ATHA Energy Corp (TSX-V:SASK, OTCQB:SASKF) has unveiled its updated 2024 technical report for its 100%-owned Angilak uranium project in Nunavut.
The third-party updated technical report establishes a baseline Exploration Target for the Lac 50 Deposit of 60.8–98.2 million pounds of U₃O₈ (uranium) with an average grade range of 0.37–0.48%.
This assessment is based on drilling data from 2009 to 2024 from the Lac 48, 50, 52 and 54 mineralized trends.
The company noted the deposit's potential to significantly exceed these figures as only about 24% of these key mineralized trends have been drilled to date.
The company also announced assay results from its Phase 1 diamond drill campaign. Drilling, completed in August, comprised 25 holes totaling approximately 10,051 meters.
All drill holes successfully intercepted uranium mineralization, highlighted by grades reaching 5.85% over 0.5 meters.
The program focused on large step-outs and parallel trend testing, expanding known mineralized zones along the Lac 50 Trend and uncovering additional uranium prospects across the Angilak project area.
Based on initial signals of success in the drill program and historical showings, ATHA staked an additional 69,704 hectares in September, now holding full control of the Angikuni Basin.
“Rather than relying on incremental delineation at Angilak, the unique strength of our balance sheet amongst exploration peers and deep technical bench provided us the opportunity to design and successfully execute an exploration program seeking long-term value creation that give us both resolution on the future scale of Angilak and also significantly de-risks future exploration programs,” ATHA CEO Troy Boisjoli said in a statement.
“We are extremely pleased with the outcome of this choice and believe these exploration results not only establish the large-scale resource potential at Angilak but also prove the viability of Nunavut as a tier 1 uranium jurisdiction globally.”
Cliff Revering, vice president exploration, added that the company’s drilling success has now been contextualized by the 2024 Exploration Target “which further demonstrates the potential that exists within the Lac 50 Deposit.”
“The additional prospectivity we see regionally within the Angilak project, where numerous additional mineralized discoveries and showings have already been identified by limited drill testing, provides even more exploration upside and growth potential for the project,” Revering said.