ATHA Energy Corp (CSE:SASK, OTCQB:SASKF) said it has made a significant stride in uranium exploration with the discovery of a uriniferous boulder train at its North Beacon project, boasting grades of up to 11.3% U3O8.
The company said in a statement that has uncovered promising prospects, including multiple uranium showings and conductors featuring interpreted cross-cutting structures.
The analysis of these boulders can help geologists trace back to the potential origin of the uranium and guide further exploration efforts to locate the primary uranium source, which could be a significant uranium deposit.
ATHA’s analysis indicated that these boulders are likely sourced from a region coinciding with the Snowbird tectonic zone on the Crest project.
Situated approximately 34 kilometres southwest of the previously productive Nisto Mine, in proximity to Black Lake, the North Beacon project is strategically positioned within 18 km to the east of the Fond Du Lac uranium showing.
Meanwhile, the North Crest project, located 16 km southwest along-trend from the Nisto Mine, has also displayed high prospectivity with three identified locations featuring uranium mineralization, ATHA said.
Additional uranium showings
One noteworthy aspect of the exploration program is the identification of additional uranium showings on previously untested structures extending onto the properties of both projects. A particularly striking finding is a uranium showing that yielded 3552 ppm U3O8 in one drillhole below the unconformity. This drillhole is situated 10 km from the North Beacon project and seven kilometres from the North Crest project.
Doug Adams, ATHA’s vice president exploration, told investors that last year the company set out to evaluate “an industry-leading land position” to advance 17 projects and 3.4 million acres,
“Historic showings in the area have identified anomalous surface geochemistry coincident with the magnetic lows and conductive highs in the ZTEM,” Adams said.
“These results have elevated North Beacon and North Crest to be high-tier targets for immediate follow-up exploration.”
A gravity survey is planned in the first quarter of 2024 to further evaluate the 122 km of conductive lineaments, Adams added.
ATHA holds the most extensive combined exploration portfolio in both the Athabasca Basin and Thelon Basin, globally recognized for uranium discoveries, encompassing a total of 6.4 million acres. Additionally, ATHA holds a 10% carried interest in a claims portfolio within the Athabasca Basin, managed by NexGen Energy Ltd.