SYS-CON MEDIA Authors: Vormetric Blog, Jason Bloomberg, Liz McMillan, Pat Romanski, Elizabeth White

News Feed Item

Noka Resources and Alpha Exploration Enter Into Option on Carpenter Lake Uranium Property, Athabasca Basin, Saskatchewan and Noka Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/14/14 -- Noka Resources Inc. ("Noka" or the "Company") (TSX VENTURE: NX)(FRANKFURT: 2NK) is pleased to announce that it has entered into an option agreement with Alpha Exploration Inc. ("Alpha") (TSX VENTURE: AEX) under which Alpha may acquire a 60% interest in Noka's Carpenter Lake Property (the "Property") situated along the Cable Bay Shear Zone, proximal to the south-central rim of the Athabasca Basin in Northern Saskatchewan. The Property comprises five contiguous mineral dispositions for a total of approximately 20,637 hectares.

The Property was evaluated by Noka's technical team, Dahrouge Geological Consulting Ltd. ("Dahrouge") (see News Release dated Sept 24, 2013) upon acquisition and found to be highly prospective for uranium mineralization. Subsequent evaluation by Alpha's technical team, as part of the option discussions, further supported this assessment. The Property boasts the following attributes:


--  A major regional shear zone with known uranium enrichment - the Cable
    Bay Shear Zone (CBSZ);

--  Presence of conductive graphitic pelites as defined by airborne and
    ground electromagnetic (EM) surveys, which are confirmed by diamond
    drilling;

--  The historical EM surveys show favourable cross cutting structures
    disrupting the conductors of the CBSZ;

--  Anomalous airborne uraniferous radiometric signatures associated with
    the CBSZ conductor system, and strongly anomalous uranium values in
    historical lake sediment results; and

--  Underexplored, and including several high priority geophysical targets
    associated with geochemical indicators for uranium mineralization on the
    Property.

The following link summarizes the Property's potential based on historic work:

http://www.nokaresources.com/images/Carpenter-Lake-Property-South-central-Basin.jpg

Noka President, Nav Dhaliwal, states: "We are very pleased to bring the expertise and track record of Alpha Exploration and its technical team, led by Ben Ainsworth, to this project. Alongside Dahrouge, Noka's Carpenter Lake Property now boasts arguably the best exploration combination in the space, both with well-known and proven track records. We are all very excited to move this project forward and hone the synergies within to maximize our potential for discovery."

The Property straddles the CBSZ starting from approximately 1 km south from the southern edge of the Athabasca Basin. The Property has one of the strongest uranium in lake sediment values in the area at 89.5 ppm (amongst other strongly anomalous samples on the Property), with coincident strong airborne uranium radiometric anomalies, which are situated favourably down-ice from the CBSZ. There are only two closely spaced historic diamond drill holes on the Property, with graphitic and pyritic pelitic gneiss units intersected. In addition, numerous overburden drill holes outline a partially coincident nickel, copper, molybdenum, and arsenic soil anomaly; however, the overburden was only tested down to 25 m depth, with the depth to bedrock basement estimated at 35 to 40 m. The CBSZ on the Carpenter Lake Property is defined by three parallel EM conductor axis's; likely representing the hanging wall, foot wall, and middle of a conductive panel, which is similar to the EM geophysical signature associated with uranium mineralization at Patterson Lake South (PLS).

In 1981 SMDC drilled hole CAB-18 located about 11 km northeast from the Property along the CBSZ. This drill hole returned a core sample with 3358 ppm nickel, 1440 ppm zinc, 215 ppm lead, and 28 ppm uranium in the basement regolith, further enhancing the potential along the CBSZ. Moreover, on Fleming Island, within Cree Lake located about 19 km northeast from the Property, historical assessment reports describe an outcrop of uraniferous diabase. Grab samples assayed as high as 3.0% U3O8, with a hypothesis that this mafic intrusive became mineralized when it cut through high grade uranium mineralization associated with the CBSZ.

