Noka Resources and Alpha Exploration Enter Into Option on Carpenter
Lake Uranium Property, Athabasca Basin, Saskatchewan and Noka
Announces Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 14, 2014) - Noka
Resources Inc. ("Noka" or the "Company")
(TSX-VENTURE:NX)(FRANKFURT:2NK) is pleased to announce that it has
entered into an option agreement with Alpha Exploration Inc.
("Alpha") (TSX-VENTURE:AEX) under which Alpha may acquire a 60%
interest in Noka's Carpenter Lake Property (the "Property")
situated along the Cable Bay Shear Zone, proximal to the
south-central rim of the Athabasca Basin in Northern Saskatchewan.
The Property comprises five contiguous mineral dispositions for a
total of approximately 20,637 hectares.
The Property was evaluated by Noka's technical team, Dahrouge
Geological Consulting Ltd. ("Dahrouge") (see News Release dated
Sept 24, 2013) upon acquisition and found to be highly prospective
for uranium mineralization. Subsequent evaluation by Alpha's
technical team, as part of the option discussions, further
supported this assessment. The Property boasts the following
attributes:
- A major regional shear zone with known uranium enrichment - the
Cable Bay Shear Zone (CBSZ);
- Presence of conductive graphitic pelites as defined by airborne
and ground electromagnetic (EM) surveys, which are confirmed by
diamond drilling;
- The historical EM surveys show favourable cross cutting
structures disrupting the conductors of the CBSZ;
- Anomalous airborne uraniferous radiometric signatures
associated with the CBSZ conductor system, and strongly anomalous
uranium values in historical lake sediment results; and
- Underexplored, and including several high priority geophysical
targets associated with geochemical indicators for uranium
mineralization on the Property.
The following link summarizes the Property's potential based on
historic work:
http://www.nokaresources.com/images/Carpenter-Lake-Property-South-central-Basin.jpg
Noka President, Nav Dhaliwal, states: "We are very pleased
to bring the expertise and track record of Alpha Exploration and
its technical team, led by Ben Ainsworth, to this project.
Alongside Dahrouge, Noka's Carpenter Lake Property now boasts
arguably the best exploration combination in the space, both with
well-known and proven track records. We are all very excited to
move this project forward and hone the synergies within to maximize
our potential for discovery."
The Property straddles the CBSZ starting from approximately 1 km
south from the southern edge of the Athabasca Basin. The Property
has one of the strongest uranium in lake sediment values in the
area at 89.5 ppm (amongst other strongly anomalous samples on the
Property), with coincident strong airborne uranium radiometric
anomalies, which are situated favourably down-ice from the CBSZ.
There are only two closely spaced historic diamond drill holes on
the Property, with graphitic and pyritic pelitic gneiss units
intersected. In addition, numerous overburden drill holes outline a
partially coincident nickel, copper, molybdenum, and arsenic soil
anomaly; however, the overburden was only tested down to 25 m
depth, with the depth to bedrock basement estimated at 35 to 40 m.
The CBSZ on the Carpenter Lake Property is defined by three
parallel EM conductor axis's; likely representing the hanging wall,
foot wall, and middle of a conductive panel, which is similar to
the EM geophysical signature associated with uranium mineralization
at Patterson Lake South (PLS).
In 1981 SMDC drilled hole CAB-18 located about 11 km northeast
from the Property along the CBSZ. This drill hole returned a core
sample with 3358 ppm nickel, 1440 ppm zinc, 215 ppm lead, and 28
ppm uranium in the basement regolith, further enhancing the
potential along the CBSZ. Moreover, on Fleming Island, within Cree
Lake located about 19 km northeast from the Property, historical
assessment reports describe an outcrop of uraniferous diabase. Grab
samples assayed as high as 3.0% U3O8, with a hypothesis that this
mafic intrusive became mineralized when it cut through high grade
uranium mineralization associated with the CBSZ.
Exploration is being planned for this winter (Q1 2014) and is
anticipated to include an airborne electromagnetic and magnetic
survey, as well as radon in water and sediment sampling. Radon
sampling was very successful in locating high grade uranium
mineralized zones at PLS in 2013. The methodology for sampling from
lake ice in the winter was designed together by RadonEx of St
Lazare, Quebec, and Alpha's VP Exploration, Garrett Ainsworth. The
results from the PLS radon survey are a compelling reason to engage
RadonEx to employ this method at Carpenter Lake. Follow-up work in
the spring of 2014 will likely include airborne radiometrics,
ground prospecting, lake sediment and radon sampling, and ground
geophysics.
Terms of the Option Agreement
Under the terms of the Option Agreement (the "Agreement"), Alpha
has the option to earn a 60% interest in the Property by making
cash payments totalling $50,000, issuing 400,000 common shares, and
completing work commitments of $1,250,000, all over a period of
three years. Upon completion of the option, a joint venture will be
formed between Alpha (60%) and Noka (40%) for the further
development of the Property, with Alpha serving as the operator.
Presently, the Property is subject to a royalty equal to 5% of
gross revenues, which is owed to the original vendors (the
"Underlying Royalty"). The Underlying Royalty rate can be reduced
from 5% to 2% by Noka through the issuance of shares. In the event
that Noka does not exercise its right to reduce the Underlying
Royalty by certain future dates specified in the Agreement, then
Noka will be subject to penalties, the effect of which will be that
Noka's interest in the Property will be reduced, or possibly
forfeited. The Agreement is subject to the acceptance of the TSX
Venture Exchange.
Private Placement
Noka further announces that it has arranged a non-brokered
private placement (the "Private Placement") of up to 5,000,000
units (the "Units") at a price of $0.10 per Unit to raise gross
proceeds of up to $500,000. Each Unit will consist of one common
share of the Company and one transferable share purchase warrant (a
"Warrant"). Each Warrant shall be exercisable to acquire one
additional common share of the Company (a "Warrant Share") for a
period of two years at a price of $0.20 per Warrant Share.
The Company may pay a finder's fee on a portion or all of the
Private Placement.
The Company intends to use the proceeds from the Private
Placement to conduct further exploration on its Athabasca Basin
Uranium properties and for general working capital.
The Private Placement is subject to acceptance by the TSX
Venture Exchange. All the securities issued under the Private
Placement are subject to resale restrictions under applicable
securities legislation.
About Noka Resources Inc.
Noka Resources Inc. is a junior exploration company with a focus
on uranium in the prolific Athabasca Basin, Northern Saskatchewan.
Noka's exploration strategy is focused in relatively underexplored
areas of the Athabasca Basin Region, targeting favourable geology
and structure amenable to near surface, unconformity-style uranium
mineralization.
With a total land position of 488,463 hectares, Noka holds one
of the largest geologically prospective land packages in the region
through a 100% interest in the Clearwater (which includes the
Carpenter lake) and Athabasca North group of properties, as well as
a 25% interest in the Western Athabasca Syndicate group of
properties.
ON BEHALF OF THE BOARD OF DIRECTORS
Nav Dhaliwal, President and CEO
Neither 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 release includes certain statements that may be deemed
to be "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or
developments that management of the Company expects, are
forward-looking statements. Although management believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, and actual results or developments may differ
materially from those in the forward-looking statements. The
Company undertakes no obligation to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors, should change. Factors that could cause actual results to
differ materially from those in forward-looking statements, include
market prices, exploration and development successes, continued
availability of capital and financing, and general economic, market
or business conditions. Please see the public filings of the
Company at www.sedar.com for further information.
Noka Resources Inc.Nav DhaliwalPresident and CEO(604)
678-5308nav@nokaresources.comwww.nokaresources.com
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