Independent Report Confirms Uranium Discovery and Expansion Potential at Angilak

20 March 2025

Vancouver, British Columbia, – ATHA Energy Corp.  (“ATHA” or the “Company”), holder of the largest uranium exploration portfolio in two of the highest-grade uranium districts globally, is pleased to announce results from SRK Consulting’s independent report detailing Angilak Structural Interpretaio and Targetting Assessment at the Company’s 100%-owned Angilak Uranium Project (the “Project”) in Nunavut, Canada.
 

HIGHLIGHTS

  • The Angilak Project is situated around the Angikuni Basin, which is a direct analog to the Athabasca Basin with comparatively little exploration. The Project is anchored by the Lac 50 Deposit in addition to eight named showings containing high-grade uranium located across the project area;
     
  • SRK Consulting completed regional scale Structural Interpretation and Targeting Assessment that identifies the major primary and secondary structural controls (conduits, traps, and the overall plumbing system for uranium) hosting the majority of high-grade mineralized discoveries beyond the Lac 50 Deposit area at the Angilak Project located in Nunavut, Canada;
     
  • Understanding these controls provides the Company with a roadmap for targeting additional discoveries, such as unconformity and basement – Athabasca style – high-grade uranium mineralization within the Angikuni Basin;
     
  • Rib-Nine Iron Trend:
     
    • Increased from 25 to 31 km and is now interpreted to extend under the cover of the Angikuni Basin;
       
    • Along the Eastern margins outcrops with historic (2014) samples proximal to the Nine-Iron Discovery with grades up to 30.3% U3O8 have been discovered on surface, these showings have not been drill tested at depth;
       
    • Along the Western margin, historic drilling at the RIB Discovery intersected shallow (<25 m depth) mineralization with grades of up to 5.6% U3O8, hosted within graphitic pelitic rocks with Athabasca style alteration (Figure 1 & 3);
       
    • Along the Northern margin outcrops with historic (2014) samples and historic drilling have returned grades >1% U3O8;
       
    • Numerous similar structural targets have now been identified along this trend, extending under the cover of the Angikuni Basin;
       
  • Mushroom Lake Outcrop and Lac 50 Deposit:
     
    • The report interprets that the Angikuni Shear Zone and secondary extensional structures transect the Lac 50 Deposit area and correlate with the Mushroom Lake Outcrop;
       
    • These secondary structures act as the controls and host high-grade uranium;
       
    • Outcrop samples at Mushroom Lake from historic samples have returned grades of up to 47.8% U3O8;
       
    • The Mushroom Lake Outcrop extends over an area of ~3 km and remains untested at depth (Figure 1 & 3);
       
  • As a result of the findings from the SRK report, the Company has increased the size of its Angilak project by an additional 25,194 acres. The newly staked ground makes ATHA the dominant player in both the Angikuni and Yathkyed Basins;
     
  • Mobilization of equipment, fuel, and supplies to the Angilak Uranium Project, in anticipation of the 2025 Exploration Program;
     
  • Beginning in April, the Company is planning to execute localized and regional aerial and ground geophysical surveys designed to de-risk expansion and exploration targets in advance of the Company’s diamond drilling phase of the 2025 Angilak Exploration Program;
     
  • The Company anticipates releasing full results from its 2024 Exploration Program – including drill results from its Gemini Project – in the coming weeks, in addition to announcing ATHA’s 2025 Exploration Plans on its portfolio of tier I uranium assets.

 
Troy Boisjoli, CEO commented: “ATHA Energy acquired the Angilak Uranium Project just one year ago. Since that time, the Company has a applied a systematic, geoscience first approach to exploration – completing a >10,000 m drill program to test the extent of mineralization surrounding the Lac 50 Deposit, a regional surficial mapping survey that identified widespread outcrops containing high-grade uranium mineralization outside of the Lac 50 Deposit area, and a regional MMT survey that highlighted the RIB-Nine Iron Trend that extends under the Angikuni Basin, and where Athabasca style mineralization and alteration has already been identified. These steps have resulted in the substantial derisking of Angilak, and have led to our realization that the Angikuni Basin has untapped Athabasca potential.”

Cliff Revering, VP Exploration added: “The discovery potential within the Angilak Project area continues to grow as we further compile and integrate historical data with the new information and understanding obtained from our 2024 exploration program.  The extent of uranium mineralization observed in surficial mapping, sampling and drill intercepts, coupled with the 2024 MMT survey results, and SRK’s interpretation of the Angikuni Basin structural architecture and uranium mineralization controls, highlights the significant potential for discovery of additional high-grade, Athabasca-style uranium deposits. Given the immense scale of highly prospective and untested exploration corridors within the project area, we continue to view the Angikuni Basin as an exciting and emerging uranium district.”

 

 

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