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Archived article (Last updated February 2014):

  

 

Noka Resources Highly Prospective

for High-Grade Uranium Discovery

 

Drilling to commence in March 2014 on Western Athabasca Syndicate's Preston Lake Uranium Property 

  

 Noka Resources Inc.

  TSX-V: NX  Frankfurt: 2NK

 

NX.V presents exceptional risk-reward scenario, with near-term catalysts on two Athabasca Basin fronts proximate to Fission's near-surface high-grade PLS Uranium discovery:

  • Carpenter & Nyberg Lake Properties, South-central Athabasca Basin, Saskatchewan straddles the Cable Bay Shear Zone, immediately south of the Basin. It has some of the highest uranium and lake sediment samples in the southern part of the basin (89.5 ppm uranium) and some of the highest radiometric readings in the entire map area.

   

  • Western Athabasca Syndicate Properties: NX.V is an equal participant (via 25% earn-in agreement) between four companies advancing the largest land package in the Patterson Lake area. The project is ripe for major near-surface high-grade uranium discovery; the syndicate holds key ground proximate to Fission's PLS uranium discovery and has committed to spending $6,000,000 in combined exploration expenditures over the next two years. New VTEM, Radiometric, and radon surveys have been completed. Results from its initial lake sediment geochemical survey revealed a total of 133 samples have an anomalous U value including a peak of 7.0 ppm U; for comparison, the highest value down-ice from the PLS discovery is 3.8 ppm U. Field work this fall 2013 included ground-truthing of 14 high-priority geophysical targets. The exploration methodology being employed has led to numerous uranium discoveries in the region. Gravity surveys which have identified 23 gravity low anomalies on the Western Athabasca Syndicate’s flagship Preston Lake Uranium Property. The program also included a RadonEx survey (ground and water) to further define targets in advance of a drill program slated to commence in March.

"Noka Resources (TSX VENTURE: NX) with under 27 million shares o/s is one of our 'top picks' for major high-grade uranium discovery potential. NX.V has key ground proximal to Fission's PLS discovery, equally important NX.V possess the right people to sleuth out a major discovery. In September 2013 Geologist Darren Smith was added to the board of directors -- Mr. Smith was involved in exploration efforts at such notable locations as Patterson Lake, Athabasca Property (North Shore), and Waterbury Lake (J-Zone). Noka also has Jody Dahrouge as a consulting geologist, he is the past President of Fission Energy and principally responsible for numerous uranium finds of significance -- making shareholders wealthy in the process."

 

Source: Market Equities Research Group [Sept. 23, 2013]

Notes from the editor on feature article:

 

Valuation Commentary: Noka Resources Inc. (TSX: NX) (Frankfurt: 2NK) possesses several uranium properties in Canada's Athabasca Basin and is highly prospective for high-grade uranium discovery of significance on strategic ground it is advancing. The recent discovery of shallow, high-grade uranium deposition along the south-western margin of the basin at Patterson Lake South (PLS) by Fission Uranium and Alpha Minerals puts NX.V at the forefront of what many geologists believe is just the beginning for the southern region of the basin. It is entirely likely that multiple discoveries will ensue and a brand new uranium district will evolve from this PLS discovery with NX.V as a key participant.

 

The PLS discovery is relatively new and it is a game-changer; it is located on the western lip of the basin which has been historically ignored from an exploration standpoint, and the near surface nature suggests lower exploration and extraction costs. At a time when margins are everything, the PLS discovery propels the surrounding ground (Noka's ground, in part) as the hottest/most prospective exploration spot to be. The PLS discovery has yielded phenomenal high-grade results (i.e. 49.5m of 6.26% U3O8, including 6m of 35% U3O8, 53.0m of 6.57% U3O8, including 10.5m of 29.26% U3O8, and 34m of 4.92% U3O8, including 12.5m at 12.38% U3O8). Further, some of the latest news coming out of PLS reveals continued wide, continuous, and strong results.

  

A track record of uranium home-runs: Noka's lead consulting geologist, Jody Dahrouge, has a track record of major uranium home-runs; he's a past President of Fission Energy and was also a Director of Fission (up until the take-out by Denison in 2013), impressively he is responsible for the conceptualization and acquisition of Waterbury Lake (J-Zone), Patterson Lake, and in part Patterson Lake South. He has chosen Noka Resources to work with as he believes it has serious potential for a near-term major uranium find. Noka also has on its board of directors geologist Darren Smith whom was intimately involved with the above referenced properties.

 

Noka's top two projects to advance this 2013 for the potential of uranium discovery of significance are its 1) Clearwater land package and 2) Noka's Western Athabasca Syndicate group of properties with special focus on Preston Lake:

  

1) Noka's Carpenter & Nyberg Lake Properties (part of its Clearwater land package in the south basin) appears to be a discovery waiting to happen. It has all the active ingredients with much of the potential coming out of historic government regional sampling data where a number of highly anomalous lake sediment samples were collected (89.5 ppm Uranium; the highest known number in the map area). The historic sampling also exhibited strong anomalous pathfinder elements. A 2010 Geological Survey of Canada radiometric survey identified a greater than 1 km long, linear, radiometric anomaly (Uranium) parallel to the Cable Bay Shear Zone with some of the highest radiometric readings in Northern Saskatchewan.

