Western Athabasca Syndicate Extends VTEM Plus Geophysical Coverage and Starts Radiometric Survey for Saskatchewan Uranium Exploration
Cranbrook, British Columbia CANADA, July 23, 2013 /FSC/ - Athabasca Nuclear Corporation (ASC - TSX Venture), ("Athabasca Nuclear") is pleased to announce that the members of the Western Athabasca Syndicate; Athabasca Nuclear Corp. (TSX-V:ASC), Skyharbour (TSX-V:SYH), Noka Resources Inc. (TSX-V:NX) & Lucky Strike Resources Ltd. (TSX-V:LKY) ("the Syndicate") have increased coverage by an additional 720 line kilometers to the 4120 line kilometer VTEM plus time domain geophysical survey on the Western Athabasca Syndicate Project. The additional coverage has been completed and consisted of infill and extension of conductive anomalies and structural features identified by a preliminary review of the geophysical data.
Western Athabasca Syndicate Project Geophysics Coverage Map can be found here: http://www.athabascanuclear.com/projects/western-athabasca-syndicate-project-uranium-gold
The Syndicate is also pleased to announce that the high resolution airborne radiometric survey on the Western Athabasca Syndicate Project has started. The contract was awarded to Goldak Airborne Surveys who will be collecting radiometric data be using a digital acquisition system that is proprietary to Goldak. A total of 4400 line kilometers at 200 meter line spacing will be flown using a 50.4 liter crystal volume detector to locate uranium boulder trains, in-situ uranium mineralization and alteration associated with uranium mineralization systems.
The Syndicate is using Phil Robertshaw (P.Geo., Saskatchewan) to review the VTEM plus and radiometric data and provide detailed interpretation when the surveys are completed.
About the Western Athabasca Syndicate
The Western Athabasca Syndicate is a strategic partnership formed between Skyharbour, Athabasca Nuclear, 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. The Western Athabasca Syndicate Project is strategically located in all directions around Alpha Minerals Inc. (TSX-V: AMW) and Fission Uranium Corp.'s (TSX-V: FCU) Patterson Lake South ("PLS") recent high-grade uranium discovery and adjoins projects being advanced by Fission Uranium Corp., Forum Uranium Corp., Aldrin Resources Corp., NexGen Energy Ltd., Zadar Ventures Ltd., Azincourt Resources Inc. and other regional exploration companies. The project is bisected by the all-weather Highway 955, which runs north through the PLS uranium discovery, being advanced by Fission Uranium Corp. and Alpha Minerals Inc., through to the former Cluff Lake uranium mine.
Under the terms of the Agreement, each of Skyharbour, Athabasca Nuclear, Noka and Lucky Strike will receive an option to earn 25% of the Western Athabasca Syndicate Project by making a series of cash payments, share payments and incurring exploration expenditures totaling $6,000,000 over the two-year earn-in term of the agreement.
Uranium and the Athabasca Basin
The Athabasca Basin of northern Saskatchewan hosts the world's largest and richest high-grade uranium deposits accounting for approximately 20% of global primary uranium supply. Athabasca uranium deposits have grades substantially higher than the world average grade of about 0.1% U3O8. The two dozen or so known uranium deposits within the Athabasca Basin have average grades of more than 3.0% 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 demonstrates the potential for high grade uranium mineralization on the margins of the underexplored 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
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 the press release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/athabasca07232013.pdf
Source: Athabasca Nuclear Corporation. (TSX-V: ASC) http://www.athabascanuclear.com
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