Athabasca Nuclear Corp.: Acquires Brazil Lake Lithium Project

Vancouver - Athabasca Nuclear Corporation (TSX-V: ASC) (“ASC” or the “Corporation”) is pleased to report that it has acquired a large scale lithium project in Nova Scotia’s highly prospective lithium district near Yarmouth.

“Securing the largest part of the Brazil Lake region for ASC is a significant achievement. Beyond the area already having been identified as hosting one of North America’s richest spodumene lithium occurrences it is also systemically underexplored. This new lithium exploration asset is another excellent addition to our robust and growing lithium project portfolio and we are excited to partake in Nova Scotia’s clean commodity potential,” stated Ryan Kalt, CEO of the Corporation.


The Brazil Lake Lithium Project

The Brazil Lake Lithium Project encompasses twenty one contiguous mineral licenses granted by the Government of Nova Scotia covering 14,666 hectares. The Brazil Lake Lithium Project extends from 1 km to 20 km north from Yarmouth, and has excellent infrastructure, with both power lines and the TransCanada highway located within the boundaries of the project.

Map of the Brazil Lake Lithium Project:
http://www.athabascanuclear.com/wp-content/uploads/2016/05/ASC-Brazil-Lake-Lithium-Project-Map.jpg

ASC’s Brazil Lake Lithium Project covers a large metasedimentary belt located just northeast of Yarmouth, Nova Scotia. The project is on-trend with identified lithium spodumene pegmatites owned by privately-held Champlain Mineral Ventures Ltd. (“Champlain”), whose known pegmatites are reportedly among the richest lithium bodies known in North America, reaching 7.7% Li2O in some spodumene crystals (see News Release Petro Horizon Energy Corp., dated February 10, 2010).

Within the large prospective regional project now held by ASC, prior prospecting identified pegmatite float boulders in till along the Bloomfield Road at Gardners Mills. The Ta-bearing albite facies of the float pegmatites are closely comparable to the Ta zones in the spodumene (lithium) Brazil Lake pegmatites hosted on Champlain’s claims located approximately 250 meters from ASC’s project and may possibly be a continuation of that same pegmatite swarm (Nova Scotia Assessment Report – AR2002-008 (“Assessment Report”)). As noted in the Assessment Report, Peter Howe, who originally discovered the Tanco pegmatite in Manitoba, suggested that the Brazil Lake pegmatites and the float boulders near Gardner Mills are similar in composition to the highly evolved pegmatites at Tanco.

As further detailed in the Assessment Report, prior work on ground covered by ASC’s Brazil Lake Lithium Project identified a high-grade boulder that assayed 10% Ta2O5 and there may be rare metal pegmatite field enriched in Ta surrounding the known Brazil Lake pegmatites for several square kilometres in areal extent controlled by the Deerfield fault.

The Brazil Lake Lithium Project was obtained through an arm’s length exploration services company at a cost equating license fees plus a 2% royalty.


Qualified Person

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Harrison Cookenboo, Ph.D., and P.Geo., a Qualified Person (QP) and consultant to the Corporation.


About Athabasca Nuclear Corporation

Athabasca Nuclear Corporation (TSXV:ASC) is an exploration company holding a 100% position in the Spodumene Lake and Dumont Lithium Projects, which combined represent a large tenure position in the Whabouchi Lithium District and a 50% interest in the district-scale Preston Uranium Project, one of the largest land tenure positions in the emerging Western Athabasca Basin. More information about ASC and its projects may be found at www.athabascanuclear.com.


Signed,
Ryan Kalt, Chief Executive Officer



Forward-Looking Statements: This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contact Info:

Athabasca Nuclear Corporation
Brian Biles, Investor Relations
604-329-4421
athabascanuclear@gmail.com
www.athabascanuclear.com