ATHA Energy Completes Maiden Exploration Program at the Angilak Project Identifies Multiple New Mineralized Trends and Expands Uranium Mineralization at Lac 50

3 September 2024

Vancouver, British Columbia, September 3, 2024 – 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 announce the completion of its 2024 Exploration Program at its 100%-owned Angilak Project in Nunavut. During Phase I: diamond drilling, which began in early June and continued through to late August, the Company completed twenty-five diamond drill holes for a total of ~10,051 m. Drilling targeted expansion along the Lac 50 Trend, as well as discovery and expansion along several regional targets, identified as the Lac 48, 52, and 54 Trends (see Figures 2a and 2b). All samples have been sent to SRC laboratories in Saskatoon, SK for assay analysis.

HIGHLIGHTS:

  • The Angilak Project is host to the Lac 50 Uranium Deposit (the “Lac 50 Trend”), one of the largest high-grade deposits outside of the Athabasca Basin, with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U3O8. Drilling conducted by Latitude Uranium at the Angilak Project in 2023 intersected grades of up to 7.54 % U3O8 over 1.6 m.
  • The 2024 Angilak Exploration Program has concluded after twenty-five diamond drill holes were completed between early June and late August for a total of ~10,051 m. The program was highly successful and on budget.
  • All objectives were successfully achieved with the expansion of the historic footprint of mineralization along the Lac 50 Trend and the identification of new parallel mineralized trends called the Lac 48, Lac 52, and Lac 54 Trends.
  • The Lac 48, Lac 50 (host to the historic Lac 50 Deposit), Lac 52, and Lac 54 Trends remain open in all directions with high prospectivity for further discovery and expansion of uranium mineralization. Additionally, untested areas between the newly identified trends are also prospective for discovery of new mineralized trends.
  • Regional Exploration at Angilak: Thirteen holes were completed at prospective regional targets proximal to the Lac 50 Trend for a total of 5,167 m.
  • Mineral Expansion at the Lac 50 Deposit – Twelve holes were drilled, targeting expansion of uranium mineralization beyond the modeled grade shells from the 2013 historic resource, for a total of 4,884 m.

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