Athabasca Nuclear Corporation Options Pikoo North Diamond Project
CALGARY, ALBERTA / TNW-ACCESSWIRE / January 2, 2015 - Athabasca Nuclear Corp. (TSX-V: ASC) ("Athabasca Nuclear" or the "Corporation") is pleased to report that it has entered into an option agreement with an arm's length party whereby the Corporation may earn a 100% interest in the Pikoo North Diamond Project located within Saskatchewan's emerging Sask Craton diamond exploration camp.
"The Pikoo North Diamond Project adds to the mineral tenure position held by Athabasca Nuclear in the emerging Sask Craton diamond exploration district. In addition to our Prongua Lake Project, which is up-ice from the Pikoo project being explored by North Arrow Minerals/Stornoway Diamond, these new exploration properties provide Athabasca Nuclear with multiple exploration targets in an up-ice direction to the Copper Reef results announced in late-December," stated Ryan Kalt, Chairman and Chief Executive Officer of the Corporation.
About the Pikoo North Diamond Projects
Under the terms of the option agreement and as detailed below, Athabasca Nuclear may earn a 100% interest in two mineral tenure claims, MC00002304 consisting of approximately 740 ha (1,828 acres) and MC00002333 consisting of approximately 591 ha (1,460 acres).
Figure 1 (View Full-Size Map Online)
Figure 2 (View Full-Size Map Online)
Approximately one and half weeks ago, Copper Reef Mining Corporation ("Copper Reef") and its CEO Mr. Stephen Masson announced initial till sample results from Copper Reef's Pikoo B1 and B3 properties. In that news release, Copper Reef disclosed that till sample results included 3 chrome diopsides and 1 eclogitic olivine located down-ice of the Pikoo 1-002 magnetic anomaly at the B1 Pikoo Property (see Copper Reef news release, Copper Reef announces B1 and B3 Pikoo Property Initial Till Results, December 23, 2014). To the knowledge of Athabasca Nuclear, the Copper Reef till sampling program represents the first substantive till sampling program in this particular area of the Sask Craton.
As historic context, Stornoway Diamond Corp. ("Stornoway Diamond") had previously identified a number of diamond exploration targets based on geophysical work in the project area during 2007, details of which are publicly available in an assessment filing report prepared by Stornoway Diamond titled, "Assessment Report Pikoo Project Saskatchewan" which is authored by B.G. Kupsch and dated February 2008 (the "Pikoo Report").
The Pikoo Report identified a number of geophysical targets in the project area thought to be of interest to diamond exploration, one of which was the Pikoo 1-002 magnetic anomaly that appears to be mostly situated on Copper Reef's B1 Pikoo Property. As detailed in the Pikoo Report, the Pikoo 1-002 magnetic anomaly now being explored by Copper Reef was not previously ground-truthed by Stornoway Diamond.
In addition to the Pikoo 1-002 magnetic anomaly identified by Stornoway Diamond, a number of other regional magnetic anomalies were identified but were not ground-truthed, including Pikoo 1-006, Pikoo 1-007, Pikoo 1-020, Pikoo 1-021, and Pikoo 1-022.
Figure 3 (View Full-Size Map Online)
Athabasca Nuclear's newly optioned tenure, MC00002304, is located in an up-ice direction from the Copper Reef B1 Pikoo Property and contains the Pikoo 1-006 and Pikoo 1-007 magnetic anomalies identified by Stornoway Diamond in their Pikoo Report. Similar to Pikoo 1-002, neither of the Pikoo 1-006 or Pikoo 1-007 targets were ground-truthed by Stornoway Diamond. MC00002304 is located approximately 700 metres northeast of Copper Reef's B1 Pikoo Property.
Figure 4 (View Full-Size Map Online)
The other new mineral claim being optioned by Athabasca Nuclear, MC00002333, contains the Pikoo 1-020, Pikoo 1-021, and Pikoo 1-022 exploration targets identified by Stornoway Diamond, targets that were not ground-truthed by that company according to the Pikoo Report.
Given the newly-released Copper Reef till sampling results, Athabasca Nuclear views the Pikoo North Diamond Project as an attractive diamond exploration opportunity owing to the fact that it contains exploration targets identified by the same company that identified Copper Reef's Pikoo 1-002 target and the Pikoo North Diamond Project targets have similarly not yet been ground-truthed.
The properties are being optioned from Mr. Gary Clayton Dunn (the "Vendor"), an arm's length party, who will, under the option agreement, receive cash consideration of $2,000 and be issued 100,000 common shares of Athabasca Nuclear upon closing and a further $10,000 and 250,000 common shares of Athabasca Nuclear on or before January 15, 2016. The option agreement also includes a work requirement of $20,000 to be completed on or before November 15, 2015. Subject to fulfillment of the option agreement, a 2% gross gemstone royalty, which includes diamonds, will be granted to the Vendor, of which half may be re-purchased by Athabasca Nuclear for a one-time cash payment of $1 million.
The option agreement is subject to approval of the TSX Venture Exchange.
Qualified Person:
Darren L. Smith, M.Sc., P.Geol., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Athabasca Nuclear Corporation
Athabasca Nuclear Corp. (TSXV:ASC) is an exploration company based in Calgary, Alberta focused on uranium exploration near the Athabasca Basin in Saskatchewan, Canada. More information about Athabasca Nuclear may be found at www.athabascanuclear.com.
Signed,
Ryan Kalt, Chairman and Chief Executive Officer
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Info:
Ryan Kalt, LL.M., M.B.A.
Chairman and Chief Executive Officer
403-410-3848
ryan.kalt@athabascanuclear.com
www.athabascanuclear.com
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