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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Mining

ATHA readies equipment for June drilling at new Nunavut uranium project

The company has successfully transported all the necessary gear out to the remote site

ATHA Energy readies equipment for June drilling at new Nunavut uranium project
Worker examines core samples at Nunavut's Angilak project. Photo: Latitude Uranium (now ATHA)

ATHA Energy Corp. (TSX-V: SASK) (OTCQB: SASKF) (FRA: X5U) successfully transported required equipment and supplies to its new uranium project in Canada’s northernmost territory this week. The gear needed for this year’s exploration program is on-site, prepped and ready to go.

Notably, the company now has two X10 Diamond Drills made by British Columbia’s TactEX Industries. They are expected to increase productivity two-fold in comparison to previous drill campaigns. A year’s supply of fuel has been brought in too.

ATHA says the X10 is the most versatile and efficient diamond drill available for helicopter-supported exploration programs like this one. The near-double daily meterage production it enables will significantly decrease exploration costs.

Diamond drilling will commence at the Angilak project in June. ATHA has contracted the knowledgeable operator Base Diamond Drilling (BDD) to assist with the first phase of the drill program. A total of 10,000 metres, aimed at expanding the site’s Lac 50 uranium deposit, will be completed by August.

BDD is highly experienced with diamond drill programs and has executed them at some of the world’s largest and highest-grade uranium deposits. These include Saskatchewan’s Cigar Lake and McArthur River deposits developed by Cameco Corporation (TSX: CCO) and NexGen Energy Ltd.’s (TSX: NXE) Arrow deposit at the Rook I project.

Angilak was acquired through ATHA’s transformative acquisition of Latitude Uranium in early March. This also gave ATHA Labrador’s Central Mineral Belt (CMB) operation.

ATHA’s most recent acquisition of 92 Energy significantly enlarged the company’s exploration portfolio as well.

Read more: ATHA enters C$8M option agreement with Inspiration Energy for Saskatchewan assets

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

Phase II will include surveys, sampling and mapping

After the drill program, ATHA will be completing electromagnetic, magnetic and very-low-frequency (VLF) electromagnetic surveys. Furthermore, the company will conduct a series of sampling and mapping initiatives.

The objective of this work is to identify and de-risk a pipeline of additional exploration targets for future drill programs in Nunavut. The company wants to expand the Lac 50 deposit’s footprint in all directions.

ATHA recently gave Inspiration Energy Corp. (CSE: ISP) the option to take up to a 70 per cent stake in a pair of its Athabasca Basin uranium assets.

The uranium prospector is also currently completing an extensive series of surveys at Saskatchewan’s Gemini project. Once this has been completed, ATHA will be commencing an 8,000-metre diamond drill program there mid-way through the third quarter of 2024.

“The size and optionality of our portfolio allows our team to make significant investments into the high-discovery potential of our advanced, flagship exploration projects at Angilak and Gemini while partnering with other experienced exploration teams,” ATHA chief executive Troy Boisjoli said recently.

In addition to holding over 43 million pounds of yellowcake uranium, ATHA’s Angilak project is estimated to contain more than 10 million pounds of molybdenum.

 

ATHA Energy is a sponsor of Mugglehead news coverage

 

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