Angilak Uranium Project Geophysical Survey Successfully Increases Depth Extent at LAC 50 Deposit to >1 Km; Identifies New 25 Km Trend Associated with Historic Unconformity- Type Alteration and Mineralization with Grades up to 5.6%
ANGILAK URANIUM PROJECT GEOPHYSICAL SURVEY SUCCESSFULLY
INCREASES DEPTH EXTENT AT LAC 50 DEPOSIT TO >1 KM; IDENTIFIES
NEW 25 KM TREND ASSOCIATED WITH HISTORIC UNCONFORMITY-
TYPE ALTERATION AND MINERALIZATION WITH GRADES UP TO 5.6%
U3O8
HIGHLIGHTS
• An Airborne Mobile MagnetoTellurics (“ MMT”) survey totaling 5,946-line kilometres was
completed in September of 2024 . The survey cover s the northern half of the Angilak P roject
(Figure 1) – representing approximately 85% of the original project area , pre-2024 staking –
inclusive of the Lac 48, 50, 52, and 54 mineralized trends (known as the “Lac 50 Deposit”), as well
as the eastern, western, and northern margins of the Angikuni Basin
• More than 100 km of cumulative prospective conductors were identified
• The survey successfully achieved its four primary objectives
1. Determine the depth extent of prospective conductive horizons hosting uranium
mineralization at the Lac 50 Deposit
2. Determine the depth and lateral extent of prospective conductive horizons at
regional high-grade uranium showings, such as the Nine-Iron Discovery
3. Mapping prospective conductors within the Angikuni sub -basin, representing high -
priority Athabasca-style unconformity type targets
4. Identify new high-priority structural targets along the margins of the Angikuni Basin
• A 25 km conductive trend along the western margin of the Angikuni Basin – more conductive than
Lac 50 and Nine Iron – has been identified. The Western Margin Trend (“WMT”) shows
substantial similarities with typical Athabasca Basin unconformity-style deposits and is
coincidental with numerous historic uranium showings such as Rib and Yat
o The Rib Discovery consists of 30 diamond drill holes that intersected shallow
mineralization (<25 m depth) with grades of up to 5.6% U3O8. Rib was drilled during the
late 1970s and is situated within the western margin of the Angikuni Basin where drill
holes intersecting Athabasca style unconformity alteration, structure, and lithologies
associated with uranium mineralization. Importantly, as was typical of 1970 – 1980’s
Athabasca Basin exploration, the maximum depth of drilling at Rib is ~100 m, ending in
what is now considered to be prospective alteration and lithologies. The 2024 MMT
survey demonstrates that the prospective conductive horizon along the WMT extends
from surface to depths of more than 1 km, within and along the margins of the Angikuni
Basin
• The Lac 50 Deposit has a baseline 2024 Exploration Target Model ranging between 60.8M lbs U3O8
and 98.2M lbs U3O8, with an average grade range of 0.37% U3O8 and 0.48% U3O8 (see November
25, 2024, NI -43-101 Technical Report) (Table 1). The 2024 Exploration Model was restricted to
drill results with a maximum modelled depth extent of ~500 m. The MMT results demonstrate
the prospective conductive horizons that host mineralization extend to depths greater than 1
km, significantly increasing the prospectivity of the mineralized envelop
• The Nine Iron Discovery consists of 5 diamond drill holes , all of which intersected uranium
mineralization with grade s of up to 1.25% U 3O8. Nine Iron is located approximately 5.5 km
southeast of the Lac 50 Deposit along the western margin of the A ngikuni Basin and was not
included in the 2024 Exploration Model . Drilling at Nine Iron has a maximum depth of ~150 m
and results from the MMT survey indicate the prospective conductive horizons extend from
surface to more than 800 m depth.
