North Shore Uranium Ltd. (TSX-V: NSU) (“North Shore” or the “Company”) is pleased to provide an update on its Falcon property (“Falcon”) target generation efforts. Falcon is located at the eastern margin of the Athabasca Basin in northern Saskatchewan. In its September 17, 2024, news release, the Company summarized work being done at its Falcon and West Bear properties, with Falcon being divided into three uranium exploration zones. This news release summarizes targeting efforts being undertaken in Zone 2 at Falcon (Figure 1).
FALCON TARGET GENERATION
Falcon is located approximately 30 kilometres east of the active Key Lake uranium mill and former mine. Between 1983 and 2002, two deposits at the Key Lake Mine produced a total of 209.9 million lbs. of U3O8 at an average grade of over 2.0%1. The uranium discovery potential at Falcon is significant and includes shallow basement-hosted unconformity-style and pegmatite-hosted mineralization. As reported on May 16, 2024, the Company discovered near-surface uranium mineralization in two drill holes at targets P03 and P08 in Zone 1 (Figure 1).
To date, North Shore has identified 36 uranium targets at Falcon with 15 of these being in Zone 2 (Figure 2). The targets are associated with electromagnetic (“EM”) conductor systems and have been selected based on the analysis of multiple datasets utilizing interpretation by Condor North Consulting LLC (“Condor”), Earthfield Technologies Inc., Skyharbour Resources Ltd., TerraLogic Exploration Inc. and North Shore. Unlike in Zone 1, where there had been no significant drilling prior to 2024, there have been several drill programs focused on parts of prominent EM conductor systems in Zone 2. In 1979, seven holes were drilled by Brinex Ltd., in 2008, 28 holes were drilled by JNR Resources, and in early 2024, North Shore drilled one hole at target P12 (Figure 2). One focus of the evaluation of Zone 2 is to determine the priority of investigating areas with previous drilling utilizing results from the drill programs and new interpretation, versus new target areas that have seen no drilling. Examples of four target areas that are being considered for future work in Zone 2 are the South Walker Area, target FA020 (EWA showing), and targets FA011 and FA019 (Figure 2).
Mr. Brooke Clements, President and CEO of North Shore stated: “We have a great pipeline of targets to choose from for our next drill program at Falcon. Zone 2 has attracted uranium explorers in the past, and we believe there is potential to make a signficant uranium discovery using new data and interpretation.”
1 Source: Government of Saskatchewan – Mineral Deposit Query (https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/1130). There is no guarantee that a uranium deposit similar to Key Lake will be discovered on the Falcon Property.
UPCOMING MARKETING EVENT
The Company’s President and CEO, Brooke Clements will be presenting at the Red Cloud Fall Mining Showcase in Toronto on Wednesday, October 16 at 14:20 Eastern Standard Time at the Sheraton Centre Toronto Hotel. https://redcloudfs.com/fallminingshowcase2024/
Geologic information from the Saskatchewan database, EM conductors from Saskatchewan database and North Shore interpretation, targets from North Shore interpretation.
Figure 1: Map showing Falcon exploration targets and priority zones.
Uranium occurrences from the Saskatchewan database, EM conductors from Saskatchewan database and North Shore interpretation. Faults and targets from North Shore interpretation.
Figure 2. Summary of targets in Falcon property Zone 2.
South Walker Area
The strong northeast-trending EM conductor system in the South Walker Area has been the focus of exploration programs in the past (Figure 3). In 1979, Brinex Ltd. drilled three holes. In 2008, JNR Resources drilled six holes, with five of those drilled from four sites at the north end of the conductor trend and associated with North Shore’s target FA010. Structure-associated clay and chlorite alteration were reported in several holes and elevated copper, molybdenum, nickel, cobalt and vanadium were encountered in one hole (Sask. Mineral Assessment File 74H02-0045). Additionally, target FA010 coincides with a gravity low anomaly that could be an expression of alteration that may be associated with uranium mineralization (Figure 4). In early 2024, North Shore drilled one hole at target P12, due to unstable ground conditions, the hole was abandoned at 107.6 m, short of the targeted conductor depth of 125 m. Whilst no significant uranium results were returned from North Shore’s drilling at P12, a fault zone with associated elevated Boron values up to 74 ppm was identified from 10-12 m.
Future work options in the South Walker Area contemplated by North Shore include:
- complete drilling of hole P12 within target FA036 beyond the target depth of 125 m;
- determine if more drilling is justified at target FA010 where five holes were drilled in 2008, based on new data and interpretation; and
- select other priority targets for drilling along the South Walker EM conductor system that have yet to be evaluated.
EM and structural interpretation by Condor; single- and double-peaked responses picked from airborne survey profiles.
