Western Athabasca Syndicate Commences Winter Drill Program at
Preston Property in the Patterson Lake Region, SW Athabasca Basin
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 17, 2014) - Noka
Resources Inc. (TSX-VENTURE:NX)(FRANKFURT:2NK) ("Noka") is pleased
to announce that the Western Athabasca Syndicate (the "Syndicate")
has commenced its inaugural diamond-drilling program on its
flagship Preston Uranium Property (the "Property") in the southwest
Athabasca Basin. Three initial target areas, out of a growing
target base currently standing at fifteen, were selected by the
Syndicate's Technical Committee for immediate drilling 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
Property.
Preston Lake
Property Map and Regional Exploration Corridors:
http://nokaresources.com/images/NX_Regional_Corridors.jpg
Approximately 2,000 metres of drilling by way of 10 to 15 holes
with depths of 100 - 250 metres 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 metres to 75 metres 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 Property -
Swoosh Target Map:
http://www.nokaresources.com/images/NX_Swoosh_Drill_Locations.jpg
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.
Management cautions, mineralization present on proximal
properties is not necessarily indicative of mineralization on the
Syndicate's Property.
Noka President, Nav Dhaliwal, stated: "We have reached a huge
milestone now that the drilling is underway on the Syndicated
Property. With Alpha Exploration also well into working on the
Carpenter Lake Property, Noka is well positioned going
forward."
The Preston Uranium Property
The 246,643 hectare Preston Uranium Property is the largest
individual 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 property 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.
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.
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 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.
Noka Resources Inc.Nav DhaliwalPresident and CEO(604)
678-5308nav@nokaresources.comwww.nokaresources.com
Noka Resources Inc. (TSXV:NX)
Historical Stock Chart
Von Okt 2024 bis Nov 2024
Noka Resources Inc. (TSXV:NX)
Historical Stock Chart
Von Nov 2023 bis Nov 2024