FULL DISCLOSURE: This is sponsored content for ATHA Energy.
Further results have been released by ATHA Energy (CSE: SASK) in relation to its large-scale electromagnetic survey conducted across its assets in the Athabasca Basin. The latest results are focused on the North Valour-East project, found within the North Rim Exploration District.
The survey saw a total of 2,569 line kilometres flown in the form of both MobileMT and Mag surveys, which identified several conductors with cross-cutting structures related to the Black Bay Fault, which are capable of hosting both Beaverlodge and Basement style uranium deposits.
A total of 24 kilometres of high priority conductive lineaments were identified within the project area. Uranium mineralization meanwhile has been discovered at 12 separate locations at the Valour project area, with additional showings existing within kilometres of North Valour. Those showings are said to have tested as high as 27% U3O8 within historic surface grab samples, and are associated with an untested fault that extends to North Valour.
“We are highly encouraged with the success of our maiden exploration program to date, while in the midst of further solidifying ATHA’s asset portfolio as one of the most exciting in the uranium industry. Today’s news compliments the transformational transaction recently announced with 92 Energy and Latitude Uranium. Upon transactions completion ATHA offers substantive uranium exploration exposure across an unparalleled exploration portfolio. This comes at a time when the world is now entering what is anticipated to be an unprecedented upswing in the uranium cycle – one we feel is just the beginning,” commented CEO Troy Boisjoli.
The massive survey exploration program conducted by ATHA amounts to a total of seventeen EM surveys, of which results from just five have been received and processed. To date, 291 kilometres of conductive lineaments and 25 prospective targets have been identified, with six of those prospective targets located within the North Valour-East project.
In terms of an exploration outlook, ATHA Energy has identified that it now has a strong balance sheet “to sufficiently capitalize its exploration-at-scale strategy.” The company intends to provide maximum exploration exposure by investing at scale in several early stage projects.
Post-completion of the merger with Latitude Uranium and 92 Energy, the company intends to leverage its balance sheet to focus on the Angilak Deposit and CMB Discoveries, which remain underexplored and provide resource and discovery expansion potential, while focusing on greenfield exploration of its 7.1 million acres in land claims, and advanced exploration at drill ready targets on a number of projects owned by Latitude and 92E.
Post-merger, ATHA is anticipate to have a balance sheet featuring $65 million in cash, following the closing of an upsized financing in December for $23.5 million in gross proceeds.
ATHA Energy last traded at $1.28 on the CSE.
FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
