ATHA Energy Angilak 2024 Exploration Update: First Six Holes Successfully Expand Footprint of Uranium Mineralization with 100% Hit Rate Outside of Historic Resource
ATHA ENERGY ANGILAK 2024 EXPLORATION UPDATE: FIRST SIX HOLES
SUCCESSFULLY EXPAND FOOTPRINT OF URANIUM MINERALIZATION
WITH 100% HIT RATE OUTSIDE OF HISTORIC RESOURCE
HIGHLIGHTS:
● Angilak Project: The Angilak Project is host to the Lac 50 Uranium Deposit, which is one of the
largest high- grade deposits outside of the Athabasca Basin, with a historical mineral resource
estimate of 43.3M lbs at an average grade of 0.69% U3O8.1
● In 2023, drilling at Angilak by Latitude Uranium (acquired by ATHA) intersected grades of up to
7.54 % U3O8 over 1.6 m.
● The 2024 Angilak Exploration Program is part of the Company’s overall 2024 Exploration Program
and consists of Phase I (diamond drilling) and Phase II (geophysics & ground geochemistry).
● A ~10,000 m diamond drilling program targeting expansion of uranium mineralization along the
Lac 50 Trend, proximal to the historic deposit, began on June 3rd, 2024.
● As of the end of June, six holes have been drilled outside the historic Lac 50 Mineral Resource
footprint and successfully intersected uranium mineralization, demonstrating the expansion
potential at the Angilak Project
● These six holes represent the beginning of the 2024 Angilak Exploration Program, with more than
7,000 m of ongoing drilling remaining
● Drilling highlights:
o All six holes successfully expanded the footprint of uranium mineralization at the Main
Zone, Eastern Extension, and the J4 & Ray Zones, which represent the historic zone of
mineralization at the Lac 50 Deposit
o The six holes targeted parallel Tuff Horizons that were first identified by Latitude
Uranium. At the Main Zone and the Ray Zone, shallow (<150 m depth) high-grade uranium
mineralization was intersected within these newly defined Tuff Horizons.
o These shallow, high -grade intersections provide evidence supporting the Company’s
thesis that the Lac 50 Trend hosts a stacked lens system similar to basement-hosted
uranium deposits in the Athabasca Basin, such as Cameco’s Eagle Point Mine.
o Drill hole MZ-DD-175 successfully intersected uranium mineralization 80 m along strike
to the west of the Main Zone at the Lac 50 Deposit, as well as intersecting four additional
parallel Tuff Horizons. Highlights include:
▪ Intersected Tuff MZ_00 4, which returned intermittent radioactivity
(representative of uranium mineralization) from ~75 m to ~84.5 m depth with an
average 1,685 counts per second ( “CPS”) over 9.5 m and a peak of 21,940 CPS
over 0.1 m. Uranium mineralization was also intersected in four additional
intervals, including Tuff MZ_001 between ~366 m to ~375 m depth , where the
hole intersected intermittent mineralization averaging 1,736 CPS over 9.0m and
a peak of 9,026 CPS over 0.1 m.
o Drill hole J4R-DD-085 successfully intersected uranium mineralization down-dip from Tuff
J4R_001 in the J4 Zone at the Lac 50 Deposit in addition to intersecting two other parallel
Tuff Horizons (Tuff J4R_002 and Tuff J4R_003). Highlights include:
▪ Intersected Tuff J4R_003, which returned mineralization from 111.5 m to 113 m
depth with an average 14,248 counts per second (CPS) over 1.5 m and a peak of
70,823 CPS over 0.1 m. Uranium mineralization was also intersected in two
additional intervals, including Tuff J4R_002 between ~ 426 m to ~429.5 m depth
where the hole intersected intermittent mineralization averaging 4,944 CPS over
3.5 m and a peak of 32,854 CPS over 0.1 m.
● Phase II (geophysics & ground geochemistry): Scheduled to begin in August of 2024, ATHA will
undertake a targeted airborne geophysics program comprised of electromagnetic (“EM”), Mag,
and VLF survey types , in addition to targeted ground geochemistry sampling and mapping. The
objective of Phase II is to identify and derisk a pipeline of additional high-priority targets for future
exploration programs.
Vancouver, British Columbia , July 10th, 2024 – 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 in the world, is pleased to announce radioactivity results from six diamond
drill holes completed as part of the Company’s inaugural 2024 Angilak Exploration Program at its 100%-
owned Angilak Project in Nunavut.
Phase I of the 2024 Angilak Exploration Program is comprised of approximately 10,000 m of diamond
drilling targeting the expansion of high-grade uranium mineralization outside of the historic resource
footprint at the Lac 50 Deposit. The initial six holes total 2,817.6 m and target the expansion of the Main
Zone, Eastern Extension, and the J4 & Ray Zone along the Lac 50 Trend at the Lac 50 Deposit.
