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Thursday, Feb 13, 2025
Mugglehead Investment Magazine
Alternative investment news based in Vancouver, B.C.

Mining

ATHA Energy Corp. starts the first phase of uranium drilling in Nunavut

The Angilak Project is located within the Angikuni Basin in the Kivalliq Region of Nunavut

ATHA Energy Corp starts the first phase of uranium drilling in Nunavut
Image from Julia Volk via Pexels.

ATHA Energy Corp. (TSXV: SASK) (FRA: X5U) (OTCQB: SASKF) has started Phase I of its 2024 drilling campaign at the Angilak Project in Nunavut.

Announced on Monday, the first phase comprises approximately 10,000 meters of drilling targeting the expansion of high-grade uranium mineralization at the Lac 50 Deposit and surrounding mineralization.

The Angilak Project is located within the Angikuni Basin approximately 225 km southwest of Baker Lake in the Kivalliq Region of Nunavut. It hosts the Lac 50 Uranium Deposit. This deposit is a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69 per cent U3O8.

The 2024 Angilak exploration program includes drilling, airborne geophysical surveys, and surficial sampling and mapping. These activities prioritize expanding the known uranium mineralization footprint while advancing regional exploration targets.

From June to August, the company intends on completing 10,000 meters of diamond drilling. The drill targets focus on the Lac 50 Deposit and its mineralized corridor. The aim is to expand the deposit footprint along strike and down-dip, as well as test parallel structures that host uranium mineralization.

Additionally, the company will drill to test further regional targets identified in past exploration campaigns. The most recent of these tests include Latitude Uranium completed in the fall of 2023. Latitude reported uranium drill hole intersections with grades of up to 7.54 per cent U3O8 over 1.6 meters from hole 23-LC-005 during the recent program.

ATHA Energy – 2024 Exploration Program’s Geophysical Surveys in the Athabasca Basin. Image via ATHA Energy.

Read more: ATHA gives Riverboat Energy option to take majority interest in Vista uranium project

Read more: ATHA Energy employs machine learning to pinpoint Athabasca Basin uranium targets

Discovery and development is ATHA core objective

“On top of being one of the largest, high-grade deposits outside the Athabasca Basin, our team believes the unexplored potential of the Angilak Project – and the region at large – make it one of the most attractive uranium exploration opportunities in the entire uranium sector,” Troy Boisjoli, CEO of ATHA Energy, said.

The company launched its most significant exploration program to date in January of this year. The program targets Canada’s most prospective regions for high-grade uranium discovery. This serves ATHA’s core objective of discovering and developing new and expanded uranium deposits throughout its portfolio of uranium-focused projects.

ATHA’s portfolio now totals 8.4 million acres across Canada’s three most prospective jurisdictions for uranium discovery and development after the acquisition of both Latitude Uranium and 92 Energy late last year. The portfolio is highly diversified across the exploration risk curve.  It’s projects range from advanced exploration stages to highly prospective greenfields.

For example, the Angilak project, is one of the largest, highest-grade uranium deposits outside the Athabasca Basin. Post-discovery projects like Gemini contain GMZ, a recent shallow, basement-style, high-grade uranium discovery on the eastern margin of the Athabasca Basin. Additionally, ATHA’s portfolio includes numerous greenfields projects with uranium occurrences and high-priority derisked geophysical targets.

ATHA’s exploration approach maximizes exploration exposure by investing at scale in a large number of early-stage projects, derisking those targets, and expanding known uranium deposits and making additional discoveries. ATHA’s robust cash position fully funds this growth strategy.

 

ATHA Energy Corp. is a sponsor of Mugglehead news coverage

 

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