Western Athabasca Syndicate Discovers Significant Radon and Gravity Low Anomalies at Preston Uranium Project in the Patterson Lake Region of the Athabasca Basin
April 15, 2015—Noka Resources Inc. (TSX-V: NX) (the “Company” or “Noka”) ”) is pleased to provide an update and report results of gravity and radon (RadonEx) surveys completed as part of the Western Athabasca Syndicate’s (the “Syndicate”) Winter Field Program at the Preston Uranium Project. The Preston Property is strategically located proximal to Fission Uranium’s shallow, high-grade Triple R deposit as well as NexGen Energy’s Arrow discovery in the Patterson Lake region in Northwestern Saskatchewan.
Preston Uranium Property Map and Regional Exploration Corridors:
The 1,234 station gravity survey was completed over four grids in the Depper Lake area including one at the FIN target, one at the FSA target and two at the Dixon target. A total of seven circular gravity low anomalies were detected by the survey, located along prospective coincident EM conductors and magnetic breaks defined by the 2014 airborne VTEM survey. RadonEx radon surveys were subsequently completed over these seven gravity anomalies as well as at four additional gravity anomalies identified in 2014 at the Canoe target which is also endowed with coincident gravity, magnetic and EM anomaly features. The 273 station RadonEx survey returned significant radon cluster anomalies with up to 0.40 pCi/m2/sec in soil (RFM samples), and up to 10.36 pCi/l in water. For comparison, anomalous radon in soil results at Fission’s nearby PLS deposit range between 0.15 and 0.95 pCi/m2/sec, and anomalous radon in water results range between 2 and 13.3 pCi/l.
Preston Uranium Project – 2015 Winter Program Target Areas:
Based on the combined results of the 2014-2015 gravity and RadonEx surveys, six high priority targets have been identified and will be subjected to ground based horizontal loop electromagnetic (HLEM) surveys. Grids totalling 12.5 line-km, are currently being surveyed at the FSA, FIN, Dixon, and Canoe targets. The combined results of these surveys will be used to prioritize and refine targets for a proposed drill program this summer at Preston.
2015 Winter Program Radon Survey Results and HLEM Survey Plan:
The Syndicate has carried out one of the largest regional exploration programs in the relatively underexplored south-western side of the Athabasca Basin over the last eighteen months. A total of approx. $4 million in expenditures on the Preston Uranium Project has been incurred including ground gravity, airborne and ground EM and magnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as boulder prospecting and a nine hole exploratory diamond drill program. Fifteen high-priority drill target areas associated with eight prospective exploration corridors have been successfully delineated through this methodical, multi-phased exploration initiative which has culminated in an extensive, proprietary geological database for the project area. Skyharbour is the operator of the Western Athabasca Syndicate.
Preston Uranium Property High Priority Target Areas:
The 246,643 hectare Preston Uranium Property is the largest individual property proximal to Fission Uranium’s Triple R deposit and the recent discovery made by NexGen Energy on the Rook-1 Project. The tremendous potential of the area is highlighted by the recently reported results from Fission Uranium’s Patterson Lake South property with the announcement of the large, shallow, high grade Triple R deposit, which includes 79.6 million pounds at 1.58% U3O8 indicated and 25.9 million pounds at 1.30% U3O8 inferred (See Fission Uranium news release January 9, 2015).
Management cautions, mineralization present on proximal properties is not necessarily indicative of mineralization on the Syndicate’s Property.
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 reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a Qualified Person.
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 on 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 and Athabasca North group of properties, a 40% interest in the Carpenter Lake Property, an option to earn up to 100% interest in the Lodge Pole Point Project, as well as a 25% interest in the Western Athabasca Syndicate group of properties.
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.