The Western Athabasca Syndicate Identifies 23 Gravity Low Anomalies at the Preston Uranium Property in the Patterson Lake Reg...
20 Fevereiro 2014 - 10:49AM
Marketwired
The Western Athabasca Syndicate Identifies 23 Gravity Low Anomalies
at the Preston Uranium Property in the Patterson Lake Region of the
Athabasca Basin
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 20, 2014) - Noka
Resources Inc. (TSX-VENTURE:NX)(FRANKFURT:2NK) ("Noka") is pleased
to announce the completion of gravity surveys which have identified
23 gravity low anomalies on the Western Athabasca Syndicate's (the
"Syndicate") flagship Preston Lake Uranium Property (the
"Property"). The program also included a RadonEx survey (ground and
water) to further define targets in advance of a drill program
slated to commence in March.
The 246,643 hectare Preston Property is the largest individual
property proximal to Fission Uranium Corp.'s Patterson Lake South
("PLS") high-grade uranium discovery and the recent discovery made
by NexGen Energy (TSX-VENTURE:NXE) on the Rook 1 Project (see
NexGen's news release dated Feb. 19th, 2014). 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 NexGen discoveries.
Preston Lake
Property Map and Regional Exploration Corridors:
http://nokaresources.com/images/NX_Regional_Corridors.jpg
Interpretation of the gravity data by Phil Robertshaw, P.Geo.,
has successfully delineated gravity low anomalies associated with
previously identified high-potential exploration corridors defined
by structure, magnetic lows, conductors, favorable geology and
geochemistry. Gravity is a defining tool for exploration for
uranium in the Athabasca Basin and was a key mechanism for
vectoring in on the recent discovery made by NexGen at the Rook 1
Project. 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.
Preston Lake
Property - Gravity Survey Coverage:
http://nokaresources.com/images/NX_Feb2014_Exploration.jpg
In addition, several of the Syndicate's gravity low targets have
been further refined using a proprietary RadonEx survey which has
been instrumental in assisting with numerous discoveries in the
Athabasca Basin region. The Syndicate is carrying out a ground EM
survey to further refine conductor trends and pinpoint drill pad
locations. Details concerning the upcoming drill program shall be
provided in the near-future.
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 in
identifying numerous high-quality targets with similar geological
features and exploratory indicators also present at the nearby PLS
discovery and in other deposits in the Athabasca Basin.
Management cautions, mineralization present on proximal
properties is not necessarily indicative of mineralization on the
Syndicate's Property.
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 suite of uranium
properties that is the largest land 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 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 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.
The Athabasca Basin of Saskatchewan hosts the world's largest
and richest high-grade uranium deposits which 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,
near surface discoveries made by Fission which includes the
recently reported drill interval of 38.49% U3O8 over 10.5 metres in
drill hole PLS14-129. Consistent high-grade, near surface U3O8
assays from Fission demonstrate the potential for high-grade
uranium mineralization on the geologically prospective yet
underexplored margins of the western side of the Athabasca
Basin.
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 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" |
|
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.
Nav DhaliwalPresident and CEO(604)
678-5308nav@nokaresources.comwww.nokaresources.com
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