Western Athabasca Syndicate Discovers New PLS-Area Conductors; Adds Drill Targets
June 1, 2015—Noka Resources Inc. (TSX-V: NX) (the “Company” or “Noka”) ”) is pleased to provide results from ground based horizontal loop electromagnetic (HLEM) surveys completed as part of the Western Athabasca Syndicate’s (the “Syndicate”) recently-completed exploration program at the Preston Uranium Project. The Preston Property is strategically located proximal to Fission Uranium Corp.’s shallow, high-grade Triple R deposit, as well as NexGen Energy Ltd.’s Arrow discovery in the Patterson Lake region in Northwestern Saskatchewan.
HLEM Survey Results:
Based on the combined results of the 2014-2015 gravity and RadonEx surveys, six high priority targets were identified on which ground-based HLEM surveys were performed. Grids totaling 12.5 line-km were surveyed at the Syndicate’s high-priority FSA, FIN, Dixon, and Canoe targets.
The HLEM surveys have now confirmed the presence of moderate to strong steep southeast-dipping conductors underlying the FSA, Dixon and Canoe targets. The conductors are indicative of significant faulting, graphitic-bearing rocks or geological contacts all of which may lead to the potential concentration of uranium mineralization. Anomalous RadonEx results from the 2014 and 2015 surveys within these conductor zones significantly enhance their uranium-hosting potential. The Canoe target is a particularly noteworthy target based on radon results of up to 55 pCi/l returned above the LCE-grid conductor trace array.
Upcoming Exploration Plans:
The results from the most recently-completed geophysical surveys, combined with exploration results from previous field work, are being used to prioritize and refine targets for a proposed drill program in July and August 2015 at the Preston Uranium Project. Details on this summer exploration and drill program are forthcoming.
The Syndicate has recently carried out one of the largest regional exploration programs in the underexplored SW region of the Athabasca Basin. A total of approx. $4.2 million in expenditures on the Preston Uranium Project has been incurred including ground gravity, airborne and ground EM and magnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as boulder prospecting and a nine hole exploratory diamond drill program.
As a result of this multi-million dollar exploration program, fifteen high-priority drill target areas associated with eight prospective exploration corridors have been successfully delineated using a methodical, multi-phased exploration technique. In addition, the Syndicate holds an extensive, proprietary geological database for the project area as a byproduct of its substantial exploration work over the past twenty months.
Preston Uranium Property High Priority Target Areas:
The Preston Uranium Property is one of the largest mineral tenure bases in the Western Athabasca Basin, directly proximal to Fission Uranium’s Triple R deposit and the recent discovery made by NexGen Energy on the Rook-1 Project. The uranium potential of the area is highlighted by results from Fission Uranium’s Patterson Lake South property with the announcement of the large, shallow, high grade Triple R deposit, which includes 79.6 million pounds at 1.58% U3O8 indicated and 25.9 million pounds at 1.30% U3O8 inferred (See Fission Uranium news release January 9, 2015).
Management cautions that mineralization present on other regional properties should not be construed as indicative of potential mineralization on mineral tenure being explored by the Syndicate.
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 reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a Qualified Person.
About Noka Resources Inc.:
Noka Resources Inc. is a junior exploration company with a focus on uranium in the prolific Athabasca Basin of Northern Saskatchewan. Noka’s exploration strategy is focused on relatively underexplored areas of the Athabasca Basin Region, targeting favourable geology and structure amenable to near surface, unconformity-style uranium mineralization.
With a total prospective land position of 493,236 hectares, Noka holds one of the largest geologically prospective land packages in the region through a 100% interest in the Clearwater and Athabasca North group of properties, a 40% interest in the Carpenter Lake Property, an option to earn up to 100% interest in the Lodge Pole Point Project, 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 press release contains "forward-looking information" that is based on Noka’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Noka’s exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Noka’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Noka disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.