Athabasca Nuclear Corporation: Elevated Radioactivity Discovered at Swoosh Target by Western Athabasca Syndicate
15 Abril 2014 - 4:01AM
Marketwired
Athabasca Nuclear Corporation: Elevated Radioactivity Discovered at
Swoosh Target by Western Athabasca Syndicate
CALGARY, ALBERTA--(Marketwired - Apr 15, 2014) - Athabasca
Nuclear Corporation (TSX-VENTURE:ASC) ("Athabasca Nuclear" or the
"Corporation") is pleased to announce an update on its first-phase
diamond drill program at the Preston Uranium Property (the
"Property") in the southwest Athabasca Basin. The Western Athabasca
Syndicate (the "Syndicate"), of which Athabasca Nuclear is the
Operator (the "Operator"), has drilled five holes to-date for a
total of 986 meters, with additional meters planned by way of an
expanded program.
Athabasca Nuclear reports that all five of the holes have
intersected a broad hydrothermally altered and reactivated
structural zone. Three of the first five holes at the Swoosh target
have intersected zones of elevated radioactivity, as defined by a
downhole gamma probe, with the best results to-date occurring in
hole PN14003 which contained several radioactive intervals; the
most notable of which was 802 counts per second (cps) over 1.95
meters from 186.68 to 188.63 meters down-hole in a background of 80
to 100 cps. The initial three holes also intersected multiple
graphitic units within sheared and altered basement lithologies.
The alteration commonly consists of pervasive chlorite, hematite
and clay development; features which are associated with uranium
mineralization in the Athabasca Basin. A review of final assays and
geochemistry will be carried out upon receipt of results expected
in May.
The Syndicate's Technical Team considers the findings of its
early-stage inaugural drill program to be a significant
breakthrough in efforts to locate shallow uranium mineralization on
the Property, and have decided to expand the initial drill plan at
the Swoosh target as a result. Subsequent to the initial findings,
the Syndicate has decided to both increase the budget as well as
expand the testing of the Swoosh target. The additional drilling on
this target will continue until late-April. Drilling is planned to
recommence in early to mid-May after breakup to drill test the CHA
and Fin South targets referenced by way of news release dated March
17, 2014. Athabasca Nuclear cautions that mineralization
present elsewhere in the Athabasca Basin is not necessarily
indicative of mineralization on the Syndicate's Property.
The initial five drill holes tested the Swoosh target, a
six-kilometer long corridor comprised of geophysically anomalous
areas as defined by gravity, magnetic and EM surveys, coincident
with surficial geochemical anomalies. Four holes were completed
down to depths of between 200 and 275 meters while the fifth hole
was abandoned due to poor drilling conditions. Overburden depth
varies from 4 to 38 meters and immediately overlies basement
rock.
Swoosh Drill
Target Map:
http://www.athabascanuclear.com/wp-content/uploads/2014/03/ASC_Swoosh_Drill_Target_Map_with_RadonEx_Faults.pdf
All holes were angle holes, drilled at -45 to -50 degrees.
They were radiometrically surveyed using a RS-230 gamma-ray
spectrometer, and a Mount Sopris 2PGA-1000 downhole natural gamma
probe. Natural gamma radiation in drill core reported in this news
release was measured in counts per second (cps). All intersections
are downhole and core interval measurements and true thicknesses
are yet to be determined. The reader is cautioned that a total
counts gamma probe reading is the result of natural gamma radiation
that may come from various sources including cosmic radiation,
thorium, potassium and uranium and its radioactive decay products.
CPS values cannot be certain to correlate with uranium grades of
the rock but are a general guide of the radioactivity of minerals
present in rock placed in proximity to the instrument.
Preston Uranium
Project Exploration Corridors:
http://www.athabascanuclear.com/wp-content/uploads/2014/02/Patterson_Lake_Regional_Map.pdf
The three initial target areas, out of a growing target base
currently standing at fifteen, were selected by the Syndicate's
Technical Committee for drilling based on encouraging fieldwork
results and coincident anomalies from ground gravity, airborne and
ground EM and magnetics (graphitic conductors and structures),
radon, soil, biogeochem, lake sediment, prospecting and geological
mapping surveys. This drill campaign represents the first
modern-day drill exploration program on the Preston Uranium
Property with follow up programs planned given the encouraging
results to-date.
About the Preston Uranium Project:
The 246,643 hectare Preston Uranium Project is the largest
property proximal to Fission Uranium Corp.'s Patterson Lake South
("PLS") high-grade uranium discovery and the recent discovery made
by NexGen Energy on the Rook 1 Project ("Arrow"). The Syndicate is
the largest land tenure holder in the southwest Athabasca Basin
region including properties strategically situated to the southwest
and to the northeast of the PLS and Arrow discoveries.
Over $2.5 million dollars in exploration has been carried out
to-date by the Syndicate on the Preston Uranium Project and many
priority targets remain for further follow up with both fieldwork
and drill testing. 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 in identifying numerous high-quality
targets at Preston with similar geological features and exploratory
indicators as those at the nearby PLS and NexGen discoveries as
well as other deposits in the Athabasca Basin. The Corporation
cautions that mineralization present on proximal properties is not
necessarily indicative of mineralization on the Syndicate's
Property.
Qualified Person:
Athabasca Nuclear Director, 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,
Canada including the Preston Uranium Project, 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 group exploration effort of 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 Uranium
Project").
Ryan Kalt, Chief Executive Officer
Forward-Looking
Statements
This news release contains forward-looking statements.
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.Chairman
and Chief Executive
Officer403-470-3265ryan.kalt@athabascanuclear.comwww.AthabascaNuclear.com
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