 

2) Noka's Western Athabasca Syndicate partners are Athabasca Nuclear Corp., Skyharbour Resources Ltd., and Lucky Strike Resources Ltd. -- the arrangement allows Noka to advance the prospect in an affordable manner toward meaningful discovery while mitigating risk. The syndicate's current/primary focus is on the Preston Lake property near the PLS discovery (of Fission & Alpha) -- the belief is that a similar type deposit exists on the syndicates ground. New VTEM and radiometric surveys flown over Preston Lake in Q3 2013 has mapped a promising array of structures and conductors associated. New results from its initial radon-in-water survey have yielded strong anomalies, occurring both as clusters and as discrete point anomalies; a strong indicator for the presence of uranium mineralization. Gravity surveys which have identified 23 gravity low anomalies on the Western Athabasca Syndicate’s flagship Preston Lake Uranium Property. The program also included a RadonEx survey (ground and water) to further define targets in advance of a drill program slated to commence in March. Results from its initial lake sediment geochemical survey revealed a total of 133 samples have an anomalous U value including a peak of 7.0 ppm U; for comparison, the highest value down-ice from the PLS discovery is 3.8 ppm U. Using an advanced targeting matrix, employing the same methodology that led to the PLS discovery, field work is currently underway which includes ground-truthing of 14 high-priority geophysical targets. Initial interpretation of the radiometric data has identified areas with elevated uranium counts that can be correlated along and between multiple lines, which may indicate the presence of radioactive boulder trains or in situ uranium mineralization. These radiometric features, particularly where possible source areas coincide with prospective EM conductors, are high-priority targets for follow-up ground work as this is the signature that led to the PLS discovery. Historic data on the syndicate's ground has shown some key geochemical pathfinders (that help geologists trace back to the structurally controlled basement-hosted uranium occurrence) are 3 to 7 times more anomalous on the syndicates ground (than PLS). It appears Noka's syndicate is ripe for discovery; it has intense radioactivity, geochemical pathfinders, and major structure, all of which is necessary to discover another PLS-style high-grade uranium deposit, possibly bigger.

The risk-reward characteristics are highly advantageous for investors establishing a long position in NX.V as the current market cap relative to the inherent value of its properties seem disproportionate. Shares of Noka Resources appear poised for significant upward price movement with only ~27 million shares outstanding (~44M fully diluted).

 Content found herein is not investment advice see Terms of Use, Disclosure & Disclaimer

 
 

 

Figure 1. Subject Company's Logo

Noka Resources Inc. (TSX-V: NX)

 

       Noka Resources Inc. is a Canadian-based mineral exploration mining company listed on the TSX Venture Exchange (ticker symbol NX). The Company has come to our attention due, in part, to the exceptional opportunity afforded shareholders as NX.V possesses several uranium properties in Canada's Athabasca Basin and is highly prospective for high-grade uranium discovery of significance on ground proximate Fission's near-surface high-grade Patterson Lake South (PLS) Uranium discovery.

 

Fission's PLS has shown that there exists very good potential for high-grade mineralization of significant tonnage outside the basin margin, which has been largely underexplored. PLS is encountering mineralization at 100 metres -- this is completely in an open-pitable range and is a 'game-changer' for uranium exploration in the basin. Noka's strategy has been to acquire properties that it believes will support near-surface discovery and that are relatively underexplored. Noka has 15 100% owned properties that were selected based on prospective data characteristics supportive of PLS-style discovery. Noka also is an equal participant in the Western Athabasca Syndicate Group of Properties, currently advancing the largest land package in the Patterson Lake area.

 

Focused on high-grade uranium discovery at the Athabasca Basin, Northern Saskatchewan

 

 

Figure 2. (above) Athabasca Basin -- Noka Resources is focused on uranium at the Athabasca Basin in Northern Saskatchewan, Canada, host to the world's largest and richest high-grade uranium deposits accounting for approximately 20% of global primary uranium supply. Athabasca uranium deposits have grades substantially higher than the world average grade of about 0.14% U3O8. The two dozen or so known uranium deposits within the Athabasca Basin have average grades of more than 3.0% U3O8.

 

The following are an overview of Noka's properties (with it's two flagship properties first):

    

1) Clearwater properties, South-central Athabasca Basin, Saskatchewan

100% Owned by Noka with option to earn by alpha [see related Jan. 2014 ownership news "Noka and Alpha Exploration enter into option on Carpenter Lake an Uranium Property, Athabasca Basin, Saskatchewan and Noka Announces Non-Brokered Private Placement"]

 

Carpenter Lake  & Nyberg Lake Properties (within the Clearwater land package) are highly prospective for high-grade uranium discovery

  

Figure 3. Noka's 100% owned Clearwater land package. Currently best access to Carpenter Lake is via helicopter and float plane, or winter road.

The Carpenter Lake Property straddles the Cable Bay Shear Zone, immediately south of the Athabasca Basin within central Saskatchewan. Regional structures like Cable Bay are important given the clear relationship between structures and uranium mineralization within the basin.

 

Parallel to Cable Bay is a greater than 1 km long, linear, radiometric anomaly (Uranium), which is based on historic regional exploration. Also coincident with the strong radiometric(s) are a number of highly anomalous lake and stream sediment samples with up to 89.5 ppm Uranium (the highest known number in the map area). Sediment sampling from the region also exhibited strong anomalism in Nickel, Cobalt and Arsenic; all of which can be pathfinder elements for basement hosted Uranium occurrences.
 