ANGILAK PROJECT – NUNAVUT
The Angilak Project is situated within the Angikuni Basin, approximately 225 km southwest of Baker Lake
in the Kivalliq Region of Nunavut (Figure 1) and is host to 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
ATHA’s 2024 Angilak exploration program consists of diamond drilling, airborne geophysical surveys, and
surficial sampling and mapping programs that prioritize the expansion of the footprint of known uranium
mineralization, while also advancing regional exploration targets. Approximately 10,000 m of diamond
drilling is currently underway, focused on expansion of the historic footprint at the Lac 50 Deposit’s Main
Zone, Western Extension, Eastern Extension, and J4 & Ray Zone, as well as expansion of the recently
identified parallel mineralized Tuff Horizons. Diamond drilling will also test additional regional targets that
have been identified through past exploration campaigns – the most recent of which was completed in
the fall of 2023 by Latitude Uranium (“Latitude”) (acquired by ATHA). During Latitude’s most recent
exploration program, the Company reported uranium drill hole intersections targeting the Main Zone
showing grades of up to 7.54 % U3O8 over 1.6 m from hole 23-LC-005.
Figure 1: Plan Map detailing the Angilak Project location within Nunavut1
Figure 2: Lac 50 Trend Schematic, displaying drill hole traces, historic resource shells, and prospective mineralized Tuff Horizon
Main Zone
The Main Zone at the Lac 50 Deposit has a historically defined mineralized footprint with a strike length
of approximately 1,500 m and depth of 340 m. The uranium mineralization within the historic mineral
resource is restricted to one lens. Additional drilling completed by Latitude Uranium intersected extensive
mineralization outside of the historic resource . Recent geological interpretation and modeling of the
additional mineralization demonstrates the Main Zone - along with the Western Extension, Eastern
Extension, and J 4 & Ray Zones – is part of a stacked lens system associated with Tuff Horizons. Tuff
MZ_001, represents the bulk of the historic resource at the Main Zone, with Tuff MZ_002 through to Tuff
MZ_005 representing newly defined parallel lenses of uranium mineralization.
Drill hole MZ -DD-174 was designed to test the down -plunge extent of uranium mineralization in Tuff
MZ_001, as well as testing the extensions of additional newly defined Tuff Horizons . The hole was
completed to a total depth of 600 m and successfully intersected Tuff MZ_001, 002, 003, 005, as well as
a new shallow lens of uranium mineralization between 31 m and 32.5 m depth.
Figure 3: Strip log detailing results from drill hole MZ -DD-174 located at the Main Zone of the Lac 50 Deposit. The Strip log displays radioactivity
derived from a 40TGU Triple Gamma Probe which measures radioactivity every 10 cm. Depth intervals mentioned are approximate (~)
corresponding to 0.5 m intervals, and have been corrected to radioactivity observed in drill core via an RS-120 scintillometer.
Drill hole MZ -DD-175 was designed to test the strike extent of mineralization between the Western
Extension and the Main Zone of the Lac 50 Deposit , targeting the extension of Tuff MZ_001 as well as
other parallel Tuff Horizons. The hole was completed to a total depth of 471 m and successfully intersected
Tuff MZ_001, 002, 003, and 004.
Figure 4: Strip log detailing results from drill hole MZ -DD-175 located at the Main Zone of the Lac 50 Deposit. The Strip log displays radioactivity
derived from a 40TGU Triple Gamma Probe which measures radioactivity every 10 cm. Depth intervals mentioned are approximate (~)
corresponding to 0.5 m intervals, and have been corrected to radioactivity observed in drill core via an RS-120 scintillometer.
76.4 m – 76.5 m
Peak: 21,940 CPS
286.9 m – 287 m
Peak: 4,731 CPS
370.5 m – 370.6 m
Peak: 4,849 CPS
372.9 m – 373 m
Peak: 9,026 CPS
J4 & Ray Zones
The J4 and Ray Zones are situated approximately 1,800 m along strike to the southeast of the Main Zone
at the Lac 50 Deposit and have a historically defined mineralized footprint with a strike length of
approximately 920 m and depth of 420 m. The uranium mineralization within the historic resource is
restricted to two lenses: Tuff J4R_001 – representing the bulk of the historic resource at the J4 Zone – and
Tuff J4R_003 – representing the bulk of the historic resource in the Ray Zone. Tuff lenses J4R_002 and
J4R_004 are newly defined Tuff horizons with associated mineralization.
Drill hole J4R-DD-085 was designed to test the down-plunge extent of mineralization at the J4 & Ray Zones
of the Lac 50 Deposit along with testing for additional lenses of parallel mineralization. The hole was
completed to a depth of 490.8 m and successfully intersected mineralization, extending mineralization
associated with Tuff J4R_001 between ~451.5 m and ~459 m, Tuff J4R_002 from ~426 m to ~429.5 m, and
Tuff J4R_003 from ~111.5 m to ~113 m.