NORTH BEACON AND NORTH CREST PROJECT HIGHLIGHTS
- Uriniferous boulder train discovered on the
North Beacon Project – with grades of up to 11.3% U3O8 – analysis of the boulder train ice direction show they are likely derived from a source coincident with theSnowbird Tectonic Zone , on theCrest Project . - Geotech’s ZTEM and Mag survey was successfully deployed at the North Beacon and North Crest Projects, with a total of 6,905-line km flown.
The North Beacon Project is located approximately 34 km southwest of the past producingNisto Mine , nearBlack Lake and within 18 km to the east of theFond Du Lac uranium showing, while theNorth Crest Project is situated 16 km along-trend to the southwest of theNisto Mine . High prospectivity was discovered at each of theNorth Beacon Project andNorth Crest Project :The North Beacon Project hosts two locations where uranium mineralization has been discovered.- The North Crest hosts three locations where uranium mineralization has been discovered.
- Additional uranium showings have been identified on untested structures that extend on to the properties of both Projects, highlighted by a uranium showing that returned 3552 ppm U308 in drillhole BL-02 below the unconformity, which is located 10 km from the
North Beacon Project and 7 km from theNorth Crest Project .
- Numerous conductors with interpreted cross-cutting structures were identified across both Projects, with these types of general structures capable of acting as traps for uranium mineralization:
- At the
North Beacon Project , the survey identified 88 km of prospective conductors that are associated with sympathetic structures related to theGrease River Shear Zone and theSnowbird Tectonic Zone . - At the
North Crest Project , the survey identified 34 km of prospective conductors that are associated with sympathetic structures related to theSnowbird Tectonic Zone . - The survey results indicate that both Projects are prospective for hosting Unconformity and Basement styles of uranium mineralization.
- At the
EXPLORATION OUTLOOK
ATHA’s recently announced acquisition of Latitude Uranium (CSE: LUR) (“Latitude”) and 92 Energy (OTCQB: NTELF) (“92E”) is expected to provide the pro-forma company with a newly diversified portfolio of uranium projects across the exploration risk curve on top of a strong balance sheet to sufficiently capitalize its exploration-at-scale strategy. 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, while also seeking to deliver advanced exploration upside through the expansion of known uranium deposits and discoveries. Subject to the completion of ATHA’s acquisition transactions with 92E and Latitude, ATHA intends to leverage its forecasted
- Deposit and Discovery Expansion: Historical resource deposits at the Angilak Deposit and CMB Discoveries, as well as the GMZ Corridor (host to Gemini Discovery) remain underexplored and is expected to provide significant resource and discovery expansion potential on a regional scale.
- Advanced Exploration: Drill ready targets on a number of advanced projects owned by Latitude and 92E have identified uranium mineralization, with active geophysical surveys informing future exploration program decisions by ATHA.
- 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.
GREENFIELD EXPLORATION PROGRAM
The completed surveys at the North Beacon and North Crest Projects are part of the Company’s maiden 2023 greenfield exploration program, which comprises a total of seventeen EM surveys being conducted across ATHA’s current 3.8-million-acre exploration portfolio in the
Figure 1: ATHA Energy Land Package & Exploration Districts
NORTH RIM EXPLORATION PROGRAM
Historic exploration at the North Rim began in the early to mid 1900’s with production ending at mines located near
The North Rim District’s exploration program covers a total of 688,268 acres of 100% ATHA owned claims using a combination of Xcite TDEM, ZTEM, MMT, and QMAGt survey types. The objective of the EM program is to identify prospective conductive units such as graphitic sheers and mapping of lithological contacts, which will then be targeted for further investigation. The graphitic sheers are typically formed in pelitic host rock which are known traps for uranium mineralization in the
The recently completed EM surveys at North Beacon, North Crest, North Terra, North Pinnacle Projects, and North Valour-East along with the currently ongoing surveys at North Valour-West, and North Summit, notably represent the first modern exploration work on the projects in fifteen years.
Figure 2:
TRANSACTION UPDATE
On
In connection with the announced transactions, on
Qualified Person
The scientific and technical information contained in this news release as it relates to the Claims have been reviewed and approved by
About ATHA
ATHA is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. ATHA holds the largest cumulative exploration package in each of the
For more information visit www.athaenergy.com
For more information, please contact:
Chief Executive Officer
Email: troy@athaenergy.com
1-306-460-5353
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. 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 any of the Parties 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 none of ATHA, Latitude or 92E are 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.
- Reported by ValOre Metals Corp. in a Technical Report entitled “Technical Report and Resource Update For The Angilak Property,
Kivalliq Region ,Nunavut , Canada”, prepared byMichael Dufresne ,M.Sc ., P.Geol. of APEX Geosciences,Robert Sim ,B.Sc .,P.Geo . ofSIM Geological Inc. andBruce Davis , Ph.D., FAusIMM ofBD Resource Consulting Inc. , datedMarch 1, 2013 . - As disclosed in the above noted technical report, the historic 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).
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 the Transactions, including statements with respect to the expected benefits of the Transactions to ATHA, the ATHA shareholders, the anticipated composition of the Company Board, the anticipated mailing of the 92E scheme booklet, ATHA Circular and Latitude Circular and the date of the 92E Meeting, ATHA Meeting and Latitude Meeting, timing for closing of the Transactions and receiving the required regulatory, ATHA shareholders, 92E Shareholders, Latitude Shareholders and court approvals, stock exchange (including the CSE and ASX) and other approvals, the ability of ATHA, Latitude and 92E to successfully close the Transactions, the terms and closing of the Offering, the incurrence and renunciation of Qualifying Expenditures by ATHA, and the participation therein by any
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 regarding the Company following completion of the Transactions, that the anticipated benefits of the Transactions will be realized, completion of the Transactions, including receipt of required shareholder, regulatory, court and stock exchange approvals, the ability of ATHA, 92E and Latitude to satisfy, in a timely manner, the other conditions to the closing of the Transactions, other expectations and assumptions concerning the Transactions, the ability of ATHA, 92E and Latitude to complete its exploration activities as currently expected, and that general business and economic conditions will not change in a material adverse manner. Although each of ATHA, 92E and Latitude 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 views of ATHA, 92E and Latitude with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA, 92E and Latitude, 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, 92E and Latitude to complete the Transactions and the Offering, a material adverse change in the timing of any completion and the terms and conditions upon which the Transactions is completed; inability to satisfy or waive all conditions to closing the Transactions as set out in the 92E SID and Latitude Arrangement Agreement; 92E Shareholders not approving the 92E Scheme; Latitude Shareholders not approving the Latitude Arrangement; ATHA shareholders not approving the ATHA Transactions Resolution and the alterations to the Company Board; the inability of ATHA to complete the Offering; failure by the
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