Western Athabasca Syndicate Commences Winter Uranium Exploration
Program at Preston Lake
CALGARY, ALBERTA--(Marketwired - Dec 11, 2013) - Athabasca
Nuclear Corp. (TSX-VENTURE:ASC) is pleased to announce that the
Western Athabasca Syndicate (the "Syndicate") has commenced a
ground gravity geophysical survey at its Preston Lake Uranium
Property (the "Property"). Upon receiving the final data from the
extensive, three-phase summer field program, the Syndicate's
Technical Team recently met to interpret and evaluate field results
and make final recommendations as to the $600,000 winter program.
The fieldwork will start with ground gravity to locate areas of
hydrothermal alteration associated with known conductors. These
areas will be further defined using radon and EM surveys to locate
specific targets for drill testing on or about March, 2014.
The 246,643 hectare Preston Lake Property, held by the Western
Athabasca Syndicate (the "Syndicate"), is the largest land package
proximate to Fission Uranium's Patterson Lake South ("PLS")
high-grade uranium discovery. The Syndicate continues to employ a
systematic, proven exploration methodology that has led to uranium
discoveries in the region and throughout the Athabasca Basin. This
has been effective with the summer program yielding numerous
high-quality targets with similar geological features and
exploratory indicators also present at the regional PLS
discovery.
Preston Lake Property Map:
http://www.athabascanuclear.com/sites/default/files/WASP_tenure_sept2013.pdf
Highlights:
- Winter exploration program has commenced with Phase 4
consisting of ground gravity, radon and EM surveys to refine
specific drill targets around March, 2014.
- The Syndicate has invested $1.5 million on the Preston Lake
property to-date and has delineated more than fifteen high-priority
areas associated with eight prospective exploration corridors and
coincident geochemical anomalies similar to the corridor hosting
the high-grade PLS discovery.
- Given the size of the property, exploration to date has only
focused on approximately half of the land package leaving
significant exploration upside potential in untested areas.
Commencement of 2014 Winter Exploration Program:
The ground gravity survey will evaluate seven high-priority
areas to locate extensively altered basement rocks associated with
basement conductors. The leaching and replacement of basement rocks
by hydrothermal basinal fluids creates a density contrast resulting
in a relative gravity low. Zones of extensive, intensive,
alteration are associated with strong uranium mineralization
elsewhere in the Athabasca Basin and these anomalies will be used
to prioritize and accurately locate areas for detailed radon and EM
surveys, leading to specific drill targets.
The survey will cover approximately 50 square kilometers and is
being carried out by MWH Geo-Surveys Ltd.
Preston Lake Property - Gravity Survey Coverage:
http://www.athabascanuclear.com/sites/default/files/ASC_Gravity_Survey_Targets.pdf
High-Priority Targets from 2013 Summer Program:
The 2013 summer exploration program was completed in mid-October
in which a total of 42 rock, 653 soil, 404 radon in water, 181
radon in soil, 766 biogeochemical, and 253 lake sediment samples
were collected and analyzed, in addition to 1,046 square kilometers
of airborne VTEM and 876 square kilometers of airborne radiometric
surveys. This was one of the largest regional exploration programs
carried out in the Athabasca Basin during the year, with over $1.5
million in expenditures on the Preston Lake property to date.
Preston Lake Property - High Potential Targets:
http://www.athabascanuclear.com/sites/default/files/ASC_Preston_Lake_Corridors_Targets.jpg
Integration of the geochemical and geological data with the
airborne geophysics and historic data has delineated more than
fifteen high-priority areas associated with eight highly
prospective exploration corridors. The Property's prospective
corridors share similarities to the corridor hosting the high-grade
PLS discovery by Fission Uranium Corp. (See:
http://fissionuranium.com/project/pls/overview/news/).
Management cautions that mineralization present on proximal
properties (or "corridors") is not necessarily indicative of
mineralization on the Syndicate's Property.
A high potential exploration corridor may be defined as
prospective, parallel trends of conductors, magnetics lows, and
interpreted structures. These corridors remain largely
underexplored south of the Athabasca Basin, having been ignored
historically. However, the Syndicate's 2013 airborne geophysical
data has confirmed that at least eight high-potential corridors
extend onto the Preston Lake Property. Moreover, integration of the
2013 summer ground sampling data further enhances the corridor
potential with multiple coincident geochemical and radon
anomalies.
Of the fifteen areas associated with the corridors, the seven
most prospective are being followed up on in the current program
which will extend through February. This data will be used for
final targeting in advance of drilling anticipated to commence in
March, 2014.
Qualified Person:
Athabasca Nuclear President and CEO, Charles C. (Chuck) Downie,
P.Geo., is the Qualified Person as defined by National Instrument
43-101 and has approved the technical information in this
release.
About Athabasca Nuclear Corporation
Athabasca Nuclear Corporation (TSX-VENTURE:ASC) is a junior
uranium exploration company focused on the exploration and
advancement of its significant uranium portfolio in Saskatchewan
including the Preston Lake, Patterson Lake East, Botham Lake, Parry
Lake, Martin River, Karras River and Spring uranium projects. For
more information on each of these projects, please visit
www.AthabascaNuclear.com.
Athabasca Nuclear's Preston Lake project is part of the Western
Athabasca Syndicate, a strategic partnership formed between
Athabasca Nuclear Corporation, Skyharbour Resources Ltd., Noka
Resources Inc. and Lucky Strike Resources Ltd. to explore and
develop a 287,130 hectare (709,513 acre) package of uranium
properties which is the largest land position along the highly
prospective margin of the Western Athabasca Basin controlled by a
single group. Under the terms of the agreement, each of the four
companies has an option to earn 25% of the five uranium properties
comprising the Western Athabasca Syndicate Partnership by making a
series of cash payments, share payments and incurring their
pro-rata amount of the total $6,000,000 in exploration expenditures
over the two-year earn-in term of the agreement. The properties
were acquired for their proximity to the PLS discovery and
interpreted favorable geology for the occurrence of PLS style
uranium mineralization. The bulk of the syndicate land package is
bisected by all-weather Highway 955 which runs north through the
PLS discovery on to the former Cluff Lake uranium mine.
Signed,
Charles C. Downie, P.Geo., President and CEO
Athabasca Nuclear Corporation
Forward-Looking
Statements
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations, the
ability to reach a definitive agreement and results derived from
such resulting alliance, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently expected or forecast in such statements.
Athabasca Nuclear CorporationRyan Kalt, LL.M.,
M.B.A.Chairman403-470-3265ryan.kalt@athabascanuclear.comwww.athabascanuclear.com
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