Falcon Property

The Falcon property consists of 15 claims totaling 55,699 hectares along the Wollaston trend at the eastern margin of the Athabasca basin in an emerging uranium district seeing a surge in exploration activity.  In March 2024, North Shore discovered near-surface uranium mineralization at two targets at Falcon during the Company’s maiden drill program.

Falcon Property Overview 15 claims totaling 55,699 hectares

Falcon is located approximately 35 km east of the former Key Lake Mine and the active Key Lake uranium mill which processes ore from the McCarthur River Mine. Four 100%-owned claims total 12,791 hectares and the remaining 11 claims are subject to an option agreement with Skyharbour Resources Ltd.

Falcon Property Region Exploration Activity

  • The Falcon Property region has seen a surge in exploration activity since 2021
  • Falcon is located approximately 40 km southwest of two high-profile discoveries made in 2021, Ackio and GMZ by Baselode Energy and 92 Energy respectively, and just west of the Fraser Lakes Zone B Inferred Resource
Falcon Image 2 Copy

Claim information from Saskatchewan database and current on May 22, 2024

Falcon Property: Previous Work

  • Exploration programs between 1969 and 2022 included airborne geophysical surveys, prospecting programs and drilling; multiple “radioactive boulders” and uranium showings were discovered.
  • High resolution, heli-borne electromagnetic (“EM”) and magnetic surveys flown in 2006, 2007 and 2013 cover +90% of the property. High-resolution fixed wing gravity-radiometric-magnetic surveys covering +80% of the property were flown in 2022 by North Shore and Skyharbour. Integrating the 2022 data with previous datasets and new interpretation gives North Shore an advantage and a fresh perspective.
  • Approximately 22 exploration holes were drilled on what is now the Falcon property between 1970 and 1981 by several operators. In 2008, JNR Resources drilled 28 holes, uranium values up to 0.235% U3O8 were encountered associated with the EWA Showing. North Shore conducted the first drill program on the property since 2008 in 2024.
2024 06 03 Falcon Previous Work Copy

Airborne survey outlines and drill hole, EM conductor and uranium occurrence locations from Saskatchewan government and North Shore databases

Falcon Property: 2024 Target Selection

  • Multiple potential drill targets associated with EM conductors within a focus area at the southeastern end of the property were assessed in early 2024
  • Three targets were selected for drilling in March 2024, P03, P08 and P12
2024 06 10 Falcon Focus Area Evaluation

Fraser Lakes Zone B resource information from Skyharbour website, 2006 and 2007 airborne EM
survey data processed by Condor North Consulting ULC

2024 03 13 Falcon Property Final Targets Em Copy

2006 and 2007 airborne survey data was processed and the EM conductor plate
 Models used for targeting were prepared by Condor North Consulting ULC

Falcon Property: 2024 Drill Results

  • At P03 and P08, the EM conductor target zones were intersected, previously unknown uranium mineralization was discovered and alteration that includes bleaching, hematite, chlorite and silica was encountered
  • At P03 (Drill hole FN24001), samples returned up to 378 ppm U3O8
  • At P08 (drill hole FN24002), one 4.7 m interval starting at 42.3m depth,  returned 316 ppm U3O8, with the max. value being 572 ppm.
Falcon Drill Results Img 1
P03 Anomalous Uranium U3O8 (ppm)1 
From (m)To (m)Interval (m)Interval ValueMax. Value
5.8196.6 NAR36
196.6197.10.5378378
197.1199.5 NAR86
199.5201.11.6182321
201.1203.1 NAR27
203.1203.80.7105105
203.8205.7 NAR61
205.7206.30.6345345
206.3208.5 NAR42
208.5209.00.5130130
209.0230 NAR8

1) NAR=no anomalous results, anomalous defined as >100ppm U3O8
Falcon Drill Results Img 2
P08 Anomalous Uranium U3O8 (ppm)1 
From (m)To (m)Interval (m)Interval ValueMax. Value
34.040.6 NAR51
40.641.20.5103103
41.242.3 NAR98
42.347.04.7316572
47.067.6 NAR49
67.668.40.8110110
68.469.4 NAR22
69.471.01.6128132
71.0109.5 NAR96

1) NAR=no anomalous results, anomalous defined as >100ppm U3O8

Falcon Property: Future Work

  • Falcon is a highly prospective uranium property, previously unknown near-surface uranium mineralization was discovered in North Shore’s maiden drilling program at two targets in March 2024, P03 and P08
  • There are multiple high priority untested EM targets that warrant evaluation based on work done to date and more work will be considered at targets P03, P08 and P12
  • The Company is now focused on further assessment of all potential targets using all available geophysical and geological data in preparation for future prospecting and drill programs
2024 06 10 Falcon Proprty Future Work

EM conductor locations from Saskatchewan database and North Shore interpretation, select uranium occurrences from Saskatchewan and North Shore databases

Summary of Skyharbour Option Agreement Terms

  • 100% ownership of four claims totaling 12,791 hectares 
  • Option to earn an 80% interest in 11 claims totaling 42,908 hectares over three years from Skyharbour Resources Ltd. for $5.3M in total consideration
  • Option to acquire the remaining 20% interest from Skyharbour after earn-in for $5M cash and $5M in stock

SKYHARBOUR OPTION TERM SUMMARY TO EARN AN 80% INTEREST OVER 3 YEARS 


Initial Oct. 31, 2023 ($1,000)Dec. 31, 2023 ($1,000)Nov. 30, 2024 ($1,000)2nd Ann. Oct. 31, 2025 ($1,000)3rd Ann. Oct. 31, 2026 ($1,000)Totals
Cash500100150225525
Shares1500200*350*525*1,225
Work02502501,3001,7503,550
Totals2002505501,8002,500
5,300

* Cash or shares at NSU option