ATHA Energy Announces 2024 Gemini Project Exploration Program Gemini Project Highlights:
ATHA ENERGY ANNOUNCES 2024 GEMINI PROJECT
EXPLORATION PROGRAM
GEMINI PROJECT HIGHLIGHTS:
● The Gemini Project is located 31 km northeast of Cameco’s Key Lake Mine, along the southeastern
margin of the uranium rich Athabasca Basin , and hosts the high-grade uranium Gemini
Mineralized Zone (“GMZ”).
● GMZ is a shallow (mineralization begins at <60 m depth) basement hosted, high-grade uranium
discovery, which remains open at depth and along strike.
● GMZ is analogous to uranium mineralization along Cameco’s Rabbit Lake Trend, which produced
203MM lbs of uranium concentrate. Similarities with the Rabbit Lake Trend are demonstrated by:
o The visual scale and nature of hydrothermal alteration;
o The interpreted structural control on mineralization;
o Mineralization hosted within meta-sediments (Hidden Bay assemblage within the upper
Wollaston Domain ) lithologies with associated alteration halos typical of high-grade
uranium deposits within the Athabasca Basin;
o Uranium mineralization discovered along parallel conductor within the GMZ Trend and
newly identified geophysical targets along strike to the north.
● Successive diamond drilling exploration programs at the GMZ, conducted between 2021 through
to 2023, are highlighted by high-grade drillhole intersections, such as:
o GEM22-025 intersected 43.0 m grading 0.62% U3O8, including 18.0 m grading 1.16% U3O8.
o GEM23-061 intersected 5.0 m grading 1.47% U3O8, including 1.5 m grading 4.69% U3O8
and another sub-interval of 9.66% U3O8 over 0.5 m.
2024 GEMINI PROJECT EXPLORATION PROGRAM:
2024 Gemini Project Exploration Program builds upon the work completed by 92 Energy, targeting the
GMZ Trend within the Gemini Project area and is comprised of three phases:
• Phase I: Geophysics (Currently On-going) – Ground Gravity Survey followed by the deployment of
Fleet Space’s Exosphere ANT (Ambient Noise Tomography) System.
o Ground Gravity Survey (“GGS ”) – (Completed February 2024 ): 92 Energy completed a
comprehensive GGS focused on the GMZ and surrounding area – encompassing
prospective parallel conductors. The results of the GGS were received in late March and
highlight:
▪ The GGS demonstrates the continuation of alteration associated with the GMZ
Discovery to the southwest, within the Gemini Project area.
▪ On parallel conductors, f ive large-scale gravity anomalies , which are also
coincident with EM anomalies and MAG lows were identified – these anomalies
are high-priority targets.
o Fleet Space’s Exosphere Ambient Noise Tomography (ANT) – (Commenced April 2024):
The ANT system is a non-intrusive ground-based geophysical survey system designed to
measure naturally occurring seismic vibrations in the earth’s crust caused by wave action,
weather, and other anthropogenic activities.
▪ Results of other ANT surveys completed in the Athabasca Basin have been
successfully correlated with uranium mineralization and associated alteration of
the surrounding rock mass.
▪ The ANT survey results will be gathered and uploaded to Fleet Space’s satellite
network in near real-time, with anticipated completion by end of April.
• Phase II : Target Development and Diamond Drilling Optimization (Currently O ngoing) –
Comprised of two components:
o Data Compilation – Results from Phase I Geophysics, along with all data collected during
previous exploration programs, and an ongoing SRK Consulting structural study on
controls of uranium mineralization at GMZ will be compiled forming a comprehensive
data set – producing a detailed 3D Geological model of the GMZ.
o Machine Learning and Enhanced Target Selection – 3D Geological model coupled with
an internally developed proprietary Machine Learning Process. The process is designed to
further de-risk and advance exploration targets at the GMZ and surrounding area prior to
commencement of Phase III – Diamond Drilling Exploration.
• Phase III : Diamond Drilling (Commencing Mid – Q3, 2024) – The diamond drilling exploration
program is comprised of ~8,000 m and focuses on two key objectives:
o GMZ Expansion – ~4,000 m allocated to expanding the mineralization footprint
immediately adjacent to the GMZ by testing prospective uranium-bearing structures.
o GMZ Trend Exploration – ~4,000 m allocated to testing of known regional high-priority
targets.