Figure 3. Summary of the South Walker Area.
Vertical gravity gradient (GDD) data processing by Condor, 2.5 g/cm3 density used in terrain correction, data presented in Eötvös (Eö). Structural and EM interpretation by Condor; single- and double-peaked responses picked from airborne survey profiles.
Figure 4. Target FA010 with data from the 2022 airborne gravity survey flown by Xcalibur Airborne Geophysics. Dark contour lines at 10 Eö intervals.
Target FA020/EWA Showing
Target FA020 is centered on a short, strong northeast-trending 1.5 km long EM conductor and includes the EWA showing (Figure 5).
EM conductor trace and uranium showing from Saskatchewan database. Structural and EM interpretation by Condor; single- and double-peaked responses picked from airborne survey profiles.
Figure 5. Target FA020/EWA Showing area, Zone 2.
At the EWA showing, up to 0.492% U3O8 and 1,300 ppm lead was encountered in outcrop grab samples within a 10-20 m wide northeast-trending sheared pelitic unit with granitic inliers (Sask. Mineral Deposits Index [SMDI] 5038). In 2008, JNR Resources drilled seven holes from six sites associated with the EWA showing at the eastern end of the EM conductor. Anomalous uranium, boron, lead, and molybdenum were encountered in structurally disrupted pegmatites; the best result was 0.235% U3O8 over 0.5 m (within a 3.5 m interval of 0.113% U3O8) in hole WYL-08-501 (Sask. Mineral Assessment File 74H02-0045). North Shore will evaluate the 1.2 km long conductor system associated with EWA using 3D modeling to determine where more drilling may be warranted in this area.
Targets FA011 and FA019
Target FA011 is located along the strong northeast-trending conductor system that has been the focus of previous exploration programs (Figure 2). There is an interpreted fault intersecting the conductor system coinciding with a slight disruption in the conductor at the fault intersection. The nearest 2008 drillholes are one kilometre to the northeast and one kilometre south.
Target FA019, which is located at the eastern edge of the property, is a 700 m long strong EM conductor that is parallel to the main EM conductor trend (Figure 2). This conductor is terminated at its western end by an interpreted prominent north-south-trending fault zone.
NEXT STEPS
North Shore will continue prioritizing targets at Falcon in pursuit of maximizing the chances of success in its next drill program. As currently planned, that drill program would have two components, follow-up in areas with previous drilling including the 3.0 km trend within Zone 1 where North Shore discovered near-surface uranium mineralization in early 2024 and Zone 2, and the testing of new targets. Additional updates on the Company’s target prioritization efforts will be provided on an ongoing basis.
BACKGROUND INFORMATION
Falcon consists of 15 mineral claims; four of the claims comprising 12,791 hectares are 100 percent-owned by the Company and the remaining 11 claims totaling 42,908 hectares are subject to an option agreement with Skyharbour Resources Ltd. Under the terms of the option agreement, North Shore has the option to earn up to a 100% interest in the 11 claims by completing certain payments, exploration work and other commitments by October 2026.
ABOUT NORTH SHORE URANIUM
The near-term business objective of North Shore Uranium is to become a major force in exploration for economic uranium deposits at the eastern margin of Saskatchewan’s Athabasca Basin, a tier-one jurisdiction for discovering new mineable high-grade uranium deposits. The Company is working to achieve this goal by conducting exploration programs at its Falcon and West Bear properties and by evaluating opportunities to complement its portfolio of uranium properties.
QUALIFIED PERSON
Mr. Brooke Clements, MSc, P.Geol., a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the President and CEO of North Shore, has reviewed and approved the scientific and technical disclosure in this press release.
ON BEHALF OF THE BOARD
Brooke Clements,
President, Chief Executive Officer and Director
For further information:
Please contact: Brooke Clements, President, Chief Executive Officer and Director
Telephone: 604.536.2711
Email: b.clements@northshoreuranium.com
www.northshoreuranium.com
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.
Forward-Looking Statements
This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “project”, “appear”, “interpret”, “coincident”, “potential”, “confirm”, “suggest”, “evaluate”, “encourage”, “likely”, “anomaly”, “continuous” and variations of these words as well as other similar words or statements that certain events or conditions “could”, “may”, “should”, “would” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current and planned exploration activities including the potential for the definition of a mineral deposit of potential economic value within Falcon; that drilling results, geophysical survey results and/or interpretations thereof are defining potentially mineralized corridors; results from future exploration programs including drilling; interpretation and meaning of completed and future geophysical surveys; conclusions of future economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in grades of mineralization and/or future actual recovery rates; accidents, labour disputes and other risks of the mining industry; the availability of sufficient funding on terms acceptable to the Company to complete the planned work programs; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
