Noka to conduct exploration at LEB01-01 of Lodge Pole
Noka to conduct exploration at LEB01-01 of Lodge Pole
2015-08-26 21:54 ET - News Release
Mr. Nav Dhaliwal reports
NOKA RESOURCES PROVIDES CORPORATE UPDATE
Noka Resources Inc. has provided an update on corporate activities and its future plans for the Lodge Pole Point project, in which it can earn 100-per-cent interest by making a one-time payment of $50,000, which has already been completed, and annual, advance royalty payments of $20,000 beginning in 2016 (see news release dated April 14, 2015).
Over the next several months, Noka intends to dedicate its resources to advancing its highly prospective Lodge Pole Point project.
"With Noka's recent corporate restructuring, the assembly of a highly experienced technical team and the advantageous, renegotiated terms on the Lodge Pole Point agreement, the company is in a very favourable position to move forward with a focus on Lodge Pole and making a world-class uranium discovery in the Athabasca basin region of Northern Saskatchewan," commented Nav Dhaliwal, president and chief executive officer of Noka.
The Lodge Pole Point project hosts several kilometres of northeast-trending conductors, delineated through both airborne and ground electromagnetic surveys, and first-pass drilling by JNR Resources, which in 2000 intersected alteration and base metal enrichment common to uranium deposits.
The initial exploration at Lodge Pole Point will be focused in and around drill hole LEB01-01, which was spotted on the ice of Lodge Pole Lake, immediately east of the west shore. This drill hole returned anomalous trace element values from strongly altered and structurally disrupted basement lithologies. Furthermore, hole LEB01-01 is located at the southern end of the Horse South grid on the same conductive corridor and approximately 6.1 kilometres southeast of drill hole DF- 63 (SMDI 2540), which returned strongly altered and structurally disrupted sandstone. Also of interest is that the Horse South grid is approximately 12.1 km northwest of the well-defined Lazy Edward Bay radioactive diabase boulder field (SMDI 2062).
Western Athabasca syndicate update
As of Aug. 17, 2015, Noka has relinquished its membership with the Western Athabasca syndicate and its option to earn a 25-per-cent interest in the Preston uranium project to focus its resources on its wholly owned properties and other opportunities in the Athabasca basin region.