ATHA Energy Completes Maiden Exploration Program at the Angilak Project Identifies Multiple New Mineralized Trends and Expands Uranium Mineralization at LAC 50
ATHA ENERGY COMPLETES MAIDEN EXPLORATION PROGRAM AT
THE ANGILAK PROJECT IDENTIFIES MULTIPLE NEW MINERALIZED
TRENDS AND EXPANDS URANIUM MINERALIZATION AT LAC 50
HIGHLIGHTS:
● The Angilak Project is host to the Lac 50 Uranium Deposit (the “Lac 50 Trend”), 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% U 3O8.1 Drilling conducted by Latitude Uranium at the
Angilak Project in 2023 intersected grades of up to 7.54 % U3O8 over 1.6 m.
● The 2024 Angilak Exploration Program has concluded after twenty-five diamond drill holes were
completed between early June and late August for a total of ~10,051 m. The program was highly
successful and on budget.
● All objectives were successfully achieved with the expansion of the historic footprint of
mineralization along the Lac 50 Trend and the identification of new parallel mineralized trends
called the Lac 48, Lac 52, and Lac 54 Trends.
● The Lac 48, Lac 50 (host to the historic Lac 50 Deposit), Lac 52, and Lac 54 Trends remain open in
all directions with high prospectivity for further discovery and expansion of uranium
mineralization. Additionally, untested areas between the newly identified trends are also
prospective for discovery of new mineralized trends.
● Regional Exploration at Angilak: Thirteen holes were completed at prospective regional targets
proximal to the Lac 50 Trend for a total of 5,167 m.
▪ All holes discovered new lenses of uranium mineralization, expanded on previously
discovered showings, or identified prospective structures. Three prospective trends – all
parallel to the Lac 50 Trend – were tested:
1. Lac 48 Trend – located ~1 km to the southwest of the Western-Extension Zone at
Lac 50. One hole was drilled during 2024 at the Blaze target and intersected high-
grade mineralization with a peak of 10,642 cps at 94.9 m depth. The Lac 48 Trend
consists of several parallel mineralized corridors with approximate strike lengths
of 500 to 1,100 m (Figure 2a).
2. Lac 52 Trend – located ~750 m to the north of the Main Zone at Lac 50. A total of
eight holes were drilled during 2024 along the 5.2 km long corridor within the
Pulse and Mushroom Lake Target areas. Drilling along the Lac 52 Trend is
highlighted by holes:
▪ PL-DD-030: intersected high -grade mineralization between 262.4 and
262.7 m with a peak of 30,273.4 cps recorded via gamma probe.
▪ ML-DD-009: intersected high -grade mineralization with a peak of
14,870.5 cps at 102.7 m depth.
3. Lac 54 Trend – located ~1.5 km to the north of the J4/Ray Zones. A total of four
holes were drilled during 2024, all intersecting uranium mineralization, extending
the mineralized strike length to ~1.1 km.
● Mineral Expansion at the Lac 50 Deposit – Twelve holes were drilled, targeting expansion of
uranium mineralization beyond the modeled grade shells from the 2013 historic resource , for a
total of 4,884 m.
▪ All holes achieved the objectiv e of intersecting uranium mineralization outside of the
historic mineralized domains and expanding the footprint of mineralization of the known
zones, along with identification of new tuff horizons.
1. Jay4/Ray Zones – A total of five holes were drilled during 2024, all successfully
intersecting uranium mineralization . Importantly, mineralization intersected
approximately 400 m along strike to the west of the J4/Ray Zones extends the
prospective mineralized strike length to ~1.8 km.
2. Western-Extension, Main Zone, and Eastern -Extension – A total of eight holes
were drilled, all intersecting uranium mineralization , expanding on known zones
of mineralization and identifying new tuff horizons. Importantly, as more drilling
along the trend occurs , the Company continues to clarify the lithological and
structural controls on mineralization demonstrating continuity between the
historic mineralized domains . The footprint of m ineralization extends along the
Lac 50 Trend over a strike length of ~3.9 km.
● Radioactivity results from the first six drill holes can be found here. Details on the remaining
nineteen drill holes, including strip logs, can be found here.
● Phase II (geophysics & ground geochemistry): Commenced at the Angilak Project in early August
and is c omprised of airborne geophysics consisting of electromagnetic (“ EM”), mag, and VLF
survey types, in addition to targeted ground geochemistry sampling and mapping . The program
is expected to be completed by mid-September.
