ATHA Energy Makes Major New High-Grade Discovery along the Lac 50 Corridor - Intersects 11.5 m of Composite Uranium Mineralization Including 1.6 m of Near Continuous High-Grade 4 km Along Strike from Lac 50 Deposit Area
Rhea-AI Summary
ATHA Energy (OTCQX:SASKF) reported a new high-grade uranium discovery at the Lac 50 Northwest area, ~4 km along strike from the Lac 50 Deposit at its 100%-owned Angilak Project in Nunavut.
Key hole L50W-DD-002 intersected 11.5 m composite uranium mineralization over five zones, including 7.0 m continuous and 1.6 m high-grade, confirming the 4 km Lac 50 corridor as prospective.
Positive
- New Lac 50 Northwest uranium discovery ~4 km from Lac 50 Deposit
- Hole L50W-DD-002 intersected 11.5 m composite uranium mineralization
- 7.0 m continuous mineralization averaging 7,974 CPS in L50W-DD-002
- 1.6 m high-grade interval up to 40,162 CPS
- Six regional discoveries at Angilak in 15 months
- 2026 Angilak drilling program of ~20,000 m with three rigs
Negative
- All intercepts reported as core width; true thickness undetermined
- Mineralization currently based on downhole gamma counts; assays pending
- High-grade definition and mineralization threshold recently revised to >300 CPS
News Market Reaction – SASKF
In the Jul 8 session, SASKF gained 5.98%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HIGHLIGHTS
First regional test along the Lac 50 Deposit Corridor, as part of the recently commenced 2026 Angilak Exploration Program, results in major new discovery at Lac 50 Northwest, located ~4 km along strike from the Lac 50 Deposit area (Figure 1);
The second hole at Lac 50 Northwest Discovery, L50W-DD-002, intersected 11.5 m of total composite uranium mineralization2 over five zones from 305.0 m to 479.9 m (Figure 2 & Table 1). The hole intersected 7.0 m of continuous mineralization (from 415.6 m to 422.6 m) averaging 7,974 counts per second (CPS1) including 1.6 m of high-grade mineralization2 with maximum radioactivity of 40,162 CPS1;
Mineralization is basement-style, hosted within brecciated basalts, infilled with quartz-carbonite veining, displaying albite-hematite alteration halos and silicification overprinting. The mineralization demonstrates similar grade, width and style to Athabasca basement-style deposits;
Drilling at Lac 50 Northwest Discovery was designed to test a 3D MMT inversion anomaly with a coincident broad gravity offset. Results from L50W-DD-002 confirm the entire 4 km strike length between Lac 50 Northwest Discovery and the Lac 50 Deposit area as being prospective;
The Lac 50 Northwest Discovery represents the sixth regional discovery - outside of the Lac 50 Deposit area - over the last 15 months at Angilak. The Company has a
100% success rate with targeting based on 3D EM inversion at its100% -owned Angilak Uranium Project;
The Lac 50 Northwest Discovery is part of ATHA's on-going 2026 Angilak Exploration Program, the Company anticipates announcing additional preliminary results from drilling at the Mineralized RIB Corridor imminently.
Troy Boisjoli, CEO commented: "Over the last two decades I have had the privilege of exploring the top uranium districts globally - including Cameco's Rabbit Lake trend and NexGen's world class Rook I Project. It is with that experience, when I look at the exploration results from Angilak over the last two years - successfully intersecting uranium mineralization on
ATHA's success is ever more impactful when considering projections for increases in global energy demand, and prominence of nuclear energy in plans to meet those needs. Compounding those demands with issues of stability of commodity supplies from stable jurisdictions, and ATHA's Angilak Uranium Project has a very bright future."
Cliff Revering, VP Exploration added: "The discovery of a new high-grade mineralized zone more than 4 km from the Lac 50 Deposit, along the extended Lac 50 Northwest Corridor and in only the second hole drilled in this area, marks an exciting step forward for the Angilak Project. These results reinforce the strength of our targeting strategy and highlight the significant exploration upside within the Angikuni Basin.
