ATHA Energy Announces Results from Large-Scale Electromagnetic Survey Program ON East Apex Project
ATHA ENERGY ANNOUNCES RESULTS FROM LARGE-SCALE ELECTROMAGNETIC SURVEY PROGRAM ON
EAST APEX PROJECT
Vancouver, British Columbia, November 15th, 2023 – ATHA Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB:
SASKF) (“ATHA” or the “ Company”), holder of the largest uranium exploration portfolio in the highest
grade uranium district in the world, is pleased to announce results from its large -scale electromagnetic
(“EM”) surveys at its 100% -owned Apex project (the “ Project”), located in Saskatchewan’s Athabasca
Basin, within the Company’s East Rim Exploration District (the “East Rim Exploration District”).
The completed survey is part of the Company’s maiden 2023 exploration program, which comprises a
total of seventeen EM surveys being conducted across the Athabasca Basin on ATHA’s 3. 4-million-acre
exploration portfolio. The Company’s Athabasca Basin projects are organized into four distinct exploration
districts: North Rim District, East Rim District, West Rim District, and Cable Bay District – encompassing all
major producing, past producing, and developing uranium mining camps within the Basin. In August of
this year, the Company commenced the largest ever multi -platform EM survey in the history of the
Athabasca Basin, designed to de-risk and test ATHA’s dominant land package, which is the largest reported
land package in the history of the Athabasca Basin. ATHA’s exploration portfolio is further complimented
by the Company’s 10% carried interest on claims held by NexGen Energy Ltd. (TSX: NXE) and IsoEnergy
Ltd. (TSX‐V: ISO).
To date, results have been received and processed from f ive of seventeen project areas, resulting in 267
km of conductive lineaments and the definition of eighteen prospective targets across the North Rim, East
Rim, and Cable Bay exploration districts that have now been identified. These results represent a notable
increase from the 122 km of conductive lineaments and fifteen prospective targets that were previously
identified from the first four projects . Additional EM surveys on the remaining t welve projects have also
been completed and are now being processed, with the anticipation of those results further defining the
prospectivity of the largest exploration portfolio in the Athabasca basin throughout the remainder of
2023. The remaining portion of the first phase of ATHA’s exploration-at-scale strategy will include the full
integration of the 2023 geophysics and regional geochemistry scheduled for completion in the first
quarter of 2024.
Figure 1: ATHA Energy Land Package & Exploration Districts
HIGHLIGHTS
● Expert’s MMT survey (the “Survey”) was successfully deployed at Apex, with a total of 3,608 line
km flown;
● The East Apex Project is located within 33 km of the Key Lake Mine, which hosted an
unconformity-style uranium deposit and was operated by Cameco between 1983 and 2002,
producing a total of 209.8 million pounds of U3O8 at an average grade of 2.32%;
● The Survey identified approximately 145 km of conductors within the Wollaston domain, proximal
to the Wollaston-Mudjatik Transition Zone (“WMTZ”), which is a corridor home to Cigar Lake and
McArthur River that respectively represent the highest -grade and largest high -grade uranium
mines in the world;
● The Survey indicates that the East Apex Project area supports the right conditions for the
discovery of a basement-hosted uranium mineralization analogous to an Eagle Point model; and
● Analysis of the Survey emphasized three high-priority areas within the East Apex Project that are
found within the 145 km of cumulative mapped conductors:
o North Target: A high priority structurally complex area, with identified conductors and
associated NW faulting. The Target is coincident with grab samples that showed
radioactivity as high as 2,500 cps;
o Central Target: A structurally complex area with conductors offset by NW faulting, where
previous drilling intersected up to 40 m of 15-25% graphitic sulphides within a pelitic unit,
which is indicative of an active polymetallic system that can be prospective to host
uranium mineralization; and
o South Target: Demonstrates a strong conductive response and potentially represents the
continuity of the prospective conductor identified as the Central Target.
Doug Adams, VP Exploration added: “Consistent with results from previous surveys, Expert’s MMT survey
has identified 4 primary structural corridors on East Apex. The northeast trend of the Wollaston lithologies
appear to be offset where a series of northwe st oriented structures cross a mag high in the eastern part
of the property. These lineaments extend towards Key Lake and represent a prospective structural
corridor. Orthogonal to these northwest corridors are discrete magnetic lows trending to the northe ast,
parallel with the Wollaston stratigraphy. Displacement seen within the magnetics along the inferred
stratigraphy coincident with conductors identified in the VLF data will require additional follow -up
geophysics, geochemistry and radiometrics to further prioritize these targets for 2024 exploration.”
