08:24 AM EST, 11/25/2024 (MT Newswires) -- ATHA Energy ( SASKF ) , holder of the largest uranium exploration portfolio in two of the highest-grade uranium districts in the world, on Monday announced conclusions from its updated 2024 Technical Report on its 100%-owned Angilak Uranium Project in Nunavut.

According to a statement, conclusions from the report establish a baseline exploration target for the Lac 50 Deposit ranging between 60.8 million pounds and 98.2 million pounds U3O8 [uranium concentrate], with an average grade range between 0.37% and 0.48% -- restricted to drill results from the Lac 48, 50, 52, and 54 mineralized trends.

Monday's statement noted the updated 2024 technical report utilized information collected predominately from 2009 through to 2024 -- inclusive of assay results from the 2024 Angilak Exploration Program.

The company also announced assay results from its Phase I: diamond drilling campaign completed as part of the 2024 Angilak Exploration Program. It noted the 2024 Angilak Exploration Program resulted in the expansion of mineralized domains along the Lac 50 Trend where grades of up to 5.85% U3O8 over 0.5 m were intersected. Additionally, the program identified and expanded mineralization along parallel trends, defined as Lac 48, Lac 52, and Lac 54 Trends.

CEO Troy Boisjoli in the statement said: "ATHA was built with a large-scale vision that reflects our belief in the generational opportunity within the uranium sector and we believe our exploration program at Angilak exemplifies this approach. Rather than relying on incremental delineation at Angilak, the unique strength of our balance sheet amongst exploration peers and deep technical bench provided us the opportunity to design and successfully execute an exploration program seeking long-term value creation that give us both resolution on the future scale of Angilak and also significantly de-risks future exploration programs. We are extremely pleased with the outcome of this choice and believe these exploration results not only establish the large-scale resource potential at Angilak but also prove the viability of Nunavut as a tier 1 uranium jurisdiction globally."

SASK rose $0.02 or 3% to $0.68 last Friday.