Atha Energy Completes Angilak Project Equipment and Supply Mobilization, Update on Commencement of Diamond Drilling
30 April 2024
Highlights:
The Company has completed its equipment and supply mobilization to its 100%-owned Angilak Project in Nunavut, Canada.
Mobilization included the delivery of two X10 Diamond Drills (Tactex Industries Ltd.), which are anticipated to nearly double daily meterage production compared to previous drilling campaigns conducted on the Angilak Project.
The mobilization was completed in support of the 2024 Exploration Program at the Angilak Project, scheduled to commence Phase I (Diamond Drilling) in early June 2024.
ATHA has signed a service agreement with Base Diamond Drilling to execute Phase I (Diamond Drilling) at the Angilak Project. Base Drilling operators have extensive experience operating in Canada’s northern regions, as well as many of the Athabasca Basin’s largest and highest-grade uranium deposits.
Angilak Project: The Angilak Project is host to the Lac 50 Uranium Deposit, which is one of the largest high-grade deposits outside of the Athabasca Basin, with a historical mineral resource estimate of 43.3MM lbs at an average grade of 0.69% U3O8.1
Angilak Project 2024 Exploration Programs: build upon the work previously completed by Latitude Uranium (acquired by ATHA):
Phase I (diamond drilling): A ~10,000 m diamond drilling program is planned to begin June 2024, targeting expansion of the Lac 50 Deposit, which remains open in all directions. Exploration drilling is also expected to test high-priority targets on parallel structures to Lac 50 that were previously identified as being prospective to host uranium mineralization.
Phase II (geophysics & ground geochemistry): In concert with the Phase I diamond drilling program, ATHA will also undertake a targeted airborne geophysics program comprised of electromagnetic (“EM”), Mag, and VLF survey types in addition to targeted ground geochemistry sampling and mapping. The objective of Phase II is to identify and derisk a pipeline of additional high-priority targets for future exploration programs.
Angilak Recent Activity: Latitude Uranium (acquired by ATHA) recently completed (September 2023) a diamond drill-based exploration program comprising total a total of 18 holes (5,665 m). The 2023 Program focused on delineation and expansion of the Main Zone within the Lac 50 Deposit, and successfully achieved all objectives:
Extension of known mineralization along strike and at depth within the Main Tuff Horizon, demonstrated by drill hole 23-LC-005 – designed to infill a 100 m gap in historic drilling – intersected grades of up to 7.54 % U3O8 over 1.6 m and represents continuity of high-grade mineralization at depth.
Discovery of a new lense of uranium mineralization within the Lac 50 Deposit
Increased understanding of structural controls on uranium mineralization, and identification of similar settings at regional prospective targets
