|By Marketwired .||
|January 14, 2014 07:30 AM EST|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/14/14 -- Noka Resources Inc. ("Noka" or the "Company") (TSX VENTURE:NX)(FRANKFURT:2NK) is pleased to announce that it has entered into an option agreement with Alpha Exploration Inc. ("Alpha") (TSX VENTURE:AEX) under which Alpha may acquire a 60% interest in Noka's Carpenter Lake Property (the "Property") situated along the Cable Bay Shear Zone, proximal to the south-central rim of the Athabasca Basin in Northern Saskatchewan. The Property comprises five contiguous mineral dispositions for a total of approximately 20,637 hectares.
The Property was evaluated by Noka's technical team, Dahrouge Geological Consulting Ltd. ("Dahrouge") (see News Release dated Sept 24, 2013) upon acquisition and found to be highly prospective for uranium mineralization. Subsequent evaluation by Alpha's technical team, as part of the option discussions, further supported this assessment. The Property boasts 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 uraniferous radiometric signatures associated with the CBSZ conductor system, and strongly anomalous uranium values in historical lake sediment results; and -- Underexplored, and including several high priority geophysical targets associated with geochemical indicators for uranium mineralization on the Property.
The following link summarizes the Property's potential based on historic work:
Noka President, Nav Dhaliwal, states: "We are very pleased to bring the expertise and track record of Alpha Exploration and its technical team, led by Ben Ainsworth, to this project. Alongside Dahrouge, Noka's Carpenter Lake Property now boasts arguably the best exploration combination in the space, both with well-known and proven track records. We are all very excited to move this project forward and hone the synergies within to maximize our potential for discovery."
The Property straddles the CBSZ starting from approximately 1 km south from the southern edge of the Athabasca Basin. The Property has one of the strongest uranium in lake sediment values in the area at 89.5 ppm (amongst other strongly anomalous samples on the Property), with coincident strong airborne uranium radiometric anomalies, which are situated favourably down-ice from the CBSZ. There are only two closely spaced historic diamond drill holes on the Property, with graphitic and pyritic pelitic gneiss units intersected. In addition, numerous overburden drill holes outline a partially coincident nickel, copper, molybdenum, and arsenic soil anomaly; however, the overburden was only tested down to 25 m depth, with the depth to bedrock basement estimated at 35 to 40 m. The CBSZ on the Carpenter Lake Property is defined by three parallel EM conductor axis's; likely representing the hanging wall, foot wall, and middle of a conductive panel, which is similar to the EM geophysical signature associated with uranium mineralization at Patterson Lake South (PLS).
In 1981 SMDC drilled hole CAB-18 located about 11 km northeast from the Property along the CBSZ. This drill hole returned a core sample with 3358 ppm nickel, 1440 ppm zinc, 215 ppm lead, and 28 ppm uranium in the basement regolith, further enhancing the potential along the CBSZ. Moreover, on Fleming Island, within Cree Lake located about 19 km northeast from the Property, historical assessment reports describe an outcrop of uraniferous diabase. Grab samples assayed as high as 3.0% U3O8, with a hypothesis that this mafic intrusive became mineralized when it cut through high grade uranium mineralization associated with the CBSZ.
Exploration is being planned for this winter (Q1 2014) and is anticipated to include an airborne electromagnetic and magnetic survey, as well as radon in water and sediment sampling. Radon sampling was very successful in locating high grade uranium mineralized zones at PLS in 2013. The methodology for sampling from lake ice in the winter was designed together by RadonEx of St Lazare, Quebec, and Alpha's VP Exploration, Garrett Ainsworth. The results from the PLS radon survey are a compelling reason to engage RadonEx to employ this method at Carpenter Lake. Follow-up work in the spring of 2014 will likely include airborne radiometrics, ground prospecting, lake sediment and radon sampling, and ground geophysics.
