Click here to close now.

SYS-CON MEDIA Authors: Liz McMillan, Elizabeth White, Dana Gardner, AppDynamics Blog, Pat Romanski

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
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
There's no doubt that the Internet of Things is driving the next wave of innovation. Google has spent billions over the past few months vacuuming up companies that specialize in smart appliances and machine learning. Already, Philips light bulbs, Audi automobiles, and Samsung washers and dryers can communicate with and be controlled from mobile devices. To take advantage of the opportunities the Internet of Things brings to your business, you'll want to start preparing now.
In a world of ever-accelerating business cycles and fast-changing client expectations, the cloud increasingly serves as a growth engine and a path to new business models. Dynamic clouds enable businesses to continuously reinvent themselves, adapting their business processes, their service and software delivery and their operations to achieve speed-to-market and quick response to customer feedback. As the cloud evolves, the industry has multiple competing cloud technologies, offering on-premises ...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
Over the years, a variety of methodologies have emerged in order to overcome the challenges related to project constraints. The successful use of each methodology seems highly context-dependent. However, communication seems to be the common denominator of the many challenges that project management methodologies intend to resolve. In this respect, Information and Communication Technologies (ICTs) can be viewed as powerful tools for managing projects. Few research papers have focused on the way...
As the world moves from DevOps to NoOps, application deployment to the cloud ought to become a lot simpler. However, applications have been architected with a much tighter coupling than it needs to be which makes deployment in different environments and migration between them harder. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, Netflix and so on is at the heart of CloudFoundry – a complete developer-oriented Platform as a Service (PaaS...
In high-production environments where release cycles are measured in hours or minutes — not days or weeks — there's little room for mistakes and no room for confusion. Everyone has to understand what's happening, in real time, and have the means to do whatever is necessary to keep applications up and running optimally. DevOps is a high-stakes world, but done well, it delivers the agility and performance to significantly impact business competitiveness.
The OpenStack cloud operating system includes Trove, a database abstraction layer. Rather than applications connecting directly to a specific type of database, they connect to Trove, which in turn connects to one or more specific databases. One target database is Postgres Plus Cloud Database, which includes its own RESTful API. Trove was originally developed around MySQL, whose interfaces are significantly less complicated than those of the Postgres cloud database. In his session at 16th Cloud...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading in...
The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential. The DevOps Summit at Cloud Expo – to be held June 3-5, 2015, at the Javits Center in New York City – will expand the DevOps community, enable a wide...
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect...
There is no question that the cloud is where businesses want to host data. Until recently hypervisor virtualization was the most widely used method in cloud computing. Recently virtual containers have been gaining in popularity, and for good reason. In the debate between virtual machines and containers, the latter have been seen as the new kid on the block – and like other emerging technology have had some initial shortcomings. However, the container space has evolved drastically since coming on...
Cloud Expo, Inc. has announced today that Andi Mann returns to DevOps Summit 2015 as Conference Chair. The 4th International DevOps Summit will take place on June 9-11, 2015, at the Javits Center in New York City. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at ...