Athabasca Nuclear Corp. Acquires Juliet Lithium Project
02.06.2016 | FSCwire
Vancouver - Athabasca Nuclear Corporation (TSX-V: ASC) (“ASC” or the “Corporation”) is pleased to report that it has acquired the Juliet Lithium Project located in Quebec, Canada.“The Juliet Lithium Project bolsters our lithium exploration presence in Quebec. Through it, we gain immediate and additional lithium exploration potential in close proximity to the Rose Deposit being advanced by Critical Elements. When combined with our Whabouchi area projects - Spodumene Lake and Dumont - where we recently announced a funded exploration program, we believe we have an enviable lithium exploration project base in Quebec. Pegmatites typically occur in clusters/swarms, or along district scale trends, which makes our success in securing tenure close to notable deposits that much more important,” stated Ryan Kalt, CEO of the Corporation.
About the Juliet Lithium Project
The Juliet Lithium Project is anticipated to encompass 172 mineral cell claims over 3 individual claim blocks, which have been applied for on ground immediately surrounding and contiguous to the Rose Project being advanced by Critical Elements Corporation (“Critical Elements”). In aggregate, the Corporation’s Juliet Project claim cells are expected to cover approximately 9,120 ha.
The Juliet Lithium Project is located approximately 30km north of the community of Nemaska (Nemiscau). The project is in close proximity to the Eastmain 1 hydroelectric facilities and has a power line transacting portions of the project.
The Juliet Lithium Project ground was acquired through map designation and is currently within the pending phase of acquisition. All required fees have been paid and 100% tenure ownership is expected to be confirmed shortly. This new ground was acquired by the Company through an arm’s length exploration services company at a cost equating claim fees plus a 2% royalty.
Claim Map of the Juliet Lithium Project
http://www.fscwire.com/sites/default/files/NR/701/11223_Atha%20Img.jpg
Map Link URL:
http://www.athabascanuclear.com/wp-content/uploads/2016/06/Juliet_Lithium_Project_Claim_Map.jpg
ASC believes that its Juliet Lithium Project may offer similar lithium exploration potential to the adjacent Rose Project held by Critical Elements. Specifically, the exploration target for the Juliet Lithium Project are rare element Lithium-Cesium-Tantalum or LCT-type pegmatites.
The adjacent Rose Project being advanced by Critical Elements hosts a current Indicated resource of 26.5 million tonnes of 1.30% Li2O Eq. or 0.98% Li2O and 163 ppm Ta2O5 and an Inferred resource of 10.7 million tonnes of 1.14% Li2O Eq. or 0.86% Li2O and 145 ppm Ta2O5 (see Critical Elements Corporation, NI 43-101 Technical Report and Preliminary Economic Assessment on the Rose Tantalum-Lithium Project dated December 10, 2011, http://www.cecorp.ca/documents/en/pea_final_techreport.pdf).
Management cautions that past results or discoveries on adjacent properties (i.e. Rose) may not necessarily be indicative to the presence of mineralization on the Company’s properties (i.e. Juliet).
Qualified Person
Darren L. Smith, M.Sc., P.Geol., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, has reviewed the technical information in this news release.
About Athabasca Nuclear Corporation
Athabasca Nuclear Corporation (TSXV:ASC) is an exploration company holding a 100% position in the Spodumene Lake and Dumont Lithium Projects, which combined represent the large tenure position in the Whabouchi Lithium District and a 50% interest in the district-scale Preston Uranium Project, one of the largest tenure positions in the emerging Western Athabasca Basin. More information about ASC and its projects may be found at www.athabascanuclear.com.
Signed,
Ryan Kalt, 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:
Athabasca Nuclear Corporation
Brian Biles, Investor Relations
604-329-4421
athabascanuclear@gmail.com
www.athabascanuclear.com