BACKGROUND:
ATHA Energy Corp. commenced its 2024 Exploration Program - the Company's most
significant exploration program to date and one of the largest uranium focused
exploration programs globally - in January of this year. The program targets
Canada's most prospective regions for high-grade uranium discovery.
2024 EXPLORATION PROGRAM UPDATE:
Gemini Project 2024 Exploration Program
* Phase I Geophysics (Complete)
* Ground Gravity Survey ("GGS") - (Completed February 2024): 92 Energy
completed a comprehensive GGS focused on the Gemini Mineralized Zone
("GMZ") and surrounding area encompassing prospective parallel
conductors. The results of the GGS were received in late March and
highlight:
* The continuation of alteration associated with the GMZ Discovery to
the southwest within the Gemini Project area.
* The identification of five large-scale gravity anomalies on parallel
conductors, which are also coincident with EM anomalies and MAG
lows. These anomalies are high-priority targets.
* Fleet Space's Exosphere Ambient Noise Tomography ("ANT") - (Completed
April 2024): The ANT system is a non-intrusive, ground-based geophysical
survey system designed to measure naturally-occurring seismic vibrations
in the earth's crust caused by wave action, weather, and other
anthropogenic activities.
* Results are pending, however, other ANT surveys completed in the
Athabasca Basin have been successfully correlated with uranium
mineralization and associated alteration of the surrounding rock
mass.
* Phase II Target Development, Optimization, and Machine Learning (Currently
Ongoing):
* Results from Phase I Geophysics, in addition to all data collected
during previous exploration programs and an ongoing structural study
conducted by SRK Consulting on the controls of uranium mineralization at
GMZ, will be compiled and utilized to produce a detailed 3D geological
model of the GMZ. The 3D geological model will be coupled with ATHA's
proprietary machine learning process to further derisk and advance
exploration targets at the GMZ and surrounding area prior to
commencement of Phase III - Diamond Drilling.
Athabasca Basin 2024 Exploration Program
* Phase I Geophysics (Complete):
* East Rim Exploration District: Completed Xcite TDEM and Stringer Mag
surveys on East Vertex, additionally the Company completed a VTEM+
survey on East Zenith.
* West Rim Exploration District: Completed a MMT survey across the entire
district.
* Phase II Geophysics (Ongoing):
* North Rim Exploration District: Completed a Gravity Hi-Res Mag survey
over North Valour, North Beacon, and North Crest. Additionally, the
Company will commence a MMT survey on North Pinnacle and a QMAGt survey
on North Summit mid-May.
* Cable Bay Exploration District: Completed a Gravity Hi-Res Mag survey
and is currently conducting an ANT survey on the Cable Bay Ridge
Project.
VANCOUVER, British Columbia, May 15, 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 an update on completed, ongoing,
and pending geophysical surveys conducted as part of the Company's 2024
Exploration Program. At the 100%-owned Gemini Project located in the Athabasca
Basin, Saskatchewan, the Company completed Phase I Geophysics of its 2024 Gemini
Exploration Program, which consisted of a Ground Gravity Survey ("GGS") and
Fleet Space's Exosphere Ambient Noise Tomography (ANT). Both surveys focused on
the GMZ, and surrounding area encompassing prospective parallel conductors and
aim to identify alterations that may indicate the presence of uranium
mineralization. Results from Phase I are being utilized in the currently ongoing
Phase II of the 2024 Gemini Exploration Program, which focuses on data
compilation, target development, and optimization. The objective of Phase II is
the development of a detailed 3D geological model of the GMZ that will be
coupled with ATHA's proprietary machine learning. These processes will further
derisk targets, optimize planning and execution during the Company's pending
Phase III - Diamond Drill program, commencing in August of 2024.
Additionally, the Company commenced its Athabasca Basin 2024 Exploration Program
in January. The program is comprised of two Phases; Phase I is a continuation of
the Company's maiden 2023 Exploration Program, which covers all of ATHA's
Athabasca Basin projects with aerial EM and MAG. The objective of Phase I is to
identify high-priority targets that will then undergo additional testing and
derisking during Phase II. Phase I was completed during the first half of 2024.
Phase II builds on the results from the maiden 2023 Exploration Program in
addition to the results from Phase I. Projects where high-priority targets were
identified are undergoing additional testing with geophysical systems such as
QMAGt, MMT, Gravity, and ANT survey types. These additional surveys will further
characterize and derisk previously identified high-priority targets and help to
identify additional areas of interest. As part of Phase II the Company has
completed four surveys across four projects on two of its Exploration Districts.
One survey is ongoing with two additional surveys commencing mid-May. The
Company is in the process of analyzing results that will then be evaluated and
prioritized for testing during future drill programs.
EXPLORATION OUTLOOK:
The Company's core objective is discovery and development of its portfolio of
uranium-focused projects. With the acquisition of Latitude Uranium and 92
Energy, ATHA's portfolio now totals 8.1 million acres across Canada's three most
prospective jurisdictions for uranium discovery and development. The Company's
portfolio is highly diversified across the exploration risk curve. With projects
ranging from advanced exploration stage, like Angilak, which hosts the Lac 50
Deposit - one of the largest, highest-grade uranium deposits outside of the
Athabasca Basin; to post-discovery projects like Gemini - which contains GMZ, a
recent shallow, basement-style, high-grade uranium discovery on the eastern
margin of the Athabasca Basin; through to highly prospective greenfields
projects with numerous uranium occurrences and high-priority derisked
geophysical targets. ATHA's exploration approach is designed to provide 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 additional
discoveries. ATHA's growth strategy is fully funded based on the Company's
robust cash position.
Figure 1: ATHA Energy - 2024 Exploration Program's Geophysical Surveys in the
Athabasca Basin
Troy Boisjoli, CEO added: "This year is set to be a significant step forward for
ATHA, as we continue to make progress on a number of exploration programs across
multiple basins within our exploration portfolio. The benefits of our
exploration-at-scale approach are on full display with our current and planned
exploration activity, as the combination of our dominant exploration portfolio
and exceptional technical capacity have allowed us to deploy our most
significant program to date and maximize discovery potential for the Company."
Cliff Revering, VP Exploration added: "With the successful acquisition of
Latitude Uranium and 92 Energy in the first quarter of 2024, Atha continues to
execute on its strategy to invest at scale in its portfolio of diversified
exploration assets. The 2024 exploration program is focused on advancing and
developing our known deposits, discoveries, and Tier 1 generative projects, and
to date we are on track to deliver on our plan."
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. The
Company hosts 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 (http://www.athaenergy.com). (1,2,3)
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: info@athaenergy.com
www.athaenergy.com (http://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:
1. 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.
a. Mineral resources which are not mineral reserves do not have
demonstrated economic viability.
b. The estimate of mineral resources may be materially affected by geology,
environment, permitting, legal, title, taxation, sociopolitical,
marketing or other relevant issues.
c. 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.
d. Contained value metals may not add due to rounding.
e. A 0.2% U3O8 cut-off was used.
f. 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.
g. 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.
h. 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.
i. 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).
j. 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.
2. Notes on the Historical Mineral Resource Estimate for the Moran Lake
Deposit:
a. 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:
a. 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.
b. 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.
c. 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 to 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:
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