Troy Boisjoli, CEO commented: “The results from our 2024 MMT survey represent a significant milestone
in unlocking the full potential of the Angilak Project, and importantly, the Angikuni Basin as a whole. The
confirmation of down-dip conductive horizons at the Lac 50 Deposit and Nine Iron Discovery, along with
the newly identified 25 km conductive trend along the western margin of the Angikuni Basin, underscores
the immense scale and prospectivity of this project. These findings reinf orce 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, VP Exploration added: “The 2024 exploration program was designed to demonstrate the
potential scale and prospectivity of the Angilak Project, and the results of the 2024 MMT survey is yet
another layer of evidence to support our thesis on this uranium district. In addition to the depth potential
observed at the Lac 50 Deposit within the MMT data, 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.”
Vancouver, British Columbia, January 15th, 2025 – ATHA Energy Corp. (TSX.V: SASK) (FRA: X5U) (OTCQB:
SASKF) (“ATHA” or the “ Company”), holder of the largest uranium exploration portfolio in two of the
highest-grade uranium districts globa lly, is pleased to announce results from its Airborne Mobile
MagnetoTellurics (“MMT”) survey at its 100%-owned Angilak Uranium Project (the “Project”) in Nunavut,
Canada.
The MMT survey at Angilak was completed in September of 2024 by Expert Geophysics. The system
combines the latest advances in electronics, airborne system design, and sophisticated signal processing
techniques. The objectives of the MMT survey were to:
1. Determine the depth extent of prospective conductive horizons hosting uranium
mineralization at the Lac 50 Deposit
2. Determine the depth and lateral extent of prospective conductive horizons at
regional high-grade uranium showings, such as the Nine-Iron Discovery
3. Mapping prospective conductors within the Angikuni sub -basin, representing high -
priority Athabasca-style unconformity type targets
4. Identify new high-priority structural targets along the margins of the Angikuni Basin
All objectives were successfully achieved with the identification of conductive lithological horizons hosting
sulphides and graphite, which are known indicators for uranium mineralization across the Angilak Project
– and are analogous to Athabasca Basin style uranium deposits . A total of 5,946-line kilometres were
flown over the northern half of the Angilak Project, representing approximately 85% of the original project
area, pre-2024 staking (Figure 1) – inclusive of the Lac 48, 50, 52, and 54 mineralized trends (known as the
“Lac 50 Deposit”), as well as the eastern, western and northern margins of the Angikuni Basin.
Results from the MMT survey confirm the depth extent of the prospective conductive horizons that host
uranium mineralization at the L ac 50 Deposit and Nine Iron Discovery (Figure 1). At the Lac 50 Deposit ,
the survey indicates that the prospective conductive horizon s extend to 1 km depth, while at Nine Iron
Discovery, the prospective horizon s extend to approximately 800 m depth. At both areas the results
demonstrate the potential for mineralization to extend well beyond the current envelops of
mineralization. Additionally, along the western margin of the Angikuni Basin , a 25 km conductive trend
has been identified that is more conductive than Lac 50 and Nine Iron . During the late 1970’s several
rounds of exploration took place along the Western Margin Trend (“WMT”), inclusive of diamond drilling,
trenching and soil sampling, which resulted in the discovery of numerous uranium showings, including Rib
and Yat.
At the Rib Discovery – located ~30 km southwest of the Lac 50 Deposit, situated along the western margin
of the Angikuni Basin – early exploration programs were conducted by Noranda Exploration Company
(“Noranda”). Between 1977 and 1979 Noranda completed 30 diamond drill holes at the Rib Discovery,
intersecting Athabasca Basin-style unconformity alteration, structure , and lithologies associated with
shallow (<25 m depth) uranium mineralization with grades of up to 5.6% U 3O8 hosted within graphitic
mylonites. These historic drill results demonstrate that the Angikuni Basin has the potential to host
Athabasca Basin-style, basement- and unconformity-type uranium mineralization. When the historic drill
results are coupled with the 2024 MMT survey results at the Rib Discovery, the scale and potential of the
WMT to host multiple additional unconformity and basement type uranium mineralized zones along the
25 km trend is high. Impor tantly, as was typical of 1970 – 1980s Athabasca Basin exploration , the
maximum depth of drilling at Rib is ~100 m, ending in what is now considered to be prospective alteration
and lithologies. The 2024 MMT survey demonstrates that the prospective conductive horizon along the
WMT extends from surface to depths of more than 1 km , within and along the margins of the Angikuni
Basin.
