ATHA Energy Provides Update ON 2024 Exploration Program 2024 Exploration Program Highlights & Update to 92 Energy Transaction:
ATHA ENERGY PROVIDES UPDATE ON 2024 EXPLORATION PROGRAM
2024 EXPLORATION PROGRAM HIGHLIGHTS & UPDATE TO 92 ENERGY TRANSACTION:
● ATHA begins the Company’s most significant exploration program to date , targeting Canada’s
most prospective regions for high-grade uranium discovery, including: the Angilak Project in
Nunavut and maturation of ATHA’s tier one exploration portfolio in the Athabasca Basin
● ATHA’s proposed transaction with 92 Energy is expected to close on or about April 11, 2024 , at
which point the development of 92 Energy’s portfolio – including the Gemini Project that is host
to the newly discovered, high-grade GMZ Corridor – will become a primary focus for ATHA’s 2024
exploration program. ATHA will provide a detailed update af ter the close of the transaction with
92 Energy.
● 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
● Latitude Uranium recently completed (September 2023) a diamond drill-based exploration
program comprising a total of 18 holes (5,665 meters) . The 2023 Program focused on
delineation and expansion of the Main Zone within the Lac 50 Deposit , and successfully
achieved all objectives – highlighted by:
o Extension of known mineralization along strike and at depth within the Main Tuff
Horizon, demonstrated by drill hole 23-LC-005 – designed to infill a 100 m gap in historic
drilling – intersected grades of up to 7.54 % U 3O8 over 1.6 m and represents continuity
of high-grade mineralization at depth.
o Discovery of a new lens of uranium mineralization within the Lac 50 Deposit
o Increased understanding of structural controls on uranium mineralization and
identification of similar settings at regional prospective targets
● Angilak Project 2024 Exploration Programs builds upon the work completed by Latitude
Uranium:
o Phase I (diamond drilling): A ~10,000m diamond drilling program is planned to begin June
2024, targeting expansion of the Lac 50 Deposit, which remains open in all directions.
Exploration drilling is also expected to test high-priority targets on parallel structures to
Lac 50 that were previously identified as being prospective to host uranium
mineralization.
o Phase II (geophysics & ground geochemistry): In concert with the Phase I diamond drilling
program, ATHA will also 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.
● Athabasca Basin Exploration: In addition to proposed work on 92 Energy’s portfolio of projects
post transaction with 92 Energy , ATHA is planning to further advance and develop nine of its
wholly-owned high-priority projects within its four Athabasca Exploration District s (North Rim,
Cable Bay, East Rim and West Rim) covering all currently producing, past producing , and
developing uranium mining jurisdictions within the Athabasca Basin – home to the highest grade
uranium deposits and mines globally . The objective of the 2024 Athabasca Basin Exploration
Program is to advance ATHA’s exploration model, generating additional high-priority targets for
future drill programs.
o ATHA plans to employ a combination of EM, Gravity, and Ambient Noise Tomography
(“ANT”) survey types.
o The Athabasca Basin Exploration Program is currently underway and is project ed to
continue through the end of Q3 2024.
Vancouver, British Columbia, March 20th, 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 Exploration
Program. At the 100%-owned Angilak Project in Nunavut, the Company will focus on diamond drilling with
the objective of deposit expansion and discovery. In the Athabasca Basin , the Company will be further
advancing nine of its 100%-owned projects through a combination of ground and airborne geophysical
surveys. The objective of the Athabasca Basin Program is to continue to mature ATHA’s geological
understanding within each of its projects, increasing the probability of discovery and optimise capital
expenditure during future drill campaigns. Additionally, subject to the completion of th e Company’s
proposed scheme of arrangement (the “ Scheme”) with 92 Energy Limited (ASX: 92E) ("92E”),
development of 92 Energy’s projects, such as Gemini, which hosts the recently discovered high-grade GMZ
showing, will be incorporated into the into the Company’s Athabasca Basin Exploration Program. The
Company will provide an update inclusive of drilling plans for the Gemini project, post closing of the
Scheme.
EXPLORATION OUTLOOK
Following ATHA’s recent closing of its acquisition of Latitude Uranium (CSE: LUR ) (“ Latitude”) and
assuming the completion of the Scheme, ATHA expects to have a diversified portfolio of uranium projects
across the exploration risk curve. 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, derisking those targets, and seeking to deliver advanced exploration upside through the
expansion of known uranium deposits and discoveries. With the Company’s recently closed transaction
with Latitude and subject to the completion of the Scheme , ATHA intends to leverage its robust cash
position to pursue a fully-funded growth strategy with focus on:
• Deposit and Discovery Expansion : Historical resource deposits at the Angilak Project and CMB
Discoveries, as well as , subject to the completion of the Scheme, the GMZ Corridor (host to the
Gemini Discovery), remain underexplored and are expected to provide significant resource and
discovery expansion potential on a regional scale . Diamond drilling is planned for both Angilak
and, subject to the completion of the Scheme, Gemini in Summer 2024.