Vancouver, British Columbia , April 11th, 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 district s in the world, is pleased to announce plans for its 2024 Gemini Project
Exploration Program. At the 100%-owned Gemini Project located in the Athabasca Basin, Saskatchewan,
the Company will deploy a three phased exploration approach. Phases I & II are designed to increase the
probability of discovery and optimi ze capital expenditure during the Company’s Phase III diamond drill
program, slated to begin mid Q3, 2024. The 2024 Gemini Project Exploration Program is in addition to the
Company’s previously announced 2024 exploration programs at the Angilak Project in Nunavut and
regional exploration on nine of its wholly owned high-priority projects within its four Athabasca Basin
Exploration Districts (North Rim, Cable Bay, East Rim and West Rim). See March 20th, 2024, news release
for more detail. The Company’s full 2024 Exploration Program comprising activities in Nunavut and
Saskatchewan represents one of the largest uranium focused exploration programs globally and is the
most significant undertaken by ATHA Energy.
EXPLORATION OUTLOOK
The Company’s core objective is discovery and development of its portfolio of uranium focused projects.
With the acquisition of Latitude Uranium and 92 Energy, ATHA Energy’s portfolio now totals 8.1 million
acres across Canada’s three most prospective jurisdictions for uranium discovery and development. The
Company’s portfolio is highly diversified across the exploration risk curve . With projects ranging from
development stage like Angilak , which host’s the Lac 50 Deposit – one of the largest , highest grad e
uranium deposits outside of the Athabasca Basin ; post discovery projects like Gemini – which contains
GMZ – a recent shallow, basement style, high-grade uranium discovery; through to highly prospective
greenfields projects with numerous uranium occurrences and high-priority de-risked geophysical targets.
ATHA’s exploration approach is designed to provide maximum exploration exposure by investing at scale
in a large number of early -stage projects, derisking those targets, and seeking to deliver advanced
exploration upside through the expansion of known uranium deposits and additional discoveries. ATHA
intends to leverage its robust cash position to pursue a fully-funded growth strategy.
GEMINI PROJECT – SASKATCHEWAN
With the acquisition of 92 Energy by ATHA Energy, which includes the 100%-owned Gemini Project (Figure
1), the Company’s objective is to build upon the work completed by 92 Energy. The 2024 Gemini Project
Exploration Program’s objective is expansion of mineralization at the GMZ and discovery of additional
zones of mineralization within the GMZ Trend. The program has three progressive Phases designed to
increase the probability of discovery and optimise capital expenditure . Phase I Geophysics will provide
additional data needed to identify areas of expansion at GMZ and de-risk regional targets within the GMZ
Trend. Phase II Target Development and Diamond Drilling Optimization compiles a ll available data
collected during explorat ion programs at the Gemini Project. The comprehensive data set will then be
used in development of 3D geological model and coupled with machine learning technologies to further
enhance and de-risk targets. Phase III Diamond Drilling will target expansion of the mineralized footprint
at GMZ and discovery of additional zones of uranium mineralization within the GMZ Trend (Figure 2).
Figure 1: ATHA Energy Land Package and Location of the Gemini Project
Figure 2: 2024 Gemini Project Exploration Program Area of Focus
Phases I and II are currently ongoing and are anticipated to be finalized by end of Q2 , 2024. Phase III is
scheduled to commence in mid-Q3, 2024, with preparations already underway. The Company has secured
all necessary permits and approvals.
Troy Boisjoli, CEO added: “ It’s fitting that the one-year anniversary (April 11 th, 2024) of ATHA’s public
listing coincides with the beginning of a new chapter for the Company . Over th e last year ATHA has
achieved many significant milestones, including: amassing the largest portfolio of prospective uranium
exploration projects globally, completion of the largest EM survey in the history of the Athabasca Basin,
the acquisition of the Latitude Uranium (which includes the Angilak Project, hosting one of the la rgest
high-grade uranium projects outside of the Athabasca Basin), and now the acquisition of 92 Energy
(including the Gemini Project). ATHA ’s 2024 Exploration Programs focus on development and discovery
across its unparalleled portfolio of uranium projects. Our plans for 2024 are designed to execute on the
Company’s core objective, to discover and develop Canada’s next generation of uranium assets, under
the backdrop of the best emerging uranium market ever.”
