Inspiration Energy Options TWO Uranium Projects in the Athabasca Basin, Saskatchewan, from ATHA Energy Corp.
INSPIRATION ENERGY OPTIONS TWO URANIUM PROJECTS
IN THE ATHABASCA BASIN, SASKATCHEWAN, FROM
ATHA ENERGY CORP.
Vancouver, British Columbia, April 23,2024: Inspiration Energy Corp. (the "Company" or
"Inspiration") (CSE: ISP) is pleased to announce that it has further expanded its presence in the
Athabasca Basin by entering into Option Agreements to acquire a 70% undivided interest in two
Uranium properties ( the “Plateau Property” and “Ledge Property”) from A tha Energy Corp.
(“Atha”). See Figure 1. for a map of Inspiration’s current land holdings in the Athabasca Basin.
Figure 1. Map of Inspiration Energy Corp.'s current land holdings in the Athabasca Basin.
The Plateau Property , located in the southeast Athabasca Basin, consists of 9 mineral
dispositions totalling 27,252ha (27km2). The Athabasca Basin unconformity-contact crosscuts the
southern mineral dispositions of the property, and the sandstone extends northwards to a
maximum thickness of 800 metres. The basement rock underlying the Plateau Property consists
of mainly Archean felsic gneisses with lesser Archean and Paleoproterozoic supracrustal rocks.
See Figure 2. for Plateau Property location map.
Figure 2. Plateau Property location map.
Highlights:
• Targeting basement-hosted and unconformity-associated Uranium mineralization.
• Property Structural Fabric: Curvilinear NE -trending belt dominated by dome -and-basin-
style interference -folding of the Mudjatik Domain overprinted by NE -linear Cable Bay
Shear Zone.
• Major Structures include Cable Bay Shear Zone, Tabbernor faults, and Mackenzie diabase
dykes.
• Proximity to Known Mineralization: 1 km from Fleming Island Occurrence (3% U 3O8
outcrop samples). There are multiple Saskatchewan Mineral Deposit Index showings
proximal to the property that include Co, Cu, Zn, and Ni.
• Recent Work: Xcite TM helicopter-borne time -domain electromagnetic (HTDEM) system
flown over entire property in 2023, which defined 73 linear-kilometres of conductors on the
property.
• XciteTM survey has highlighted coincident magnetic and electromagnetic anomalies within
the northwest quadrant of the property that may host northeast trending splay faults of the
Cable Bay Shear Zone.
About the Plateau Property:
The Plateau Property is comprised of 9 mineral dispositions encompassing a total land area of
27,252ha (27km2) and is located along the southeast margin of the Athabasca Basin. The property
sits adjacent to, and potentially overlies, portions of the conductive Cable Bay Shear Zone that
hosts multiple Saskatchewan Mineral Deposit Index (SMDI) occurrences relating to unconformity-
associated Uranium mineralization and Mafic -Ultramafic Intrusion -hosted Ni -Cu-(Co-PGE)
mineralization. The 4 southernmost mineral d ispositions lay partially outside the extent of the
Athabasca Basin unconformity contact. The sandstone overlying the remaining mineral
dispositions dips downward to the north; the northernmost disposition contains sandstone up to
800m thick.
Future Work Recommendation for the remainder of 2024 through to the end of 2026:
I. Complete drillhole and surficial geochemistry compilation work initiated by Atha.
II. Property-wide airborne gravity survey.
III. Property-wide ground geochemistry/boulder sampling survey.
IV. Ground time-domain electromagnetic (TDEM) and ground DC-IP resistivity surveying
over the northern dispositions.
V. Geologic mapping & prospecting over the southern dispositions.
The Ledge Property, located in the northeast Athabasca Basin, consists of 7 mineral dispositions
totalling 38,784ha (38km 2). The Athabasca Basin unconformity -contact crosscuts the northern
mineral dispositions of the property, and the sandstone extends southwards to a maximum
thickness of 200 metres. The basement rocks underlying the Ledge Property consist of mainly
Archean felsic gneisses with lesser Archean and Paleoproterozoic supracrustal rocks. See Figure
3. For Ledge Property location map.
Figure 3. Ledge Property location map.
Highlights:
• Targeting basement-hosted and unconformity-associated Uranium mineralization.
• Property Structural Fabric: Curvilinear NE-trending belt dominated by dome-and-basin-style
interference-folding typical of the Mudjatik Domain.
• Major Structures include Tabbernor faults, Mackenzie diabase dykes, and potential
extension of the Cable Bay Shear Zone.
• Numerous drill holes and boulder sampling has been completed on the property with
anomalous Uranium and scintillometer values which have been linked to the granitoids.
• Proximity to Known Mineralization: Moosonees Lake Bedrock Uranium Showing on
Property ( Surficial Boulder Sample at 0.19% U3O8).
• Recent Work: Xcite TM helicopter-borne time -domain electromagnetic (HTDEM) system
flown over entire property in 2023, which defined 50 linear -kilometres of conductive
lineaments.
