ATHA Energy Announces 2024 Gemini Project Exploration Program
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 Gemini Project Exploration Program. At
the 100%-owned Gemini Project located in the Athabasca Basin,
Saskatchewan, the Company will deploy a three phased exploration
approach. Phases I & II are designed to increase the
probability of discovery and optimize capital expenditure during
the Company’s Phase III diamond drill program, slated to begin mid
Q3, 2024. The 2024 Gemini Project Exploration Program is in
addition to the Company’s previously announced 2024 exploration
programs at the Angilak Project in Nunavut and regional exploration
on nine of its wholly owned high-priority projects within its four
Athabasca Basin Exploration Districts (North Rim, Cable Bay, East
Rim and West Rim). See March 20th, 2024, news release for more
detail. The Company’s full 2024 Exploration Program comprising
activities in Nunavut and Saskatchewan represents one of the
largest uranium focused exploration programs globally and is the
most significant undertaken by ATHA Energy.
EXPLORATION OUTLOOK
The Company’s core objective is discovery and
development of its portfolio of uranium focused projects. With the
acquisition of Latitude Uranium and 92 Energy, ATHA Energy’s
portfolio now totals 8.1 million acres across Canada’s three most
prospective jurisdictions for uranium discovery and development.
The Company’s portfolio is highly diversified across the
exploration risk curve. With projects ranging from development
stage like Angilak, which host’s the Lac 50 Deposit – one of the
largest, highest grade uranium deposits outside of the Athabasca
Basin; post discovery projects like Gemini – which contains GMZ – a
recent shallow, basement style, high-grade uranium discovery;
through to highly prospective greenfields projects with numerous
uranium occurrences and high-priority de-risked geophysical
targets. ATHA’s exploration approach is designed to provide 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 additional discoveries. ATHA intends to
leverage its robust cash position to pursue a fully-funded growth
strategy.
GEMINI PROJECT –
SASKATCHEWAN
With the acquisition of 92 Energy by ATHA
Energy, which includes the 100%-owned Gemini Project (Figure 1),
the Company’s objective is to build upon the work completed by 92
Energy. The 2024 Gemini Project Exploration Program’s objective is
expansion of mineralization at the GMZ and discovery of additional
zones of mineralization within the GMZ Trend. The program has three
progressive Phases designed to increase the probability of
discovery and optimise capital expenditure. Phase I Geophysics will
provide additional data needed to identify areas of expansion at
GMZ and de-risk regional targets within the GMZ Trend. Phase II
Target Development and Diamond Drilling Optimization compiles all
available data collected during exploration programs at the Gemini
Project. The comprehensive data set will then be used in
development of 3D geological model and coupled with machine
learning technologies to further enhance and de-risk targets. Phase
III Diamond Drilling will target expansion of the mineralized
footprint at GMZ and discovery of additional zones of uranium
mineralization within the GMZ Trend (Figure 2).
Figure 1: ATHA Energy Land Package and Location
of the Gemini Project
Figure 2: 2024 Gemini Project Exploration Program
Area of Focus
Phases I and II are currently ongoing and are
anticipated to be finalized by end of Q2, 2024. Phase III is
scheduled to commence in mid-Q3, 2024, with preparations already
underway. The Company has secured all necessary permits and
approvals.
Troy Boisjoli, CEO added: “It’s fitting that the
one-year anniversary (April 11th, 2024) of ATHA’s public listing
coincides with the beginning of a new chapter for the Company. Over
the last year ATHA has achieved many significant milestones,
including: amassing the largest portfolio of prospective uranium
exploration projects globally, completion of the largest EM survey
in the history of the Athabasca Basin, the acquisition of the
Latitude Uranium (which includes the Angilak Project, hosting one
of the largest high-grade uranium projects outside of the Athabasca
Basin), and now the acquisition of 92 Energy (including the Gemini
Project). ATHA’s 2024 Exploration Programs focus on development and
discovery across its unparalleled portfolio of uranium projects.
Our plans for 2024 are designed to execute on the Company’s core
objective, to discover and develop Canada’s next generation of
uranium assets, under the backdrop of the best emerging uranium
market ever.”
Cliff Revering, VP Exploration added: “The
addition of 92 Energy’s portfolio, and in particular the Gemini
Project and newly discovered GMZ uranium mineralized corridor,
brings significant exploration upside to ATHA. The 2024 exploration
program on the Gemini Project is designed to build on the previous
exploration success by applying industry-leading techniques and
technologies to further identify and characterize prospective
targets ahead of drilling, maximizing the potential to expand the
mineralization footprint within the GMZ mineralized corridor and
Gemini Project.”
Hybrid Financial
ATHA Energy is also pleased to announce that it
has retained Hybrid Financial Ltd. (“Hybrid”) to
provide marketing services to the Company. Hybrid has been engaged
to heighten market and brand awareness for ATHA Energy and to
broaden the Company's reach within the investment community.
