Noka Resources Provides Exploration Update on its 100% Owned Athabasca Basin Properties
September 24, 2013 (Source: Marketwired) — Noka Resources Inc. (TSX VENTURE:NX) (the “Company” or “Noka”) is pleased to announce exploration plans for its wholly-owned Athabasca Basin properties. Through two agreements, Noka has acquired 100 per cent interest in fifteen properties totalling 201,333 hectares situated in and around the prolific Athabasca Basin, Saskatchewan (see news release dated July 11th, 2013). In addition, Noka holds a 25 per cent interest in the Western Athabasca Syndicate group of properties, highlighted by the Preston Lake Property, which is situated immediately south of the high-grade uranium discovery at Patterson Lake South.
The Company’s flagship properties are Carpenter Lake and Nyberg Lakes, located immediately adjacent to the southern edge of the Athabasca Basin. The properties host favourable geology and regional structural trends with coincident anomalous geochemistry and radioactivity. Multiple nearby uranium showings demonstrate the potential of the area, highlighted by the Dufferin Lake and Centennial zones (33.9 m at 8.78% U3O8), which are situated along the regional Virgin River Shear Zone: a parallel regional structure to the Cable Bay Shear Zone which crosses the Carpenter Lake Property (please see figure at the following address:http://media3.marketwire.com/docs/Athabasca.pdf).
Noka’s Carpenter Lake and Nyberg Lakes properties are host to some of the highest known lake-bottom sediment uranium grades in the area, with peak values of 89.5 ppm and 33.8 ppm respectively (~4 ppm U is the average value in the property area). These anomalies are generally coincident with strong radiometrics and base metal geochemistry, which has not been followed up. Only two historic drill holes are known on the Carpenter Lake Property, with favourable alteration and graphitic horizons intersected in both. The area remains largely underexplored, yet hosts multiple strong coincident indicators of uranium mineralization.
Data compilation is currently underway on all of Noka’s fifteen wholly owned properties, including Carpenter Lake and Nyberg Lakes. It is anticipated that this work will be completed shortly, with follow-up programs slated for the highest priority exploration targets.
Historic exploration has already identified numerous conductive trends coincident with elevated geochemistry and radioactivity on the Carpenter Lake Property, with additional work recommended. Current planning includes ground radon and geophysical surveys to further delineate existing targets in preparation for future drill programs.
The technical information in this news release has been prepared by Darren L. Smith, P.Geol., of Dahrouge Geological Consulting Ltd., a qualified person as set out in National Instrument 43-101.
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About Noka Resources
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 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
NOKA RESOURCES INC.
Nav Dhaliwal, President and CEO
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.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>