Western Athabasca Syndicate Completes VTEM and Radiometric Surveys with Field Work to Commence Immediately at its Saskatchewan Uranium Properties
Cranbrook, British Columbia CANADA, August 08, 2013 /FSC/ - Athabasca Nuclear Corporation (ASC - TSX Venture), is pleased to announce that the members of the Western Athabasca Syndicate; Athabasca Nuclear Corp. (TSX-V: ASC), Skyharbour Resources Ltd. (TSX-V: SYH), Noka Resources Inc. (TSX-V: NX) and Lucky Strike Resources Ltd. (TSX-V: LKY) ("the Syndicate") have completed large-scale VTEM plus and radiometric geophysical surveys on the Western Athabasca Syndicate Project located near Alpha Minerals' (TSX-V: AMW) and Fission Uranium's (TSX-V: FCU) Patterson Lake South ("PLS") uranium discovery. The original airborne coverage was expanded to provide for the infill and extension of conductive anomalies and structural features identified by a preliminary review of the geophysical data. Based on this initial encouraging data, the Syndicate has elected to immediately commence the second phase of its summer program consisting of follow-up field work and ground-truthing of geophysical targets.
Western Athabasca Syndicate Project Claims Map: http://www.athabascanuclear.com/sites/default/files/Western_Basin_Syndicate_700000.pdf
Completion of Regional Airborne Geophysical Survey
A total of 4,840 line kilometres was flown for the VTEM plus time domain survey with an additional 4,400 line kilometres flown for the radiometric survey all of which was on the Syndicate's Preston Lake Property. The VTEM plus system has been used successfully to locate basement conductors similar to the structures that host the high-grade uranium discoveries at the nearby PLS project. The high resolution radiometric survey was flown to locate uranium boulder trains, in-situ uranium mineralization and alteration associated with uranium mineralization which is what ultimately led to the PLS discovery by Alpha and Fission. Phil Robertshaw (P.Geo., Saskatchewan) is reviewing the collected data and will be providing detailed interpretation of the VTEM plus and radiometric surveys shortly.
Western Athabasca Syndicate Airborne Survey Coverage:
http://www.athabascanuclear.com/sites/default/files/Geophysics_coverage_mid.pdf
The areas flown include two blocks in the northern part of the Preston Lake Property. The Preston Lake South block is contiguous with Fission Uranium and NexGen Energy and includes a large area of partially exposed pre-Cambrian shield rocks. The Preston Lake West block claims are contiguous with claims controlled by Aldrin Resources and Forum Uranium. The claims are underlain by Phanerozoic rocks (limestone and sandstone) similar to the PLS discovery area. At Fission and Alpha's PLS high-grade discovery it is interpreted that the uranium has been mobilized along the fault zones and has been concentrated in the sandstone under the limestone. A review of historic data on the Preston Lake Property has identified a sample collected by the Geological Survey of Canada which returned a value of 5.4 ppm U3O8, considered to be significant in an area with a background uranium value of 1 ppm U3O8. This high U3O8 value may indicate either the down-ice glacial transport of uranium boulders from source or an in-situ source of uranium. For comparison, the highest value down-ice from the PLS discovery is 3.2 ppm U3O8. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Western Athabasca Syndicate Project.
Commencement of Field Program at Preston Lake Property
The initial data and results from the airborne surveys have led the Syndicate to expedite the planned summer field program with a number of high-priority targets at the Preston Lake Property being the focus of the work. A sophisticated targeting matrix is being used to further identify and prioritize areas for ground-based follow-up. Field work will include ground-truthing of high-priority geophysical targets using water and soil radon sampling, biogeochemistry, geochemical lake sediment and soil sampling, prospecting, and scintillometer surveying. The Syndicate will employ a systematic, proven and cost-efficient exploration methodology that has led to numerous uranium discoveries in the region and throughout the Athabasca Basin. By the end of this summer's field program, a total of $1.5 million will be spent in exploration on the project between airborne geophysical surveys and follow-up ground work.
