ATHA Energy Discovers High-Priority Electromagnetic Target Coincident with 11.3% U308 Boulder Sample North Beacon and North Crest Project Highlights
ATHA ENERGY DISCOVERS HIGH-PRIORITY ELECTROMAGNETIC TARGET COINCIDENT WITH
11.3% U308 BOULDER SAMPLE
NORTH BEACON AND NORTH CREST PROJECT HIGHLIGHTS
● Uriniferous boulder train discovered on the North Beacon Project – with grades of up to 11.3%
U3O8 – analysis of the boulder train ice direction show they are likely derived from a source
coincident with the Snowbird Tectonic Zone, on the Crest Project.
● Geotech’s ZTEM and Mag survey was successfully deployed at the North Beacon and North Crest
Projects, with a total of 6,905-line km flown.
● The North Beacon Project is located approximately 34 km southwest of the past producing Nisto
Mine, near Black Lake and within 18 km to the east of the Fond Du Lac uranium showing, while
the North Crest Project is situated 16 km along -trend to the southwes t of the Nisto Mine . High
prospectivity was discovered at each of the North Beacon Project and North Crest Project:
o The North Beacon Project hosts two locations where uranium mineralization has been
discovered.
o The North Crest hosts three locations where uranium mineralization has been discovered.
o Additional uranium showings have been identified on untested structures that extend on
to the properties of both Projects, highlighted by a uranium showing that returned 3552
ppm U308 in drillhole BL -02 below the unconformity, which is located 10 km from the
North Beacon Project and 7 km from the North Crest Project.
● Numerous conductors with interpreted cross -cutting structures were identified across both
Projects, with these types of general structures capable of acting a s traps for uranium
mineralization:
o At the North Beacon Project, the survey identified 88 km of prospective conductors that
are associated with sympathetic structures related to the Grease River Shear Zone and
the Snowbird Tectonic Zone.
o At the North Crest Project, the survey identified 34 km of prospective conductors that are
associated with sympathetic structures related to the Snowbird Tectonic Zone.
o The survey results indicate that both Projects are prospective for hosting Unconformity
and Basement styles of uranium mineralization.
Vancouver, British Columbia , January 31, 2024 – ATHA Energy Corp. (CSE: 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 results from its large -scale
electromagnetic (“ EM”) surveys at its 100% -owned North Beacon Project and North Crest Project
(together, the “ Projects”). The Project s are located in Saskatchewan’s Athabasca Basin, within the
Company’s North Rim Exploration District (the “North Rim Exploration District”).
EXPLORATION OUTLOOK
ATHA’s recently announced acquisition of Latitude Uranium (CSE: LUR ) (“ Latitude”) and 92 Energy
(OTCQB: NTELF) (“92E”) is expected to provide the pro-forma company with a newly diversified portfolio
of uranium projects across the exploration risk curve on top of a strong balance sheet to sufficiently
capitalize its exploration-at-scale strategy. Going forward, ATHA’s exploration approach is designed with
the intention of providing maximum exploration exposure by investing at scale in a large number of early-
stage projects, while also seeking to deliver advanced exploration upside through the expansion of known
uranium deposits and discoveries. Subject to the completion of ATHA’s acquisition transactions with 92E
and Latitude, ATHA intends to leverage its for ecasted $65 million pro-forma cash position to pursue a
fully-funded growth strategy with focus on:
• Deposit and Discovery Expansion : Historical resource deposits at the Angilak Deposit and CMB
Discoveries, as well as the GMZ Corridor (host to Gemini Discovery) remain underexplored and is
expected to provide significant resource and discovery expansion potential on a regional scale.
• Advanced Exploration: Drill ready targets on a number of advanced projects owned by Latitude
and 92E have identified uranium mineralization, with active geophysical surveys informing future
exploration program decisions by ATHA.
• Greenfield Exploration: Pro-forma land position of 7.1 million acres across some of the highest -
grade uranium districts in the world provide ATHA with a robust pipeline of early -stage projects
that are currently undergoing geophysical and geochemical analysis.
GREENFIELD EXPLORATION PROGRAM
The completed surveys at the North Beacon and North Crest Projects are part of the Company’s maiden
2023 greenfield exploration program, which comprises a total of seventeen EM surveys being conducted
across ATHA’s current 3.8-million-acre exploration portfolio in the Athabasca Basin . To date, full results
have been received and processed from seven of seventeen project areas, resulting in over 377 km of
conductive lineaments and the definition of 2 8 prospective targets that have now been identified across
the North Rim, East Rim, and Cable Bay exploration districts. The results from today’s announcement
represent three of those prospective targets, coincident with uranium mineralization. Additional EM
surveys on the remaining twelve 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. The remaining portion of the first phase of A THA’s greenfield strategy in the
Athabasca Basin 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
Doug Adams, VP Exploration added: “In 2023, ATHA set out to evaluate an industry-leading land position
and with a strategy in place to advance 17 projects and 3.4 million acres , ATHA continues to generate
high-priority targets in the world’s leading uranium district. Historic showings in the area have identified
anomalous surface geochemistry coincident with the mag netic lows and conductive highs in the ZTEM.
