August 20, 2024
ATHA Energy Corp. (TSXV:SASK, Not Rated, David A. Talbot) announced that it has entered into a non-binding LOI with Terra Uranium Ltd. (ASX:T92, Not Rated), whereby Terra has an option to acquire up to a 70% interest in Atha’s Spire and Horizon projects, and Atha has an option to acquire up to a 60% interest in Terra’s Pasfield Lake project, all located in the Athabasca Basin. As per the agreement, Terra is to spend up to C$4.75M in exploration expenditures at the Spire Horizon projects and Atha is to spend C$4M in exploration expenditures at the Pasfield Lake project over the next four years to acquire their stated interests. The 68,768-ha Pasfield project is located in the Cable Shear zone of the basin and previous gravity and ANT surveys completed by Atha identified structural corridors that run from the Ridge through to the Pasfield project. 2023 drilling by Terra at this structural corridor identified anomalous uranium within sandstone along with pathfinder elements. While Atha continues to fine tune its Athabasca portfolio, the focus remains on its Angilak uranium project in Nunavut, where the first six holes of the ongoing 10,000m drill program expanded the mineralized footprint beyond the existing 43.3M lb U3O8 resource area (read notable).
Company Specific Disclosure Details
Atha Energy Corp. – TSXV:SASK – 1,2,3
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