Highlights:
- Inaugural Success: Anomalous radioactivity (>300 cps) was intersected in all five of the Company’s inaugural drill holes at the
Atlantic Project , coinciding with prospective structural zones and favorable alteration including dravite-rich clays. - Sandstone & Basement-Hosted Radioactivity: Multiple zones of elevated radioactivity linked to the sub-
Athabasca unconformity and basement structural zones were intersected, indicating a uranium-fertile system. - Verified Targets: Massive structural disruption confirmed in the sandstone column and multiple wide (>10 metres) brittle-reactivated graphitic shear zones confirm the main interpreted electromagnetic (“EM”) corridor on the western claim block which was not reached by previous operators. The inaugural program results have confirmed the Company’s exploration thesis on the Project, highlighting a uranium-fertile system with several kilometres of still untested strike length across the Project.
- Hydrothermal U Input: Uranium: Thorium (“U:Th”) ratios >3:1 measured with the handheld RS-125 Super-Spec suggest hydrothermal uranium input focused along structures.
- On Time & Under Budget: Completion of 3,316 metres within 5 drill holes, surpassing meterage expectations both on time and under budget.
- Follow Up Targets & Next Steps:
Atlantic holds significant upside for discovery along the untested portions of the E-W conductor system. Supplementary geophysical surveys over the central claim blocks will provide further target areas for phase II and III drilling, along with the additional untested gravity low anomalies on the western block identified in 2022.
“Intersecting anomalous radioactivity across all five drill holes targeting a completely untested area on the
The
“I am very encouraged with the magnitude of the structure and alteration that has been encountered thus far. Combined with the anomalous radioactivity, we’re setting the stage for more success on the project” said
The Project is currently under option (the “Option”) to ATCO Mining Inc. (the “Optionee”) an arms-length company listed on the Canadian Securities Exchange (CSE: ATCM). Pursuant to the Option, the Optionee can earn a 75% interest in
Figure 1. Regional summary map of the
Technical Highlights:
The winter 2024 drill program comprised 3,316 metres of diamond drilling across 5 drill holes (Table 1). Two drill holes were restarted due to difficult ground conditions resulting from highly broken and desilicified sandstone intervals. Inaugural drilling intersected the key characteristics of a uranium-bearing mineralized system in previously untested “Target Area A” (Figure 2), confirming the presence of a significant graphitic fault system in the basement rock linked to anomalous radioactivity and prospective hydrothermal alteration at the unconformity. Handheld scintillometer and downhole gamma probe radioactivity results are summarized in Table 2.
Figure 2. Map of the western
Table 1.
DDH | Easting | Northing | Elevation (m.a.s.l.) | Azimuth (°) | Dip (°) | EOH (m) |
ATL-24-001 | 519790 | 6498261 | 412 | 344.80 | -69 | 599 |
ATL-24-002 | 519828 | 6498570 | 394 | 336.90 | -67 | 641 |
ATL-24-003 | 520190 | 6498305 | 396 | 338.20 | -74 | 588 |
ATL-24-004* | 519851 | 6498546 | 388 | 336.20 | -74 | 60 |
ATL-24-004A | 519851 | 6498546 | 388 | 336.20 | -74 | 657 |
ATL-24-005* | 519936 | 6498584 | 398 | 335.90 | -69 | 111 |
ATL-24-005A | 519936 | 6498584 | 398 | 336.40 | -69 | 660 |
* Restarted due to difficult ground conditions.
Table 2.
