Western Athabasca Syndicate Receives Drill Permits for the Preston Lake Uranium Project in SW Athabasca Basin, Saskatchewan
27 Fevereiro 2014 - 9:00AM
Marketwired
Western Athabasca Syndicate Receives Drill Permits for the Preston
Lake Uranium Project in SW Athabasca Basin, Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 27, 2014) - Noka
Resources Inc. (TSX-VENTURE:NX)(FRANKFURT:2NK) ("Noka") is pleased
to announce the Western Athabasca Syndicate has received drill
permits for its flagship Preston Lake Uranium Property (the
"Property"). The diamond drill program is slated to commence in the
second week of March and will test several highly prospective
targets identified by the extensive 2013-2014 fieldwork.
The 246,643 hectare Preston Lake Property is the largest land
package proximal to Fission Uranium Corp.'s Patterson Lake South
("PLS") high-grade uranium discovery, as well as the recent
discovery ("Arrow Prospect") made by NexGen Energy
(TSX-VENTURE:NXE) on the Rook 1 Project (see NexGen's news release
dated Feb. 19th, 2014). The Syndicate holds title to an extensive
and geologically prospective property package in the southwest
Athabasca Basin region including properties strategically located
in all directions around the PLS and NexGen discoveries.
Preston Lake Property Map and Regional Exploration Corridors:
http://nokaresources.com/images/NX_Regional_Corridors.jpg
Noka and its Syndicate partners are currently carrying out a
ground EM survey to further refine conductor trends and drill pad
locations. Additional details of the upcoming drill program will be
provided when drill hole locations are finalized. To date, the
2013-2014 exploration expenditures on the Property total
approximately $2.1 million and have delineated numerous geological,
geophysical and geochemical targets associated with eight
prospective exploration corridors. 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.
Preston Lake Property - Gravity Survey Coverage:
http://nokaresources.com/images/NX_Feb2014_Exploration.jpg
The Western Athabasca Syndicate has a booth at the upcoming PDAC
Conference in Toronto from March 2 - 5. The booth number is 2740
and all four companies comprising the Syndicate will be present. We
invite you to stop by to meet management and get a full update on
the progress being made by the Syndicate on its projects in the
Patterson Lake region of the Athabasca Basin.
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.
For further information, please visit www.nokaresources.com.
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)
678-5308(604)
678-5309nav@nokaresources.comwww.nokaresources.com
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