Corporate Summary

Corporate Mission

The main focus of Athabasca Nuclear Corporation is exploring its uranium projects located along the southwest margin of the Athabasca Basin in northern Saskatchewan – the large Preston Uranium Property located approximately 20km to the south and to the west of the high-grade Fission Uranium Corp. discovery at Patterson Lake South, and the Wollaston NE Project, located near the Eastern Athabasca Basin.

Preston Uranium Project:

• The Preston Uranium Project is part of the Western Athabasca Syndicate Property. Four publicly-traded companies joined together to form the Syndicate in mid-2013 to more effectively explore vast holdings along the western margin of the Basin.
• Ongoing ground exploration, including recent drilling in 2014 and more drilling planned for Summer 2015.
• Over 150,000 ha of mineral tenure in the under-explored uranium camp near the SW corner of the Athabasca Basin, Saskatchewan
• The Preston Uranium Project is located approximately 25km to the west and to the south of the Patterson Lake South discovery made by Fission Uranium Corp, and SW of the Arrow discovery made by NexGen Energy Ltd.
• The project is adjacent to exploration projects being advanced by Fission 3.0 Corp, NexGen Energy Ltd., Aldrin Resources Corp., Brades Resource Corp., and Forum Uranium Corp.
• An all-weather highway, #955, intersects the Preston Uranium Project.

Wollaston NE Uranium Project Highlights:

• The Wollaston NE Uranium Project, is located within the prolific Wollaston Tectonic Domain, which itself is host to a majority of current and historic uranium production in the Athabasca Basin.
• The project is approx. 200,000 acres in size.
• The Wollaston Northeast region is the focus of exploration efforts by a number of publicly-traded exploration companies including Northern Uranium Corp., Roughrider Exploration Limited, and Fission 3.0 Corp.
• Favorable basement lithology’s, regional structures, conductors, and a historic boulder with uranium mineralization of 0.72% U3O8 confirm the potential of the Wollaston NE Uranium Project.
• Data-compilation to define exploration programs is underway.

Yellowjacket Project Highlights (Under Sale Agreement with African Queen Mines Ltd.):

In addition to our uranium exploration properties, the company holds the Yellowjacket Gold Project, located 9km east of the town of Atlin, B.C. This project was the site of a gold rush in the late 19th century, coincidental with the Klondike, and produced over 1m ounces gold recorded. Development plans include:

The Yellowjacket Project is located 9 km east of Atlin, BC and is accessed by all-season road

• Hydro-electric power is located within 5km of property boundaries
• The project is permitted for an open pit gold mine with an onsite 400 tpd mill and concentrator, processing up to 75,000 tons per year
• Gold may be recovered using a simple gravity concentrating recovery plant without the use of chemicals or additives
• Yellowjacket Resoures owns both mineral (hard-rock) and placer rights within the project area
• The project is located within the traditional territory of the Taku River Tlingit First Nation who have entered into a formal Impact and Benefits Agreement with respect to the project

Prongua

About the Prongua Lake Diamond Project

Athabasca Nuclear holds an 80% interest in the Prongua Lake Diamond Project located within the Sask Craton region of Saskatchewan. The Prongua Lake Diamond Project encompasses 16 mineral claims totaling in excess of 9,270 acres, located to the north, east, and northeast of the North Arrow Mineral’s Pikoo project. Our Prongua Lake Diamond Project also has significant contiguous property borders with North Arrow putting Athabasca Nuclear Corp. at the heart of Saskatchewan’s new Pikoo diamond district.

In addition to its contiguous portions with the North Arrow/Stornoway mineral tenure, the Prongua Lake Diamond Project is also located adjacent to numerous other publicly traded companies involved in regional Sask Craton diamond exploration including Strike Diamond Corp., Alto Ventures Ltd. and Canadian International Minerals Inc. These companies have, in aggregate and when combined with the work conducted by North Arrow/Stornoway, conducted significant regional till sampling during the summer and fall seasons of 2014 in areas that collectively encircle large parts of the Prongua Lake Diamond Project. As such, the Prongua Lake Diamond Project stands to benefit from the more than 800 till sample results expected to be released from various mineral processing laboratories in the near-future.

A number of early-stage geophysical targets have also been identified on the Prongua Lake Diamond Project by Dahrouge Geological Consulting Ltd. These geophysical targets include both the G and C geophysical targets.

The area is underlain at depth by the Sask Craton, which is interpreted to exceed 100,000 square kilometers and extends for 200 kilometers along strike; while it is transected by the regional Tabbenor Fault System. This long lived, regional feature extends for over 1500 km along an approximate north-south orientation. This tectonic environment is believed to be permissive for the emplacement of kimberlite, within an area underlain by a favorable basement terrane. Other notable kimberlite fields within the Sask Craton include those at Candle Lake and Fort a la Corne.