About the Ledge Property:
The Ledge Property is comprised of 7 mineral licences encompassing a total land area of
38,784ha (38km2) and is located along the northeast margin of the Athabasca Basin. The property
potentially overlies portions of the conductive Cable Bay Shear Zone that hosts Saskatchewan
Mineral Deposit Index (SMDI) occurrence #1617 relating to Felsic Intrusion -hosted Uranium
mineralization with associated Fe, Mo, and Th . The 3 northernmost mineral dispositions of the
property lay partially outside the extent of the Athabasca Basin unconformity contact . The
sandstone overlying the remaining mineral dispositions dips downward to the south; the
southernmost disposition contains sandstone up to 200m thick.
Future Work Recommendation for the remainder of 2024 through to the end of 2026:
I. Complete drillhole and surficial geochemistry compilation work initiated by ATHA
Energy Corp.
II. Property-wide airborne gravity survey.
III. Property-wide geologic mapping, prospecting.
IV. Property-wide ground geochemistry/boulder survey.
Charles Desjardins. President and CEO of Inspiration states that “These 2 new, exciting projects
we are joint venturing with Atha Energy Corp. dovetail extremely well with our existing portfolio of
uranium projects. This new relationship with Atha brings Atha’s foothold and experience in both
the Athabasca and Thelon Basins to the table and will prov ide many exploration synergies for
shareholders of Inspiration.”
Terms of the Option Agreements:
In accordance with the terms of the Option Agreements, the Company can earn a 70% undivided
interest (subject to underlying 2.0% NSR royalties on each property agreed to by the parties) in
the Plateau Property and Ledge Property through the issuance of 4,330,228 common shares of
the Company (the “Consideration Shares”) to A tha and incurring a total of $8,000,000 on
exploration expenditures broken down as described below. Additionally, Atha is entitled to anti -
dilution projection during the option period, such that the number of common shares issuable will
be adjusted upwards to maintain a 9.0% shareholder interest upon any issuance of new common
shares by the Company out of treasury. The anti -dilution feature will not be triggered by any
shares issued upon exercise of outstanding stock options, warrants or other convertible securities.
Plateau Property
Inspiration may exercise the option on the Plateau Property by satisfying all of the following
conditions:
1. Issuing an aggregate of 2,165,114 Consideration Shares to Atha within two (2) business
days following regulatory approval at the market price of the common s hares of the
Company; and
2. Incurring exploration expenditures on the Plateau Property in the following amounts:
(i) $400,000 by September 1, 2024;
(ii) an additional $400,000 by September 1, 2025;
(iii) an additional $3,000,000 by September 1, 2028; and
This Option Agreement will terminate at Atha’s discretion if Inspiration fails to incur exploration
expenditures and issue the Consideration Shares to Atha as set out above or if CSE acceptance
is not granted within 35 days of the effective date of the Option Agreement.
Ledger Property
Inspiration may exercise the option on the Ledge Property by satisfying all of the following
conditions:
1. Issuing an aggregate of 2,165,114 Consideration Shares to Atha within two (2) business
days following regulatory approval at the market price of the common shares of the
Company; and
2. Incurring Exploration Expenditures on the Ledge Property in the following amounts:
(i) $600,000 by September 1, 2024;
(ii) an additional $600,000 by September 1, 2025;
(iii) an additional $3,000,000 by September 1, 2028; and
This Option Agreement will terminate at Atha’s discretion if Inspiration fails to incur exploration
expenditures and issue the Consideration Shares to Atha as set out above or if CSE acceptance
is not granted within 35 days of the effective date of the Option Agreement.
NI 43-101 Disclosure
Paul Burry , P.Geo., (APEGS Licence #15000) is a qualified person as defined by National
Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Burry has reviewed and
approved the technical content in this release.
About Inspiration Energy Corp.
Inspiration Energy Corp. is engaged in the business of mineral exploration and the acquisition of
mineral property assets in Canada. Its objective is to locate and develop properties of merit and
to conduct exploration on the Company’s properties.
For more information, please refer to the Company's information available on SEDAR+
(www.sedarplus.ca).
On Behalf of the Board of Directors
Charles Desjardins
Chief Executive Officer, President, and Director
Phone: 604-808-3156
Email: [email protected]
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this news release.
FORWARD LOOKING STATEMENTS: This news release contains forward -looking statements,
which relate to future events or future performance and reflect management’s current expectations
and assumptions, including with respect to the Company’s ability or intenti on to complete the
Options Agreements, as described above. Such forward-looking statements reflect management’s
current beliefs and are based on assumptions made by and information currently available to the
Company. Investors are cautioned that these forward-looking statements are neither promises nor
guarantees and are subject to risks and uncertainties that may cause future results to differ
materially from those expected. These forward -looking statements are made as of the date hereof
and, except as required under applicable securities le gislation, the Company does not assume
any obligation to update or revise them to reflect new events or circumstances. All of the forward-
looking statements made in this press release are qualified by these cautionary statements and
by those made in our filings with SEDAR+ in Canada (available at WWW.SEDARPLUS.CA).