ATHA Energy Announces Assay Results from 2024 Angilak Exploration Program Including Intersect Grades up to 5.85% U3O8
25 November 2024
HIGHLIGHTS
ATHA has received assay results from its 2024 Exploration Program on the Angilak Project, which is host to the Lac 50 Uranium Deposit, one of the largest high-grade deposits in Canada outside of the Athabasca Basin, with a 2013 historic mineral resource estimate of 43.3M lbs at an average grade of 0.69% U3O8.1;
Conclusions from a third-party updated Technical Report (with an effective date November 25, 2024) establish a baseline Exploration Target for the Lac 50 Deposit, ranging between 60.8 M lbs U3O8 and 98.2 M lbs U3O8, with an average grade range of 0.37% U3O8 and 0.48% U3O8 (Table 1);
The Exploration Target Model is restricted to drill results from the Lac 48, 50, 52, and 54 mineralized Trends (known as the “Lac 50 Deposit”) (Figures 2a & 2b). The Lac 50 Deposit area is prospective to host uranium mineralization in excess of the Exploration Target Model, with only a cumulative ~24% of the Lac 48, 50, 52, and 54 Trends having been drill tested to date;
The Lac 50 Deposit remains open along strike and at depth, with the corridor remaining highly prospective for the discovery of additional parallel mineralized horizons. Further unrealized prospectivity is also demonstrated by numerous showings – such as the Dipole and Nine Iron showings (Figure 1) – at the Angilak Project outside of the Lac 50 Deposit area;
The core objective of ATHA’s 2024 Exploration Program at Angilak was to focus on large step-outs from previously established areas of uranium mineralization and testing of parallel prospective trends in order to outline a potential production-scale uranium project;
The Program was completed in late August, with the diamond drill phase of the program comprised of 25 drill holes totalling ~10,051 m;
The drilling Phase of the campaign successfully intercepted uranium mineralization on 100% of drill holes. Assay results are consistent with the grade profile of the Exploration Target Model and are highlighted by grades of up to 5.85% U3O8 over 0.5 m; and
Based off the early signs of success of the 2024 Angilak Exploration Program and historical showings, ATHA staked an additional 69,704 hectares in September 2024, and now controls the entirety of the Angikuni Basin.