The services to be provided by Hybrid include
phone calls to, and email communications with, qualified North
American Investment Professionals (the
“Services”). Hybrid has agreed to comply with all
applicable securities laws and the policies of the TSX Venture
Exchange (the “TSXV”) in providing the
Services.
Hybrid has been engaged by the Company for an
initial period of six months starting April 11, 2024 (the
“Initial Term”) and then shall be renewed
automatically for successive three-month periods thereafter, unless
terminated by the Company in accordance with the Agreement. Hybrid
will be paid a monthly fee of $15,000, plus applicable taxes,
during the Initial Term. No securities of ATHA are being granted to
Hybrid under the terms of its engagement.
The contact information for Hybrid is Hybrid
Financial Ltd, 222 Bay Street, PO Box 37, Suite 2600, Toronto, ON
M5K 1B7; Phone: 1-888-246-9446
NSS Share Issuance
Pursuant to the Athabasca Basin Properties Sale
and Purchase Agreement dated September 20, 2022, as amended by an
amending letter dated December 6, 2023, between ATHA and The New
Saskatchewan Syndicate ("NSS”), ATHA has issued to NSS an aggregate
of 5,000,000 ATHA Shares as of the date hereof.
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 three 100%-owned post discovery uranium
projects (the Angilak Project 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
newly discovered basement hosted GMZ high-grade uranium discovery
located in the Athabasca Basin). In addition, the Company holds the
largest cumulative prospective exploration land package (8.1
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. For more information visit www.athaenergy.com.1,2,3
About Hybrid Financial
Hybrid Financial connects issuers to the investment
community across North America. Using a data driven approach,
Hybrid provides its clients with comprehensive coverage of both
American and Canadian markets. Hybrid Financial has offices in
Toronto and Montreal.
For more information, please
contact:
Troy BoisjoliChief Executive OfficerEmail:
info@athaenergy.comwww.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:
- This estimate is
considered to be a “historical estimate” under NI 43-101 and is not
considered by any of to be current. See below for further details
regarding the historical mineral resource estimate for the Angilak
Property.
- Mineral
resources which are not mineral reserves do not have demonstrated
economic viability.
- The estimate of
mineral resources may be materially affected by geology,
environment, permitting, legal, title, taxation, sociopolitical,
marketing or other relevant issues.
- The quality and
grade of the reported inferred resource in this estimation are
uncertain in nature and there has been insufficient exploration to
define these inferred resources as an indicated or measured mineral
resource, and it is uncertain if further exploration will result in
upgrading them to an indicated or measured resource category.
- Contained value
metals may not add due to rounding.
- A 0.2% U3O8
cut-off was used.
- The mineral
resource estimate contained in this press release is considered to
be “historical estimates” as defined under NI 43-101 and is not
considered to be current.
- The “historical
estimate” is derived from a Technical Report entitled “Technical
Report and Resource Update For The Angilak Property, Kivalliq
Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc.,
P.Geol. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM
Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource
Consulting Inc., dated March 1, 2013 for ValOre Metals Corp.
- As disclosed in
the above noted technical report, the historical estimate was
prepared under the direction of Robert Sim, P.Geo, with the
assistance of Dr. Bruce Davis, FAusIMM, and consists of
three-dimensional block models based on geostatistical applications
using commercial mine planning software. The project limits area
based in the UTM coordinate system (NAD83 Zone14) using nominal
block sizes measuring 5x5x5m at Lac Cinquante and 5x3x3 m (LxWxH)
at J4. Grade (assay) and geological information is derived from
work conducted by Kivalliq during the 2009, 2010, 2011 and 2012
field seasons. A thorough review of all the 2013 resource
information and drill data by a Qualified Person, along with the
incorporation of subsequent exploration work and results, which
includes some drilling around the edges of the historical resource
subsequent to the publication of the 2013 technical report, would
be required in order to verify the Angilak Property historical
estimate as a current mineral resource.
- The historical
mineral resource estimate was calculated in accordance with NI
43-101 and CIM standards at the time of publication and predates
the current CIM Definition Standards for Mineral Resources and
Mineral Reserves (May, 2014) and CIM Estimation of Mineral
Resources & Mineral Reserves Best Practices Guidelines
(November, 2019).
- A thorough
review of all historical data performed by a Qualified Person,
along with additional exploration work to confirm results would be
required to produce a current mineral resource estimate prepared in
accordance with NI 43-101.
- Notes
on the Historical Mineral Resource Estimate for the Moran Lake
Deposit:
- Jeffrey A.
