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Athabasca Nuclear Corp. to Acquire High-Grade Lithium Spodumene Assets
Vancouver, British Columbia (FSCwire) - Athabasca Nuclear Corporation (TSX-V: ASC) ( “ASC” or the “Corporation”) is pleased to announce that it has entered into
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[{"type":"text","content":"Vancouver, British Columbia (FSCwire) - Athabasca Nuclear Corporation (TSX-V: ASC) ( “ASC” or the “Corporation”) is pleased to announce that it has entered into a binding letter of intent with North Arrow Minerals Inc. (TSX-V:NAR) (“North Arrow”) to acquire the Torp Lake and Phoenix claims which host the McAvoy, Big Bird and Curlew lithium pegmatite bodies. “Today’s announcement represents an exciting and fundamental step forward for ASC’s lithium portfolio. In one step, we advance from lithium exploration assets to now also becoming a company that will own several established lithium pegmatite discoveries. In particular, delineation drilling on the lithium-rich, spodumene-bearing McAvoy pegmatite located on the Torp Lake claims will be a priority for ASC. I would also like to take a moment to welcome North Arrow, a company well-recognized for their technical strength, as a shareholder of ASC and express our appreciation for their confidence in our ability to build one of Canada’s leading lithium exploration companies,” stated Ryan Kalt, Chief Executive Officer of ASC. In addition to the McAvoy, Big Bird and Curlew lithium pegmatites, the Torp Lake and Phoenix claims also provide a robust exploration environment and scale for the discovery of further lithium pegmatite bodies. More information about the Torp Lake and Phoenix claims is contained further down within this news release or by visiting www.spodumene.ca. About Torp Lake The Torp Lake claim being acquired from North Arrow shall comprise ASC’s Torp Lake Project, covering 1,003 ha and located only 35km from tidewater in the north Slave region of Nunavut. The Torp Lake Project hosts the McAvoy lithium-rich pegmatite. For a map of the Torp Lake Project area, please view: http://www.athabascanuclear.com/wp-content/uploads/2016/05/torp_lake_lithium_spodumene_pegmatite_map.jp Past channel sampling work on this spodumene bearing pegmatite has returned 6.0 m grading 4.5% Li2O and 7.0 m grading 3.3% Li2O. The channels were located 78 m apart and orientated perpendicular to the north-south strike of the pegmatite. Lithium is contained in the mineral spodumene, high concentrations of which are observable within the McAvoy pegmatite over a 110m strike length with widths of 10m to 15m. Testing the down dip and additional along-strike potential of the McAvoy pegmatite will require a pr...