ATHA Energy Corp (CSE:SASK, OTCQB:SASKF) revealed details of its 2024 Gemini project exploration program following the closing of its deal with 92 Energy, giving ATHA control of the Athabasca uranium property.
Gemini is situated 31 kilometers northeast of Cameco’s Key Lake Mine within the uranium-rich Athabasca Basin.
The property hosts the high-grade uranium Gemini Mineralized Zone (GMZ), a shallow basement-hosted uranium discovery that remains open at depth and along strike.
According to ATHA, the GMZ bears a resemblance to uranium mineralization along Cameco’s Rabbit Lake Trend, having produced 203 million pounds of uranium concentrate.
Previous drilling programs have yielded promising results, including 43 meters grading 0.62% U3O8, and 5 meters grading 1.47% U3O8.
The 2024 exploration program aims to expand the GMZ footprint and explore additional uranium-bearing structures.
Geophysics, which are currently ongoing, involve a ground gravity survey and the deployment of Fleet Space’s Exosphere ANT System. Results indicate the continuation of alteration associated with the GMZ Discovery and identify high-priority targets.
Also underway is target development and diamond drilling optimization, focusing on data compilation and target refinement through machine learning technologies.
A diamond drilling program is slated for mid-3Q 2024, targeting expansion of the mineralized footprint and exploration of regional high-priority targets.
Troy Boisjoli, CEO of ATHA, noted a special milestone for the company.
“It’s fitting that the one-year anniversary (April 11th, 2024) of ATHA’s public listing coincides with the beginning of a new chapter for the company,” Boisjoli said in a statement.
Boisjoli highlighted ATHA's achievements over the past year, including amassing the largest global portfolio of potential uranium exploration projects, conducting the largest electromagnetic survey in Athabasca Basin history, acquiring Latitude Uranium with the Angilak project (hosting a significant high-grade uranium deposit), and acquiring 92 Energy with the Gemini project.
“Our plans for 2024 are designed to execute on the company’s core objective, to discover and develop Canada’s next generation of uranium assets, under the backdrop of the best emerging uranium market ever,” the CEO added.
Separately, ATHA said it had successfully completed the acquisition of 92 Energy Limited through an Australian scheme, resulting in ATHA acquiring all fully paid ordinary shares in 92 Energy.
Shareholders of 92 Energy received 0.5834 ATHA common shares per 92 Energy share held, with a total issuance of 64,101,404 ATHA shares.
Following the completion of the scheme, ATHA's board of directors now comprises six members, including Mike Castanho as Chair.