en.Wedoany.com Reported - ATHA Energy Corp. announced on May 5, 2026, that it has commenced diamond drilling operations at the Angilak uranium project in Nunavut, Canada. The 2026 program is the largest exploration campaign ever conducted in the region, with plans to drill approximately 20,000 meters across three mineralized corridors, supplemented by a basin-wide airborne magnetotelluric (MMT) geophysical survey to generate a 3D inversion model of the entire Angikuni Basin. The project is fully funded following the completion of a C$63 million financing in February 2026.
Prior to this, ATHA Energy had conducted two field campaigns, with uranium mineralization encountered in all target tests. The 2024 program focused on the Lac 50 deposit area, drilling 25 holes and expanding the mineralized zone. The 2025 program shifted to regional targets, yielding five new regional discoveries, including the mineralized RIB corridor, where four new occurrences were identified. The RIB North discovery was particularly notable, with the initial hole intersecting 34.7 meters of composite uranium mineralization, including 13 meters of continuous mineralization grading over 0.5% uranium oxide, with some intervals reaching 8.16% uranium oxide over 0.5 meters. Every geophysical target tested in both campaigns returned uranium mineralization, achieving a 100% hit rate.
The Angilak project differs significantly from typical Athabasca uranium deposits in spatial scale. Over approximately 14 kilometers of the RIB corridor, 13 consecutive drill holes all intersected continuous uranium mineralization. In contrast, major Athabasca deposits such as Arrow and Cigar Lake typically have strike lengths of less than 1 kilometer. The Lac 50 deposit corridor alone extends 21 kilometers, with only about 24% of it drill-tested to date. The company holds a 100% interest in the Angikuni Basin.
The C$63 million financing completed in February 2026 included a strategic investment from Queens Road Capital Investment, led by Warren Gilman. This funding increased the number of drill rigs from two to three, with plans to drill 20,000 meters—more than double the total meterage of the previous two campaigns combined. The basin-wide airborne MMT survey, scheduled for late June, aims to complete 3D inversion modeling by the fourth quarter of 2026.
The 2026 drilling campaign is organized around three target corridors. The mineralized RIB corridor targets include expanding discoveries beyond the 14-kilometer mineralized trend and confirming continuity between identified occurrences. The Lac 50 deposit corridor will test newly identified 3D inversion targets along the main deposit strike. The KU-Nine Iron corridor builds on uranium mineralization encountered in 2025. The airborne MMT survey, planned for late June, will cover the entire Angikuni Basin, providing information for drill targets beyond the current corridors.
Supply-side constraints remain a structural feature: the long lead times for new conventional uranium mines and geopolitical pressures on sources from Central Asia and Africa underpin the investment rationale for uranium assets in stable Canadian jurisdictions. ATHA's control of the entire Angikuni Basin positions it with a land package free from peer competition. The nearby Kiggavik deposit, located north of the Thelon Basin, hosts 127 million pounds of uranium resources, providing a reference for regional metal endowment potential.
Drilling results from the 2026 program will continue through September, with assay results from RIB North follow-up holes indicating whether high-grade intervals represent a broader corridor. Continuity results across the 14-kilometer RIB strike will determine whether the corridor supports resource definition drilling. The airborne MMT survey data and 3D inversion model, upon completion in the fourth quarter of 2026, will serve as a key forward-looking indicator for the scope of the 2027 exploration program.
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