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Sunday, May 19, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


ATHA completes 92 Energy acquisition; prepares for drill program at Gemini project in Q3

A series of surveys are being completed and troves of data are being analyzed beforehand

ATHA completes 92 Energy acquisition; prepares for drill program at Gemini project in Q3
Core shack in the Athabasca Basin. Photo credit: 92 Energy (now ATHA)

ATHA Energy Corp. (TSX-V: SASK) (OTCQB: SASKF) (FRA: X5U) is preparing to start a promising new drill program at one of its newly acquired assets in Saskatchewan.

The uranium prospector completed its previously announced acquisition of 92 Energy Limited (ASX: 92E) (OTCQX: NTELF) on Thursday. The Gemini project obtained through the deal will be one of ATHA’s key focuses during its exploration program this year.

“It’s fitting that the one-year anniversary [Apr. 11, 2024] of ATHA’s public listing coincides with the beginning of a new chapter for the company,” chief executive Troy Boisjoli said.

Gemini is located near Cameco Corporation’s (TSX: CCO) extensive mining infrastructure in the southeastern corner of the Athabasca Basin. It hosts the high-grade Gemini Mineralized Zone (GMZ) discovery.

Remarkable intercepts containing up to 40.3 per cent per cent yellowcake uranium equivalent were recently reported from Cameco’s joint venture project with CanAlaska Uranium Ltd. (TSX-V: CVV) in the southeast portion of the jurisdiction. Cameco’s Cigar Lake mine nearby is known to be the highest-grade uranium asset in the world.

Core samples pulled from the GMZ over the past couple years have contained grades as high as 9.66 per cent U3O8.

“The 2024 exploration program at Gemini 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,” exploration manager Cliff Revering said. He says ATHA will be maximizing the potential to expand the mineralization footprint within the GMZ mineralized corridor and Gemini project.

ATHA completes 92 Energy acquisition; prepares for drill program at Gemini project in Q3

Athabasca Basin project map: ATHA Energy

Read more: ATHA Energy expands into new Canadian territory with 2024 exploration program

Read more: ATHA Energy closes acquisition of Latitude Uranium, obtains Nunavut and Labrador properties

Canada’s top uranium prospector

ATHA is currently completing an extensive series of surveys at Gemini prior to commencing an 8,000-metre diamond drill program mid-way through Q3. Half of the drilling will be dedicated to expanding the mineralized footprint of the GMZ while the other 50 per cent will be concerned with testing known high-priority targets on the zone’s trend.

The 2024 exploration program conducted by ATHA will also prioritize the company’s recently acquired Angilak project in Nunavut.

“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,” Boisjoli said.

Shareholders of 92 Energy will receive 0.58 of an ATHA share for each 92 stock held. Shares of 92 Energy will be delisted at market close on Apr 12.

ATHA now has a Canadian land package spanning over 7 million acres.


ATHA Energy is a sponsor of Mugglehead news coverage 


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