Cliff Revering, VP Exploration added: “The addition of 92 Energy’s portfolio , and in particular the Gemini
Project and newly discovered GMZ uranium mineralized corridor, brings significant exploration upside to
ATHA. The 2024 exploration program on the Gemini Project is designed to build on the previous
exploration success by applying industry -leading techniques and technologies to further identify and
characterize prospective targets ahead of drilling, maximizing the potential to expand the mineralization
footprint within the GMZ mineralized corridor and Gemini Project.”
Hybrid Financial
ATHA Energy is also pleased to announce that it has retained Hybrid Financial Ltd. (“ Hybrid”) to provide
marketing services to the Company. Hybrid has been engaged to heighten market and brand awareness
for ATHA Energy and to broaden the Company's reach within the investment community.
The services to be provided by Hybrid include phone calls to, and email communications with, qualified
North American Investment Professionals (the “Services”). Hybrid has agreed to comply with all applicable
securities laws and the policies of the TSX Venture Exchange (the “TSXV”) in providing the Services.
Hybrid has been engaged by the Company for an initial period of six months starting April 11, 2024 (the
“Initial Term”) and then shall be renewed automatically for successive three-month periods thereafter,
unless terminated by the Company in accordance with the Agreement. Hybrid will be paid a monthly fee
of $15,000, plus applicable taxes, during the Initial Term. No securities of ATHA are being granted to
Hybrid under the terms of its engagement.
The contact information for Hybrid is Hybrid Financial Ltd, 222 Bay Street, PO Box 37, Suite 2600, Toronto,
ON M5K 1B7; Phone: 1-888-246-9446
NSS Share Issuance
Pursuant to the Athabasca Basin Properties Sale and Purchase Agreement dated September 20, 2022, as
amended by an amending letter dated December 6, 2023, between ATHA and The New Saskatchewan
Syndicate ("NSS”), ATHA has issued to NSS an aggregate of 5,000,000 ATHA Shares as of the date hereof.
Qualified Person
The scientific and technical information contained in this news release have been reviewed and approved
by Cliff Revering, P.Eng., the Vice President, Exploration of ATHA, who is a "qualified person" as defined
under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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 historical resource estimates of 43.3 million lbs and 14.5 million lbs U3O8
respectively, 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 (8.1 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 Hybrid Financial
Hybrid Financial connects issuers to the investment community across North America. Using a data
driven approach, Hybrid provides its clients with comprehensive coverage of both American and
Canadian markets. Hybrid Financial has offices in Toronto and Montreal.
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.
a. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
b. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation,
sociopolitical, marketing or other relevant issues.
c. The quality and grade of the reported inferred resource in this estimation are uncertain in nature and there has been insuffi cient
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.
d. Contained value metals may not add due to rounding.
e. A 0.2% U3O8 cut-off was used.
f. The mineral resource estimate contained in this press release is considered to be “historical estimates” as defined under NI 43-101
and is not considered to be current.
g. The “historical estimate” is derived from a Technical Report entitled “Technical Report and Resource Update For The Angilak
Property, Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc., P.Geol. of APEX Geosciences, Robert Sim,
B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davi s, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013 for
ValOre Metals Corp.
h. As disclosed in the above noted technical report, the historic al estimate was prepared under the direction of Robert Sim, P.Geo,
with the assistance of Dr. Bruce Davis, FAusIMM, and consists of three -dimensional block models based on geostatistical
applications using commercial mine planning software. The project limit s area based in the UTM coordinate system (NAD83
Zone14) using nominal block sizes measuring 5x5x5m at Lac Cinquante and 5x3x3 m (LxWxH) at J4. Grade (assay) and geological
information is derived from work conducted by Kivalliq during the 2009, 2010, 2011 and 2012 field seasons. A thorough review
of all the 2013 resource information and drill data by a Qualified Person, along with the incorporation of subsequent exploration
work and results, which includes some drilling around the edges of the historical resource subsequent to the publication of t he
2013 technical report, would be required in order to verify the Angilak Property historical estimate as a current mineral resource.
i. The historical mineral resource estimate was calculated in accordance with NI 43 -101 and CIM standards at the time of publication
and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation
of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).
j. A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm r esults
would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101.