EAST RIM EXPLORATION PROGRAM
The East Rim of the Athabasca Basin has seen intense exploration activity over the last fifty years, which
has led to the discovery of numerous high -grade uranium deposits and the development of the largest
high-grade uranium mines globally, such as Eagle Point, Cigar Lake and McArthur River. Of the more than
one billion pounds of uranium produced or in reserve from the Athabasca Basin, the majority of those
reserves are located on the eastern side of the Basin . Accordingly, the area has significant infrastructure
in place to support mining and exploration activities. On the East Rim side of the Athabasca Basin uranium
mineralization is typically found in two deposit types: crystalline basement-hosted or unconformity, with
mineralization being structurally controlled in both occurrences.
ATHA’s survey program in the East Rim Exploration District covers 1,045,122 acres of 100% owned claims.
The 2023 Exploration Program utilized a combination of Xcite TDEM, Qmag, VTEM plus, and MMT surveys
depending on the prospective deposit model.
The East Apex Project is comprised of nine mineral claims, totalling 117,897 acres close to highway 914
and contains notable regional conductors with documented showings of uranium and rare earth
elements. The Project also contains NWE-SEW trending structures – which also host known uranium and
rare earth elements showings – that extend North towards the Key Lake Mine. The objective of the MMT
survey was to identify prospective conductors and potential structural traps for uranium mineralization ,
which proved successful.
Although the eastern Athabasca Basin has seen intensive exploration over the last fifty years, the recently
completed MMT survey s on the East Vista and East Apex Projects, as well as the ongoing work at East
Horizon, East Zenith, East Vertex, and East Spire represent the first modern EM survey s completed with
those project areas.
Figure 2: Initial Survey Results Over East Apex Project
Qualified Person
The scientific and technical information contained in this news release as it relates to the Claims have
been reviewed and approved by Chris Brown , P.Geo., a "qualified person" as defined under National
Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About ATHA
ATHA is a mineral exploration company focused on the acquisition, exploration, and development of
mineral resource properties. ATHA holds the largest cumulative exploration package in the Athabasca
Basin, the world’s most prominent basin for uranium discoveries, with 3.4 million acres along with a 10%
carried interest portfolio of claims operated by NexGen Energy Ltd. (TSX: NXE) and IsoEnergy Ltd. (TSX‐V:
ISO).
For more information visit www.athaenergy.com
For more information, please contact:
Troy Boisjoli
CEO
Email: [email protected]
Phone: 306-460-5353
Forward-Looking Information and Statements
Certain information in this news release constitutes forward-looking information. In some cases, but not
necessarily in all cases, forward -looking information can be identified by the use of forward -looking
terminology such as "plans," "targets," "expects" or "does not expect," "is expected," "an opportunity
exists," "is positioned," "estimates," "intends," "assumes," "anticipates" or "does not anticipate" or
"believes," or variations of such words and phrases or state that certain actions, events or results "may,"
"could," "would," "might," "will" or "will b e taken," "occur" or "be achieved." In addition, any statements
that refer to expectations, projections or other characterizations of future events or circumstances
including, without limitation, statements regarding expectations towards the mineral explor ation
activities of ATHA and expectations regarding the results from the recently completed EM surveys all
constitute forward -looking information. Statements containing forward -looking information are not
historical facts but instead represent management's expectations, estimates and projections regarding
future events.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates
that, while considered reasonable by ATHA as of the date of this news release, are subject to known and
unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of
activity, performance or achievements to be materially different from those expressed or implied by such
forward-looking information, including but not limited to risks regarding the uncertain nature of m ineral
exploration; volatility and sensitivity to market metal prices; imprecisions in survey results; environmental
risks including increased regulatory burdens; unexpected geological conditions; adverse mining conditions;
commodity pricing; stock market volatility and general market conditions; changes in global and regional
demand for products; the business prospects of ATHA, competition; inflation; trade uncertainties as a
result of, among other things, the COVID -19 pandemic, the Russian-Ukrainian war and changes to global
trade restrictions and tariffs; the availability of credit on commercially reasonable terms; foreign exchange
risks; legal and regulatory risks (including changes in law or regulation); risks related to relationships with
stakeholders including any first nations or aboriginal groups; costs of inputs; weather and other acts of
god and their impact on activities proposed to by carried on by ATHA; and the factors described in greater
detail in the "Risk Factors" section of ATHA’s final prospectus dated March 23, 2023 available at
www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect
ATHA; however, these factors should be considered carefully. There can be no assurance that such
estimates and assumptions will prove to be correct. The forward-looking statements contained in this news
release are made as of the date of this news release, and ATHA expressly disclaims any obligation to update
or alter statements containing any forward-looking information, or the factors or assumptions underlying
them, whether as a result of new information, future events or otherwise, except as required by law.
Neither the CSE nor its regulation services provider has reviewed or accepted responsibility for the
adequacy or accuracy of this release.