Western Athabasca Syndicate Extends VTEM Plus Geophysical Coverage and Starts Radiometric Survey for Saskatchewan Uranium Exploration
July 23, 2013 — Vancouver, BC (Source: Marketwired) — Noka Resources Inc. (TSX VENTURE:NX) (the “Company” or “Noka”) is pleased to announce that the members of the Western Athabasca Syndicate; Noka Resources Inc. (TSX VENTURE:NX), Skyharbour Resources Ltd. (TSX VENTURE:SYH), Athabasca Nuclear Corp. (TSX VENTURE:ASC), & Lucky Strike Resources Ltd. (TSX VENTURE:LKY) (“the Syndicate”) have completed an additional 720 line kilometres to the 4120 line kilometre VTEM plus time domain geophysical survey on the Western Athabasca Syndicate Project. The additional coverage consisted of infill and extension of conductive anomalies and structural features identified by a preliminary review of the geophysical data.
Western Athabasca Syndicate Project claims map:
The Syndicate is also pleased to announce that the high resolution airborne radiometric survey on the Western Athabasca Syndicate Project has started. The contract was awarded to Goldak Airborne Surveys who will be collecting radiometric data be using a digital acquisition system that is proprietary to Goldak. A total of 4400 line kilometres at 200 metre line spacing will be flown using a 50.4 liter crystal volume detector to locate uranium boulder trains, in-situ uranium mineralization and alteration associated with uranium mineralization systems.
The Syndicate is using Phil Robertshaw (P.Geo., Saskatchewan) to review the VTEM plus and radiometric data and provide detailed interpretation when the surveys are completed.
About the Western Athabasca Syndicate:
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The Western Athabasca Syndicate is a strategic partnership formed between Noka, Athabasca Nuclear, Lucky Strike and Skyharbour to explore and develop a 287,130 hectare (709,513 acre) uranium project base (the “Western Athabasca Syndicate Project”) that is the largest mineral claim position along the highly prospective margin of the Western Athabasca Basin controlled by a single group. The Western Athabasca Syndicate Project is strategically located in all directions around Alpha Minerals Inc. (TSX VENTURE:AMW) and Fission Uranium Corp.’s (TSX VENTURE:FCU) Patterson Lake South (“PLS”) recent high-grade uranium discovery and adjoins projects being advanced by Fission Uranium Corp., Forum Uranium Corp., Aldrin Resources Corp., NexGen Energy Ltd., Zadar Ventures Ltd., Azincourt Resources Inc. and other regional exploration companies. The project is bisected by the all-weather Highway 955, which runs north through the PLS uranium discovery, being advanced by Fission Uranium Corp. and Alpha Minerals Inc., through to the former Cluff Lake uranium mine.
Under the terms of the Agreement, each of Noka, Athabasca Nuclear, Skyharbour and Lucky Strike will receive an option to earn 25% of the Western Athabasca Syndicate Project by making a series of cash payments, share payments and incurring exploration expenditures totaling $6,000,000 over the two-year earn-in term of the agreement.
Uranium and the Athabasca Basin:
The Athabasca Basin of northern Saskatchewan hosts the world’s largest and richest high-grade uranium deposits accounting for approximately 20% of global primary uranium supply. Athabasca uranium deposits have grades substantially higher than the world average grade of about 0.1% U3O8. The two dozen or so known uranium deposits within the Athabasca Basin have average grades of more than 3.0% U3O8.
The Patterson Lake area has received escalating exploration attention and claim acquisition activity as a result of the new, shallow discoveries made by Alpha and Fission which includes the recently reported drill interval of 6.26% U3O8 over 49.5 metres in drill hole PLS 13-053. This mineralized zone is located approximately 400 metres to the northeast of discovery hole PLS 12-024 which returned 2.49% U3O8 over 12.5 metres. Consistent high grade, near surface U3O8 assays from Alpha and Fission demonstrates the potential for high grade uranium mineralization on the margins of the underexplored western side of the Athabasca Basin. There are still areas in the Athabasca region that are highly prospective and underexplored for high grade uranium as illustrated by Alpha’s and Fission’s recent discovery.
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.
Noka Resources Inc. is a uranium-focused exploration company with its main area of focus in the Athabasca Basin Region of Northern Saskatchewan, wherein Noka is a syndicate member of the largest geologically prospective land package consisting of five properties. Noka also holds a 100% interest in the Clearwater and Athabasca North Properties, also located in the Athabasca Basin.
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.
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>