Noka Expands Holdings Along Prolific Southern Basin Rim
Vancouver, BC – April 11, 2014: Noka Resources Inc. (TSX-V: NX, FSE: 2NK) (“Noka”) is pleased to announce that it has entered into an agreement with arms’-length vendors by which the Company can earn a 100% interest in the Lodge Pole Point Project, which covers ~4773 hectares at Cree Lake on the southern border of the Athabasca Basin, Saskatchewan. The project hosts several kilometers of north east trending conductors, delineated though both airborne and ground EM surveys, and first pass drilling by JNR Resources in 2000 encountered favorable alteration and base metal enrichment for uranium deposition.
The primary exploration zone at Lodge Pole is in an 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 is located approximately 6.1km southeast of drill hole DF-63 (SMDI 2540) and approximately 12.1km northwest of the Lazy Edward Bay radioactive diabase boulders showing. (SMDI 2062)
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. Manitou Falls Formation MFa member 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 dykes, which form the Cree Lake dyke swarm, have been injected into both the basement phyllites and into the overlying Athabasca Group sandstones.
Drill hole LEB01-01 encountered 61.3m of water and overburden on top of the Ahtabasca Group sandstones. Immediately below the overburden, the drill hole encountered 72.7m of pink to red to grey to white, weakly to strongly bleached, weakly to strongly desilicified, and weakly fractured Manitou Falls Formation unit Mfb sandstone that contains up to 5% interstitial clay. This is underlain by 11.7m of white to grey to pink, moderately pervasively bleached, moderately to strongly desilicified and weakly fractured Manitou Falls Formation unit Mfa sandstone that contains 10 to 20% interstitial clay. The unconformity occurs at 145.7m. Below the unconformity, the hole encountered 18.3m of grey to green, moderately bleached, chloritized, hematized, and sausseritized, mylonitized Mudjatik domain pelite with sections of anatexite. The initial 8.0m of pelite located immediately below the unconformity exhibits, locally, up to 60% clay replacement. Locally, breccia zones are clay and hematite infilled.
|LEB01-01||187.0 - 187.4||0.4||263||63||33||49||99||6||6070||1.9|
|197.7 - 197.9||0.2||266||65||33||52||102||6||6180||1.8|
This unit is underlain by at least 36.0 m (118.1 ft) of chloritized and biotite altered, locally garnetiferous and cordieritic graphite semipelite to pelite that contains up to 65% graphite. The graphite pelite is strongly mylonitized and fault gouges often contain up to 65% graphite and 3 to 15% clot and stringer style pyrite mineralization. The mineralization present in the graphitic pelite consists of 2 to 10% graphite and up to 15% pyrite that infills two zones of brecciation. The mineralized interval of graphite breccia returned the values above.
In 2010, JNR Resources completed a Magnetic Gradiometer Survey of the project area. Interpretation was competed by Condor Consulting, Chris S. Ludwig Consulting Geophysicist. The interpretation identified 3 zones of interest, 4, 5, and 11, which occur partially or entirely within the project area.
The Company can earn a 100% interest in the property by issuing 6,000,000 common shares to the vendors. The company must make additional payments totaling $1,600,000 over the next 48 months and completing $2,000,000 in exploration expenditures on the property within four years. A 1% NSR has also been granted to the vendor, of which ½% may be purchased by the Company for $1,500,000.
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 P.Geo. is responsible for the geological content in this release. Dr. Born not reviewed the original LEB drill core or logs. While the results reported herein are prepared by what is assumed to be reputable professionals, they cannot be relied upon. These results are only relevant in assessing the potential type and dimension of a mineralization that could exist and which must be confirmed through drilling by the Company. Geological and exploration information contained in this release is derived from sources believed to be credible.
About Noka Resources Inc.:
Noka Resources Inc. is a junior exploration company with a focus on uranium in the prolific Athabasca Basin, Northern Saskatchewan. Noka’s exploration strategy is focused in relatively underexplored areas of the Athabasca Basin Region, targeting favourable geology and structure amenable to near surface, unconformity-style uranium mineralization.
With a total land position of 488,463 hectares, Noka holds one of the largest geologically prospective land packages in the region through a 100% interest in the Clearwater (which includes the Carpenter Lake) and Athabasca North group of properties, 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
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This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.