|By Marketwired .||
|May 6, 2014 08:00 AM EDT|
CALGARY, ALBERTA -- (Marketwired) -- 05/06/14 -- Athabasca Nuclear Corporation (TSX VENTURE: ASC) ("Athabasca Nuclear" or the "Corporation") is pleased to provide an update on drilling efforts at its Preston Uranium Property (the "Property") in the southwest Athabasca Basin, which is being advanced by the Western Athabasca Syndicate (the "Syndicate") of which Athabasca Nuclear is the Operator (the "Operator").
The first phase of the drill program has drilled seven holes totaling 1,571 meters at the Swoosh target.
As previously announced, Athabasca Nuclear and its' partners intend to recommence drilling later this month with the purpose of completing at least one initial exploration drill hole at each of the CHA and Fin targets.
Update on the Swoosh Target
The Swoosh target is a six-kilometer long corridor consisting of geophysically anomalous areas as defined by gravity, magnetic and EM surveys, coincident with surficial geochemical anomalies.
The most recently completed hole, PN14007, intersected twelve zones of radioactivity, as defined by a downhole gamma probe, including a 0.75 meter zone measuring 1,432 counts per second (cps) in a background of 80 to 100 cps. PN14007 was part of a previously announced extended drill program to further test the discovery of radioactivity at PN14003, as detailed by news release dated April 15, 2014.
The downhole depth of the six completed drill holes at Swoosh was between 200 and 350 meters. As previously detailed, one additional drill hole was abandoned due to poor drilling conditions.
Swoosh Drill Target Map:
All seven of the holes intersected a broad, hydrothermally altered and reactivated, structural zone. Five of the seven holes, inclusive of PN14003 and PN14007, returned elevated radioactivity and intersected multiple graphitic units within sheared and altered basement lithologies. The alteration commonly consists of pervasive chlorite, hematite and clay development; features which are common to uranium mineralization in the Athabasca Basin.
A review of final assays and geochemistry will be carried out upon receipt of results, which is expected in early June. Additional field work and drilling is anticipated at the Swoosh target later in 2014.
Update on the CHA and Fin Targets
As previously announced, Athabasca Nuclear intends to recommence drilling later this month with the purpose of completing an initial exploration drill hole at each of the CHA and Fin targets.
The CHA and Fin targets represent the second and third drill targets to be tested on the Property and were selected out of fifteen prospective targets by the Syndicate's Technical based on encouraging fieldwork results and coincident anomalies from ground gravity, airborne and ground EM and magnetic (graphitic conductors and structures), radon, soil, biogeochem, lake sediment, prospecting and geological mapping surveys.
All holes were angled holes, drilled at -45 to -50 degrees. They were radiometrically surveyed using a RS-230 gamma-ray spectrometer, and a Mount Sopris 2PGA-1000 downhole natural gamma probe. Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps). All intersections are downhole and core interval measurements and true thicknesses are yet to be determined. The reader is cautioned that a total counts gamma probe reading is the result of natural gamma radiation that may come from various sources including cosmic radiation, thorium, potassium and uranium and its radioactive decay products. CPS values cannot be certain to correlate with uranium grades of the rock but are a general guide of the radioactivity of minerals present in rock placed in proximity to the instrument.
Management cautions that mineralization present on proximal properties is not necessarily indicative of mineralization on the Syndicate's Property.
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 an energy exploration company based in Calgary, Alberta which is focused on uranium exploration in the Athabasca Basin of Saskatchewan, Canada. The Corporation is the Operator of the Western Athabasca Syndicate, a syndicated-exploration effort of a 287,130 hectare (709,513 acre) package of uranium properties which is the largest land position controlled by a single group along the highly prospective margin of the Western Athabasca Basin.
Ryan Kalt, Chief Executive Officer
This news release contains 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.