The coincidence of structural features such as Cable Bay or splays to that fault, strong radiometric(s), and anomalous Uranium, Nickel, Cobalt and Arsenic geochemistry provides compelling evidence for a local source, such as a structurally controlled, basement-hosted, uranium occurrence.

 

Mining Journal Opinion: Carpenter Lake is ripe for major discovery. When you take all the Carpenter Lake related historic data and merge it into one data set, what you find is some of the highest lake sediment anomalies in uranium coupled with some of the strongest radiometric readings, and when you look at government geological maps the data points are associated with major regional structure (like the Cable Bay Shear Zone). In short, NX.V has all the right ingredients for a high-grade uranium find of significance; 1) major structure, 2) the right rock type, 3) just outside the basin, 4) intense radiometrics, and 5) there is some of the highest uranium and lake sediment samples in all the southern part of the basin. Uranium in lake sediments coming out of Fission/Alpha's Patterson Lake South, that geologists at one time had historic context for, were somewhere in the 7 - 15 ppm range -- there are samples at Noka's Carpenter Lake up to almost 90 ppm uranium! In a regional context, there are numerous samples over 10 - 20 ppm, there are several in the 40 ppm range, and coupled with this is anomalism in nickel, arsenic, and cobalt -- all the correct pathfinders that you need to find uranium or suggest that there is a uranium-rich Athabasca Basin type deposit nearby. 

Fieldwork program on the Clearwater land package

 

Noka Resources is in the process of planning its exploration efforts on Nyberg Lake and Carpenter Lake. We (this mining journal) note that NX.V is already ahead of matters in terms of time and money as there is already ~$200,000 worth of surveys that NX.V likely does not need to refly. If anything they will likely acquire the raw data and attempt to have it reinterpreted with newer technology. NX.V has good anomalies and it may make sense to ground truth those before deciding to refly with tighter spacing.

 

See related news release:

 

February 3, 2014

"Noka - Alpha Commence Airborne VTEM Survey at Carpenter Lake Property, Athabasca Basin Saskatchewan"

 

Excerpt:

Noka Resources Inc. (TSX-V: NX) (the “Company” or “Noka”) is pleased to announce that an airborne VTEM and magnetic survey has begun at Carpenter Lake, Athabasca Basin, Saskatchewan as part of Alpha Exploration Inc.’s (TSX-V: AEX) 60% option in on the Carpenter Lake Property from Noka Resources Inc. The VTEM and magnetic survey will cover an approximate 19 km strike length of the Cable Bay Shear Zone (CBSZ), and comprises 1,892 line-kms on lines spaced 100 m apart within the 20,637 hectare Property.
 

Upon further review of historical assessment records, additional electromagnetic (EM) conductors were found perpendicular and cross cutting the 225 degree trending CBSZ. It was determined that E-W flight lines would be ideal in locating both conductive trends. Offsets and sudden bends in EM conductors along with abnormally weak or strong conductivity will be prioritized for further follow up.

 

The Carpenter Lake Property is considered prospective based on the following attributes:

  • A major regional shear zone with known uranium enrichment – the Cable Bay Shear Zone (CBSZ);

  • Presence of conductive graphitic pelites as defined by airborne and ground electromagnetic (EM) surveys, which are confirmed by diamond drilling;

  • The historical EM surveys show favourable cross cutting structures disrupting the conductors of the CBSZ;

  • Anomalous airborne radiometric signatures for uranium are associated with the CBSZ conductor system, and strongly anomalous uranium values in historical lake sediment results;

  • Underexplored area, including several high priority geophysical targets associated with geochemical indicators for uranium mineralization on the Property.

The airborne VTEM and magnetic surveys are anticipated to be completed in 10 to 14 days. Further work in winter 2014 will include sampling for radon in lake water and sediments by RadonEx Ltd. of St Lazare, Quebec. Additional work for the spring and summer 2014 is being planned to include airborne radiometrics, ground prospecting and geochemical sampling...

Full copy from source click here

 

 

September 24, 2013 "Noka Resources Provides Exploration Update on its 100% Owned Athabasca Basin Properties"

 

Excerpt:

Noka Resources Inc. (TSX-V: NX) (the “Company” or “Noka”) is pleased to announce exploration plans for its wholly-owned Athabasca Basin properties. Through two agreements, Noka has acquired 100 per cent interest in fifteen properties totalling 201,333 hectares situated in and around the prolific Athabasca Basin, Saskatchewan (see news release dated July 11th, 2013). In addition, Noka holds a 25 per cent interest in the Western Athabasca Syndicate group of properties, highlighted by the Preston Lake Property, which is situated immediately south of the high-grade uranium discovery at Patterson Lake South.
 

The Company’s flagship properties are Carpenter Lake and Nyberg Lakes, located immediately adjacent to the southern edge of the Athabasca Basin. The properties host favourable geology and regional structural trends with coincident anomalous geochemistry and radioactivity. Multiple nearby uranium showings demonstrate the potential of the area, highlighted by the Dufferin Lake and Centennial zones (33.9 m at 8.78% U3O8), which are situated along the regional Virgin River Shear Zone: a parallel regional structure to the Cable Bay Shear Zone which crosses the Carpenter Lake Property (please see figure below).

 

Noka’s Carpenter Lake and Nyberg Lakes properties are host to some of the highest known lake-bottom sediment uranium grades in the area, with peak values of 89.5 ppm and 33.8 ppm respectively (~4 ppm U is the average value in the property area). These anomalies are generally coincident with strong radiometrics and base metal geochemistry, which has not been followed up. Only two historic drill holes are known on the Carpenter Lake Property, with favourable alteration and graphitic horizons intersected in both. The area remains largely underexplored, yet hosts multiple strong coincident indicators of uranium mineralization.