2. Notes on the Historical Mineral Resource Estimate for the Moran Lake Deposit:
1. Jeffrey A. Morgan, P.Geo. and Gary H. Giroux, P.Eng. completed a NI 43 -101 technical report titled “Form 43 -101F1
Technical Report on the Central Mineral Belt (CMB) Uranium Project, Labrador, Canada, Prepared for Crosshair Exploration
& Mining Corp.” and dated July 31, 2008, with an updated mineral resource estimate for the Moran Lake C-Zone along with
initial mineral resources for the Armstrong and Area 1 deposits. They modelled three packages in the Moran Lake Upper
C-Zone (the Upper C Main, Upper C Mylon ite, and Upper C West), Moran Lake Lower C -Zone, two packages in Armstrong
(Armstrong Z1 and Armstrong Z3), and Trout Pond. These mineral resources are based on 3D block models with ordinary
kriging used to interpolate grades into 10 m x 10 m x 4 m blocks. A cut-off grade of 0.015% U3O8 was used for all zones
other than the Lower C Zone which employed a cut-off grade of 0.035%. A thorough review of all historical data performed
by a Qualified Person, along with additional exploration work to confirm results , would be required to produce a current
mineral resource estimate prepared in accordance with NI 43-101 standards.
3. Notes on the Historical Mineral Resource Estimate for the Anna Lake Deposit:
1. The mineral resource estimate contained in this table is considered to be a “historical estimate” as defined under NI 43 -
101, and is not considered to be current and is not being treated as such. A Qualified Person has not done sufficient work
to classify the historical estimate as current mineral resources. A qualified person would need to review and verify the
scientific information and conduct an analysis and reconciliation of historical drill and geological data in order to verify the
historical estimate as a current mineral resource.
2. Reported by Bayswater Uranium Corporation in a Technical Report entitled “Form 43 -101 Technical Report on the Anna
Lake Uranium Project, Central Mineral Belt, Labrador, Canada”, prepared by R. Dean Fraser, P.Geo. and Gary H. Giroux,
P.Eng., dated September 30, 2009.
3. A 3 -dimensional geologic model of the deposit was created for the purpose of the resource estimate using the
Gemcom/Surpac modeling software. A solid model was created using a minimum grade x thickness cutoff of 3 meters
grading 0.03% U3O8. Intersections not meeting this cutoff were generally not incorporated into the model. The shell of this
modeled zone was then used to constrain the mineralization for the purpose of the block model. Assay composites 2.5
meters in length that honoured the mineralized domains were used to interpolate grades into blocks using ordinary kriging.
An average specific gravity of 2.93 was used to convert volumes to tonnes. The specific gravity data was acquired in-house
and consisted of an average of seventeen samples collected fr om the mineralised section of the core. The resource was
classified into Measured, Indicated or Inferred using semi -variogram ranges applied to search ellipses. All resources
estimated at Anna Lake fall under the “Inferred” category due to the wide spaced drill density. An exploration program
would need to be conducted, including twinning of historical drill holes in order to verify the Anna Lake Project estimate as
a current mineral resource.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward -looking information” within the meaning of applicable Canadian
securities legislation. Generally, forward -looking information can be identified by the use of forward -
looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of
such words and phrases or state that certain actions, events or results “may”, “could”, “woul d”, “might”
or “will be taken”, “occur” or “be achieved”. These forward-looking statements or information may relate
to ATHA’s proposed exploration program , including statements with respect to the expected benefits of
ATHA’s proposed exploration program, any results that may be derived from ATHA’s proposed exploration
program, the timing, scope, nature, breadth and other information related to ATHA’s proposed exploration
program, any results that may be derived from the diversification of ATHA’s portfolio , the successful
integration of the businesses of ATHA, Latitude Uranium and 92 Energy, the prospects of ATHA’s projects,
including mineral resources estimates and mineralization of each project, the prospects of ATHA’s business
plans and any expectations with respect to defining mineral resources or mineral reserves on any of ATHA’s