ANGILAK PROJECT – NUNAVUT
The Angilak Uranium Project is situated within the Angikuni Basin, approximately 225 km southwest of
Baker Lake in the Kivalliq Region of Nunavut (Figure 1). The P roject notably hosts the Lac 50 Uranium
Deposit, which has a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U3O8.1
and a 2024 Exploration Target for the Lac 50 Deposit ranging between 60.8M lbs U3O8 and 98.2M lbs U3O8,
with an average grade range between 0.37% U3O8 and 0.48% U 3O8 (Table 1) - restricted to drill results
from the Lac 48, 50, 52, and 54 mineralized trends. Additionally, numerous regional discoveries of uranium
mineralization have been made outside of the Lac 50 Deposit area, both within the Angikuni Basin as well
as along its rim – demonstrating many similarities to high -grade uranium discoveries in the Athabasca
Basin, Saskatchewan. One such prominent regional discovery within the Angilak Project area is the Dipole
Showing, located along the western rim of the Angikuni Basin 25 km to the southwest of the Lac 50
Corridor. Previous operators of the Project completed 24 diamond drill holes in the Dipole Showing and
intersected grades of up to 5.53% U3O8 over 0.5 m.
Surficial mapping was completed as part of the 2024 Angilak Exploration Program (the “ Mapping
Program”), which also included expansion -focused diamond drilling and geophysics. The Mapping
Program has successfully achieved its objective by discovering high -grade uranium mineralization on
surface beyond the extents of the Lac 50 Deposit’s exploration target model (the “Exploration Target
Model”) (Figure 3), as defined in the updated 2024 Technical Report in accordance with the guidelines set
forth in the National Instrument NI 43-101. The Technical Report establishes a baseline exploration target
for the Lac 50 Deposit ranging between 60.8M lbs U3O8 and 98.2M lbs U3O8, with an average grade range
between 0.37% U3O8 and 0.48% U3O8 (the “Exploration Target”) (Table 1) and is notably restricted to drill
results from the Lac 48, 50, 52, and 54 mineralized trends (the “Lac 50 Deposit”) (Figures 2a & 2b).
Figure 1: Plan Map detailing Lac 50 Deposit location with the Angilak Uranium Project
Table 1: Lac 50 Deposit Exploration Target Model
*Notes - The stated potential quantity and grade is conceptual in nature, and there has not been sufficient exploration to define
a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource .
**Significant digits have been rounded to the nearest decimal. ***The ranges were derived from a block model approach using
interpreted vein wireframes, drill core assays, grade interpolation via Ordinary Kriging, and applied uncertainty bandwidths.
Figure 2a: 2024 Lac 50 Deposit Planview Schematic
Cutoff
(% U3O8)
Tonnes
(millions)
Grade
(% U3O8)
Metal Content
(Million Lbs U3O8)
0.1 7.4 - 9.3 0.37 - 0.48 60.8 - 98.2
Lac 50 Deposit Exploration Target Model
Figure 2b: 2024 Lac 50 Deposit Long-section Schematic
Figure 3: 2024 Lac 50 Deposit Area and Mapped Mineralized Outcrops
NOVEMBER 2024 ANGILAK PROJECT TECHNICAL REPORT
Understood Mineral Resources Ltd. ( “UMR”) provided ATHA with ranges for potential uranium quantity
and grade as a target for further exploration on Angilak's Lac 50 Deposit. The ranges were derived from a
block model approach using interpreted vein wireframes, drill core assays, grade interpolation via
Ordinary Kriging, and applied uncertainty bandwidths.
The wireframes were modelled using a grade intercept limit equal to or greater than a minimum grade of
0.01% U3O8, although lower grades were incorporated in places to maintain continuity and represent the
structural setting and continuity of the mineralized system. Extension distance for the mineralized
wireframes was halfway to the next hole, or 200 m in areas of no drilling, representing the potential at
the deposit.
Assays were composited to 4 metre lengths within the mineralized boundaries, capped at 5% U 3O8, and
used for variography. The blocks within the wireframes were interpolated with grade values using the
composites, variography, ordinary kriging (OK), and a High Yield Limit set at 2.5% U 3O8 (50% of search
range).
