2024 GEMINI EXPLORATION PROGRAM
2024 ANGILAK EXPLORATION PROGRAM
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:
Successive diamond drilling exploration programs at the GMZ conducted between 2021 through to 2023 are highlighted by high-grade drillhole intersections, such as:
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 BoisjoliChief Executive OfficerEmail: [email protected]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:
3. Notes on the Historical Mineral Resource Estimate for the Anna Lake Deposit:
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.
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