 

Data compilation is currently underway on all of Noka’s fifteen wholly owned properties, including Carpenter Lake and Nyberg Lakes. It is anticipated that this work will be completed shortly, with follow-up programs slated for the highest priority exploration targets.

 

Historic exploration has already identified numerous conductive trends coincident with elevated geochemistry and radioactivity on the Carpenter Lake Property, with additional work recommended. Current planning includes ground radon and geophysical surveys to further delineate existing targets in preparation for future drill programs...

Full copy from source click here

 

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2) Western Athabasca Syndicate Project - 25% Earn-in agreement

Special focus on the Preston Lake Property in the Patterson Lake area nearby Fission/Aplha's high-grade PLS discovery

 

Figure 4. Noka's syndicate has the largest land package in the Patterson Lake area (seen above as orange colored claim blocks); note the exceptional positioning of the syndicates claims relative to Fission/Alpha's high-grade Patterson Lake South discovery (yellow star).  Noka Resources has an option to acquire a 25% interest in a total of five prospective uranium properties consisting 287,131 hectares located in the Athabasca Basin Region of Northern Saskatchewan.

 

The uranium market is completely focused on the Patterson Lake asset held by Alpha Minerals & Fission Energy, and for good reason...

As Alpha Minerals' slogan says "Patterson Lake South - Nothing Else Like It"...

Figure 4a. Close up of the map above showing PLS Discovery and proximity of Noka's syndicated Preston Lake property.

 

To appreciate the importance and highly prospective nature of Noka's syndicate and the rest of Noka's surrounding claims it is important to first appreciate the significance of the PLS discovery.

 

The PLS discovery is located on the western lip of the basin which has been historically ignored from an exploration standpoint. The near surface nature of the PLS discovery suggests lower exploration and extraction costs. At a time when margins are everything, the PLS discovery propels the surrounding area stakeholders into the forefront of meaningful and exciting exploration.

 

Alpha and Fission recently reported a near-surface drill interval of 6.26% U3O8 over 49.5 metres in drill hole PLS13-053. This mineralized zone is located approximately 400 metres to the northeast of discovery hole PLS12-024 which returned 2.49% U3O8 over 12.5 metres. Some of the latest news coming out of PLS (see related news releases here) reveals wide, continuous, and strong results -- the Fission/Alpha JV has now hit significant off-scale mineralization in five zones at PLS.

      

 

 

 

 

 

Figure 5. Click to see area Geology [PDF]

 

 

 

Noka Resources is an equal participant in the Western Athabasca Syndicate (via 25% earn-in agreement) between four companies. Noka's syndicate partners are Athabasca Nuclear Corp., Skyharbour Resources Ltd., and Lucky Strike Resources Ltd. Together they are advancing the largest land package in the Patterson Lake area. The property is ripe for major near-surface high-grade uranium discovery; the syndicate's project holds key ground proximal to Fission's PLS uranium discovery and has committed to spending $6,000,000 in combined exploration expenditures over the next two years.

 

  Understanding the Patterson Lake area

  • Uranium mineralization in the Patterson Lake area bears a number of similarities to the high-grade uranium deposits in the Eastern part of the Athabasca Basin like those at the McArthur River mine.

  • The mineralization occurs in structural disrupted and strongly clay alterated, commonly graphic pelites and metapelites with narrow felsic segregations / pegmatites.

  • Sulphides are commonly associated with the mineralization along with anomalous levels of cobalt, nickel, molybdenum, and boron.

  • Uranium mineralization in the Patterson Lake area is also associated with felsic intrusives, primarily pegmatites.

  • Noka's syndicate properties has both target types on its large land package in the Patterson Lake region.

  Noka's Western Athabasca Syndicate's Preston Lake Property

  • Four of the properties consisting of approximately 282,368 hectares of prospective ground are strategically located to the north, south, east and west of the Alpha Minerals (TSX.V: AMW) and Fission Uranium's (TSX.V: FCU) Patterson Lake South ("PLS") uranium discovery on the western flank of the Athabasca Basin. The claim line is approximately 26 kilometers southeast of the PLA uranium discovery area and is directly contiguous to claims held by Fission Uranium, Forum Uranium and NexGen Energy.

  • The claims are accessible by road with primary access from the all-weather Highway 955, which runs north through the PLS discovery through to the former Cluff Lake uranium mine.

  • The property covers the extension of northeast-southwast on -trend linears and mag features by Fission and Alpha.

  • Historical exploration in the region successfully confirmed the presence of graphite-bearing conductors; these graphitic conductors are the primary targets at the Fission/alpha's high-grade uranium PLS discovery.

Q3 2013 Geophysical Airborne Survey Completed

 

Final datasets from the helicopter-borne VTEM plus survey (time domain EM and aeromagnetic gradiometer) and the fixed-wing radiometric survey have been received and are currently being analyzed by Phil Robertshaw, P.Geo., to provide a final detailed interpretation. A total of 4,840 line kilometres of high resolution VTEM plus (flown by Aeroquest Airborne) with an additional 4,400 line kilometres of radiometrics (flown by Goldak Airborne Surveys) was completed on the Preston Lake Property providing approximately 1,046 square kilometres of coverage. The VTEM coverage consisted of seven blocks extending eastwards from the Alberta border for almost 100 kilometres with line spacings of 200 to 300 metres. The airborne radiometric survey consisted of one large block extending up to 60 kilometres east-west and up to 36 kilometres north-south. This low-level survey utilized 50 L crystal detector volume and line spacing of 200 metres.

