ATHA Energy Corp (TSX-V:SASK, OTCQB:SASKF) revealed that a survey at its Angilak uranium project in Nunavut has expanded the known depth of uranium mineralization at the Lac 50 Deposit to over 1 kilometer.
The survey also identified a new 25-kilometer conductive trend along the western margin of the Angikuni Basin, according to a statement from ATHA.
The airborne Mobile MagnetoTellurics (MMT) survey, completed in September 2024, covered 5,946-line kilometers across the northern half of the Angilak project, encompassing 85% of the pre-2024 project area.
The survey included the Lac 50 Deposit and adjacent mineralized trends, such as the Nine Iron Discovery and other prospective zones within the Angikuni Basin.
Results confirmed over 100 kilometers of cumulative prospective conductors, enhancing the project's exploration scope. Among the findings, the Western Margin Trend (WMT), a 25-kilometer conductive zone, has emerged as a key target. The trend exhibits conductivity greater than that of previously studied zones.
The Lac 50 Deposit, according to a 2024 Exploration Target Model, is estimated to contain between 60.8 million and 98.2 million pounds of uranium oxide (U₃O₈) at average grades ranging from 0.37% to 0.48%.
Previously, the modeled depth of mineralization extended to 500 meters. The new MMT data indicates that mineralized horizons at Lac 50 extend well beyond this depth, significantly increasing the deposit's potential.
Additionally, the Nine Iron discovery, located 5.5 kilometers southeast of the Lac 50 Deposit, had previously shown uranium grades of up to 1.25% U₃O₈ from shallow drilling limited to 150 meters. The MMT survey now reveals that prospective conductive horizons at Nine Iron extend to depths exceeding 800 meters, further enhancing its viability as a high-priority target.
The Rib Discovery, another notable area situated within the WMT, had intersected uranium mineralization with grades as high as 5.6% U₃O₈ in historical drilling from the 1970s. These early drill programs were shallow, reaching depths of less than 100 meters, leaving significant deeper exploration potential untapped.
“The confirmation of down-dip conductive horizons at the Lac 50 Deposit and Nine Iron Discovery, along with the newly identified 25 kilometre conductive trend along the western margin of the Angikuni Basin, underscores the immense scale and prospectivity of this project,” CEO Troy Boisjoli said in a statement.
“These findings reinforce our belief that Angilak has the potential to emerge as one of the most significant uranium districts globally, and we are excited to continue defining the potential of this project."
Cliff Revering, vice president of exploration, added that the new data continues to validate the project's potential.
“The identification of large, regional scale conductive horizons within the Angikuni Basin corroborated by historical drilling at Nine-Iron and Rib, which intersected favorable geology, significant alteration, and uranium mineralization, continues to grow the discovery potential within the Angilak Uranium District."