Vancouver, British Columbia, September 3, 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 the completion of its 2024
Exploration Program at its 100% -owned Angilak Project in Nunavut. During Phase I : diamond drilling,
which began in early June and continued through to late August , the Company completed twenty-five
diamond drill holes for a total of ~10,051 m. Drilling targeted expansion along the Lac 50 Trend, as well as
discovery and expansion along several regional targets, identified as the Lac 48, 52, and 54 Trends (see
Figures 2a and 2b). All samples have been sent to SRC laboratories in Saskatoon, SK for assay analysis.
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). The Angilak Project 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
The 2024 Angilak exploration program consist ed of diamond drilling, airborne geophysical surveys, and
surficial sampling and mapping programs. Exploration activities prioritized areas proximal to known zones
of uranium mineralization for expansion and discovery. In addition to the Lac 50 Trend, the Company also
expanded mineralization along the newly term ed Lac 48, Lac 52, and Lac 54 Trends. Samples from the
2024 exploration program have been sent to SRC laboratories and results are currently pending.
Figure 1: Plan Map detailing the Angilak Project location within Nunavut1
Figure 2a: 2024 Angilak Exploration Planview Schematic
Figure 2b: 2024 Angilak Exploration Long-section Schematic
Table 1: 2024 drill hole collar and orientation details for drill holes completed on the Main Zone, Eastern
Extension, J4, and Ray zones as of the end of June.
Hole ID Trend Zone Azimuth
(⁰)
Dip
(⁰)
Easting
(mE)
Northing
(mN)
Elevation
(m)
Final Depth
(m)
EEX-DD-052 Lac
50
Eastern
Extension 25.0 -70.2 520313.3 6939521.3 194.9 427.3
EEX-DD-053 Lac
50
Eastern
Extension 23.0 -65.0 520222.9 6939569.0 193.1 360
J4R-DD-085 Lac
50 J4-Ray 23.0 -68.0 522376.8 6938726.7 216.7 490.75
J4R-DD-086 Lac
50 J4-Ray 25 -50 522603.5 6938605.8 207.6 468.5
J4R-DD-087/J4R-DD-
087A
Lac
50 J4-Ray 25 -55 522231.4 6938765.4 217.3 40.9
J4R-DD-088 Lac
50 J4-Ray 25 -55 522212.1 6938776.4 217.0 419.4
J4R-DD-089 Lac
50 J4-Ray 22 -50 522640.9 6938566.4 204.0 502.9
J4R-DD-090 Lac
50 J4-Ray 25 -52 521922.6 6938952.3 203.2 395
MZ-DD-174 Lac
50 Main Zone 25.0 -78.6 518906.8 6939921.1 212.7 600
MZ-DD-175 Lac
50 Main Zone 25.0 -50.0 518105.2 6940336.7 230.0 471
MZ-DD-176 Lac
50 Main Zone 30 -50 519760.1 6939494.0 196.3 373.8
WEX-DD-079 Lac
50
Western
Extension 25 -55 517815.1 6940690.9 236.1 334.8
BLZ-DD-034 Lac
48 Blaze 24.0 -57.5 516495.6 6940468.9 226.4 390
HOT-DD-008 Lac
54 Hot Zone 25 -55 522339.2 6940447.7 184.6 355.8
HOT-DD-009 Lac
54 Hot Zone 30 -50 522570.4 6940589.5 183.8 450
HOT-DD-010 Lac
54 Hot Zone 25 -50 522710.6 6940280.4 185.7 452
HOT-DD-011 Lac
54 Hot Zone 25 -50 523094.6 6940095.4 199.1 400
ML-DD-009 Lac
52 ML Zone 25 -50 523760.1 6938816.2 211.4 351.1
ML-DD-010 Lac
52 ML Zone 25 -50 523873.3 6938704.2 209.4 389.1
ML-DD-011 Lac
52 ML Zone 25 -50 523594.8 6939040.6 209.8 400.5
ML-DD-012 Lac
52 ML Zone 25 -50 523426.3 6939165.7 207.9 430.3
PL-DD-030 Lac
52 Pulse Zone 25 -55 519604.9 6940622.6 213.2 360.2
PL-DD-031 Lac
52 Pulse Zone 30 -55 519286.2 6940859.7 225.3 380.1
PL-DD-032 Lac
52 Pulse Zone 25 -50 519670.5 6940525.5 212.5 416
PL-DD-033 Lac
52 Pulse Zone 30 -50 519445.8 6940710.4 220.9 392
Troy Boisjoli, CEO added: “We are extremely excited about the results from our work at the Angilak
Project. The successful identification of uranium mineralization along strike at the deposit, combined with
the confirmation of uranium mineralization across multiple proximal parallel trends, underscores the
immense potential of this project. Thes e results not only extend the footprint of known mineralization
but also illuminate new opportunities for significant resource growth. We believe this progress mark s a
pivotal moment for ATHA as we execute an aggressive growth strategy at a time when the uranium
industry is facing a potential unprecedented structural supply deficit. T his project continues to show
potential to unlock the uranium endowment in Nunavut which could become one of the most significant
emerging uranium districts in recent history.”