During 2013, North Arrow, in a joint-venture with Stornoway, conducted a limited drill program to test two distinct kimberlite indicator mineral trains on their adjoining Pikoo Property. North Arrow’s November 5, 2013 press release (“North Arrow Announces Canada’s Newest Diamond Discovery at the Pikoo Diamond Project, Saskatchewan”) characterized the PK 150 kimberlite which returned 745 diamonds larger than 0.106 mm from 209.7 kg of drill core. The estimated grade for diamonds greater than 0.85 mm was 1.34 carats per tonne. Based on three holes, the kimberlite has approximate dimensions of 75 m along strike by 10 to 15 meters wide, and is open along strike and at depth.

In addition to the diamond exploration potential of the Prongua Lake Diamond Project, the property also contains several historic mineral showings including a uranium showing (SMDI: 0356) and multiple gold showings (SMDI: 2565, SMDI: 2576, SMDI: 2577).

Pikoo North

About the Pikoo North Diamond Project

Athabasca Nuclear’s Pikoo North Project is an option agreement that provides Athabasca Nuclear the right to earn a 100% interest in two mineral tenure claims, MC00002304 consisting of approximately 740 ha (1,828 acres) and MC00002333, consisting of approximately 591 ha (1,460 acres).

Figure 1 (Click Image to Open Full-Size)

Figure 2 (Click Image to Open Full-Size)

In late-December 2014, Copper Reef Mining Corporation (“Copper Reef”) announced initial till sample results from Copper Reef’s Pikoo B1 and B3 properties. In that news release, Copper Reef disclosed that till sample results included 3 chrome diopsides and 1 eclogitic olivine located down-ice of the Pikoo 1-002 magnetic anomaly at the B1 Pikoo Property (see Copper Reef news release, Copper Reef announces B1 and B3 Pikoo Property Initial Till Results, dated December 23, 2014). To the knowledge of Athabasca Nuclear, the Copper Reef till sampling program represented the first substantive till sampling program in this particular area of the Sask Craton.

As historic context, Stornoway Diamond Corporation (“Stornoway Diamond”) had previously identified a number of diamond exploration targets based on geophysical work in the project area during 2007, details of which are publicly available in an assessment filing report prepared by Stornoway Diamond entitled, “Assessment Report Pikoo Project Saskatchewan” which is authored by B.G. Kupsch and dated February 2008 (the “Pikoo Report”).

The Pikoo Report identified a number of geophysical targets in the project area thought to be of interest to diamond exploration, one of which was the Pikoo 1-002 magnetic anomaly that appears to be mostly situated on Copper Reef’s B1 Pikoo Property. As detailed in the Pikoo Report, the Pikoo 1-002 magnetic anomaly now being explored by Copper Reef was not ground-truthed by Stornoway Diamond.

In addition to the Pikoo 1-002 magnetic anomaly identified by Stornoway Diamond, a number of other regional magnetic anomalies were identified but were not ground-truthed, including Pikoo 1-006, Pikoo 1-007, Pikoo 1-020, Pikoo 1-021, and Pikoo 1-022.

Figure 3 (Click Image to Open Full-Size)

Athabasca Nuclear’s newly optioned tenure, MC00002304, is located in an up-ice direction from the Copper Reef B1 Pikoo Property and contains the Pikoo 1-006 and Pikoo 1-007 magnetic anomalies identified by Stornoway Diamond in their Pikoo Report. Similar to Pikoo 1-002, neither of the Pikoo 1-006 or Pikoo 1-007 targets were ground-truthed by Stornoway Diamond. MC00002304 is located approximately 700 metres northeast of Copper Reef’s B1 Pikoo Property.

Figure 4 (Click Image to Open Full-Size)

The other new mineral claim being optioned by Athabasca Nuclear, MC00002333, contains the Pikoo 1-020, Pikoo 1-021, and Pikoo 1-022 exploration targets identified by Stornoway Diamond, targets that were not ground-truthed by that company according to the Pikoo Report.

Given the newly-released Copper Reef till sampling results, Athabasca Nuclear views the Pikoo North Diamond Project as an attractive diamond exploration opportunity owing to the fact that it contains exploration targets identified by the same company that identified Copper Reef’s Pikoo 1-002 target and the Pikoo North Diamond Project targets have similarly not been ground-truthed.

Athabasca Nuclear Corp. intends to conduct on a till sampling exploration program on the property during mid-2015.