization
hosted within meta-sediments (Hidden Bay assemblage within the
upper Wollaston Domain) lithologies with associated alteration
halos typical of high-grade uranium deposits within the Athabasca
Basin; and
- Uranium
mineralization discovered along parallel conductor within the GMZ
Trend and newly identified geophysical targets along strike to the
north.
Successive diamond drilling exploration programs
at the GMZ conducted between 2021 through to 2023 are highlighted
by high-grade drillhole intersections, such as:
- GEM22-025
intersected 43.0 m grading 0.62%
U3O8,
including 18.0 m grading 1.16%
U3O8.
- GEM23-061
intersected 5.0 m grading 1.47%
U3O8,
including 1.5 m grading 4.69%
U3O8
and another sub-interval of 9.66%
U3O8
over 0.5 m.
Figure 1: Uranium mineralization intersected
by hole GEM23-061 in winter 2023 at the GMZ discovery
Figure 2: ATHA Energy – 2024 Exploration
Program’s Geophysical Surveys in the Athabasca Basin
Figure 3: 2024 Gemini Project Exploration
Program Area of Focus
Troy Boisjoli, CEO added: “ATHA’s 2024
exploration program has already demonstrated that its
exploration-at-scale approach can be successfully
implemented across numerous projects and jurisdictions. We are
excited to continue to advance that strategy with the kickoff of
drilling at Gemini, while the Company continues its Angilak
exploration program. At Angilak, our program was designed to expand
the footprint of the mineralized system. The Company has fully
achieved that objective and will be releasing radioactivity results
for the remainder of the holes in early September. ATHA’s objective
for its Gemini exploration program is similar, expansion at the
high-grade GMZ Discovery, and testing of regional targets along
highly prospective trends. From my experience, this is a property
that has all of the indicators of a district scale Basin play, and
our team is ready to unlock its value.”
Cliff Revering, VP Exploration added: “As we
continue to execute the 2024 exploration strategy and program we
designed earlier this year, we are very excited with the results
obtained to date. We have been successful in expanding the
mineralization footprint at our Angilak Project, and are now
commencing drilling at our Gemini Project, and GMZ mineralized
corridor. Given the scale and nature of hydrothermal alteration
with the GMZ mineralized corridor and observed similarities with
Cameco’s Rabbit Lake Trend, we are very excited to start testing
the high-priority targets identified within this prospective
trend.”
CORPORATE UPDATE
During the Company’s August 2024 board meeting,
the Company’s CEO, Troy Boisjoli, was appointed as a Director to
the Board of ATHA Energy.
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 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 (8.1
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.
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 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 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 ATHA has
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
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:
https://www.globenewswire.com/NewsRoom/AttachmentNg/82b34cd3-07c1-4a8c-ab2e-d1e62b03e54f
https://www.globenewswire.com/NewsRoom/AttachmentNg/f0ca72ad-e654-40b4-b92a-83c8046912aa
https://www.globenewswire.com/NewsRoom/AttachmentNg/56717d00-8c7c-4d96-9b87-169c33bebf87
Grafico Azioni ATHA Energy (TG:X5U)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni ATHA Energy (TG:X5U)
Storico
Da Dic 2023 a Dic 2024