These results have elevated North Beacon and North Crest to be high -tier targets for immediate follow -
up exploration. A gravity survey has been scheduled in Q1 of 2024 to further evaluate the 122 km of
conductive lineaments.”
NORTH RIM EXPLORATION PROGRAM
Historic exploration at the North Rim began in the early to mid 1900’s with production ending at mines
located near Uranium City once the Eldorado mining and milling facility closed in the early 1980’s.
Uranium in the Beaverlodge Mining District is structurally controlled with mineralization found in vein -
filled fractures, breccias, and faults. The North Rim District remains highly prospective and is vastly under
explored with modern exploration techniques. Furthermore, mining method innov ation, proximity t o
surface, and the presence of existing infrastructure contribute to the prospectivity of this district.
The North Rim District’s exploration program covers a total of 688,268 acres of 100% ATHA owned claims
using a combination of Xcite TDEM, ZTEM, MMT, and QMAGt survey types. The objective of the EM
program is to identify prospective conductive units such as graphitic sheers and mapping of lithological
contacts, which will then be targeted for further investigation. The graphitic sheers are typically formed
in pelitic host rock which are known traps for uranium mineralization in the Athabasca Basin.
The North Beacon Project is comprised of 16 mineral claims, totalling 78,435 hectares, positioned in the
structural wedge created by the ENE trending Grease River Shear Zone and the northeast trending
Snowbird Tectonic Zone. Historic exploration drilling completed in 1967 on the eastern extent of the North
Beacon Project intersected anomalous uranium within boulders in the overburden. Unfortunately, drilling
did not progress deep enough – approximately 200 m in the North to approximately 800 m in the south –
to intersect the unconformity.
The North Crest Project is comprised of 4 mineral claims, totalling 17,797 Hectares that cut across the
Snowbird Tectonic Zone, approximately 18 km south of Nisto Mine. Notably, Cameco’s Centennial Deposit
is an off -conductor deposit of 60MM lbs hanging wall from the conductive corridor of the Snowbird
Tectonic Zone and is located 172 km south of North Crest Project. In 2008, exploration on the North Crest
Project included four diamond drill holes targeting the southeast margin of the Snowbird Tectonic Zone,
in an area similar to the Centennial discovery hole. The upper 100 -300 meters of drilling intersected
anomalous geochemistry and prospective alteration associated with brittle and brecciated structures that
is often indicative of proximal uranium mineralization.
The recently completed EM surveys at North Beacon, North Crest, North Terra, North Pinnacle Projects,
and North Valour-East along with the currently ongoing surveys at North Valour-West, and North Summit,
notably represent the first modern exploration work on the projects in fifteen years.
Figure 2: Initial Survey Results Over North Rim Exploration District
TRANSACTION UPDATE
On December 7, 2023, ATHA entered into a definitive arrangement agreement with Latitude Uranium
pursuant to which ATHA proposes to acquire all of the issued and outstanding shares of Latitude by way
of a court-approved plan of arrangement under the Business Corporations Act (Ontario) and entered into
a binding scheme of implementation deed with 92 Energy Limited pursuant to which ATHA proposes to
acquire all of the issued and outstanding fully paid ordinary shares of 92E by way of a scheme of
arrangement pursuant to Part 5.1 of the Au stralian Corporations Act 2001 (Cth). The ATHA transactions
with Latitude and 92E are expected to respectively close in Q1 2024 and Q2 2024.
In connection with the announced transactions, on December 28, 2023 ATHA completed an upsized $23.5
million private placement of charitable federal flow -through common shares ($13.1 million), charitable
Saskatchewan flow-through common shares ($6.4 million), and subscription receipts ($4.0 million), with
such subscription receipts automatically convertible for one ATHA common share upon closing of the
acquisition of Latitude. Upon closing of the transactions, ATHA will become the holder of an unparalleled
portfolio of premier uranium assets in a number of the most desirable uranium districts in the world. The
portfolio includes 7.1 million acres across three jurisdictions, the high-grade GMZ discovery, and the high-
grade Angilak project containing a historic resource of 43.3 million lbs at 0.69% U3O8.1
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 each of the
Athabasca Basin and Thelon Basin, two of the world’s most prominent basins for uranium discoveries,
with 6.4 million total acres along with a 10% carried interest portfolio of claims in the Athabasca Basin
operated by NexGen Energy Ltd. (TSX: NXE) and Iso Energy Ltd. (TSX‐V: ISO).
