ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF) announced results from its large-scale electromagnetic (EM) surveys at its North Beacon Project and North Crest Projects in Saskatchewan’s Athabasca Basin.
The company announced results for three prospective targets on Wednesday, bringing the total number of conducted surveys to 17 across its 3.8 million acre exploration portfolio. So far, the company has processed full results from seven out of 17 of these areas with results pending.
Altogether, however, the company has identified 28 prospective targets across each of its exploration targets, which coincide with uranium mineralization.
“In 2023, ATHA set out to evaluate an industry-leading land position and with a strategy in place to advance 17 projects and 3.4 million acres,” Doug Adams, VP of exploration, said. “ATHA continues to generate high-priority targets in the world’s leading uranium district.”
“Historic showings in the area have identified anomalous surface geochemistry coincident with the magnetic lows and conductive highs in the ZTEM. These results have elevated North Beacon and North Crest to be high-tier targets for immediate follow-up exploration. A gravity survey has been scheduled in Q1 of 2024 to further evaluate the 122 km of conductive lineaments.”
The next phase of ATHA’s greenfield strategy in the Athabasca Basin will involve the full integration of the 2023 geophysics and regional geochemistry, with completion anticipated in the first quarter of 2024.
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The North Rim has a strong historical record
The North Rim area has proven to be one of the most lucrative areas for ATHA.
Exploration activities in the area started during the early to mid-1900s, and mining operations ceased near Uranium City when the Eldorado mining and milling facility closed down in the early 1980s.
Uranium mineralization in the Beaverlodge Mining District is structurally controlled, primarily found in vein-filled fractures, breccias, and faults. Despite its significant potential, the North Rim District has seen limited modern exploration efforts.
The district’s prospects are further enhanced by innovations in mining methods, its proximity to the surface, and the presence of existing infrastructure, all contributing to its appeal for exploration.
ATHA owns 100 per cent of the claims covering a total of 688,268 acres in the North Rim District. The company uses various survey techniques in the exploration program, including VTEM and others, with the primary objective of the EM program is to identify promising conductive units.
Subsequently, the North Beacon Project consists of 16 mineral claims, covering a total of 78,435 hectares. It is situated within the structural wedge formed by the ENE trending Grease River Shear Zone and the northeast trending Snowbird Tectonic Zone.
Previous historical drilling conducted in the 1960s on the eastern portion of the North Beacon Project did not reach sufficient depths. These ranged from approximately 200 meters in the north to approximately 800 meters in the south.
Initial Survey Results Over North Rim Exploration District. Image via ATHA Energy.
North Crest includes four mineral claims
The North Crest Project comprises 4 mineral claims, totalling 17,797 hectares, intersecting the Snowbird Tectonic Zone, located about 18 kilometers south of Nisto Mine. Notably, Cameco Corporation‘s (TSX: CCJ) (NYSE: CCO) Centennial Deposit, situated 172 kilometers south of the North Crest Project, is an off-conductor deposit of 60 million pounds, found within the conductive corridor of the Snowbird Tectonic Zone.
In 2008, exploration efforts on the North Crest Project included the drilling of four diamond drill holes, targeting the southeast margin of the Snowbird Tectonic Zone, in a region similar to the Centennial discovery hole. The upper 100-300 meters of drilling intersected anomalous geochemistry and showed prospective alteration associated with brittle and brecciated structures, often indicative of nearby uranium mineralization.
ATHA has also completed EM surveys recently at the North Beacon, North Crest, North Terra, North Pinnacle Projects, and North Valour-East. The company is still conducting surveys at North Valour-West and North Summit. These surveys represent a significant milestone in the exploration efforts for these projects.
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Acquisitions provide ATHA expansion opportunities in the Basin
Beyond these mineral claims, ATHA recently expanded its influence in the Athabasca Basin through its acquisition of both Latitude Uranium (CSE: LUR) and 92 Energy (OTCQB: NTELF). The company expects these to give it a diversified portfolio of uranium projects across the exploration risk curve. Additionally, it will provide a strong balance sheet to take advantage of its exploration-at-scale strategy.
The company designed its exploration approach to maximize exploration exposure by investing at scale in a large number of early-stage projects, while also providing advanced exploration upside by expanding known uranium deposits and making discovering more.
The new acquisitions will also pad ATHA’s cash position to USD$65 million, which it intends to use in pursuit towards an enhanced growth strategy, which will improve its portfolio and financial strength substantially.
A key aspect of ATHA’s approach is to tap into the underexplored potential of historical resource deposits at locations such as the Angilak Deposit, CMB Discoveries, and the GMZ Corridor which holds the Gemini Discovery. These areas offer significant resource expansion opportunities on a regional scale.
Furthermore, ATHA has actively engaged in advanced exploration efforts, with drill-ready targets identified on various projects owned by Latitude and 92E. These targets display uranium mineralization, and ATHA relies on ongoing geophysical surveys to inform its decision-making for future exploration programs.
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