Western Athabasca Syndicate Updates the Ongoing Winter Exploration Program at the Preston Lake Uranium Property
07 Janeiro 2014 - 11:00AM
Marketwired
Western Athabasca Syndicate Updates the Ongoing Winter Exploration
Program at the Preston Lake Uranium Property
CALGARY, ALBERTA--(Marketwired - Jan 7, 2014) - Athabasca
Nuclear Corp. (TSX-VENTURE:ASC) ("Athabasca Nuclear") is pleased to
provide an update on the ongoing exploration activity at the
Western Athabasca Syndicate's flagship Preston Lake Property (the
"Property"), where Athabasca Nuclear is the Operator. The program
consists of ground gravity and electromagnetic (EM) surveys, as
well as a RadonEx survey (ground and water) for final targeting in
advance of Q1-Q2 drilling.
Preston
Lake Property - Gravity Survey Coverage:
http://www.athabascanuclear.com/sites/default/files/ASC_Gravity_Survey_Targets.pdf
MWH Geo-Surveys Ltd. has been contracted to complete the gravity
survey over seven priority areas identified by the Syndicate's
Technical Committee, based on the extensive 2013 summer/fall field
work. The survey commenced in late November with approximately 50%
of the planned stations having been completed to-date, including
infill over several high-priority anomalies that have just been
identified. Initial interpretation of the gravity data has
successfully delineated gravity low anomalies associated with
previously identified high-potential exploration corridors defined
by structure, magnetic lows, conductors, favorable geology and
geochemistry (elevated radon-in-water and lake sediment sample
values).
The gravity survey is anticipated to be completed by the third
week of January with the RadonEx survey starting around January
17th. Drilling is expected to commence in March 2014.
Gravity is a powerful and economic tool of exploration for
uranium in the Athabasca Basin. Hydrothermal fluids associated with
high grade uranium deposits will cause extensive alteration of the
host rock, resulting in displacement and removal of
minerals/elements, creating porosity and subsequent density
contrast. This density contrast will be expressed as a gravity low
anomaly and is a prime drill target when qualified by other
coincident indicators of uranium mineralization such as
geochemistry and radon. The Syndicate will further refine these
gravity low targets by RadonEx and EM surveys in advance of
drilling.
About the Preston Lake Property:
The 246,643 hectare Preston Lake Property is the largest land
package proximal to the Patterson Lake South (PLS) high-grade
uranium discovery, owned by Fission Uranium Corp. The Syndicate
continues to employ a systematic, proven exploration methodology
that has led to numerous uranium discoveries in the region and
throughout the Athabasca Basin. This has been very effective with
the summer program yielding numerous high-quality targets with
similar geological features and exploratory indicators also present
at the nearby PLS discovery. Management cautions,
mineralization present on proximal properties is not necessarily
indicative of mineralization on the Syndicate's Property.
Preston
Lake Property Map:
http://www.athabascanuclear.com/sites/default/files/WASP_tenure_sept2013.pdf
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 (TSX-VENTURE:ASC) is a junior
uranium exploration company focused on the exploration and
advancement of its significant uranium portfolio in Saskatchewan
including the Preston Lake, Patterson Lake East, Botham Lake, Parry
Lake, Martin River, Karras River and Spring uranium projects. For
more information on each of these projects, please visit
www.AthabascaNuclear.com.
Athabasca Nuclear is the Operator of the Western Athabasca
Syndicate, a strategic partnership formed between Athabasca Nuclear
Corporation, Skyharbour Resources Ltd., Noka Resources Inc. and
Lucky Strike Resources Ltd. to explore and develop a 287,130
hectare (709,513 acre) package of uranium properties which is the
largest land position along the highly prospective margin of the
Western Athabasca Basin controlled by a single group (the "Preston
Lake Project"). 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 Partnership 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 favorable 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.
Signed,
Charles C. (Chuck) Downie, President and CEO
Forward-Looking
Statements
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 expected or forecast in such 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.
Athabasca Nuclear CorporationRyan Kalt, LL.M.,
M.B.A.Chairman403-470-3265ryan.kalt@athabascanuclear.comwww.athabascanuclear.com
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