 

Figure 6. Airborne Survey Coverage of the Western Athabasca Syndicate's highly prospective Patterson Lake area claims proximal to the PLS Discovery

  

Fall 2013 Fieldwork - 14 High-priority Targets
 

Recent fieldwork focused on the evaluation of fourteen high-priority targets identified by the Syndicate’s Technical Committee using an advanced targeting matrix. Targets have been prioritized based on a detailed criteria set consisting of similar geological features and exploratory indicators present at Fission Uranium and Alpha Minerals’ nearby Patterson PLS discovery. Targeting matrix components included preliminary data from the 2013 VTEM plus and radiometric airborne surveys. The VTEM plus survey has mapped over 300 kilometres of graphitic-type conductor segments, some approaching 10 kilometres in length, in the eastern blocks of the Preston Lake Property. Basement geological trends in the furthest western block are oriented NW-SE, while those in the eastern blocks are W-SW to E-NE which is similar to Fission and Alpha’s PLS high-grade uranium discovery area. Crosscutting structural features and flexures affecting the conductor traces, which are often associated with the high-grade uranium deposits of the Athabasca Basin, including the PLS discovery, are of particular interest. Initial interpretation of the radiometric data has identified areas with elevated uranium counts that can be correlated along and between multiple lines, which may indicate the presence of radioactive boulder trains or in situ uranium mineralization. These radiometric features, particularly where possible source areas coincide with prospective EM conductors, are high-priority targets for follow-up ground work as this is the signature that led to the PLS discovery. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Western Athabasca Syndicate Project.

 

This first-pass phase of ground exploration included boulder prospecting using hand held scintillometers, radon, and silt sampling using both helicopter and boat support, geochemical and radon soil sampling, geological mapping and prospecting, and biogeochemical sampling. The Syndicate is employing a systematic, proven and cost-efficient exploration methodology that has led to numerous uranium discoveries in the region and throughout the Athabasca Basin. A total of 217 km of scintillometer surveying was completed in areas of interest identified by the radiometric survey. The field team utilized a float-equipped helicopter to collect water samples for radon analyses and lake sediment samples for geochemical analyses. This technique proved to be expeditious and highly effective with 291 water and 248 lake sediments collected. Additionally, 213 biogeochemical samples and 91 soil geochemical samples were collected from detailed grids established over priority targets as well as 21 rock samples.

 

An image detailing the locations of the initial phase of ground work at the Preston Lake Project may be viewed at the following URL http://www.nokaresources.com/images/production_map.pdf online.

 

Highlights from initial radon in water survey, Preston Lake Property -- strong anomalies

 

Results released September 26, 2013:

  • The initial radon survey at Preston Lake has successfully identified a number of significant radon anomalies occurring both as clusters and as discrete point anomalies.

  • Nine of the 291 radon samples collected returned radon values in excess of 23 pCi/l (picocuries per litre) with a peak value of 98 pCi/l
    Radon in water survey results were instrumental in identifying first pass drill targets at the nearby PLS discovery (see Fission Uranium's News Release dated May 6, 2013).

  • Twenty-five discrete geographic areas on the Preston Lake Property were identified that have radioactivity measurements of more than 1,000 counts per second (background being typically <500 cps) using an RS-125/RS-120 Spectrometer / Scintillometer, with a maximum reading of 5,200 counts per second.

  • Final results from the Phase 2 exploration program, including the rest of the rushed-assays, are pending and will be reported when received

  • The current Phase 3 exploration underway at Preston Lake will include focus on specific high-priority areas identified from the work to date.

Darren L. Smith, Director of Noka Resources Inc. and P.Geol. of Dahrouge Geological Consulting Ltd. states: "The presence of at least four distinct clusters of radon in water anomalies over the area surveyed is extremely encouraging. Radon, as an exploration tool, is one of the purest and most direct indicator of uranium mineralization as uranium deposits will produce significant radon as a decay product. The radon in water survey has proven effective at Preston Lake for confirming several high priority areas with coincident conductor and structural corridors. Additional radon surveying, including ground and lake ice, is anticipated to be a primary tool for final drill targeting, as has proven effective on several properties in the region."

 

Preston Lake Property Radon in Water Map

Figure 6a. Radon in water survey results were instrumental in identifying first pass drill targets at the nearby PLS discovery and helped vector in on most of the high-grade discovery zones (see Fission’s May 6, 2013 News Release – "New Radon Survey Identifies Strongest Anomaly to Date").

 

Preston Lake Property Scintillometer Survey Map

 

Western Athabasca Syndicate Identifies Uranium Anomalies at the Preston Lake Property

See related October 10, 2013 release;

 

Highlights (results from initial lake sediment geochemical survey):

  • Confirmation of several historic clusters of anomalous U concentrations well above the background value of 1.0 ppm U in lake sediments.

  • A total of 133 samples have an anomalous U value including a peak of 7.0 ppm U; for comparison, the highest value down-ice from the PLS discovery is 3.8 ppm U.

  • In most cases the uranium and pathfinder element anomalies correlate with areas of interest generated independently through the interpretation of airborne VTEM and radiometric geophysics, radon in water samples and historic data reviews.

