ATHA Energy Corp (TSX-V:SASK, OTCQB:SASKF) said it has uncovered numerous outcrops hosting high-grade uranium mineralization at Angilak in Nunavut.
The surficial mapping program, centered around the Lac 50 Deposit, identified mineralized outcrops between the Lac 48, Lac 50, Lac 52, and Lac 54 trends, according to a statement from ATHA.
Collectively known as the Lac 50 Deposit, these trends showed high-grade uranium mineralization along newly identified parallel trends, providing promising targets for future exploration.
A three-kilometer strike zone between the Mushroom Lake zone on the Lac 52 trend and the Hot zone on the Lac 54 trend showed radioactivity readings exceeded 60,000 counts per second (cps), ATHA said. These levels, significantly above the 10,000 cps threshold indicative of high-grade uranium, signal strong potential.
The newly identified area has not yet been drill-tested or included in ATHA’s 2024 exploration target model.
CEO Troy Boisjoli highlighted the pressing need for scalable uranium projects in North America, citing the challenges posed by a bifurcated uranium market.
“The advancements throughout 2024 continue to support Angilak as a uranium exploration project with Tier 1 scaling potential,” Boisjoli said in a statement.
The updated exploration target model estimates 60.8 million to 98.2 million pounds of uranium with an average grade of 0.37% to 0.48%. This model incorporates drilling data from the Lac 48, 50, 52, and 54 trends, which together account for only about 24% of the mineralized area, leaving significant potential for future discoveries.
“These results provide further evidence of the significant potential of the Lac 50 Deposit and the broader Angilak Project,” said Cliff Revering, vice president exploration. “The geological data gathered will guide our future exploration campaigns and allow us to better define and characterize mineralization controls.”
The company expects geochemical results in early 2025.
ATHA Energy also staked an additional 69,704 hectares in the Angikuni Basin, consolidating its position in the region.