Building on the success of our 2025 exploration program, we are highly encouraged by the continued discovery momentum at Angilak. Early results from the 2026 program further support our view that Angilak has the scale, continuity and exploration potential to emerge as a significant uranium district."
VANCOUVER, BC / ACCESS Newswire / July 8, 2026 / ATHA Energy Corp. (TSXV:SASK)(FRA:X5U)(OTCQX:SASKF) ("ATHA" or the "Company"), is pleased to announce diamond drilling results from the 2026 Angilak Exploration Program at its
The 2026 Angilak Exploration Program is largest to date on the project, comprising two components: First, diamond drilling, which commenced operations on May 1st, 2026, scheduled to continue through the end of September. The Company will complete ~20,000 m, utilizing three diamond drill rigs. Second, aerial geophysics, comprising Expert's MMT survey, scheduled to start early July, with resulting 3D Inversion Modeling to be completed by Q4 2026.
With diamond drilling the Company intends to test the following areas:
Mineralized RIB Corridor: Additional discovery potential and expansion, following up on the highly successful 2025 program, which resulted in the four discoveries of uranium mineralization - including RIB North, where the maiden hole intersected 34.7 m of composite uranium mineralization1 with grades up to
8.16% U3O8 over 0.5 m;Lac 50 Deposit Corridor: Testing recently identified, highly prospective, 3D Inversion targets along strike from the main Lac 50 Deposit area, and expansion of the Lac 50 Deposit mineralization footprint which remains open and unconstrained3.
KU-Nine Iron Corridor: Testing recently identified, highly prospective, 3D Inversion targets, which directly vector from uranium mineralization intersected in the 2025 KU and historic Nine Iron Discoveries.
While the geophysics portion of the program is designed to provide additional targets to the Company's portfolio, and consists of:
Angikuni Basin: Acquiring full MMT coverage across the
100% ATHA-owned Angikuni Basin. The resulting survey data will be used to develop a 3D Inversion model of the entire Angikuni Basin, the same highly successful systematic approach ATHA utilized during its 2025 campaign, adding to ATHA's already extensive portfolio of regional targets.
Figure 1: Angilak Project Area - 2026 Exploration Target Area (Black Rectangles), & Mapped Historic Mineralized Showings
Table 1: 2026 Angilak Exploration Program Drill Collar Information
Hole ID | Corridor | Zone | Azimuth (°) | Dip (°) | Easting (mE) | Northing (mN) | Elevation (m) | Final Depth (m) |
L50W-DD-001 | Lac 50 | Northwest | 30 | -60 | 511872 | 6941721 | 192 | 528 |
L50W-DD-002 | Lac 50 | Northwest | 30 | -55 | 511985 | 6941721 | 188.5 | 632 |
Figure 2: Striplog L50W-DD-002 showing radioactivity based on 40TGU-1000 Triple Gamma Down Hole Probe1 & 2.
Figure 3: Striplog L50W-DD-001 showing radioactivity based on 40TGU-1000 Triple Gamma Down Hole Probe1 & 2.
Down Hole Gamma Probe
1.A Mount Sopris 40TGU-1000 Triple Gamma Geiger down hole probe was utilized for radiometric surveying.
2The Company considers high-grade mineralization to be any interval with radioactivity derived from downhole gamma probe >10,000 CPS. The total gamma results provided were selected using an average cutoff of >300 CPS over intervals of 0.1 metre width. Mineralization was previously described as >500 CPS, however, based on assay results from 2024 & 2025, the Company has now lowered that threshold to >300 CPS, as typical results above 300 CPS return grades above
Core samples are submitted to the Saskatchewan Research Council (SRC) Geoanalytical Laboratories in Saskatoon. The SRC facility is ISO/IEC 17025:2005 accredited by the Standards Council of Canada (scope of accreditation #537). The samples are analyzed for a multi-element suite using partial and total digestion inductively coupled plasma methods, for boron by Na2O2 fusion, and for uranium by fluorimetry.
