Noka options Lodge Pole Point from vendors!!Nav seems extremely pleased with this deal.......I need time to digest this one, not sure what to read into this as of yet......GLTA
Noka options Lodge Pole Point from vendors
2014-04-11 16:41 ET - News Release
Mr. Nav Dhaliwal reports
NOKA EXPANDS HOLDINGS ALONG PROLIFIC SOUTHERN BASIN RIM
Noka Resources Inc. has entered into an agreement with arm's-length vendors by which the company can earn a 100-per-cent interest in the Lodge Pole Point project, which covers about 4,773 hectares at Cree Lake on the southern border of the Athabasca basin, Saskatchewan. The project hosts several kilometres of northeast-trending conductors, delineated though both airborne and ground electromagnetic surveys. First-pass drilling by JNR Resources in 2000 encountered favourable alteration and base metal enrichment for uranium deposition.
The primary exploration zone at Lodge Pole is in and around the area of drill hole LEB01-01, which was spudded on the ice of Lodge Pole Lake, immediately east of the west shore of the lake. The discovery drill hole is located at Horse South grid and is located approximately 6.1 kilometres southeast of drill hole DF-63 (SMDI 2540) and approximately 12.1 kilometres northwest of the Lazy Edward Bay radioactive diabase boulders showing.
The showing area, as reconnaissance mapped in 1977 by C.F. Gilboy, is underlain by a series of weakly to moderately bleached, maroon-banded, Paleohelikian Athabasca group Manitou Falls formation sandstones. The Manitou Falls formation consists of a series of fluvial sandstones that contain minor interbeds of pebbly sandstone, conglomerate and interclast-rich sandstone. The rocks in the showing area have been crosscut by a series of north- to northeast-trending shear zones. Regionally, a series of diabase dikes, which form the Cree Lake dike swarm, have been injected into both the basement phyllites and into the overlying Athabasca group sandstones.
Drill hole LEB01-01 encountered 61.3 metres of water and overburden on top of the Ahtabasca group sandstones. Immediately below the overburden, the drill hole encountered 72.7 metres of pink to red to grey to white, weakly to strongly bleached, weakly to strongly desilicified and weakly fractured Manitou Falls formation unit sandstone that contains up to 5 per cent interstitial clay. This is underlain by 11.7 metres of white to grey to pink, moderately pervasively bleached, moderately to strongly desilicified and weakly fractured Manitou Falls formation unit sandstone that contains 10 to 20 per cent interstitial clay. The unconformity occurs at 145.7 metres. Below the unconformity, the hole encountered 18.3 metres of grey to green, moderately bleached, chloritized, hematized and sausseritized, mylonitized Mudjatik domain pelite with sections of anatexite. The initial 8.0 metres of pelite, located immediately below the unconformity, exhibits, locally, up to 60-per-cent clay replacement. Locally, breccia zones are clay and hematite infilled.
DRILL RESULTS Drill hole Intersection width Cu Ni Pb Co V As Zn U No. (m) (m) ppm ppm ppm ppm ppm ppm ppm ppm LEB01-01 187.0-187.4 0.4 263 63 33 49 99 6 6,070 1.9 197.7-197.9 0.2 266 65 33 52 102 6 6,180 1.8
This unit is underlain by at least 36.0 metres (118.1 feet) of chloritize- and biotite-altered, locally garnetiferous and cordieritic graphite semipelite to pelite that contains up to 65 per cent graphite. The graphite pelite is strongly mylonitized, and fault gouges often contain up to 65 per cent graphite and 3- to 15-per-cent clot- and stringer-style pyrite mineralization. The mineralization present in the graphitic pelite consists of 2 to 10 per cent graphite and up to 15 per cent pyrite that infills two zones of brecciation. The mineralized interval of graphite breccia returned the values set out herein.
In 2010, JNR Resources completed a magnetic gradiometre survey of the project area. Interpretation was competed by Condor Consulting, Chris S. Ludwig, consulting geophysicist. The interpretation identified three zones of interest, 4, 5 and 11, which occur partially or entirely within the project area.
The company can earn a 100-per-cent interest in the property by issuing six million common shares to the vendors. The company must make additional payments totalling $1.6-million over the next 48 months and complete $2-million in exploration expenditures on the property within four years. A 1-per-cent net smelter royalty has also been granted to the vendor, of which 0.5 per cent may be purchased by the company for $1.5-million.
Regarding the acquisition, Nav Dahliwal, president, remarked, "We are extremely excited in this opportunity to expand our portfolio along the prolific edge of the southern basin with the ultimate goal of making a world-class discovery and increasing shareholder value."
Dr. Peter Born, PGeo, is responsible for the geological content in this release. Dr. Born did not review the original LEB drill core or logs.
We seek Safe Harbor.