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Atomic Minerals Corp (2)
Symbol ATOM
Shares Issued 27,566,743
Close 2024-02-26 C$ 0.11
Market Cap C$ 3,032,342
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Atomic Minerals optionee Kraken begins Harts drilling

2024-02-26 12:46 ET - News Release

Mr. Clive Massey reports

ATOMIC MINERALS COMMENCES DRILLING AT HARTS POINT

Atomic Minerals Corp. optionee Kraken Energy Corp. has mobilized for phase 1 drilling at the Harts Point uranium property located in San Juan county, Utah.

The phase 1 drilling program will explore the property from two drill pad locations over a five-kilometre strike length targeting the favourable uranium bearing Chinle formation host rock where three historical oil wells returned off-scale radioactivity.

"We are extremely excited optionee Kraken Energy is executing phase 1 drilling at Harts Point," commented Clive Massey, president and chief executive officer of Atomic Minerals. "This drilling will test the off-scale radioactivity encountered in historic oil and gas drill holes at Harts Point probing the project's exceptional potential to discover a trend of high-grade uranium deposits located within a pro-mining jurisdiction," he continued. "Harts Point is perfectly situated to capitalize on existing infrastructure and potential future milling capacity in area of known significant historical uranium production as we endeavour to establish Atomic Minerals a leader in the uranium industry," he concluded.

Harts Point property highlights:

  • World-class uranium jurisdiction: located in the centre of the Colorado Plateau, which has produced over 590 million (M) pounds (lbs) U3O8 (triuranium octoxide) at 0.2 to 0.4 per cent U3O8 since the 1950s;
  • Property consists of 324 lode mining claims on Bureau of Land Management (BLM) ground that covers an area of 2,622 hectares (ha) (6,480 acres);
  • Harts Point anticline is analogous to the Lisbon Valley anticline: where the Lisbon Valley uranium district hosted 17 large uranium mines which produced approximately 80 M lb U3O8 at 0.34 per cent U3O8 from 1948 to 1988:
    • The dimensions of these tabular sandstone-hosted uranium deposits range from two to 13 metres (m) (seven to 43 feet) thick, 100 to 3,048 m (328 to 10,000 feet) long and 31 to 427 m (100 to 1,400 feet) wide;
  • Significant historic uranium production:
    • Several historic mines located 11 kilometres (km) (seven miles) west of the Harts Point property produced approximately 280,000 lb U3O8 at 0.3 per cent U3O8 from the favourable Chinle formation host rock;
    • The Lisbon Valley anticline is located 31 km (19 miles) to the east of the Harts Point property produced approximately 80 M lb U3O8 0.34 per cent U3O8;
  • Historic exploration: three wide-spaced historic oil and gas wells on the property along the east flank of the Harts Point anticline show off-scale radioactivity within the favourable Chinle formation host rock:
    • Drilled between 1953 and 1980, historic drill holes 43-037-10438, 43-037-30109 and 43-037-30623 showed off-scale radioactivity readings between 2.1 to 3.7 m thickness (seven to 12 feet) from depths of 390 to 417 m (1,280 to 1,368 feet);
  • Excellent infrastructure: located approximately 64 km (40 miles) north of the White Mesa uranium processing facility:
    • There is also excellent access throughout the property, which is situated 45 km (28 miles) from the town of Monticello, Utah.

The data disclosed in this news release are related to historical drilling results. Atomic has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. Atomic considers these historical drill results relevant as the company is using these data as guides to plan exploration programs. The company's current and future exploration work includes verification of the historical data through drilling.

Qualified person

R. Tim Henneberry, PGeo (B.C.), an adviser to the company, is the qualified person under National Instrument 43-101 responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.

About Atomic Minerals Corp.

Atomic Minerals is a publicly listed exploration company on the TSX Venture Exchange, trading under the symbol ATOM, led by a highly skilled management and technical team with a proven record in the junior mining sector. Atomic Minerals' objective is to identify exploration opportunities in regions that have been previously overlooked but are geologically similar to those with previous uranium discoveries. These underexplored areas hold immense potential and are in stable geopolitical and economic environments.

We seek Safe Harbor.

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