Western Athabasca Syndicate Discovers Strong Radon Anomalies at Preston Lake Uranium Property

Cranbrook, BC, September 26, 2013 /FSC/ - Athabasca Nuclear Corp.  (ASC - TSX Venture), is pleased to announce results from its initial radon in water survey on the Western Athabasca Syndicates' 246,643 hectare (609,469 acre) Preston Lake Property located south of Fission Uranium (TSX.V: FCU) and Alpha Minerals' (TSX.V: AMW) Patterson Lake South ("PLS") high-grade uranium discovery. The Western Athabasca Syndicate ("the Syndicate") consists of Athabasca Nuclear Corp. (TSX-V: ASC), Skyharbour Resources (TSX-V: SYH), Noka Resources Inc. (TSX-V: NX) and Lucky Strike Resources Ltd. (TSX-V: LKY).

A link to the Western Athabasca Syndicate Preston Lake "Project" map can be found here: http://www.athabascanuclear.com/projects/wasp

Highlights

* The initial radon survey at Preston Lake has successfully identified a number of significant radon anomalies occurring both as clusters and as discrete point anomalies

* Nine of the 291 radon samples collected returned radon values in excess of 23 pCi/l (picocuries per litre) with a peak value of 98 pCi/l

* Radon in water survey results were instrumental in identifying first pass drill targets at the nearby PLS discovery (see Fission Uranium's News Release dated May 6, 2013)

* Twenty-five discrete geographic areas on the Preston Lake Property were identified that have radioactivity measurements of more than 1,000 counts per second (background being typically <500 cps) using an RS-125/RS-120 Spectrometer / Scintillometer, with a maximum reading of 5,200 counts per second

* Final results from the Phase 2 exploration program, including the rest of the rushed-assays, are pending and will be reported when received

* The current Phase 3 exploration underway at Preston Lake will include focus on specific high-priority areas identified from the work to date

Radon Discoveries in the Phase 2 Exploration Program

Recently completed fieldwork included the collection of 291 water samples from lakes, local swamps, and ponds using a float equipped helicopter and boats. Sample targets included both regional reconnaissance areas and the fourteen high-priority targets identified by the Syndicate's Technical Committee. The samples were analyzed for radon in the field by Terralogic Exploration geologists using a Pylon AB5 Series Portable Radiation Monitor which provides real time analysis of radon levels in both water and soil.

The survey has successfully identified a number of radon in water anomalies occurring both as clusters and as discrete point anomalies. The larger clusters are typically kilometre-scale or greater and are in places that appear to follow basement conductor trends identified by the 2013 VTEM plus survey. Nine of the 291 water samples collected returned radon values in excess of 23 pCi/l with a peak value of 98 pCi/l. Further, two of the radon anomaly clusters are associated with areas identified as being underlain by metasediments. Anomalous radon in water readings are values above the survey background reading of 3 pCi/l.

A link to the Western Athabasca Syndicate Preston Lake Project "Radon in Water" map can be found here: http://www.athabascanuclear.com/projects/wasp

Radon in water survey results were instrumental in identifying first pass drill targets at the nearby PLS discovery and helped vector in on most of the high-grade discovery zones (see Fission's May 6, 2013 News Release - New Radon Survey Identifies Strongest Anomaly to Date).  Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Western Athabasca Syndicate Property.

Scintillometer Traces in the Phase 2 Exploration Program

In addition, a total of 217 kilometres of scintillometer surveying has been completed over areas of interest identified by the 2013 radiometric survey. A total of twenty-five discrete geographic areas on the Preston Lake Property have been identified with counts per second of greater than 1,000 using an RS-125/RS-120 Spectrometer / Scintillometer, with a maximum count of 5,200 counts per second. Two of the anomalies are associated with meta-sedimentary units.  Management cautions that scintillometer readings are not directly or uniformly related to the uranium content of the rock sample measured, and should be used only as a preliminary indication of the presence of uranium bearing materials.

