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ATHA Energy Announces Proposed Option Agreements with Terra Uranium for Spire, Horizon, and Pasfield Projects
VANCOUVER, British Columbia, Aug. 20, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. (TSXV: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA”) is pleased to announce that it
About this update from Atha Energy Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 20, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. (TSXV: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA”) is pleased to announce that it has entered into a non-binding letter of intent (the “LOI”) with Terra Uranium Ltd. (ASX: T92) (“T92”), whereby the parties will work to negotiate a definitive option and joint venture agreement for T92 to earn an option to acquire a 70% interest in ATHA’s Spire and Horizon properties (together, the “Spire Horizon Projects”) and a definitive option and joint venture agreement for ATHA to earn an option to acquire up to a 60% interest in T92’s Pasfield Lake property (the “Pasfield Project”). SPIRE HORIZON PROJECTS The Spire Horizon Projects are comprised of 12 mineral claims totalling 60,965 hectares, located on the eastern rim of the Athabasca Basin, Saskatchewan, within the Company’s East Rim Exploration District (Figure 1). The properties are situated within the Needle Falls Shear Zone (“NFSZ”), where associated cross cutting regional scale tabernor fault – known for hosting uranium mineralization – have been identified. The Spire Horizon Projects are highly prospective for uranium exploration with numerous uraniferous boulders and outcrops, associated with NFSZ, have been discovered (Figure 2). Recent exploration activities in the area include ATHA’s Gemini Project, which contains the shallow basement-hosted, high-grade uranium GMZ discovery. In addition to uranium prospectivity, high-grade copper showings in outcrops have been identified, along with anomalous copper returned from testing of lake sediments. During ATHA’s maiden 2023 Exploration Program, the Company completed electromagnetic (“EM”) surveys utilizing Xcite’s MobileMT (MMT) & Mag system, as well as Geotech’s VTEM-max system. Those surveys identified approximately 144 km of cumulative conductors, associated with the NFSZ and regional cross-cutting structures. These results demonstrate that the Spire Horizon Projects have a high concentration of shallow prospective exploration targets for discovery of uranium mineralization. Figure 1: ATHA Energy – Mineral claims Athabasca Basin Figure 2: Spire Horizon Project (ATHA Energy Corp) PASFIELD LAKE PROJECT The Pasfield Project is comprised of 16 mineral claims totalling 68,768 hectares, located within the Athabasca Basin, Saskatchewan (Figure 3). The Pasfiel...