ATHA Energy (TSX-V:SASK) has acquired the full length of a uranium-prospective corridor and a parallel corridor, more than doubling the size of its Angilak Project in Nunavut.
The Vancouver-based explorer has staked an additional 69,704 hectares within 48 mineral claims, meaning it now owns the ground along the entire Lac 50 structural corridor and an additional prospective parallel corridor.
The addition of the new ground increases the size of the Angilak Project to 158,447 hectares.
Both corridors are associated with the Snowbird Tectonic Zone, a deep crustal structure that extends from the Athabasca Basin – host to some of the largest and highest-grade uranium deposits globally – through to the Angikuni Basin, which hosts the Lac 50 Uranium Deposit at the Angilak Project.
ATHA Energy says the Lac 50 Uranium Deposit is “one of the largest high-grade deposits” outside of the Athabasca Basin.
It has a historical resource estimate of 43.3 million pounds at an average grade of 0.69% uranium.
Drilling undertaken by Latitude Uranium at the Angilak Project in 2023 intersected grades of up to 7.54% over 1.6m.
ATHA Energy completed a maiden drilling program in late August 2024, which it says achieved all objectives, including expanding the historic footprint of mineralisation along the Lac 50 Trend and identifying new parallel mineralised trends.
These three trends are known as Lac 48,52 and 54.
The company completed over 10,000m of diamond drilling across 25 holes between early June and late August.
CEO Troy Boisjoli says extending the Angilak Project is a direct result of the successful 2024 exploration program.
“Over the course of 2024, ATHA Energy has materially expanded mineralisation at Angilak – in doing so also gained site specific knowledge of potential district-scale uranium endowment,” he says.
The newly staked claims capture the margins of the Angikuni Basin, which ATHA Energy says is prospective for the discovery of an unconformity-style uranium deposit.
The Angilak Project sits about 225km southwest of Baker Lake in the Kivalliq Region of Nunavut.
ATHA Energy, which has a market capitalisation of C$152.8 million, owns a portfolio of uranium projects in addition to the Angilak Project, including the Gemini Discovery in the Athabasca Basin and the CMB Discovery in Newfoundland & Labrador.
the company says it holds the largest cumulative prospective exploration land package (8.4 million acres) in two of the world’s most prominent basins for uranium discoveries.
ATHA Energy also holds a 10% carried interest in Athabasca Basin exploration projects operated by NexGen Energy (ASX:NXG) and IsoEnergy (TSX:ISO)
Write to Angela East at Mining.com.au
Images: ATHA Energy
