ATHA Energy Corp (CSE:SASK, OTCQB:SASKF) has announced results from its large-scale electromagnetic (EM) surveys at the 100%-owned North Valour-East Project in Saskatchewan's Athabasca Basin. The project, located within the North Rim Exploration District, has revealed numerous conductors with interpreted cross-cutting structures related to the Black Bay Fault, known for hosting historic uranium mines.
The North Valour-East Project, part of ATHA's maiden 2023 greenfield exploration program, showcased promising results. The survey identified high-priority conductive lineaments and uranium mineralization at 12 locations, with grades reaching up to 27% U3O8. The analysis identified a target area showing a magnetic low with an associated conductor, coinciding with an outcrop containing high-grade uranium mineralization.
"The results from the North Valour project reveal that modern technology provides a window into the potential that ATHA projects have in the North Rim Exploration District," ATHA vice president Exploration, Doug Adams commented in a statement.
"The aggregate conductivity in the area in association with a prolific history of uranium discoveries, coupled with the limited exploration at depth suggests that potential in the Beaverlodge Mining District remains a principal exploration district 80 years after the first production."
Taking into consideration the numerous surface uranium showing in the area and their affinity to known structures, Adams said the focus will be to build out the structural model and to look deeper.
"The first step in developing that model is this EM survey," Adams added. "It's an exciting time in the uranium space and the results from the MMT reveal that the globe's oldest uranium district remains open for discovery."
Diversified uranium portfolio
The company said the recent acquisition of Latitude Uranium and 92 Energy positions it with a newly diversified portfolio of uranium projects across the exploration risk curve on top of a strong balance sheet to sufficiently capitalize on its exploration-at-scale strategy. With a forecast $65 million pro-forma cash position, it said it plans to focus on deposit and discovery expansion, advanced exploration, and greenfield exploration.
"We are highly encouraged with the success of our maiden exploration program to date, while in the midst of further solidifying ATHA's asset portfolio as one of the most exciting in the uranium industry," said ATHA CEO Troy Boisjoli.
"Today's news compliments the transformational transaction recently announced with 92 Energy and Latitude Uranium. Upon transactions completion ATHA offers substantive uranium exploration exposure across an unparalleled exploration portfolio. This comes at a time when the world is now entering what is anticipated to be an unprecedented upswing in the uranium cycle – one we feel is just the beginning."
Looking ahead, ATHA plans to complete the integration of the 2023 geophysics and regional geochemistry in the first quarter of 2024, further defining the prospectivity of its extensive exploration portfolio. The acquisition transactions with Latitude and 92E are expected to close in the first quarter and second quarter of 2024, respectively.
ATHA Energy is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. ATHA holds the largest cumulative exploration package in the Athabasca Basin, the world’s most prominent basin for uranium discoveries, with 3.4 million acres along with a 10% carried interest portfolio of claims operated by Nexgen Energy Ltd. (TSX: NXE) and IsoEnergy Ltd. (TSX‐V: ISO).