ATHA Energy To Drill 8,000 Metres At Gemini Under Three Phase Program

FULL DISCLOSURE: This is sponsored content for ATHA Energy.

Just hours after announcing the successful closing of the acquisition of 92 Energy, ATHA Energy (TSXV: SASK) has released its exploration plans for the Gemini project.

Found 31 kilometres to the northeast of the Key Lake Mine operated by Cameco, Gemini was the flagship project of 92 Energy. The project sits on the southeastern margins of the Athabasca Basin, hosting the Gemini mineralized zone, which is a shallow basement hosted high-grade discovery.

The discovery was identified following drilling between 2021 and 2023, with highlights including 43.0 metres grading 0.62% U3O8, including 18.0 metres of 1.16% U3O8 in hole GEM22-025, and 5.0 metres of 1.47% U3O8, including 1.5 metres of 4.69% U3O8 in hole GEM23-061. Hole GEM23-061 also had a separate intersect of 0.5 metres of 9.66% U3O8.

Gemini is currently said to be analogous to the Rabbit Lake Trend, based on the interpreted structural control of mineralization, as well as the visual scale and nature of hydrothermal alteration among other comparisons. The Rabbit Lake Trend notably produced 203 million pounds of uranium concentrate.

Exploration plans

Exploration at Gemini is set to consist of a three phase program in 2024, which is to build upon work already completed by 92 Energy. The first phase, which is already ongoing, is to focus on geophysics. A ground gravity survey was completed on the project in February, which identified the continuation of alteration associated with the Gemini discovery, as well as five large scale gravity anomalies on parallel conductors.

The geophysics stage is to also include an ambient noise tomography survey, which commenced this month.

Phase two under the program, which is also said to be currently ongoing, is target development and diamond drilling optimization. The first component of the program consists of data compilation, which will result in the creation of a 3D model of the deposit based on data previously collected from the property, including a structural study that is underway. ATHA will then use a machine learning process to assist with target selection under the second component of the phase.

READ: ATHA Energy Reveals 2024 Exploration Plans, Including 10,000+ Metres Of Drilling

The final phase consists of drill testing the property, which is targeted to begin midway through the third quarter. The program, currently sized at 8,000 metres, will see 4,000 metres focused on testing the discovery to expand the footprint, while the other half of the program will focus on high-priority regional targets.

When combined with previously announced exploration plans for ATHA’s assets in Nunavut and across the Athabasca Basin, the 2024 exploration program is said to be one of the largest uranium focused exploration programs globally.

“ATHA’s 2024 Exploration Programs focus on development and discovery across its unparalleled portfolio of uranium projects. Our plans for 2024 are designed to execute on the Company’s core objective, to discover and develop Canada’s next generation of uranium assets, under the backdrop of the best emerging uranium market ever,” commented CEO Troy Boisjoli.

92 Energy acquisition

The release of the exploration plans for the Gemini project follows ATHA last night closing on its acquisition of 92 Energy. The acquisition, initially announced as part of a three way transaction that also saw ATHA acquire Latitude Uranium, saw 92 Energy shareholders receive shares of ATHA in exchange for their stake in 92 Energy.

READ: Anfield, ATHA Energy Added To Uranium Mining Index

The exchange ratio saw 92 Energy shareholders receive 0.5834 ATHA shares for each share held. In total, 64.1 million shares of ATHA were issued to complete the transaction.

ATHA Energy last traded at $0.82 on the TSX Venture.


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.

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