The 2023 electromagnetic (EM) survey by ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF) verified that the East Vista Project in the Athabasca Region supports conditions for the discovery of basement-hosted uranium mineralization.
The company released results on Tuesday from its recent electromagnetic surveys, which are part of its 2023 exploration program. The surveys comprise a total of seventeen EM surveys being conducted across the Athabasca Basin on ATHA’s 3.4-million-acre exploration portfolio.
The program is organized into four distinct exploration districts: North Rim District, East Rim District, West Rim District and Cable Bay District. This encompasses all major producing, past producing and developing uranium mining camps within the Athabasca Basin.
In August of this year, the company started the largest multi-platform EM survey in the history of the Athabasca Basin. The survey is designed to de-risk and test ATHA’s dominant land package, the largest reported land package in the history of the basin. The survey is further complimented by ATHA’s 10 per cent carried interests on claims held by NexGen Energy Ltd. (TSX: NXE) and IsoEnergy Ltd. (TSXV: ISO).
“The results of the Mobile MT survey identified three areas within the East Vista property with structural complexity coincident with conductivity,” said Doug Adams, vice president of exploration.
“As we continue our exploration strategy throughout the Athabasca Basin, we anticipate the updated geophysics combined with the ongoing historic geochemical compilation will guide future exploration, thereby decreasing uncertainty and increasing the probability of discovery.”

ATHA’s lank package and exploration districts. Image via ATHA Energy.
Read more: F3 Uranium finds high radioactivity during summer drilling campaign in Saskatchewan
Read more: Skyharbour Resources to acquire Athabasca Basin uranium project from Denison Mines
Majority of uranium comes from eastern side of Athabasca Basin
The East Vista project is situated within a 30 kilometre radius of Cameco Corporation‘s (TSX: CCO) Key Lake mine. Atha conducted a survey covering a total distance of 2,218 kilometre, revealing 40 kilometre of conductors along the same geological trend known as the Wollaston-Mudjactic Transition Zone. This zone is also home to Cameco’s operating mines, Cigar Lake and McArthur River.
The East Vista project identified three high-priority areas. These areas consist of the south target, the west-central target and the northeast target.
The south target shows increased conductivity with depth, particularly in connection with northeast trending cross-cutting structures. Similarly, the west central target exhibits conduction within a transition zone adjacent to a magnetic high, a feature that Atha believes may signify the presence of a significant structure. Additionally, the northeast target hosts a southeast trending conductor, positioned next to a magnetic high, suggesting the possibility of an area conducive to trapping uranium mineralization.
Investment analyst Eight Capital also notes in a report that the present CEO of ATHA Energy, Troy Boisjoli, was the chief geologist at Eagle Point for Cameco and therefore has considerable experience with this jurisdiction. It’s their view that the eastern side of the basin is better known, presently has infrastructure in place, and is more likely to present a stronger option for ATHA as it surveys its holdings.
Out of the more than one billion pounds of uranium that have been produced or are in reserve in the Athabasca Basin, the majority comes from the eastern side. As a result, the East Rim has substantial infrastructure in place to support mining and exploration activities.
In the East Rim area, uranium mineralization is typically found in two main deposit styles: crystalline basement-hosted and unconformity.
ATHA’s survey program in the East Rim will encompass a total of 1 million acres of claims that the company owns entirely. These surveys are planned for the summer and fall of 2023 and will use a combination of geophysical techniques and methods, depending on the specific deposit models being explored.
The East Vista Project consists of twelve mineral claims covering a combined area of 71,341 acres. This project is conveniently located near highway 914 and features significant regional conductors with confirmed occurrences of uranium and rare earth elements.
It also includes a structural trend that runs through the project, passing through the Deilman and Gaertner open pits. The Mobile Metal Ions Technology (MMT) survey aimed to identify potential conductors and structural features that could serve as traps for uranium mineralization, and it achieved its objectives successfully.
The EM survey completed at East Vista is just a fraction of the company’s 2023 maiden exploration program in the East Rim Exploration District. Despite extensive exploration activity in the eastern Athabasca Basin over the past five decades, the recent MMT survey conducted on the East Vista Project, along with the ongoing survey work at East Apex, East Horizon, East Zenith, East Vertex and East Spire, marks the first time that a modern EM survey has been carried out in these project areas.
Read more: Global Atomic inks US$250M uranium supply agreement with utility company
Read more: Centrus Energy to begin producing high-assay low-enriched uranium at Ohio plant
ATHA onboards new chief financial officer
ATHA has also onboarded Akash Patel as a new Chief Financial Officer.
Patel boasts a 15 year career in the investment industry, where he has been involved with junior companies right from their inception and initial incorporation to their eventual listing. He has held key positions as CEO and director in several publicly traded firms and has also managed his accounting firm.
Patel brings a wealth of experience in both the public and private sectors, having worked at various chartered accounting firms and conducted audits for both public and government entities.
Shares for ATHA Energy declined 0.8 per cent to $1.19 on Tuesday on the Canadian Securities Exchange.
Atha Energy is a sponsor of Mugglehead news coverage
.