Terms of the Option Agreement
Under the terms of the Option Agreement (the "Agreement"), Alpha has the option to earn a 60% interest in the Property by making cash payments totalling $50,000, issuing 400,000 common shares, and completing work commitments of $1,250,000, all over a period of three years. Upon completion of the option, a joint venture will be formed between Alpha (60%) and Noka (40%) for the further development of the Property, with Alpha serving as the operator. Presently, the Property is subject to a royalty equal to 5% of gross revenues, which is owed to the original vendors (the "Underlying Royalty"). The Underlying Royalty rate can be reduced from 5% to 2% by Noka through the issuance of shares. In the event that Noka does not exercise its right to reduce the Underlying Royalty by certain future dates specified in the Agreement, then Noka will be subject to penalties, the effect of which will be that Noka's interest in the Property will be reduced, or possibly forfeited. The Agreement is subject to the acceptance of the TSX Venture Exchange.
Noka further announces that it has arranged a non-brokered private placement (the "Private Placement") of up to 5,000,000 units (the "Units") at a price of $0.10 per Unit to raise gross proceeds of up to $500,000. Each Unit will consist of one common share of the Company and one transferable share purchase warrant (a "Warrant"). Each Warrant shall be exercisable to acquire one additional common share of the Company (a "Warrant Share") for a period of two years at a price of $0.20 per Warrant Share.
The Company may pay a finder's fee on a portion or all of the Private Placement.
The Company intends to use the proceeds from the Private Placement to conduct further exploration on its Athabasca Basin Uranium properties and for general working capital.
The Private Placement is subject to acceptance by the TSX Venture Exchange. All the securities issued under the Private Placement are subject to resale restrictions under applicable securities legislation.
About Noka Resources Inc.
Noka Resources Inc. is a junior exploration company with a focus on uranium in the prolific Athabasca Basin, Northern Saskatchewan. Noka's exploration strategy is focused in relatively underexplored areas of the Athabasca Basin Region, targeting favourable geology and structure amenable to near surface, unconformity-style uranium mineralization.
With a total land position of 488,463 hectares, Noka holds one of the largest geologically prospective land packages in the region through a 100% interest in the Clearwater (which includes the Carpenter lake) and Athabasca North group of properties, as well as a 25% interest in the Western Athabasca Syndicate group of properties.
ON BEHALF OF THE BOARD OF DIRECTORS
Nav Dhaliwal, President and CEO
Neither 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.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Dec. 7, 2016 03:30 PM EST Reads: 1,761
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 02:30 PM EST Reads: 4,302
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
Dec. 7, 2016 02:30 PM EST Reads: 935
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Dec. 7, 2016 02:24 PM EST Reads: 215
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Dec. 7, 2016 02:15 PM EST Reads: 3,376
"Coalfire is a cyber-risk, security and compliance assessment and advisory services firm. We do a lot of work with the cloud service provider community," explained Ryan McGowan, Vice President, Sales (West) at Coalfire Systems, Inc., in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 02:15 PM EST Reads: 947
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 7, 2016 02:15 PM EST Reads: 2,189
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Dec. 7, 2016 02:15 PM EST Reads: 1,107
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 01:45 PM EST Reads: 1,103
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Dec. 7, 2016 01:30 PM EST Reads: 393
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 7, 2016 01:30 PM EST Reads: 2,143
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 01:24 PM EST Reads: 218
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Dec. 7, 2016 12:45 PM EST Reads: 1,078
President Obama recently announced the launch of a new national awareness campaign to "encourage more Americans to move beyond passwords – adding an extra layer of security like a fingerprint or codes sent to your cellphone." The shift from single passwords to multi-factor authentication couldn’t be timelier or more strategic. This session will focus on why passwords alone are no longer effective, and why the time to act is now. In his session at 19th Cloud Expo, Chris Webber, security strateg...
Dec. 7, 2016 12:35 PM EST Reads: 260
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 7, 2016 12:30 PM EST Reads: 722