FULL DISCLOSURE: This is sponsored content for ATHA Energy.
ATHA Energy Corp. (TSXV: SASK) has reported significant findings from the initial phase of its 2024 Angilak exploration program. This announcement marks a crucial step in the company’s efforts to expand high-grade uranium mineralization at its Angilak Project in Nunavut, Canada.
The first phase of the 2024 Angilak Exploration Program includes approximately 10,000 meters of diamond drilling, focusing on the Main Zone, Eastern Extension, and the J4 & Ray Zones along the Lac 50 Trend. The six initial holes, totaling 2,817.6 meters, have yielded promising results, expanding the known uranium mineralization footprint beyond the historic resource boundaries.
“The first six drill holes from ATHA’s inaugural drill program at the Angilak Project in Nunavut confirms the significant potential for expansion of the known zones of mineralization along the Lac 50 Trend along with demonstrating the high probability of additional discoveries. The 100% hit rate for these holes, on substantial step outs, is extremely encouraging and speaks to the robust nature of the mineralizing system at play at our Angilak Project.”
Troy Boisjoli, CEO
Drill hole MZ-DD-175 intersected uranium mineralization 80 meters west of the Main Zone, indicating substantial expansion potential. Key intersections include:
- Tuff MZ_004: Intermittent radioactivity from ~75 m to ~84.5 m depth, averaging 1,685 counts per second (CPS) over 9.5 meters with a peak of 21,940 CPS over 0.1 meters.
- Tuff MZ_001: Intermittent mineralization between ~366 m to ~375 m depth, averaging 1,736 CPS over 9.0 meters with a peak of 9,026 CPS over 0.1 meters.
Similarly, drill hole J4R-DD-085 in the J4 Zone intersected uranium mineralization in multiple horizons:
- Tuff J4R_003: Mineralization from 111.5 m to 113 m depth, averaging 14,248 CPS over 1.5 meters with a peak of 70,823 CPS over 0.1 meters.
- Tuff J4R_002: Intermittent mineralization between ~426 m to ~429.5 m depth, averaging 4,944 CPS over 3.5 meters with a peak of 32,854 CPS over 0.1 meters.
These findings affirm ATHA’s belief in the potential of the Lac 50 Trend to host a stacked lens system similar to basement-hosted uranium deposits in the Athabasca Basin.
The Angilak Project is situated within the Angikuni Basin, approximately 225 kilometers southwest of Baker Lake in the Kivalliq Region of Nunavut. It is home to the Lac 50 Uranium Deposit, one of the largest high-grade deposits outside the Athabasca Basin. The Lac 50 Deposit has a historical mineral resource estimate of 43.3 million pounds of uranium at an average grade of 0.69% U3O8.
The exploration program aims to expand historical uranium footprints through diamond drilling, airborne geophysical surveys, and surface sampling. Starting June 3, 2024, the drilling targets uranium mineralization along the Lac 50 Trend, focusing on the Main Zone, Western Extension, Eastern Extension, J4 & Ray Zones, and newly identified Tuff Horizons.
Six drilled holes have expanded uranium mineralization at these zones, highlighting shallow high-grade uranium in parallel Tuff Horizons. Notably, drill hole MZ-DD-175 found uranium west of the Main Zone and identified four additional Tuff Horizons, suggesting the Lac 50 Trend hosts a stacked lens system similar to those in the Athabasca Basin.
Phase II
Following the successful completion of Phase I drilling, ATHA Energy is set to embark on Phase II of the exploration program in August 2024. This phase will include targeted airborne geophysical surveys, consisting of electromagnetic (EM), magnetic (Mag), and very low frequency (VLF) survey types, alongside targeted ground geochemistry sampling and mapping.
The global demand for uranium is on the rise, driven by the increasing adoption of nuclear energy as a cleaner alternative to fossil fuels. With the transition to greener energy sources, uranium’s role in nuclear power generation has become more critical.
According to the World Nuclear Association, the current annual demand for uranium is approximately 62,500 tonnes, with projections indicating a significant increase over the coming decades. This growing demand underscores the importance of expanding and developing high-grade uranium deposits, such as those found at the Angilak Project.
“The results help confirm ATHA’s thesis, that Nunavut has exploration potential analogous to the Athabasca Basin with respect to substantial uranium discoveries. Coming at a time when the macro case for Uranium has never been better, particularly for high-grade assets in proven stable jurisdictions,” Boisjoli added.
ATHA Energy last traded at $0.76 on the TSX Venture.
FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