UMR applied an uncertainty bandwidth to define a range for potential uranium using the block model as
the midpoint. The well -informed portions of the wireframes with < 50 m drill hole spacing used a
bandwidth of ± 5% tonnes and ± 15% metal content. A n uncertainty bandwidth of ± 10% tonnes and ±
30% metal content was used for the remaining wireframes with drill hole spacing greater than 50 m. The
stated potential quantity and grade is conceptual in nature, and there has not been sufficient exploration
to def ine a mineral resource, and it is uncertain if further exploration will result in the target being
delineated as a mineral resource.
Qualified Person
The scientific and technical information contained in this news release have been reviewed and approved
by Cliff Revering, P.Eng., Vice President, Exploration of ATHA, who is a "qualified person" as defined under
National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
The ranges for potential uranium quantity and grade for the Lac 50 Deposit were completed by Mr.
Matthew Batty, MSc, P.Geo of Understood Mineral Resources Ltd. Mr. Batty is an independent Qualified
Persons in accordance with the requirements of National Instrument (NI) 43-101 and he has approved the
disclosure herein.
About ATHA
ATHA is a Canadian mineral company engaged in the acquisition, exploration, and development of
uranium assets in the pursuit of a clean energy future. With a strategically balanced portfolio including
three 100%-owned post discovery uranium projects (the Angilak Project located in Nunavut, and CMB
Discoveries in Labrador hosting historic al resource estimates of 43.3 million lbs and 14.5 million lbs
U3O8respectively, and the newly discovered basement hosted GMZ high-grade uranium discovery located
in the Athabasca Basin ). In addition, the Company holds the largest cumulative prospective exploration
land package ( 7.3 million acres) in two of the world’s most prominent basins for uranium discoveries -
ATHA is well positioned to drive value. ATHA also holds a 10% carried interest in key Athabasca Basin
exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd. For more information visit
www.athaenergy.com. 1,2,3.
About Understood Mineral Resources Ltd.
Understood Mineral Resources Ltd. is a small, well- trained team with experience in numerous
commodities and geologic environments, specializing in project development, geological modeling,
deterministic and probabilistic mineral resource estimation, production reconciliation, grade control, and
mine planning. UMR’s academic training gives them the unique skills to generate probabilistic resource
modelling products in conjunction with more conventional techniques such as ordinary kriging. UMR’s
primary objective is to bring high -quality, reliable, auditable resource models to all mining companies
using the latest geostatistical techniques and strategies.
On Behalf of the Board of Directors
Troy Boisjoli, CEO, ATHA Energy Corp
Neither the TSX Venture Exchange nor its Regulation Services Prover (as the term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: [email protected]
www.athaenergy.com
Historical Mineral Resource Estimates
All mineral resources estimates presented in this news release are considered to be “historical estimates”
as defined under NI 43-101, and have been derived from the following (See notes below). In each instance,
the historical estimate is reported using the categories of mineral resources and mineral reserves as
defined by the CIM Definition Standards for Mineral Reserves, and mineral reserves at that time, and these
“historical estimates” are not considered by ATHA to be current. In each instance, the rel iability of the
historical estimate is considered reasonable, but a Qualified Person has not done sufficient work to classify
the historical estimate as a current mineral resource, and ATHA is not treating the historical estimate as a
current mineral resource. The historical information provides an indication of the exploration potential of
the properties but may not be representative of expected results.
Notes on the Historical Mineral Resource Estimate for the Angilak Deposit:
1. This estimate is considered to be a “historical estimate” under NI 43-101 and is not considered by any of to be current. See below for further
details regarding the historical mineral resource estimate for the Angilak Property.
1. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
2. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation,
sociopolitical, marketing or other relevant issues.
3. The quality and grade of the reported inferred resource in this estimation are uncertain in nature and there has been insufficient
exploration to define these inferred resources as an indicated or measured mineral resource, and it is uncertain if further
exploration will result in upgrading them to an indicated or measured resource category.
4. Contained value metals may not add due to rounding.
5. A 0.2% U3O8 cut-off was used.