2024 EXPLORATION PROGRAM HIGHLIGHTS & UPDATE TO 92 ENERGY TRANSACTION:
VANCOUVER, British Columbia, March 20, 2024 (GLOBE NEWSWIRE) -- 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 plans for its 2024 Exploration Program. At the 100%-owned Angilak Project in Nunavut, the Company will focus on diamond drilling with the objective of deposit expansion and discovery. In the Athabasca Basin, the Company will be further advancing nine of its 100%-owned projects through a combination of ground and airborne geophysical surveys. The objective of the Athabasca Basin Program is to continue to mature ATHA's geological understanding within each of its projects, increasing the probability of discovery and optimise capital expenditure during future drill campaigns. Additionally, subject to the completion of the Company's proposed scheme of arrangement (the "Scheme") with 92 Energy Limited (ASX: 92E) ("92E"), development of 92 Energy's projects, such as Gemini, which hosts the recently discovered high-grade GMZ showing, will be incorporated into the into the Company's Athabasca Basin Exploration Program. The Company will provide an update inclusive of drilling plans for the Gemini project, post closing of the Scheme.
EXPLORATION OUTLOOK
Following ATHA's recent closing of its acquisition of Latitude Uranium (CSE: LUR) ("Latitude") and assuming the completion of the Scheme, ATHA expects to have a diversified portfolio of uranium projects across the exploration risk curve. Going forward, ATHA's exploration approach is designed with the intention of providing maximum exploration exposure by investing at scale in a large number of early-stage projects, derisking those targets, and seeking to deliver advanced exploration upside through the expansion of known uranium deposits and discoveries. With the Company's recently closed transaction with Latitude and subject to the completion of the Scheme, ATHA intends to leverage its robust cash position to pursue a fully-funded growth strategy with focus on:
ANGILAK PROJECT ? NUNAVUT
ATHA is pleased to announce exploration plans for the upcoming 2024 field season at it's wholly owned Angilak Project, situated within the Angikuni Basin approximately 225 km southwest of Baker Lake in the Kivalliq Region of Nunavut (Figure 1). The Angilak Project is host to the Lac 50 Uranium Deposit, which has a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U3O8.1
Figure 1: Plan Map detailing the Angilak Project location within Nunavut1
The 2024 Angilak exploration program will consist of diamond drilling, airborne geophysical surveys, and surficial sampling and mapping programs, prioritized to expand the footprint of known uranium mineralization, while also advancing regional exploration targets. Approximately 10,000m of diamond drilling is planned to be completed during the June to August time frame. Drill targeting will focus on the Lac 50 Deposit and mineralized corridor, targeting expansion of the deposit footprint both along strike and down-dip, as well as testing parallel structures which may host uranium mineralization. Diamond drilling will also test additional regional targets that have been identified through past exploration campaigns ? the most recent of which was completed in 2023 by Latitude Uranium (acquired by ATHA). During Latitude's most recent exploration program completed in the fall of 2023, the company reported uranium drill hole intersections with grades of up to 7.54 % U3O8 over 1.6 m from hole 23-LC-005, which targeted the Lac 50 Deposit.
ATHABASCA BASIN EXPLORATION PROGRAM
The Company's 2024 Athabasca Basin Exploration Program is built upon the results from the maiden 2023 campaign, which saw the completion of 17 EM surveys within ATHA's 3.8 million acres of mineral claims located in the Athabasca Basin. The objective of the 2024 Exploration program is to further mature nine high-priority project areas with the use of Airborne and Ground geophysical surveys. The surveys will target each of the Company's four exploration districts ? North Rim, Cable Bay, East Rim, and West Rim Exploration Districts ? which encompass all currently producing, past producing and developing uranium mining jurisdictions within the Athabasca Basin.
The 2024 Athabasca Basin Exploration Program is already underway and is slated to continue through to the end of Q3 2024. The Program will deploy seven different airborne and ground survey types, consisting of: EM, Mag, Gravity, and ANT. The objective of the 2024 Athabasca Basin Program is to further delineate and refine prospective trends and corridors within Atha's high-priority project areas in advance of drill testing.
Figure 2: ATHA Energy Land Package & Exploration Districts
Troy Boisjoli, CEO added: "The Company is excited to provide guidance on ATHA's industry leading exploration plans. At the recently acquired Angilak Project, ATHA will be leveraging the expansion potential of one of the highest-grade uranium deposits globally outside of the Basin through a combination of diamond drilling and geophysics. In the Athabasca Basin, home to the highest-grade uranium deposits and mines globally, our program will focus on adding to our pipeline of exceptional drill ready targets. Additionally, we look forward to providing guidance on our exploration plans ? inclusive of diamond drilling ? on the Gemini Project which hosts the high-grade GMZ discovery. Our objective through 2024 is to continue to advance and develop our uranium assets within the world's most prospective, highest grade uranium jurisdictions."
Cliff Revering, VP Exploration added: "We are very excited to be commencing our 2024 exploration program on our pro-forma portfolio of diversified uranium projects. ATHA has a unique opportunity to leverage a strong balance sheet to invest at scale in a large number of early-stage exploration projects, while also providing significant exploration upside through advancement of our known uranium deposits and discoveries. These factors, combined with the strength of our technical team, provides unrivaled potential for delivering on our objective of defining the next generation of world-class uranium assets."
