ATHA Energy Identifies Numerous Outcrops Hosting High-Grade Uranium Mineralization
5 December 2024
HIGHLIGHTS
Surficial mapping was conducted as part of the 2024 Angilak Exploration Program that focused on areas strictly proximal to the Lac 50 Deposit and achieved its objective of discovering high-grade uranium mineralization on surface beyond the extents of the Lac 50 Deposit’s Exploration Target Model;
High-grade surficial uranium mineralization was identified between Lac 48, Lac 50, Lac 52, and Lac 54 trends, collectively known as the Lac 50 Deposit, along prospective new parallel trends;
Discovery of outlined outcrops containing high-grade uranium mineralization along strike from the Lac 50 Deposit provide basis for future exploration and significantly de-risk expansion efforts;
A zone of extensive bedrock outcrop with radioactivity up to >60,000 counts per second (cps) – >10,000 cps is indicative of high-grade uranium mineralization – was identified over a 3-kilometre strike length. The new discovery is located between the Mushroom Lake zone on the Lac 52 trend and the Hot zone on the Lac 54 trend and has not been drill tested, nor was it included in the 2024 Exploration Target Model;
Results from the surficial outcrop mapping further demonstrate the robust metal endowment present, not only at the Lac 50 Deposit area, but throughout the entire Angilak Project. The Lac 50 Deposit remains open along strike and at depth and is highly prospective for the discovery of additional parallel mineralized horizons. Additionally, numerous uranium surficial showings – such as the Dipole and Nine Iron showings (Figure 1) – have been made at the Angilak Project outside of the Lac 50 Deposit area, demonstrating further unrealized prospectivity at Angilak;
An extensive surficial sampling program was completed within the Lac 50 Deposit area in 2024, the Company is anticipating receiving geochemical analytical results in Q1 of 2025
Conclusions from a third-party updated Technical Report (with an effective date November 25, 2024) establish a baseline Exploration Target Model for the Lac 50 Deposit, ranging between 60.8M lbs U3O8 and 98.2M 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. To date, approximately 24% of the Lac 48, 50, 52, and 54 trends have been drill tested; and
Based on 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.