"The $1.5 million in expenditures represents one of the larger grassroots exploration programs in the Athabasca Basin in 2013 and demonstrates the ability of the syndicate model in bringing large scale financial support to an early stage project. This level of funding will allow the Syndicate to effectively evaluate the Preston Lake Property on a regional scale and generate property scale targets for detailed ground follow-up this year. Athabasca is very pleased with the commitment from our partners and are excited to be in a position to advance this project so rapidly" stated Athabasca CEO Chuck Downie.
About the Western Athabasca Syndicate
The Western Athabasca Syndicate is a strategic partnership formed between Athabasca Nuclear, Skyharbour, Lucky Strike and Noka to explore and develop a 287,130 hectare (709,513 acre) uranium project base (the "Western Athabasca Syndicate Project") that is the largest mineral claim position along the highly prospective margin of the Western Athabasca Basin controlled by a single group. Under the terms of the agreement, each of the four companies has an option to earn 25% of the five uranium properties comprising the Western Athabasca Syndicate Project by making a series of cash payments, share payments and incurring their pro-rata amount of the total $6,000,000 in exploration expenditures over the two-year earn-in term of the agreement. The properties were acquired for their proximity to the PLS discovery and interpreted favourable geology for the occurrence of PLS style uranium mineralization. The bulk of the Syndicate land package is bisected by all-weather Highway 955 which runs north through the PLS discovery on to the former Cluff Lake uranium mine.
Uranium and the Athabasca Basin
The Athabasca Basin of northern Saskatchewan hosts the world's largest and richest high-grade uranium deposits accounting for just under 20% of global primary uranium supply. Athabasca uranium deposits have grades substantially higher than the world average grade of about 0.1% U3O8. The Patterson Lake area has received escalating exploration attention and claim acquisition activity as a result of the new, shallow discoveries made by Alpha and Fission which includes the recently reported drill interval of 6.26% U3O8 over 49.5 metres in drill hole PLS 13-053. This mineralized zone is located approximately 400 metres to the northeast of discovery hole PLS 12-024 which returned 2.49% U3O8 over 12.5 metres. Consistent high grade, near surface U3O8 assays from Alpha and Fission demonstrate the potential for high grade uranium mineralization on the margins of the western side of the Athabasca Basin. There are still areas in the Athabasca region that are highly prospective and underexplored for high grade uranium as illustrated by Alpha's and Fission's recent discovery.
Qualified Person
Athabasca Nuclear President and CEO, Charles C. (Chuck) Downie, P.Geo., is the Qualified Person as defined by National Instrument 43-101 and has approved the technical information in this release.
About Athabasca Nuclear Corporation
Athabasca Nuclear Corporation (TSXV:ASC) is focused on the exploration and advancement of its significant Saskatchewan uranium projects. In additional to capital on-hand, Athabasca recently completed a $600,000 financing and is in a position to fund its 2013 work programs in the Athabasca Basin.
The Company also controls the past-producing Yellowjacket Gold Project, a gold exploration property located approx. 9 km east of Atlin, British Columbia and accessible by an all-season road. The Yellowjacket Gold Project holds a British Columbia Mines Act permit for an open-pit gold mine and onsite 400 tpd mill and concentrator, processing up to 75,000 tons per year. The permit contemplates a 7-9 year mine life from a series of open pits entirely within an area of disturbed placer workings.
Signed,
"Charles C. Downie" P.Geo.
President and CEO
Athabasca Nuclear Corporation
For further information, please contact Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@athabascanuclear.com or visit http://www.athabascanuclear.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, the ability to reach a definitive agreement and results derived from such resulting alliance, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
To view this press release as a PDF, please click on the following link:
http://www.usetdas.com/pr/athabasca08082013.pdf
Source: Athabasca Nuclear Corporation. (TSX-V: ASC) http://www.athabascanuclear.com
Maximum News Dissemination by FSCwire. http://www.fscwire.com