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Projects
Rio Puerco Project Option
On June 24, 2025, North Shore announced that it had signed a binding term sheet with Resurrection Mining LLC for the Rio Puerco uranium project (“Rio Puerco” or the “Project”), located approximately 60 km northwest of Albuquerque in northwestern New Mexico. After satisfying certain conditions by August 31, 2025, North Shore will acquire an option to earn up to an 87.5% interest in the Project over a five-year term (the “Transaction”). The details of the Transaction are outlined in a June 24, 2025 news release (link).
Rio Puerco Transaction and Project Highlights
- Historical resource estimate of 6.0 million tonnes at an average grade of 0.09% eU3O8 for 11.4 million lbs. of U3O8 reported in 2009 and 20111
- Kerr-McGee began development of an underground uranium mine at Rio Puerco in the 1970s, but activity ceased after a trial mining phase due to low uranium prices
- Substantial historical dataset to guide and optimize future exploration programs
- Preliminary review of historical data suggests the potential for In-Situ Recovery (“ISR”) mining, the lowest cost method for producing uranium
- Located in the Grants Uranium District, the largest producer of uranium in the United States with over 340 M lbs. of U3O8 produced, and near two significant active uranium projects, Marquez-Juan Tafoya (Anfield Energy Inc.) and Cebolleta (Premier American Uranium Inc.)
- Strong US government support for nuclear power and uranium mining projects and a stated objective to reduce reliance on foreign nuclear fuel
- Executive Orders issued by President Trump on May 23, 2025 include a call for quadrupling US nuclear capacity by 2050, accelerating new reactor development, strengthening the US nuclear fuel supply chain and reforming the US regulatory environment
- Staged earn-in structure allows the Company to optimize exploration programs
- Successful completion of the Transaction would provide North Shore with uranium exposure in two high-profile North American jurisdictions, the Athabasca Basin in Saskatchewan, Canada and the Grants Uranium District
1 The historical resource has not been verified. It is a historical estimate and not current and does not comply with Canadian NI 43-101 guidelines for the reporting of Mineral Resources. A qualified person has not verified the historical resource on behalf of the Company and North Shore has completed no work programs at Rio Puerco. Though not current, the Company views the historical resource estimates as reliable and sufficient to justify the initiation of work programs aimed at validating and potentially expanding upon the estimates. There is no guarantee that the work programs envisioned by North Shore will ultimately result in the definition of NI 43-101 compliant resources.
Rio Puerco Location Map, New Mexico. Roca Honda (Energy Fuels), Marquez-Juan Tafoya (Anfield Energy) and Cebolleta (Premier American Uranium) are advanced exploration/development stage uranium projects.
Scenery in Rio Puerco area, looking north from near mine shaft
Rio Puerco surveyed claim corner marker
Rio Puerco mine shaft, built in the 1970s by Kerr-McGee to access uranium ore at approximately 260 m depth