Qualified Person
The scientific and technical information contained in this news release have been reviewed and approved by Cliff Revering, P.Eng., the Vice President, Exploration of ATHA, who is a "qualified person" as defined under National Instrument 43-101 ? Standards of Disclosure for Mineral Projects.
About ATHA
ATHA is a Canadian mineral company engaged in the acquisition, exploration, and development of uranium assets in the pursuit of a clean energy future. With a strategically balanced portfolio including two 100%-owned post discovery uranium projects (the Angilak Deposit located in Nunavut and CMB Discoveries in Labrador hosting historical resource estimates of 43.3 million lbs and 14.5 million lbs U3O8 respectively) and the largest cumulative prospective exploration land package (6.5 million acres) in two of the world's most prominent basins for uranium discoveries, ATHA is well positioned to drive value. ATHA also holds a 10% carried interest in key Athabasca Basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd.1,2,3
For more information visit www.athaenergy.com
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: [email protected]
www.athaenergy.com
Historical Mineral Resource Estimates
All mineral resources estimates presented in this news release are considered to be "historical estimates" as defined under NI 43-101, and have been derived from the following (See notes below). In each instance, the historical estimate is reported using the categories of mineral resources and mineral reserves as defined by the CIM Definition Standards for Mineral Reserves, and mineral reserves at that time, and these "historical estimates" are not considered by ATHA to be current. In each instance, the reliability of the historical estimate is considered reasonable, but a Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and ATHA is not treating the historical estimate as a current mineral resource. The historical information provides an indication of the exploration potential of the properties but may not be representative of expected results.
Notes on the Historical Mineral Resource Estimate for the Angilak Deposit:
3. Notes on the Historical Mineral Resource Estimate for the Anna Lake Deposit:
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". These forward-looking statements or information may relate to the Scheme and ATHA's proposed exploration program, including statements with respect to the expected benefits of the Scheme and ATHA's proposed exploration program timing for closing of the Scheme and receiving the required regulatory, shareholder and court approvals, stock exchange (including the TSX Venture Exchange and ASX) and other approvals, the ability of ATHA and 92E to successfully close the Scheme, any results that may be derived from ATHA's proposed exploration program, the timing, scope, nature, breadth and other information related to ATHA's proposed exploration program, the filing of materials on SEDAR+, the successful integration of the businesses of ATHA and 92E, the prospects of each companies' respective projects, including mineral resources estimates and mineralization of each project, and any expectations with respect to defining mineral resources or mineral reserves on any of ATHA's or 92E's projects, and any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development or production.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions regarding the Company following completion of the Scheme, that the anticipated benefits of the Scheme and ATHA's proposed exploration program will be realized, completion of the Scheme, including receipt of required shareholder, regulatory, court and stock exchange approvals, the ability of ATHA and 92E to satisfy, in a timely manner, the other conditions to the closing of the Scheme, other expectations and assumptions concerning the Scheme, the ability of ATHA and 92E to complete its exploration activities as currently expected including ATHA's proposed exploration program, and that general business and economic conditions will not change in a material adverse manner. Although each of ATHA and 92E have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current views of ATHA and 92E with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA and 92E, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: inability of ATHA and 92E to complete the Scheme; a material adverse change in the timing of any completion and the terms and conditions upon which the Scheme is completed; inability to satisfy or waive all conditions to closing the Scheme; 92E shareholders not approving the Scheme; the TSXV not providing approval to the Scheme and all required matters related thereto; the inability of the consolidated entity to realize the benefits anticipated from the Scheme and the timing to realize such benefits, including the exploration and drilling targets described herein or elsewhere; unanticipated changes in market price for ATHA shares and/or 92E shares; changes to ATHA's and/or 92E's current and future business and exploration plans and the strategic alternatives available thereto; growth prospects and outlook of the business of each of ATHA and 92E; treatment of the Scheme under applicable competition laws and the Investment Canada Act; regulatory determinations and delays; any impacts of COVID-19 on the business of the consolidated entity and the ability to advance the Company projects and its proposed exploration program; risks inherent in mineral exploration including risks related worker safety, weather and other natural occurrences, accidents, availability of personnel and equipment, and other factors; aboriginal title; regulatory and permitting approvals; no known mineral resources/reserves; reliance on key management and other personnel; competition; changes in laws and regulations; uninsurable risks; delays in governmental and other approvals, community relations; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada, Australia and other jurisdictions where the applicable party conducts business. Other factors which could materially affect such forward-looking information are described in the filings of ATHA with the Canadian securities regulators which are available on ATHA's profile on SEDAR+ at www.sedarplus.ca and filings of 92E with the Australian regulatory authorities. ATHA does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
ATHA will not acquire any interest in any of the assets of 92E (including 92E's projects), until and subject to the completion of the Scheme. There is no guarantee that the Scheme will be completed as presently expected or at all.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/58b5ac5c-2da5-4c33-853d-55cb40386e78
https://www.globenewswire.com/NewsRoom/AttachmentNg/32de8add-1d6b-4b33-ab80-1bee497fb906
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