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The Western Athabasca Syndicate Identifies Eight High Potential Exploration Corridors on the Preston Lake Uranium Property, Northern Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 5, 2013) - Noka Resources Inc. (TSX VENTURE:NX) ('Noka') is pleased to announce the completion of the 2013 summer field exploration program at the Preston Lake Property, resulting in the delineation of at least eight prospective exploration corridors. Final preparations for additional radon and ground geophysical surveys to refine drill targeting are underway. The 246,643 hectare Preston Lake Property (the 'Property') is the largest land package proximal to Alpha Minerals Inc. and Fission Uranium Corp.'s Patterson Lake South (PLS) high-grade uranium discovery. The Western Athabasca Syndicate (the 'Syndicate') holds title to the Property and consists of Noka, Athabasca Nuclear Corp. (TSX VENTURE:ASC), Skyharbour Resources Ltd. (TSX VENTURE:SYH), and Lucky Strike Resources Ltd. (TSX VENTURE:LKY).
Preston Lake Property Map: www.nokaresources.com/NX-Western-Basin-Syndicate.jpg.
Highlights:
Fifteen drill target areas associated with eight highly prospective exploration corridors have been successfully delineated through extensive summer airborne geophysics and ground evaluation.
Drill target areas to be refined with ground gravity, electromagnetic (EM), and radon surveys in Q4-2013 and Q1-2014.
Permitting is underway with winter drilling anticipated to commence in March 2014.
Final results from the recently completed Phase 3 of the summer program are still pending and will be reported when received.
Given the size of the property, exploration to date has only focused on approximately half of the land package leaving significant exploration upside potential in untested areas.
Preston Lake Property - High Potential Targets: www.nokaresources.com/NX-Syndicate-Corridors.jpg.
The 2013 summer exploration program was completed in mid-October and consisted of rock, soil, radon, and biogeochemical sampling in addition to airborne electromagnetic, magnetic, and radiometric surveys. Final results from the last phase of the program are pending and will help to both refine known targets and identify additional areas of interest.
Thus far, integration of the geochemical data received with the airborne geophysics and historic data has successfully delineated more than fifteen high priority areas associated with eight highly prospective exploration corridors. The Property's prospective corridors are very similar to the corridor hosting the high-grade PLS discovery by Alpha Minerals Inc. and Fission Energy Corp. (see link below). Management cautions, mineralization present on proximal properties (or 'corridors') is not necessarily indicative of mineralization on the Syndicate's Property.
Preston Lake Property - Prospective Corridors: www.nokaresources.com/NX-Syndicate-Exploration-corridors.jpg.
A high potential exploration corridor may be defined as prospective, parallel trends of conductors, magnetics lows, and interpreted structures. These corridors remain largely underexplored south of the Basin, having been ignored historically. However, the Syndicate's 2013 airborne geophysical data has confirmed that at least eight high potential corridors extend onto the Preston Lake Property. Moreover, integration of the 2013 summer ground sampling data further enhances the corridor potential with multiple geochemical anomalies coincident.
Of the fifteen areas associated with the corridors, the most prospective will be assessed by grid based radon, and ground gravity and EM surveys expected to commence in December and extend through February. This data will be used for final targeting in advance of drilling anticipated to commence in March 2014. Permitting of these programs including drilling is currently underway.
Darren L. Smith, Director of Noka Resources Inc. and P.Geol. of Dahrouge Geological Consulting Ltd. states: "We are very excited by the immense success of this summer's work. The delineation of at least eight prospective exploration corridors, with coincident anomalies over multiple techniques, has confirmed the Preston Lake Property is a premier holding in the PLS region, and one with vast unexplored potential."
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 Alpha and Fission which includes the recently reported drill interval of 9.08% U3O8 over 54.5 metres in drill hole PLS13-075. Consistent high-grade, near surface U3O8 assays from Alpha and Fission demonstrate the potential for high-grade uranium mineralization on the geologically prospective yet underexplored margins of the western side of the Athabasca Basin.
Qualified Person:
Athabasca Nuclear President and CEO, 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 and Athabasca North group of properties, as well as a 25% interest in the Western Athabasca Syndicate group of properties.
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.
