ATHA Energy Makes Major New High-Grade Discovery along the Lac 50 Corridor - Intersects 11.5 m of Composite Uranium Mineralization Including 1.6 m of Near Continuous High-Grade 4 km Along Strike from Lac 50 Deposit Area
Atha’s radiometric hit 4 km from Lac 50 keeps the Angilak story alive, though no assays mean no re-rate yet.
Atha Energy Corp. (SASK) announced a new discovery at Lac 50 Northwest, located 4 km along strike from the Lac 50 Deposit. The second drill hole, L50W-DD-002, intersected 11.5 m of total composite uranium mineralization over five zones between 305.0 m and 479.9 m depth. This included a 7.0 m continuous zone from 415.6 m to 422.6 m that averaged 7,974 CPS on the down-hole gamma probe. Within that interval, a 1.6 m section recorded a maximum radioactivity of 40,162 CPS.
The mineralization is described as basement-style, occurring in brecciated basalts with quartz-carbonate veining and albite-hematite alteration. No assay grades (% U₃O₈) are reported, as the results are preliminary down-hole radiometric counts only. The company claims a 100% success rate on 3D EM inversion targets and notes this is the sixth regional discovery outside Lac 50 in 15 months.
Atha Energy Corp. (SASK) has identified a new mineralized zone located 4 km from the existing Lac 50 Deposit, a discovery that conceptually expands the mineralized footprint along a major corridor within the Angilak district. The company notes that this finding is incrementally positive for the district’s exploration thesis.
However, because the discovery lacks assay grades, it is currently classified as an early-stage radiometric anomaly rather than a confirmed resource-level intercept.
The market had already priced in the potential for new discoveries along the Lac 50 Corridor, with the share price rising from $0.52 to approximately $1.00 over the past year. Today’s announcement is consistent with that existing thesis.
Atha Energy Corp. (SASK) is an early-stage uranium explorer that owns the 100%-Angilak Project in Nunavut’s Angikuni Basin and the Central Mineral Belt (CMB) project in Labrador. The Angilak project hosts the Lac 50 Deposit, which carries a conceptual exploration target of 60.8–98.2 M lbs U₃O₈ at 0.37–0.48% U₃O₈, along with several mineralised corridors including RIB and KU-Nine Iron. No NI 43-101 resources or reserves have been defined for the property. The company also holds a 10% carried interest in Athabasca Basin projects operated by NexGen Energy and IsoEnergy.
The company’s capital structure consists of approximately 349.3 million shares outstanding, plus 27.6 million options, 17.3 million warrants, and a US$25 million convertible debenture with a conversion price of C$0.85. The fully diluted share count exceeds 400 million. In February 2026, Atha Energy raised C$63 million to fund its largest-ever 2026 exploration campaign.