Exploration is being planned for this winter (Q1 2014) and is anticipated to include an airborne electromagnetic and magnetic survey, as well as radon in water and sediment sampling. Radon sampling was very successful in locating high grade uranium mineralized zones at PLS in 2013. The methodology for sampling from lake ice in the winter was designed together by RadonEx of St Lazare, Quebec, and Alpha's VP Exploration, Garrett Ainsworth. The results from the PLS radon survey are a compelling reason to engage RadonEx to employ this method at Carpenter Lake. Follow-up work in the spring of 2014 will likely include airborne radiometrics, ground prospecting, lake sediment and radon sampling, and ground geophysics.

Terms of the Option Agreement

Under the terms of the Option Agreement (the "Agreement"), Alpha has the option to earn a 60% interest in the Property by making cash payments totalling $50,000, issuing 400,000 common shares, and completing work commitments of $1,250,000, all over a period of three years. Upon completion of the option, a joint venture will be formed between Alpha (60%) and Noka (40%) for the further development of the Property, with Alpha serving as the operator. Presently, the Property is subject to a royalty equal to 5% of gross revenues, which is owed to the original vendors (the "Underlying Royalty"). The Underlying Royalty rate can be reduced from 5% to 2% by Noka through the issuance of shares. In the event that Noka does not exercise its right to reduce the Underlying Royalty by certain future dates specified in the Agreement, then Noka will be subject to penalties, the effect of which will be that Noka's interest in the Property will be reduced, or possibly forfeited. The Agreement is subject to the acceptance of the TSX Venture Exchange.

Private Placement

Noka further announces that it has arranged a non-brokered private placement (the "Private Placement") of up to 5,000,000 units (the "Units") at a price of $0.10 per Unit to raise gross proceeds of up to $500,000. Each Unit will consist of one common share of the Company and one transferable share purchase warrant (a "Warrant"). Each Warrant shall be exercisable to acquire one additional common share of the Company (a "Warrant Share") for a period of two years at a price of $0.20 per Warrant Share.

The Company may pay a finder's fee on a portion or all of the Private Placement.

The Company intends to use the proceeds from the Private Placement to conduct further exploration on its Athabasca Basin Uranium properties and for general working capital.

The Private Placement is subject to acceptance by the TSX Venture Exchange. All the securities issued under the Private Placement are subject to resale restrictions under applicable securities legislation.

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.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Log data provides the most granular view into what is happening across your systems, applications, and end users. Logs can show you where the issues are in real-time, and provide a historical trending view over time. Logs give you the whole picture. Logentries, a log management and analytics service built for the cloud, has announced a new integration with Slack, the team communication platform, to enable real-time system and application monitoring. Users of both services can now receive real-...
At 15th Cloud Expo, Shrikant Pattathil, Executive Vice President at Harbinger Systems, demos a video delivery platform that helps you do interactive videos. He discusses how Harbinger is accomplishing it in the cloud world, the problems they faced and the choices they made to get around these problems.
“Will Jaya is a direct source for server integration and storage solutions. If you are looking for any specific configurations for a project we can help you configure based on your needs and requirements," explained Netty Goya, CEO of Will Jaya, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what th...
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science f...
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness,...
Entuity®, a provider of enterprise-class network management solutions, today announced that it solidifies its position as a market leader through global enterprise customer acquisitions and a refined channel strategy. In 2014, Entuity increased new license revenues in EMEA by over 75 percent, and LATAM by over 125 percent as customers embraced Entuity for its highly automated solution and unified architecture. Entuity’s refined channel strategy focuses on even deeper strategic alignment with ke...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Cloud Technology Partners on Wednesday announced it has been recognized by the Modern Infrastructure Impact Awards as one of the Best Amazon Web Services (AWS) Consulting Partners. Selected by the editors of TechTarget's SearchDataCenter.com, and by votes from customers and strategic channel partners, the companies acknowledged by the Modern Infrastructure Impact Awards represent the top providers of cloud consulting services for AWS including application migration, application development, inf...
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"Blue Box has been around for 10-11 years, and last year we launched Blue Box Cloud. We like the term 'Private Cloud as a Service' because we think that embodies what we are launching as a product - it's a managed hosted private cloud," explained Giles Frith, Vice President of Customer Operations at Blue Box, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
In this demo at 15th Cloud Expo, John Meza, Product Engineer at Esri, showed how Esri products hook into Hadoop cluster to allow you to do spatial analysis on the spatial data within your cluster, and he demonstrated rendering from a data center with ArcGIS Pro, a new product that has a brand new rendering engine.