Noka, Alpha Exploration sample 37 ppm U at Carpenter
2014-10-28 12:18 ET - News Release
See News Release (C-NX) Noka Resources Inc
Mr. Nav Dhaliwal of Noka reports
NOKA RESOURCES REPORTS TARGETS EMERGE & ROYALTY BUYBACK AT CARPENTER LAKE PROPERTY, ATHABASCA BASIN, SASKATCHEWAN
Noka Resources Inc. is providing an update on its Carpenter Lake project, 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,
- 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:
- conductors parallel to the Cable Bay Shear Zone
- 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.
Royalty Buyback
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.
Qualified person
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.
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