Welcome!

News Feed Item

Noka Resources and Alpha Exploration Enter Into Option on Carpenter Lake Uranium Property, Athabasca Basin, Saskatchewan and Noka Announces Non-Brokered Private Placement

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:

http://www.nokaresources.com/images/Carpenter-Lake-Property-South-central-Basin.jpg

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.

Private Placement

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at 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. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to m...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum 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, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Auditwerx will exhibit at 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. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and atten...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that Loom Systems will exhibit at 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. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that HTBase will exhibit at 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. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that Cloud Academy will exhibit at 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. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...