ATHA Energy (TSXV:SASK) - 47% Grades Defining Global Significant Resource

Mar 27, 2025

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Interview with Troy Boisjoli, CEO of ATHA Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/long-term-uranium-investors-find-value-in-volatility-6766

Recording date: 24th March 2025

ATHA Energy Corp. is making substantial progress on its Angilak uranium project in Nunavut, Canada, which shows promising signs of becoming a major uranium resource. CEO Troy Boisjoli, formerly Cameco's chief geologist, recently outlined the company's exploration success and future plans.

The Angilak project, acquired just over a year ago, already boasts a historic resource of 43.3 million pounds at 0.69% U308. Last year's 10,000-meter drill program expanded the mineralization zones, with all 25 drill holes successfully intersecting uranium. This work helped establish an exploration target range of 62-98 million pounds.

A recently completed structural study has confirmed a 31-kilometer trend across the Angikuni Basin, showing high-grade uranium samples up to 47.6% U308 on surface at multiple locations. This extensive surface mineralization is something Boisjoli claims he has "never seen" in the Athabasca Basin, where he previously worked.

The project shares geological similarities with Saskatchewan's uranium-rich Athabasca Basin but appears to have significantly more surface mineralization. Even sandstone samples within the basin show uranium values of 10-20%, compared to typical Athabasca alteration halos that might show only 10-20 parts per million.

ATHA is focusing most of its resources on Angilak exploration in 2025, with crews already mobilized. The company's strategy includes expanding known mineralization around the Lac 50 trend, testing the previously undrilled "Mushroom Lake" outcrop, and exploring the newly identified structural corridor.

While Angilak is in a remote area, Boisjoli sees Nunavut as a mining-friendly jurisdiction, noting that approximately 50% of its GDP comes from mining activities. The company has secured agreements with local communities and multi-year exploration permits.

In terms of scale, Boisjoli noted that overlaying the Angilak project area on the northeast Athabasca Basin would cover an area stretching from Rabbit Lake to Cigar Lake, encompassing multiple mines. He suggested that a resource in the 80-100 million pound range would make the project "very attractive."

Boisjoli believes the current uranium market fundamentals are strong, describing it as "a generational period" comparable to the 1970s in terms of demand growth. With supply constraints expected as major mines approach the end of their productive lives, he sees a significant opportunity for large-scale projects in favorable jurisdictions like Canada.

View ATHA Energy's company profile: https://www.cruxinvestor.com/companies/atha-energy