• Advanced Exploration: Drill ready targets on a number of advanced projects owned by ATHA and
92E have identified uranium mineralization, with active geophysical surveys informing future
exploration programs within the Athabasca and Thelon Basins, as well as at the newly acquire d
Angilak Project.
• 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.
ANGILAK PROJECT – NUNAVUT
ATHA is pleased to announce exploration plans for the upcoming 2024 field season at it’s wholly owned
Angilak Project, 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
Figure 1: Plan Map detailing the Angilak Project location within Nunavut1
The 2024 Angilak exploration program will consist of diamond drilling, airborne geophysical surveys, and
surficial sampling and mapping programs, prioritized to expand the footprint of known uranium
mineralization, while also advancing regional exploration targets. Approximately 10,000m of diamond
drilling is planned to be completed during the June to August time frame. Drill targeting will focus on the
Lac 50 Deposit and mineralized corridor, targeting expansion of the deposit footprint both along strike
and down -dip, as well as testing parallel structures which ma y host uranium mineralization. Diamond
drilling will also test additional regional targets that have been identified through past exploration
campaigns – the most recent of which was completed in 2023 by Latitude Uranium (acquired by ATHA).
During Latitude’s most recent exploration program completed in the fall of 2023, the company reported
uranium drill hole intersections with grades of up to 7.54 % U 3O8 over 1.6 m from hole 23-LC-005, which
targeted the Lac 50 Deposit.
ATHABASCA BASIN EXPLORATION PROGRAM
The Company’s 2024 Athabasca Basin Exploration Program is built upon the results from the maiden 2023
campaign, which saw the completion of 17 EM surveys within ATHA’s 3.8 million acres of mineral claims
located in the Athabasca Basin. The objective of the 2024 Exploration program is to further mature nine
high-priority project areas with the use of Airborne and Gr ound geophysical surveys. The surveys will
target each of the Company’s four exploration districts – North Rim, Cable Bay, East Rim , and West Rim
Exploration Districts – which encompass all currently producing, past producing and developing uranium
mining jurisdictions within the Athabasca Basin.
The 2024 Athabasca Basin Exploration Program is already underway and is slated to continue through to
the end of Q3 2024. The Program will deploy seven different airborne and ground survey types, consisting
of: EM, Mag, Gravity, and ANT. The objective of the 2024 Athabasca Basin Program is to further delineate
and refine prospective trends and corridors with in Atha’s high-priority project areas in advance of drill
testing.
Figure 2: ATHA Energy Land Package & Exploration Districts
Troy Boisjoli, CEO added: “ The Company is excited to provide guidance on ATHA’s industry leading
exploration plans . At the recently acquired Angilak Project , ATHA will be leveraging the expansion
potential of one of the highest -grade uranium deposits globally outside of the Basin through a
combination of diamond drilling and geophysics. In the Athabasca Basin, home to the highest -grade
uranium deposits and mines globally, our program will focus on adding to our pipeline of exceptional drill
ready targets. Additionally, we look forward to providing guidance on our exploration plans – inclusive of
diamond drilling – on the Gemini Project which host s the high -grade GMZ discovery. Our objective
through 2024 is to continue to advance and develop our uranium assets within the world ’s most
prospective, highest grade uranium jurisdictions.”
Cliff Revering , VP Exploration added: “ We are very excited to be commencing our 2024 exploration
program on our pro -forma portfolio of diversified uranium projects. ATHA has a unique opportunity to
leverage a strong balance sheet to invest at scale in a large number of early -stage exploration projects,
while also providing significant exploration upside through advancement of our known uranium deposits
and discoveries. The se factors, combined with the strength of our technical team, provides unrivaled
potential for delivering on our objective of defining the next generation of world-class uranium assets.”
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
two 100% -owned post discovery uranium projects (the Ang ilak Deposit 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 largest cumulative prospective exploration land package (6.5 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.1,2,3
For more information visit www.athaenergy.com
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 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 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, 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 the Scheme and ATHA’s proposed exploration program , including statements with respect to the
expected benefits of the Scheme and ATHA’s proposed exploration program timing for closing of the
Scheme and receiving the required regulatory, shareholder and court approvals, stock exchange (including