  • Identification of a new target area (termed ‘Montgrand Lake Zone’) with anomalous U and pathfinder element concentrations.
    Final results from the Phase 2 and Phase 3 exploration programs are still pending and will be reported when received; the bulk of this field work has been focused in the northeast portion of the Preston Lake Property.

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Western Athabasca Syndicate discovers additional Radon Anomalies at the Preston Lake Uranium Property

See related November 27, 2013 release;

 

Highlights (results from initial lake sediment geochemical survey):

  • Additional distinct clusters of radon anomalies have been identified coincident with the previously identified high potential exploration corridors.

  • Clusters of elevated radon anomalies overlying basement conductors is a key signature at PLS that helped vector in on most of the high-grade discovery zones.

  • Discovery of two distinct radon-in-water anomalies over Lloyd Lake that are coincident with strong conductive trends within previously outlined exploration corridors, in addition to a distinct cluster over a new area termed ‘South FIN’.

  • Final preparations for additional radon and ground geophysical surveys to refine drill targets are underway.

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Previous (some of it historic) Exploration on Noka's Western Athabasca Syndicate's Preston Lake

  • Prior to the Q3 2013 airborne survey's Athabasca Nuclear completed an initial review of historic exploration data on the Preston Lake Property and identified a number of potential areas for follow up.

  • One high-priority area has clusters of anomalous uranium in lake sediment samples, anomalous uranium values in rock samples (up to 5.6 ppm U3O8).

  • Presence of kilometre-scale northeast-southwest trending graphitic faults associated with sulphides and anomalous radioactivity as identified with scintillometers.

  • A sample collected by the Geological Survey of Canada returned a value of 5.4 ppm U3O8, considered to be significant in an area with a background uranium value of ~1 ppm U3O8.

Additional past (historic) exploration notes: Of particular excitement on Noka's syndicate ground is the fact that historic radiometric data from a past operator in the 1970's revealed 8 targets to follow-up on, however the two most intensely radioactive and interesting were ignored because they were smaller in aerial extent on the survey and the operator did not have the benefit of knowing the significance that we are aware of now in a geological context of the nearby PLS discovery -- these two best anomalies, not followed up on, are sitting right on a North-East South-West structure within the syndicates' Preston Lake Property. Furthermore, a past (historical) private contractor did a 400 sample lake sediment, water geochemical program across the region (out to the Alberta boarder) where in part it sampled lakes from both Fission's Patterson Lake South and the syndicate's Preston Lake Property -- some of the key geochemical pathfinders that help geologists trace back to the structurally controlled basement-hosted uranium occurrence which is the Fission's PLS uranium discovery are 3 to 7 times more anomalous on the Syndicates ground (than PLS).

 

February 20, 2014

"The Western Athabasca Syndicate Identifies 23 Gravity Low Anomalies at the Preston Uranium Property in the Patterson Lake Region of the Athabasca Basin"

 

Excerpt:

Noka Resources Inc. (TSX-V: NX) (the “Company” or “Noka”) is pleased to announce the completion of gravity surveys which have identified 23 gravity low anomalies on the Western Athabasca Syndicate’s (the “Syndicate”) flagship Preston Lake Uranium Property (the “Property”). The program also included a RadonEx survey (ground and water) to further define targets in advance of a drill program slated to commence in March.

The 246,643 hectare Preston Property is the largest individual property proximal to Fission Uranium Corp.’s Patterson Lake South (“PLS”) high-grade uranium discovery and the recent discovery made by NexGen Energy (TSX-V: NXE) on the Rook 1 Project (see NexGen’s news release dated Feb. 19th, 2014). The Syndicate is the largest land tenure holder in the southwest Athabasca Basin region including properties strategically situated to the southwest and to the northeast of the PLS and NexGen discoveries.

Preston Lake Property Map and Regional Exploration Corridors:...

 

 

Interpretation of the gravity data by Phil Robertshaw, P.Geo., has successfully delineated gravity low anomalies associated with previously identified high-potential exploration corridors defined by structure, magnetic lows, conductors, favorable geology and geochemistry. Gravity is a defining tool for exploration for uranium in the Athabasca Basin and was a key mechanism for vectoring in on the recent discovery made by NexGen at the Rook 1 Project. Hydrothermal fluids associated with high-grade uranium deposits will cause extensive alteration of the host rock, resulting in displacement and removal of minerals/elements, creating porosity and subsequent density contrast. This density contrast will be expressed as a gravity low anomaly and is a prime drill target when qualified by other coincident indicators of uranium mineralization such as geochemistry and radon.

Preston Lake Property – Gravity Survey Coverage:

 

 

In addition, several of the Syndicate's gravity low targets have been further refined using a proprietary RadonEx survey which has been instrumental in assisting with numerous discoveries in the Athabasca Basin region. The Syndicate is carrying out a ground EM survey to further refine conductor trends and pinpoint drill pad locations. Details concerning the upcoming drill program shall be provided in the near-future...

