VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/10/13 -- Noka Resources Inc. (TSX VENTURE: NX) (the "Company" or "Noka") is pleased to announce that the members of the Western Athabasca Syndicate have entered into a Formal Agreement to carry out uranium exploration in Saskatchewan's Athabasca Basin. Under the terms of the Agreement, Noka, Skyharbour Resources Ltd. (TSX VENTURE: SYH), Athabasca Nuclear Corp. (TSX VENTURE: ASC) and Lucky Strike Resources Ltd. (TSX VENTURE: LKY) will form a strategic partnership to explore and develop a 287,130 hectare (709,513 acre) uranium project base (the "Western Athabasca Syndicate Project" or "W.A.S.P.") that will become, the largest mineral claim position along the highly prospective margin of the Western Athabasca Basin controlled by a single group.
Western Athabasca Syndicate Project claims map:
The Western Athabasca Syndicate Project consists of properties strategically located in all directions around Alpha Minerals' (TSX VENTURE: AMW) and Fission Uranium's (TSX VENTURE: FCU) Patterson Lake South ("PLS") uranium discovery and adjoins projects being advanced by Denison Mines, Fission Uranium, Forum Uranium, Aldrin Resources and NexGen Energy. The properties were acquired for their proximity to the PLS discovery and interpreted favourable geology for the occurrence of PLS style uranium mineralization. The largest property, Preston Lake, is bisected by the all-weather Highway 955, which runs north through the PLS discovery being advanced by Fission Uranium and Alpha Minerals through to the former Cluff Lake uranium mine.
Under the terms of the Agreement, each of Noka, Skyharbour, Athabasca Nuclear and Lucky Strike will receive an option to earn 25% of the Western Athabasca Syndicate Project by making a series of cash payments, share payments and incurring exploration expenditures over the two-year earn-in term of the agreement. The agreement would see $6,000,000 of exploration on the project over the next two years with a minimum of $3,000,000 of work completed before September 30, 2014 and the remaining $3,000,000 spent by September 30, 2015 (see previous news release dated June 24, 2013). Athabasca Nuclear will be the Operator of the project.
This Agreement is subject to the approval of the TSX Venture Exchange.
Nav Dhaliwal, President and CEO of Noka, stated "We believe this partnership and structure offers the best prospects of making a new uranium discovery in the Athabasca region while at the same time mitigating company-specific risk."
Western Athabasca Syndicate Exploration Update:
Approximately 90% of the combined 4120 line kilometre VTEM plus time domain survey on the Preston Lake property has been completed. The VTEM plus system has been used successfully to locate basement conductors similar to the structures that host the high-grade uranium discoveries at the nearby PLS project controlled by Alpha Minerals and Fission Uranium. An additional 2800 line kilometres of tight spaced airborne radiometric survey will be flown to locate uranium boulder trains and in-situ uranium mineralization. Phil Robertshaw (P.Geo., Saskatchewan) is reviewing the VTEM plus data and will be providing detailed interpretation of the VTEM plus and radiometric data after the survey is completed. It is anticipated that the final data sets, including interpretation, will be received in August. A sophisticated targeting matrix will be used to identify and prioritize areas for ground-based follow-up. Field work will include ground-truthing of high-priority geophysical targets using water and soil radon sampling, biogeochemistry, geochemical lake sediment and soil sampling, prospecting, and scintillometer surveying. The Syndicate plans to employ a similar exploration methodology that ultimately led to the high-grade PLS discovery nearby.
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