Morgan, P.Geo. and Gary H. Giroux, P.Eng. completed a NI 43-101
technical report titled “Form 43-101F1 Technical Report on the
Central Mineral Belt (CMB) Uranium Project, Labrador, Canada,
Prepared for Crosshair Exploration & Mining Corp.” and dated
July 31, 2008, with an updated mineral resource estimate for the
Moran Lake C-Zone along with initial mineral resources for the
Armstrong and Area 1 deposits. They modelled three packages in the
Moran Lake Upper C-Zone (the Upper C Main, Upper C Mylonite, and
Upper C West), Moran Lake Lower C-Zone, two packages in Armstrong
(Armstrong Z1 and Armstrong Z3), and Trout Pond. These mineral
resources are based on 3D block models with ordinary kriging used
to interpolate grades into 10 m x 10 m x 4 m blocks. A cut-off
grade of 0.015% U3O8 was used for all zones other than the Lower C
Zone which employed a cut-off grade of 0.035%. A thorough review of
all historical data performed by a Qualified Person, along with
additional exploration work to confirm results, would be required
to produce a current mineral resource estimate prepared in
accordance with NI 43-101 standards.
3. Notes on the Historical Mineral
Resource Estimate for the Anna Lake Deposit:
- The mineral resource estimate contained in this table is
considered to be a “historical estimate” as defined under NI
43-101, and is not considered to be current and is not being
treated as such. A Qualified Person has not done sufficient work to
classify the historical estimate as current mineral resources. A
qualified person would need to review and verify the scientific
information and conduct an analysis and reconciliation of
historical drill and geological data in order to verify the
historical estimate as a current mineral resource.
- Reported by
Bayswater Uranium Corporation in a Technical Report entitled “Form
43-101 Technical Report on the Anna Lake Uranium Project, Central
Mineral Belt, Labrador, Canada”, prepared by R. Dean Fraser, P.Geo.
and Gary H. Giroux, P.Eng., dated September 30, 2009.
- A 3-dimensional
geologic model of the deposit was created for the purpose of the
resource estimate using the Gemcom/Surpac modeling software. A
solid model was created using a minimum grade x thickness cutoff of
3 meters grading 0.03% U3O8. Intersections not meeting this cutoff
were generally not incorporated into the model. The shell of this
modeled zone was then used to constrain the mineralization for the
purpose of the block model. Assay composites 2.5 meters in length
that honoured the mineralized domains were used to interpolate
grades into blocks using ordinary kriging. An average specific
gravity of 2.93 was used to convert volumes to tonnes. The specific
gravity data was acquired in-house and consisted of an average of
seventeen samples collected from the mineralised section of the
core. The resource was classified into Measured, Indicated or
Inferred using semi-variogram ranges applied to search ellipses.
All resources estimated at Anna Lake fall under the “Inferred”
category due to the wide spaced drill density. An exploration
program would need to be conducted, including twinning of
historical drill holes in order to verify the Anna Lake Project
estimate as a current mineral resource.
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 ATHA’s proposed exploration program, including statements
with respect to the expected benefits of ATHA’s proposed
exploration program, 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, any results that may be derived from the diversification
of ATHA’s portfolio, the successful integration of the businesses
of ATHA, Latitude Uranium and 92 Energy, the prospects of ATHA’s
projects, including mineral resources estimates and mineralization
of each project, the prospects of ATHA’s business plans and any
expectations with respect to defining mineral resources or mineral
reserves on any of ATHA’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 that the anticipated benefits of ATHA’s proposed
exploration program will be realized, that no additional permit or
licenses will be required in connection with ATHA’s exploration
programs, the ability of ATHA to complete its exploration
activities as currently expected and on the current anticipated
timelines, including ATHA’s proposed exploration program, that that
ATHA will be able to execute on its current plans, that ATHA’s
proposed explorations will yield results as expected, the synergies
between ATHA, 92 Energy and Latitude Uranium’s assets, 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 view of
ATHA with respect to future events and are necessarily based upon a
number of assumptions and estimates that, while considered
reasonable by ATHA, 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 to realize the benefits
anticipated from the exploration and drilling targets described
herein or elsewhere; in ability of ATHA to complete current
exploration plans as presently anticipated or at all; inability for
ATHA to economically realize on the benefits, if any, derived from
the exploration program; failure to complete business plans as it
currently anticipated; overdiversification of ATHA’s portfolio;
failure to realize on benefits, if any, of a diversified portfolio;
unanticipated changes in market price for ATHA shares; changes to
ATHA’s current and future business and exploration plans and the
strategic alternatives available thereto; growth prospects and
outlook of the business of ATHA; any impacts of COVID-19 on the
business of ATHA 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; failure to obtain
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 ATHA 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. ATHA does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/920c5cd9-4403-49b6-8138-3327bf700474
https://www.globenewswire.com/NewsRoom/AttachmentNg/de492ff5-ced5-4128-ab0b-4bd98600933d
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