Full copy from source click here

 

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Other recent related news releases:

 

October 10, "Western Athabasca Syndicate Identifies Uranium Anomalies at the Preston Lake Property, Saskatchewan"

 

September 26, "Western Athabasca Syndicate Discovers Strong Radon Anomalies at Preston Lake Uranium Property in the Patterson Lake Region, Saskatchewan"

 

September 19, 2013 "Western Athabasca Syndicate Commences Phase Three of Exploration Program at its Preston Lake Uranium Project in the Patterson Lake Region, Saskatchewan"

 

September 5, 2013 "Western Athabasca Syndicate Provides Update on Fieldwork at its Preston Lake Uranium Project in the Patterson Lake Region, Saskatchewan"

 

August 8, 2013 "Western Athabasca Syndicate Completes VTEM and Radiometric Surveys with Field Work to Commence Immediately at its Saskatchewan Uranium Properties"

 

July 23, 2013 "Western Athabasca Syndicate Extends VTEM Plus Geophysical Coverage and Starts Radiometric Survey for Saskatchewan Uranium Exploration"

 

July 10, 2013 "Noka, Skyharbour, Athabasca Nuclear and Lucky Strike Agreement to form Western Athabasca Syndicate for Saskatchewan Uranium Exploration"

 

Other properties of the Western Athabasca Syndicate:

 

North Patterson, RY and South Basin Properties

  • The North Patterson and RY Properties are strategically located ~27 km and 35 km respectively to the north of Fission/Alpha's Patterson Lake South project claim boundary.

  • Covers prospective geology within the Athabasca Basin sandstones including NE-SW regional trends.

  • With this significant land package, the syndicate is well positioned in this emerging area to the north, south, east, and west of the recent high grade uranium discovery.

  • Other regional operators in the area: Cameco Corp., Areva, and Denison Mines.

Wheeler Property

  • 4,763 hectare Wheeler Property is located in the Eastern Flank of the Athabasca Basin and hosts three uranium showings; grab sample assay values range from 10 ppm to 0.495% U3O8.

  • The mineralization is contempraneous with the formation of the pegmatoid rocks and uranium mineralization is scattered uraninite grains enclosed in fresh and weakly altered biotite, quartz and feldspar.

  • The Wheeler Property has two obvious targets for immediate exploration: first, the known, outcropping, pegmatite hosted uranium mineralization mentioned above, and second, uranium mineralization hosted at the regional, unconformable contact between the Archean are pegmatites and overlaying basin fill sedimentary units.

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3) Other uranium properties of Noka Resources

Mining Journal Note: When a company gathers a massive land packages it can't hope to tackle it all or keep it all; a successful exploration company really has to narrow matters down quickly to its top targets and get intimate with them in terms of exploration. If a prospect is worthy of keeping going -- then it keeps going, and if it is not, then the company has to drop it quickly and move on. With such a good land package Noka Resources will clearly have multiple targets to tackle -- Noka's lead consulting geologist has been through the process before with Fission and knows how it works, he is aiming to replicate (if not better) that success now with Noka resources.

 

Clearwater Properties - South-west Basin - 100% ownership, with to no exploration.

 

I

Figure 8. (Left) Claim map Clearwater Properties in the South-west Basin [Click to enlarge as PDF]

   

Virgin River and McGrath Creek
- "Basement-hosted" model
- Near the continental-scale Virgin River Shear Zone (part of the Snowbird Tectonic Zone)

Craig Lake, Fortin River and Semchuk
- "Basement-hosted" model
- Underlain by prospective Careen Lake meta-sediments

Beaty River
- Traditional "unconformity-style" model, depth to basement of about 500 metres
- Parallel magnetic trend to Shea Creek deposits.

 

Warnes Lake Property, Athabasca Basin - 100% ownership*

On September 6, 2013 Noka Resources announced that it has entered into a Purchase and Sale Agreement with certain vendors to acquire a 100% interest in the Warnes Lake Property. The Warnes Lake Property is located in the Athabasca basin region of Northern Saskatchewan, and consists of two mineral tenures with total area of 8,434.5 hectares.

 

*Noka will issue 250,000 common shares of Noka to the Vendors. Noka will also grant to the Vendors the two percent (2%) NSR. [for full news release copy click here]

 

Details on Noka's Athabasca North Properties - 100% ownership of a prolific Beaverlodge District with 60+ million pounds of historic uranium production.

Figure 9. (Left) Claim map Athabasca North Properties [Click to enlarge as PDF]

 

Partridge Lake
- Surrounds recent Fission Uranium acquisition (samples of up to 3.66% U3O8)
 
Jean Lake
- Adjacent Cayzor Uranium Mine which had historic production of ~ 485,000 pounds of uranium averaging 0.26% U3O8.
 
Strike Lakes
- TENA Group Adit, 1957 production (Zone 1 ore shoot: 149 m long by 0.76 m wide, averaging 0.52% U3O8)

    

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Macro view of metrics for uranium sector (pricing, supply, and demand) - highly favorable - Sept. 2013 Uranium Miner Journal
 

Metrics are favorable for a price rise; market experts unanimously agree the current price for U308 (spot USD $35.15/lb) is not sustainable for the industry and the tendency should be for prices to rise. Additionally, although the spot price of uranium is often referenced, the long-term price is what really counts as only a small fraction of the metal is actually traded on spot prices; over six times more uranium is traded in long-term market prices than in the spot market price. The long term market price is consistently and significantly higher than spot – and the long-term will rise too along with spot.

 

Long term price support will primarily come from international competition for the commodity as a result of escalating nuclear programs in nations such as India and China. According to the World Nuclear Association there are official plans in the works worldwide (as of Q3 2013) for 546 new reactors (either under construction, planned, or proposed). Considering that the existing market is supported by only 342 operational/active commercial reactors worldwide, the future demand characteristics are exceptional, as what India and China alone has in-the-works represents close to a doubling in demand.