Disclaimer for Historical Drilling and Outcrop Samples
Certain noted technical information provided herein has been derived exclusively and without independent verification from the following reports. Such information is historical in nature and is not considered by the Company to be current. In each case, the reliability of the historical information is considered reasonable by the Company. The historical information provides an indication of the exploration potential of the properties but may not be representative of expected results. Readers should read the entirety of such noted reports to fully understand the nature of the information referenced herein. Samples, including, without limitation, outcrop samples, by their nature, are selective in nature and significant variations may be seen from sample to sample. Accordingly, sample information may not be representative of the true underlying mineralization.
References for Historic Diamond Drilling Results and Surficial Sampling
3For additional information regarding ATHA's Angilak Project please refer to the Technical Report entitled "Technical Report on the Angilak Property, Nunavut, Canada" with an effective date of October 14, 2025, prepared by Matt Batty, MSc, P. Geo, who is a "qualified person" under NI 43-101, available under ATHA's SEDAR+ profile at www.sedarplus.ca.
Qualified Person
The scientific and technical information contained in this news release have been reviewed and approved by Cliff Revering, P.Eng., Vice President, Exploration of ATHA, who is a "qualified person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About ATHA
ATHA is a Canadian mineral company engaged in the acquisition, exploration, and development of uranium assets in the pursuit of a clean energy future. With a strategically balanced portfolio including three
On Behalf of the Board of Directors
Troy Boisjoli, CEO, ATHA Energy Corp
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.
For more information, please contact:
Troy Boisjoli
Chief Executive Officer
Email: info@athaenergy.com
Website: www.athaenergy.com
Phone: 1-(236)-521-0526
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". These forward-looking statements or information may relate to ATHA's proposed exploration program, including statements with respect to the expected benefits of ATHA's proposed exploration program, any results that may be derived from ATHA's proposed exploration program, the timing, scope, nature, breadth and other information related to ATHA's proposed exploration program, any results that may be derived from the diversification of ATHA's portfolio, the prospects of ATHA's projects, including mineral resources estimates and mineralization of each project, the prospects of ATHA's business plans and any expectations with respect to defining mineral resources or mineral reserves on any of ATHA's projects, and any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development or production.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions that the anticipated benefits of ATHA's proposed exploration program will be realized, that no additional permit or licenses will be required in connection with ATHA's exploration programs, the ability of ATHA to complete its exploration activities as currently expected and on the current anticipated timelines, including ATHA's proposed exploration program, that ATHA will be able to execute on its current plans, that ATHA's proposed explorations will yield results as expected, and that general business and economic conditions will not change in a material adverse manner. Although ATHA has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Such statements represent the current view of ATHA with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: inability of ATHA to realize the benefits anticipated from the exploration and drilling targets described herein or elsewhere; in ability of ATHA to complete current exploration plans as presently anticipated or at all; inability for ATHA to economically realize on the benefits, if any, derived from the exploration program; failure to complete business plans as it currently anticipated; overdiversification of ATHA's portfolio; failure to realize on benefits, if any, of a diversified portfolio; unanticipated changes in market price for ATHA shares; changes to ATHA's current and future business and exploration plans and the strategic alternatives available thereto; growth prospects and outlook of the business of ATHA; and the ability to advance the Company projects and its proposed exploration program; risks inherent in mineral exploration including risks related worker safety, weather and other natural occurrences, accidents, availability of personnel and equipment, and other factors; aboriginal title; failure to obtain regulatory and permitting approvals; no known mineral resources/reserves; reliance on key management and other personnel; competition; changes in laws and regulations; uninsurable risks; delays in governmental and other approvals, community relations; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada, Australia and other jurisdictions where ATHA conducts business. Other factors which could materially affect such forward-looking information are described in the filings of ATHA with the Canadian securities regulators which are available on ATHA's profile on SEDAR+ at www.sedarplus.ca. ATHA does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE: ATHA Energy Corp
View the original press release on ACCESS Newswire