Alpha Exploration has signed an option agreement to acquire a 60% interest in with Noka Resources’ Carpenter Lake property located along the Cable Bay Shear Zone straddling the south central rim of the Athabasca Basin in Northern Saskatchewan, Canada.
Under the terms of the agreement, which is subject to approvals, Alpha can acquire 60% interest in the property by paying a total of $50,000, issuing of 400,000 shares, as well as completing work of $1,250,000, all over a period of three years.
A joint venture will be established between Alpha (60%) and Noka (40%), following completion of option, for the further development of the property, with Alpha serving as the operator.
Property work involves airborne VTEM and magnetic surveys as well as sampling for radon in lake water and sediments.
Starting from approximately 1km south from the south edge of the Athabasca Basin, the property covers the Cable Bay Shear Zone (CBSZ), a major regional shear zone with known uranium enrichment.