 

On the uranium supply side, a global shortfall from the historic norm is expected in 2014 as the Russian 'Megatons to Megawatts' program comes to an end at the end of 2013. This agreement allowed for Russian nuclear weapons highly enriched uranium (HEU) to be converted to useable fuel for over 20 years. This represents ~24 million lbs of uranium coming off the market annually (representing ~20% of current annual global commercial demand).


Noka Resources' Technical Leadership

 

Dahrouge Geological Consulting Ltd., Consulting firm managing Noka Resources's uranium portfolio

 

 See excerpt of related July 18, 2013 news release:

Noka Resources engages Dahrouge Geological Consulting to manage Exploration of its Uranium Portfolio

 

Noka Resources Inc. (TSX-V: NX) (the “Company” or “Noka”) is pleased to announce that it has engaged Dahrouge Geological Consulting Ltd. (“Dahrouge”) of Edmonton, Alberta for management and exploration of its Athabasca Basin Uranium properties.
 

Dahrouge is a mineral exploration, consulting, and project management group based in Edmonton, Alberta, Canada that is experienced in a wide variety of commodities and environments spanning the globe. Dahrouge and its predecessor, Halferdahl and Associates, have advised and assisted clients in identifying, exploring, and developing mineral projects for over 40 years (since 1971).

 

Dahrouge provides professional geological, logistical and project management services to the world's mineral resource industry through a vast array of experience covering industrial minerals, base and precious metals, as well as rare and specialty metals. Specifically, Dahrouge has been involved in the uranium industry for more than 30 years with many notable accomplishments.

 

Dahrouge has a track record of success with Jody Dahrouge, President of Dahrouge, and his team responsible for the conceptualization and acquisition of several uranium properties within the Athabasca Basin; most notably these include such projects as Waterbury Lake (J-Zone), Patterson Lake and in part Patterson Lake South.

 Click here for full copy from source

 

Noka Resources' Management:  Skip to top

The current board of directors has a well rounded combination of people that each contribute expertise in disciplines necessary for a successful mining entity:

  

Nav Dhaliwal, President

Mr. Dhaliwal brings a wealth of entrepreneurial, sales, and financing experience. He is particularly adept at nurturing early stage companies through their critical phases of evolution, having founded a number of companies over his career. Mr. Dhaliwal is also very experienced in corporate development, corporate communications and investor relations, bringing valuable business relationships with international analysts, brokers and investment bankers from Canada, the United States and Asia.

 

Darren L. Smith, M.Sc., P. Geol., Director

Mr. Smith is a Professional Geologist based in Edmonton, Alberta. Mr. Smith is employed by Dahrouge Geological Consulting Ltd. where his primary role is high-level project management with notable recent success through the discovery and advancement of Commerce Resources Corp.’s Ashram Rare Earth Element Deposit (Eldor Property) in Northern Quebec. Mr. Smith has provided technical oversight for Preliminary Economic Assessments and Pre-Feasibility Study level project advancement and has set up and monitored complex metallurgical programs. His experience includes carbonatite complexes and associated rare metals, rare earth elements, and sandstone-hosted and unconformity-style uranium deposits. From 2006 to 2010, Mr. Smith conducted uranium exploration in and around the Athabasca Basin for multiple clients; primarily for roll-front, Beaverlodge, and unconformity-basement style mineralization. Exploration included target generation and planning, hiring, logistics, camp management, land management, and post data compilation. Mr. Smith was involved in or co-managed drilling at such notable locations as Patterson Lake, Athabasca Property (North Shore), and Waterbury Lake (J-Zone).
  

Casey Forward, CGA, Chief Financial Officer

Mr. Forward is a Certified General Accountant with over 25 years of experience. Mr. Forward serves as CFO and director of several public companies in the mining sector where he is responsible for financial reporting, auditing, budgeting and internal controls. Mr. Forward is an accomplished executive with international experience in finance, capital markets, corporate strategy and operations management for junior resource companies.

  

Rob Birmingham, Director

Mr. Birmingham has over five years of experience providing corporate advisory services including capital raisings, corporate development and investor relations to publicly traded junior companies. Mr. Birmingham holds a Bachelor of Business Administration from Capilano University.

 

Jerry Minni, CGA, Director

Mr. Minni is a Certified General Accountant with over 30 years experience and has an extensive knowledge of the regulatory filing processes within Canada. He is currently the CEO and founder of MCorp Investment Group, a privately held British Columbia investment firm which specializes in real estate investment, business development and accounting. Mr. Minni has been and remains a director and officer of several public companies involved in the mineral resource sector.


         

Note: This list is not intended to be a complete overview of Noka Resources Inc. or a complete listing of Noka's projects. This mining journal urges the reader to contact the subject company and has identified the following sources for information:

 

For more information contact Noka Resources' head office at: Ph 604.678.5308
 

Company's web site: http://nokaresources.com      SEDAR Filings: URL

 

 

Content found herein is not investment advice see Terms of Use, Disclosure & Disclaimer. This is a journalistic article and the author is not a registered securities advisor, and opinions expressed should not be considered as investment advice to buy or sell securities, but rather journalistic opinion only. Technical mining terms used by the writer may be used/expressed in simplified layman terms and should not be relied upon as appropriate for making investment decisions unless the reader contacts the company directly for independent verification.

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