Cliff Revering, VP Exploration added: “The objectives we had set for ATHA’s 2024 drilling at Angilak were
to expand the footprint of mineralization of the historic Lac 50 mineralized domains, as well as to identify
new zones of mineralization within the main Lac 50 Trend and proximal exploration target areas, and we
are very happy to report that we were successful in achieving both primary objectives. The combined
results from our drilling campaign and surficial mapp ing program have allowed us to build on the
understanding of the lithological and structural controls on mineralization within this highly prospective
uranium district. The geological picture at Angilak continues to develop and we are excited by the
direction the project is heading. We would also like to extend our appreciation to our technical teams and
contractors for their hard work, dedication , and professionalism in executing this program on time and
within budget.”
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.
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 U 3O8
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.
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 Davis, 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 historical 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 limits 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 deri ved 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 the 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 o f
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:
a. 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 d ated
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 Mylonite,
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, wou ld 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:
a. 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 cond uct an
analysis and reconciliation of historical drill and geological data in order to verify the historical estimate as a current mineral resource.
b. 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.
c. 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 constr ain
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 cer tain actions, events or results “may”, “could”, “would”, “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 expec ted 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
projects, and any expectation with respect to any permitting, development or other work that may be
required to bring any of the projects into development or production.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered
reasonable by management at the time, are inherently subject to business, market and economic risks,
uncertainties and contingencies that may cause actual results, performance or achievements to be
materially different from those expressed or implied by forward -looking statements. Such assumptions
include, but are not limited to, assumptions that the anticipated benefits of ATHA’s proposed exploration
program will be realized, that no additional permit or licenses will be required in connection with ATHA’s
exploration programs, the ability of ATHA to complete its exploration activities as currently expected and
on the current anticipated timelines, including ATHA’s proposed exploration program , that ATHA will be
able to execute on its current plans, that ATHA’s proposed explorations will yield results as expected, the
synergies between ATHA, 92 Energy and Latitude Uranium’s assets, and that general business an d
economic conditions will not change in a material adverse manner. Although each of ATHA and 92E have
attempted to identify important factors that could cause actual results to differ materially from those
contained in forward -looking information, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current vie w of ATHA with respect to future events and are necessarily
based upon a number of assumptions and estimates that, while considered reasonable by ATH A, are
inherently subject to significant business, economic, competitive, political and social risks, contingencies
and uncertainties. Risks and uncertainties include, but are not limited to the following: inability of ATHA
to realize the benefits anticipated from the exploration and drilling targets described herein or elsewhere;
in ability of ATHA to complete current exploration plans as presently anticipated or at all; inability for ATHA
to economically realize on the benefits , if any, derived from the exploration program ; failure to complete
business plans as it currently anticipated; overdiversification of ATHA’s portfolio; failure to realize on
benefits, if any, of a diversified portfolio; unanticipated changes in market price for ATHA shares; changes
to ATHA’s current and future business and exploration plans and th e strategic alternatives available
thereto; growth prospects and outlook of the business of ATHA; any impacts of COVID-19 on the business
of ATHA and the ability to advance the Company projects and its proposed exploration program; risks
inherent in mineral exploration including risks related worker safety, weather and other natural
occurrences, accidents, availability of personnel and equipment, and other factors; aboriginal title; failure
to obtain regulatory and permitting approvals; no known mineral resources/reserves; reliance on key
management and other personnel; competition; changes in laws and regulations; uninsurable risks; delays
in governmental and other approvals, community relations; stock market conditions generally; demand,