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

Mining

ATHA Energy exploration program in Angilak Project produces promising results

Angilak exploration program includes drilling, airborne geophysical surveys, and surficial sampling and mapping programs

ATHA Energy exploration program in Angilak Project produces promising results
Image via ATHA Energy.

ATHA Energy Corp. (TSX.V: SASK) (FRA: X5U) (OTCQB: SASKF) discovered promising radiation in six drill holes during its first exploration program at its Angilak Project in Nunavut.

The first phase of its exploration program includes 10,000 meters of drilling with specific targets of high-grade uranium mineralization mostly outside of the historic resource footprint at the Lac 50 deposit. The company reported on Thursday that its initial six holes total 2,817.6 meters outside of the expansion of the Main Zone, Eastern Extension, as well as the J4 and Ray Zone along the Lac 50 trend.

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

ATHA’s 2024 Angilak exploration program includes drilling, airborne geophysical surveys, and surficial sampling and mapping programs.  The company also intends to expand the footprint of known uranium mineralization and advancing regional exploration targets.

The current focus is on 10,000 meters of drilling to expand the historic footprint at the Lac 50 Deposit’s Main Zone, Western Extension, Eastern Extension, and J4 & Ray Zone, as well as the recently identified parallel mineralized Tuff Horizons.

Additionally, drilling will test other regional targets identified through past exploration campaigns, mostly completed in 2023 by Latitude Uranium. ATHA acquired Latitude earlier this year.

During Latitude’s latest exploration program, the company reported uranium drill hole intersections targeting the Main Zone, showing grades of up to 7.54 per cent U3O8 over 1.6 meters from hole 23-LC-005.

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Previous drilling intersected mineralization outside of historic resource

The Main Zone at the Lac 50 Deposit has a historically defined mineralized footprint with a strike length of approximately 1,500 meters and a depth of 340 meters. The historic mineral resource confines the uranium mineralization to one lens.

However, Latitude Uranium’s additional drilling intersected extensive mineralization outside of the historic resource. Recent geological interpretation and modeling of this additional mineralization show that the Main Zone, along with the Western Extension, Eastern Extension, and J4 & Ray Zones, form part of a stacked lens system associated with Tuff Horizons.

Tuff MZ_001 represents the bulk of the historic resource at the Main Zone, while Tuff MZ_002 through Tuff MZ_005 represent newly defined parallel lenses of uranium mineralization.

Additionally, drill hole MZ-DD-174 was designed to test the down-plunge extent of uranium mineralization in Tuff MZ_001 and the extensions of additional newly defined Tuff Horizons. The hole reached a total depth of 600 meters and successfully intersected Tuff MZ_001, 002, 003, 005, as well as a new shallow lens of uranium mineralization between 31 meters and 32.5 meters depth.

Furthermore, drill hole MZ-DD-175 aimed to test the strike extent of mineralization between the Western Extension and the Main Zone of the Lac 50 Deposit, targeting the extension of Tuff MZ_001 and other parallel Tuff Horizons. The hole reached a total depth of 471 meters and successfully intersected Tuff MZ_001, 002, 003, and 004.

“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,” said Troy Boisjoli, CEO of ATHA Energy.

The Angilak deposit at the Thelon Basin in Nunavut. Image via ATHA Energy.

Drilling results are encouraging

The J4 and Ray Zones, located 1,800 meters southeast of the Main Zone at the Lac 50 Deposit, have a historically defined mineralized footprint with a strike length of approximately 920 meters and a depth of 420 meters.

The company has confined uranium mineralization within the historic resource to two lenses: Tuff J4R_001 at the J4 Zone and Tuff J4R_003 at the Ray Zone. Newly defined Tuff lenses J4R_002 and J4R_004 also contain associated mineralization.

Drill hole J4R-DD-085, completed to a depth of 490.8 meters, tested the down-plunge extent of mineralization at the J4 and Ray Zones, successfully intersecting mineralization in Tuff J4R_001, J4R_002, and J4R_003.

Drill hole J4R-DD-086, completed to a depth of 468.5 meters, tested the eastern strike extent of mineralization in the Ray Zone and the down-dip extension in the J4 Zone, successfully intersecting mineralization in Tuff J4R_002, J4R_003, and J4R_004.

“Drilling results to date have been very encouraging and demonstrate the exciting expansion potential of uranium mineralization within the Lac 50 deposit,” said Cliff Revering, the VP of exploration for ATHA.

“As we progress through our 2024 exploration program and strategy, we will continue to develop our understanding of this relatively under-explored and highly prospective uranium district.”

The Eastern Extension, located 350 meters northeast of the Main Zone, has a historically defined mineralized footprint with a strike length of approximately 700 meters and a depth of 320 meters, with mineralization confined to one lens, Tuff EX_001.

Drill holes EEX-DD-052 and EEX-DD-053, drilled to final depths of 427.3 meters and 360 meters respectively, tested the down-plunge extent of mineralization in Tuff EX_001, successfully extending the mineralized footprint and intersecting additional mineralized structures within the hanging wall.

 

ATHA Energy Corp. is a sponsor of Mugglehead news coverage

 

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