A link to the Western Athabasca Syndicate Preston Lake Project "Scintillometer Survey" map can be found here: http://www.athabascanuclear.com/projects/wasp

Remaining Phase 2 Rushed-Assays and Current Phase 3 Exploration Program

Final datasets from the helicopter-borne VTEM plus survey (time domain EM and aeromagnetic gradiometer) and the fixed-wing radiometric survey have been received and are currently being analyzed by Phil Robertshaw, P.Geo., for a final detailed interpretation. Other fieldwork to date includes geological mapping and prospecting, soil and silt sampling, and biogeochemical sampling. Final results from the Phase 2 exploration program are still pending and will be reported when received. Targets continue to be prioritized based on a detailed criteria set consisting of similar geological features and exploratory indicators present at Fission and Alpha's nearby PLS discovery.

The Phase 3 exploration program, currently underway at the Preston Lake Property, will include ground work focused on high-priority areas identified from the findings to date, including the radon in water anomalies. By the end of this summer/fall field program in October, a total of approximately $1.5 million will have been spent in exploration on the property via airborne geophysical surveys and follow-up ground work. The goal of this summer's exploration program is to identify uranium showings and potential drill targets through detailed airborne geophysical surveys, silt and soil sampling, radon sampling, and prospecting for radioactive boulder fields.  The exploration methodology is similar to that which led to the discovery of significant mineralization at PLS.

About Radon Surveys

Radon geochemistry of lake-bottom water, sediment, and ground is a well-known exploration tool in the Athabasca Basin of Northern Saskatchewan. Radon distribution around a body of uranium mineralization occurs primarily due to groundwater circulation and associated structural conduits, and develops subsequent to the formation of a uranium deposit making it a strong indicator for the presence of uranium mineralization. Radon anomalies coincident with basement conductors and associated structure are primary drill targets.  

About the Western Athabasca Syndicate

The Western Athabasca Syndicate is a strategic partnership formed between Athabasca Nuclear, Skyharbour, Lucky Strike and Noka to explore and develop a 287,130 hectare (709,513 acre) suite of uranium properties that is the largest land position along the highly prospective margin of the Western Athabasca Basin controlled by a single group. Under the terms of the agreement, each of the four companies has an option to earn 25% of the five uranium properties comprising the Western Athabasca Syndicate Partnership by making a series of cash payments, share payments and incurring their pro-rata amount of the total $6,000,000 in exploration expenditures over the two-year earn-in term of the agreement. The properties were acquired for their proximity to the PLS discovery and interpreted favourable geology for the occurrence of PLS style uranium mineralization. The bulk of the Syndicate land package is bisected by all-weather Highway 955 which runs north through the PLS discovery on to the former Cluff Lake uranium mine.

Qualified Person

Athabasca Nuclear President and CEO, Charles C. (Chuck) Downie, P.Geo., is the Qualified Person as defined by National Instrument 43-101 and has approved the technical information in this release.


About Athabasca Nuclear Corporation

Athabasca Nuclear Corp. (TSXV:ASC) is focused on the exploration and advancement of its significant Saskatchewan uranium projects. In additional to capital on-hand, Athabasca recently completed a $600,000 financing and is in a position to fund its 2013 work programs in the Athabasca Basin. 

The Company also controls the past-producing Yellowjacket Gold Project, a gold exploration property located approx. 9 km east of Atlin, British Columbia and accessible by an all-season road. The Yellowjacket Gold Project holds a British Columbia Mines Act permit for an open-pit gold mine and onsite 400 tpd mill and concentrator, processing up to 75,000 tons per year. The permit contemplates a 7-9 year mine life from a series of open pits entirely within an area of disturbed placer workings.


Signed,

"Charles C. Downie" P.Geo.
President and CEO, Athabasca Nuclear Corp.



For further information, please contact:

Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@athabascanuclear.com or visit or
http://www.athabascanuclear.com



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