For more information visit www.athaenergy.com
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: [email protected]
1-306-460-5353
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. 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 any of the Partie s to be current. In each instance, the reliability 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 none of ATHA, Latitude or 92E are 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. Reported by ValOre Metals Corp. in 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.
h. As disclosed in the above noted technical report, the historic 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
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, whic h 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
of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019).
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”, “would”, “might”
or “will be taken”, “occur” or “be achieved”. These forward-looking statements or information may relate
to the Transaction s, including statements with respect to the expected benefits of the Transactions to
ATHA, the ATHA shareholders, the anticipated composition of the Company Board, the anticipated mailing
of the 92E scheme booklet, ATHA Circular and Latitude Circular and t he date of the 92E Meeting, ATHA
Meeting and Latitude Meeting, timing for closing of the Transactions and receiving the required
regulatory, ATHA shareholders, 92E Shareholders, Latitude Shareholders and court approvals, stock
exchange (including the CSE a nd ASX) and other approvals, the ability of ATHA, Latitude and 92E to
successfully close the Transactions, the terms and closing of the Offering, the incurrence and renunciation
of Qualifying Expenditures by ATHA, and the participation therein by any Key I nvestors on the timing and
terms described herein, or at all, the filing of materials on SEDAR+, the successful integration of the
businesses of ATHA, Latitude and 92E, the prospects of each companies’ respective projects, including
mineral resources estimates and mineralization of each project, and any expectations with respect to
defining mineral resources or mineral reserves on any of ATHA’s, Latitude’s and 92E’s projects, the
anticipated makeup of the Company Board and management, 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 regarding the Company following completion of the
Transactions, tha t the anticipated benefits of the Transactions will be realized, completion of the
Transactions, including receipt of required shareholder, regulatory, court and stock exchange approvals,
the ability of ATHA, 92E and Latitude to satisfy, in a timely manner , the other conditions to the closing of
the Transactions, other expectations and assumptions concerning the Transactions, the ability of ATHA,
92E and Latitude to complete its exploration activities as currently expected, and that general business
and economic conditions will not change in a material adverse manner. Although each of ATHA, 92E and
Latitude 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 su ch
statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current views of ATHA, 92E and Latitude with respect to future events and
are necessarily based upon a number of assumptions and estimates that, while considered reasonable by
ATHA, 92E and Latitude, 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, 92E and Latitude to complete the Transactions and the Offeri ng, a material
adverse change in the timing of any completion and the terms and conditions upon which the Transactions
is completed; inability to satisfy or waive all conditions to closing the Transactions as set out in the 92E SID
and Latitude Arrangement Agreement; 92E Shareholders not approving the 92E Scheme; Latitude
Shareholders not approving the Latitude Arrangement; ATHA shareholders not approving the ATHA
Transactions Resolution and the alterations to the Company Board; the inability of ATHA to com plete the
Offering; failure by the Key Investors to participate in the Offering as expected; the inability of ATHA to
obtain the requisite shareholder approval to consummate the Transactions (as applicable); the CSE not
providing approval to the Transactio ns and all required matters related thereto; the inability of the
consolidated entity to realize the benefits anticipated from the Transactions and the timing to realize such
benefits, including the exploration and drilling targets described herein or else where; unanticipated
changes in market price for ATHA Shares, 92E Shares and/or Latitude Shares; changes to ATHA’s, 92E’s
and/or Latitude’s current and future business and exploration plans and the strategic alternatives
available thereto; growth prospects and outlook of the business of each of ATHA, 92E and Latitude;
treatment of the Transactions under applicable competition laws and the Investment Canada Act;
regulatory determinations and delays; any impacts of COVID-19 on the business of the consolidated entity
and the ability to advance the Company projects; stock market conditions generally; demand, supply and
pricing for uranium; and general economic and political conditions in Canada, Australia and other
jurisdictions where the applicable party conducts business. Other factors which could materially affect such
forward-looking information are described in the filings of ATHA and Latitude with the Canadian securities
regulators which are available, respectively, on each of ATHA’s and Latitude’s profiles on SEDAR+ at
www.sedarplus.ca and filings of 92E with the Australian regulatory authorities. None of ATHA, 92E or
Latitude undertake to update any forward -looking information, except in accordance with applicable
securities laws.