Athabasca Nuclear Corporation: Western Athabasca Syndicate Commences Drill Program at Preston Uranium Project
17 Mars 2014 - 1:00PM
Marketwired
Athabasca Nuclear Corporation: Western Athabasca Syndicate
Commences Drill Program at Preston Uranium Project
CALGARY, ALBERTA--(Marketwired - Mar 17, 2014) - Athabasca
Nuclear Corporation (TSX-VENTURE:ASC) ("Athabasca Nuclear" or the
"Corporation") is pleased to announce that the Western Athabasca
Syndicate (the "Syndicate") has commenced its inaugural drill
program on its flagship Preston Uranium Project (the "Property") in
the southwest Athabasca Basin.
"Athabasca Nuclear, along with each of the other Syndicate
companies, have jointly and fully funded the first drill program on
the Preston Uranium Project. Our team has brought a project through
to drilling in under a year which is a significant accomplishment.
The majority of this specific drill campaign is focused on our
Swoosh target, one of fifteen target areas identified to-date on
our district-scale property. As we move forward with the current
drill program and our goal for additional exploration at other
targets on the property, we are excited to have joined a select
group of public companies with active drill programs in the Western
Athabasca Basin," stated Ryan Kalt, Chairman and Chief Executive
Officer (Interim) of Athabasca Nuclear.
Swoosh Drill
Target Map:
http://www.athabascanuclear.com/wp-content/uploads/2014/03/ASC_Swoosh_Drill_Target_Map_with_RadonEx_Faults.pdf
A total of three initial target areas, out of a growing target
base currently standing at fifteen, were selected by the
Syndicate's Technical Committee for the first drill program based
on encouraging fieldwork results and coincident anomalies from
ground gravity, airborne and ground EM and magnetics (graphitic
conductors and structures), radon, soil, biogeochem, lake sediment,
and geological mapping surveys. This drill campaign represents the
first modern-day drill exploration program on the Preston Uranium
Project.
Approximately 2,000 meters of drilling by way of 10 to 15 holes
with depths of 100 - 250 meters is expected to be completed at the
Swoosh, CHA and Fin South areas during the current campaign. Based
on regional data compilation, depth to the top of the target zone
(top of basement rock) is expected to be relatively shallow,
ranging from 25 meters to 75 meters across the three initial target
areas.
The majority of the work in this drill campaign will be focused
on the Swoosh target where five separate drill pads will test a
combination of EM conductors, complex structures, gravity lows,
anomalous geochemistry and elevated radon values. This target is a
high-priority area given the coincident geological, magnetic, EM,
gravity and radon anomalies that are evidence of strong fluid
interaction and potential uranium mineralization as seen at other
recent discoveries in the region.
Preston Uranium
Project Exploration Corridors:
http://www.athabascanuclear.com/wp-content/uploads/2014/02/Patterson_Lake_Regional_Map.pdf
In addition to the Swoosh target area, the CHA and Fin South
drill targets also represent high-potential exploration prospects
given the presence of coincident anomalies and indicators similar
to those seen at the Swoosh target and at other discovery areas in
the Athabasca Basin. Preliminary drilling at both these two target
areas is incorporated into the current design of the drill
program.
About the Preston Uranium Project:
The 246,643 hectare Preston Uranium Project is the largest
property proximal to Fission Uranium Corp.'s Patterson Lake South
("PLS") high-grade uranium discovery and the recent discovery made
by NexGen Energy on the Rook 1 Project (see NexGen's news release
dated Feb. 19, 2014). The Syndicate is the largest land tenure
holder in the southwest Athabasca Basin region including properties
strategically situated to the southwest and to the northeast of the
PLS and NexGen discoveries.
Over $2 million dollars in exploration has been carried out
to-date by the Syndicate on the Preston Uranium Project and many
priority targets remain for further follow up with both fieldwork
and drill testing. 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. The Corporation
cautions that mineralization present on proximal properties is not
necessarily indicative of mineralization on the Syndicate's
Property.
Qualified Person:
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 Athabasca Nuclear Corporation
Athabasca Nuclear Corporation (TSX-VENTURE:ASC) is a junior
uranium exploration company focused on the exploration and
advancement of its significant uranium portfolio in Saskatchewan,
Canada including the Preston Uranium Project, Patterson Lake East,
Botham Lake, Parry Lake, Martin River, Karras River and Spring
uranium projects. For more information on each of these projects,
please visit www.AthabascaNuclear.com.
Athabasca Nuclear is the Operator of the Western Athabasca
Syndicate, a group exploration effort of a 287,130 hectare (709,513
acre) package of uranium properties which is the largest land
position along the highly prospective margin of the Western
Athabasca Basin controlled by a single group (the "Preston Uranium
Project").
Signed,
Ryan Kalt, Chief Executive Officer (Interim)
Forward-Looking
Statements
This news release may contain forward-looking statements.
Forward-looking statements address future events and conditions and
therefore, involve inherent risks and uncertainties. Actual results
may differ materially from those currently expected or forecast in
such statements.
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.
Athabasca Nuclear CorporationRyan Kalt, LL.M., M.B.A.Chairman
and Chief Executive Officer
(Interim)403-470-3265ryan.kalt@athabascanuclear.comwww.AthabascaNuclear.com
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