January 14, 2014 - Vancouver, British Columbia - Noka Resources Inc. (“Noka” or the “Company”) (TSX-V: NX, FSE: 2NK) is pleased to announce that it has partnered with Alpha Exploration Inc. (“Alpha ") (TSX-V: AEX) has entered into an option agreement under which Alpha may acquire a 60% interest in Noka's Carpenter Lake Property (the" Property "). The property is located along the Cable Bay Shear Zone near the south-central rim of the Athabasca Basin in northern Saskatchewan and comprises five contiguous mineral claims totaling 20.637 hectares.
The property was approved by Noka's technical team, Dahrouge Geological Consulting Ltd. ("Dahrouge"), evaluated at acquisition (see news release from 24, September 2013). As part of this work, the property has been identified as having great potential for uranium mineralization. The subsequent evaluation by Alpha's technical team under the option agreement negotiations further substantiated this assessment. The property has the following characteristics:
• An important regional shear zone with known uranium enrichment: the Cable Bay shear zone ("CBSZ");
• Occurrence of conductive graphitic pelites demarcated from electromagnetic ("EM") air and soil surveys and confirmed by diamond drilling;
• Historical EM measurements indicate transverse structures interrupting the CBSZ conductive layers;
• Anomalous uranium-enriched signatures demarcated by radiometric airborne surveys associated with the CBSZ conductive stratigraphic system and high levels of anomalous uranium concentrations in historical lake sediment samples; and
• Inadequately prospected geophysical targets, some of which have high priority, as they are associated with geochemical indicators of uranium mineralization on the property.
Below is a summary of the potential of the property based on historical work:
http://www.nokaresources.com/images/Carpenter-Lake-Property-South-central-Basin.jpg
Noka President Nav Dhaliwal said, "We are delighted to bring Alpha Exploration under the leadership of Ben Ainsworth and his engineering team to the project, given their expertise and track record. Together with Dahrouge, Noka's Carpenter Lake property now has the best exploration team in the area with notable successes. We look forward to further developing this project and fully exploit our discovery potential through our synergies. "
The property spans the CBSZ approximately one kilometer south of the southern edge of the Athabasca Basin. The property has one of the strongest uranium grades in lake sediments in the region, with 89,5 ppm (among other highly anomalous sample values), and at the same time has significant uranium anomalies delimited by radiometric airborne surveys in a convenient location to the CBSZ. In the past, the concession has only completed two diamond drill holes intersecting graphitic and pyritic pelite gneiss units. In addition, numerous holes in the topcoat have delineated a partially coincident nickel, copper, molybdenum, and arsenic soil anomaly. However, the surface course was only studied to a depth of 25 meters, with the depth of the bedding rock estimated to be 35 to 40 meters. The CBSZ is coined in the Carpenter Lake Property by three parallel EM emissive axes. These are likely to represent the hanging, lying, and center of a conductive field and are similar to the EM geophysical signature associated with Patterson Lake South ("PLS") uranium mineralization.
1981 brought down the CAB-18 well to SMDC approximately 11 kilometers northeast of the concession along the CBSZ. A core sample at this hole yielded 3358 ppm nickel, 1440 ppm zinc, 215 ppm lead, and 28 ppm uranium in the prone to bed regolith, further strengthening the potential along the CBSZ. In addition, historical assessment reports for Fleming Island, an island in Cree Lake, about 19 kilometers northeast of the property, describe an outcrop of uranium-rich diabase. Samples returned values up to 3,0% U3O8. Mineralization was thought to be deposited in this mafic deposit as it intersected the high grade uranium mineralization associated with the CBSZ.
For this winter (1 quarter 2014) first exploration work is planned; These shall include electromagnetic and magnetic flight measurements as well as radon measurements in water and sediment sampling. The high-grade uranium zones at PLS were demarcated last year using successful radon measurements. The methodology for sampling the ice cover of the lake in winter was co-designed by RadonEx of St Lazare (Quebec) and the VP of Exploration of Alpha, Garrett Ainsworth. Based on the results of radon measurements in PLS, it appears justified to contract RadonEx to conduct this procedure at Carpenter Lake. Subsequent work in spring 2014 is expected to include radiometric airborne surveys, soil prospecting, lake sediment and radon sampling, and ground geophysics.
Conditions of the option agreement
Under the terms of the option agreement (the "Agreement"), Alpha has the option of issuing cash payments totaling 50.000 C $, issuing 400.000 common stock, and performing work at the committed value of 1.250.000 C $ over a period of time three years to acquire 60% of the property. Following the fulfillment of these option conditions, a joint venture between Alpha (60%) and Noka (40%) will be formed to further develop the property, with Alpha acting as the project operator. The Property is currently taxed at 5% of the gross income payable to the original Sellers (the "underlying levy"). The underlying royalty can be reduced by Noka by issuing shares from 5% to 2%. In the event that Noka fails to exercise its right to reduce the underlying levy until certain dates set out in the Agreement, Noka may be subject to penalty fees which may reduce or even potentially forfeit its share in the Property. The agreement is subject to the approval of the TSX Venture Exchange.
private placement
Noka further announces that it will conduct a non-brokered private placement (the "Private Placement") of up to 5.000.000 Units (the "Units") at a price of 0,10 C $ per Unit for gross proceeds of up to 500.000 C $ to achieve. Each Unit will consist of one common share of the Company and one transferable stock purchase warrant (a "warrant"). Each warrant may be exercised for a period of two years at a price of 0,20 C $ in another common share of the Company (one "Warrant Share").
The company could pay commissions to intermediaries for part or all of the private placement.
The Company intends to use the proceeds of the Private Placement to carry out further exploration work on the Company's own Athabasca Basin uranium properties and for general working capital purposes.
The private placement is subject to the approval of the TSX Venture Exchange. All securities issued under the Private Placement are subject to resale restrictions under applicable securities laws.
About Noka Resources Inc.
Noka Resources Inc. is a junior exploration company focused on uranium in the resource-rich Athabasca Basin in northern Saskatchewan. Noka's exploration strategy focuses on relatively underdeveloped areas of the Athabasca Basin, with a particular focus on geologic and structural environments favorable to near surface uranium mineralization of the unconformity type.
Noka has one of the largest geologically prospective properties in 100 with 25% ownership of Clearwater (including Carpenter Lake) and Athabasca North and an 488.463% stake in the Western Athabasca Syndicate Property of the region.
For more information, please contact Nav Dhaliwal, President of the Company, by email at ppgad@pucrs.br or on the website at www.nokaresources.com.
IN THE NAME OF THE BOARD OF DIRECTORS
"Nav Dhaliwal"
Nav Dhaliwal
President and CEO
+1 (604) 678-5308
Neither the TSX Venture Exchange nor its regulators (as defined by the definition of the Regulation Services Provider in the Articles of Incorporation of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
This press release contains certain statements that may be considered "forward-looking statements." All statements in this document (other than historical facts) that relate to events or developments expected by the Company's management are forward-looking statements. Although Management believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Actual results or developments could differ materially from expectations in forward-looking statements. The Company undertakes no obligation to update these forward-looking statements should management's views, estimates, views, or other factors change. Factors that cause actual results to differ materially from expectations in forward-looking statements include market prices, exploration and development gains, the continued availability of capital and funding, and general economic, market or business conditions. For more information, see the documents submitted by the Company to SEDAR (www.sedar.com).
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Source: IRW-Press.com.
