Western Athabasca Syndicate Receives Drill Permits for the Preston Lake Uranium Project in SW Athabasca Basin, Saskatchewan
February 27, 2014 (Source: Marketwired) — 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.
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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.
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.
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>