Noka Resources Reports Targets Emerge & Royalty Buyback at Carpenter Lake Property, Athabasca Basin, Saskatchewan
Vancouver, BC – October 28, 2014: Noka Resources Inc. (TSX-V: NX, FSE: 2NK) (“Noka” or the “Company”)is pleased to provide an update on its Carpenter Lake Project (“Carpenter Lake”, or the “Property”), Athabasca Basin, Saskatchewan, Canada. The Property is currently under option by Alpha Exploration Inc. (TSX-V: AEX) (“Alpha”) whereas Alpha can earn up to 60% interest in the Property. Details of the option agreement are in the Company’s news release dated January 14, 2014. Alpha is the operator for exploration at Carpenter Lake.
All geochemical data from the 2014 winter and summer exploration programs have been received. Results have been integrated with historical geochemical data sets, and with airborne geophysical surveys flown recently by Alpha. Figure 1 provides a summary of key target areas, including:
- the high surface radioactivity around Sill Lake west of the Cable Bay Shear Zone, and;
- high uranium in lake sediment concentrations along the Cable Bay Shear Zone.
For illustration, lake sediment concentrations of up to 37 ppm uranium compare favourably to the Patterson Lake area where 3.8 ppm uranium was the strongest anomaly obtained, and spatially associated to the uraniferous boulder field.
Both target areas are bolstered by the presence of:
1. conductors parallel to the Cable Bay Shear Zone
2. orthogonal structural offsets of conductors, as inferred from airborne geophysical surveys.
Alpha will continue to evaluate and prioritize the integrated target areas, and the Company will provide details for anticipated follow up work this winter once programs and budgets are approved.
Summary of Exploration done in 2014:
• 71 rock samples collected during a three week summer boulder prospecting program;
• 1473 radon samples collected during a two-stage winter and summer program;
• 60 lake sediment samples collected during a three week winter program;
• Airborne gamma spectrometer survey in July: 3,931 line-kilometres covering 10x20 kilometre block at 50 metre line spacing (news release July 24, 2014);
• Airborne VTEM survey in February (versatile time-domain electromagnetic and magnetic surveys): 1,892 line-kilometers over a 10x20 kilometre block at 100 metre line spacing (news release dated Feb. 3, 2014).
Figure 2 on Noka’s website provides detailed information for geochemical samples, airborne radiometric anomalies, conductors and inferred structures.
Noka has exercised its right to reduce the underlying royalty payable on the Property from 5 percent to 2 percent by issuing 3 million common shares in the capital of the Company to arm’s length vendors (the “Royalty Buyback”).
About Carpenter Lake
Carpenter Lake lies approximately 85 kilometres west of the past-producing Key Lake uranium mine. It spans the Cable Bay Shear Zone, and straddles the southern margin of the Athabasca Basin. The Property covers 20,637 hectares within five contiguous mineral dispositions.
Please see the Company’s website at www.nokaresources.com for any additional information on Carpenter Lake, or other properties.
About Noka Resources Inc.
Noka Resources Inc. is a junior exploration company with a focus on uranium in the prolific Athabasca Basin of 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 prospective land position of 493,236 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, an option to earn 100% interest in the Lodge Pole Point Project, as well as a 25% interest in the Western Athabasca Syndicate group of properties.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and has been reviewed and approved on behalf of the Company by Mr. Thomas H. Carpenter, PGeo, of Discovery Consultants, a qualified person.
For further information, please contact Nav Dhaliwal, President, at [email protected] or visit www.nokaresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
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 press release contains "forward-looking information" that is based on Noka’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Noka’s exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Noka’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Noka disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.