DDH | From (m) | To (m) | Width (m) | Lithology | RS-125 Scintillometer | 32GR Gamma Probe | |||
Min | Max | Avg. | Peak | Depth (m) | |||||
ATL-24-001 | 520.5 | 521.0 | 0.5 | Sandstone | 170 | 360 | 265 | 337 | 518.55 |
ATL-24-001 | 521.5 | 522.0 | 0.5 | 130 | 310 | 220 | |||
ATL-24-001 | 523.5 | 524.0 | 0.5 | 160 | 340 | 250 | |||
ATL-24-002 | 509.0 | 509.5 | 0.5 | Sandstone | 200 | 590 | 395 | 1,204 | 506.27 |
ATL-24-003 | 505.0 | 505.5 | 0.5 | Sandstone | 160 | 280 | 220 | 323 | 506.59 |
ATL-24-003 | 558.0 | 558.5 | 0.5 | Basement | 110 | 280 | 195 | ||
ATL-24-004A | 530.0 | 530.5 | 0.5 | Basement | 100 | 560 | 330 | 1,082 | 530.18 |
ATL-24-004A | 544.5 | 545.0 | 0.5 | 140 | 360 | 250 | |||
ATL-24-004A | 550.0 | 550.5 | 0.5 | 140 | 370 | 255 | |||
ATL-24-005A | 493.0 | 493.5 | 0.5 | Sandstone | 120 | 310 | 215 | 647 | 490.99 |
ATL-24-005A | 494.5 | 495.0 | 0.5 | 180 | 450 | 315 | |||
ATL-24-005A | 496.5 | 497.0 | 0.5 | 140 | 310 | 225 |
The drill program was designed to follow up on highly anomalous uranium results returned from drill hole BL-16-32, in addition to testing the newly outlined gravity lows defined by the 2022 ground survey. On the western
Figure 3. Core photos from drill hole ATL-24-002 highlighting significant structure and alteration intersected in the
Figure 4. Core photos from drill hole ATL-24-004a highlighting basement structure and alteration zones intersected associated with anomalous radioactivity. A) Anomalous radioactivity up to 1,082 cps associated with a cross-cutting hematite-altered vein at 530.3 m. B) Anomalous radioactivity up to 314 cps associated with a hematite-altered breccia at 549.7 m. C) Anomalous radioactivity up to 483 cps associated with a hematite- and clay-altered vein at 544.2 m. D) Anomalous radioactivity up to 428 cps associated with a hematite-altered breccia and clay-lined fractures at 548.7 m.
Figure 5. Core photos from drill hole ATL-24-005a highlighting structure and alteration intersected in the
Samples collected for analysis have been sent to
1 The Company considers radioactivity readings greater than 300 counts per second (cps) to be “anomalous”.
2 The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8 to be “high-grade”.
3Natural gamma radiation in diamond drill core reported in this news release was measured in counts per second (cps) using a handheld RS-125 super-spectrometer and verified using a down-hole
The scientific and technical information contained in this news release has been reviewed, verified, and approved by
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Cautionary Statement Regarding Forward-Looking Statements
This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, but are not limited to, statements regarding: the timing and content of upcoming work programs; geological interpretations; timing of the Company’s exploration programs; and estimates of market conditions.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the “Risks and Uncertainties” in the Company’s management discussion and analysis for the fiscal year ended
Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company’s actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: that the transaction with the Optionee will proceed as planned; the future price of uranium; anticipated costs and the Company’s ability to raise additional capital if and when necessary; volatility in the market price of the Company’s securities; future sales of the Company’s securities; the Company’s ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company’s mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.
The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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Figure 1.
Regional summary map of the Atlantic Project highlighting uranium occurrences, historical and 2024 drill holes, geophysical anomalies, and EM conductors.
Figure 2.
Map of the western Atlantic claim block, highlighting winter 2024 drill holes and historical drill hole BL-16-32. The geophysical target area is defined by a significant residual gravity-low anomaly coinciding with EM conductors dipping to the south.
Figure 3.
Core photos from drill hole ATL-24-002 highlighting significant structure and alteration intersected in the Athabasca sandstone and basement rocks. UC = Unconformity. A) Variably altered Athabasca sandstone throughout a highly structured interval above the unconformity (yellow box) hosting local anomalous radioactivity (red box) and dravite alteration at the UC. Maximum gamma probe reading of 1,204 cps at 506.3 m. B) Strongly deformed graphitic basement rocks displaying reactivation textures and variable alteration; 539 to 552.3 m.
Figure 4.
Core photos from drill hole ATL-24-004a highlighting basement structure and alteration zones intersected associated with anomalous radioactivity. A) Anomalous radioactivity up to 1,082 cps associated with a cross-cutting hematite-altered vein at 530.3 m. B) Anomalous radioactivity up to 314 cps associated with a hematite-altered breccia at 549.7 m. C) Anomalous radioactivity up to 483 cps associated with a hematite- and clay-altered vein at 544.2 m. D) Anomalous radioactivity up to 428 cps associated with a hematite-altered breccia and clay-lined fractures at 548.7 m.
Figure 5.
Core photos from drill hole ATL-24-004a highlighting basement structure and alteration zones intersected associated with anomalous radioactivity. A) Anomalous radioactivity up to 1,082 cps associated with a cross-cutting hematite-altered vein at 530.3 m. B) Anomalous radioactivity up to 314 cps associated with a hematite-altered breccia at 549.7 m. C) Anomalous radioactivity up to 483 cps associated with a hematite- and clay-altered vein at 544.2 m. D) Anomalous radioactivity up to 428 cps associated with a hematite-altered breccia and clay-lined fractures at 548.7 m.
2024 GlobeNewswire, Inc., source