Mr. Brooke Clements reports
NORTH SHORE URANIUM CONTINUES FALCON TARGET GENERATION
North Shore Uranium Ltd. has provided an update on its Falcon property target generation efforts. Falcon is located at the eastern margin of the Athabasca basin in northern Saskatchewan. In its Sept. 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.
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 pounds (lb) of triuranium octoxide (U3O8) at an average grade of over 2.0 per cent. 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.
To date, North Shore has identified 36 uranium targets at Falcon with 15 of these being in Zone 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, 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. 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.
Brooke Clements, president and chief executive officer 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."
Upcoming marketing event
The company's president and CEO, Mr. Clements, will be presenting at the Red Cloud Fall Mining Showcase in Toronto on Wednesday, Oct.. 16 at 14:20 EST at the Sheraton Centre Toronto Hotel.
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. In 1979, Brinex 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. Additionally, target FA010 coincides with a gravity low anomaly that could be an expression of alteration that may be associated with uranium mineralization. In early 2024, North Shore drilled one hole at target P12, due to unstable ground conditions, the hole was abandoned at 107.6 metres (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 parts per million (ppm) was identified from 10 to 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;
- Select other priority targets for drilling along the South Walker EM conductor system that have yet to be evaluated.
Target FA020/EWA showing
Target FA020 is centred on a short, strong northeast-trending 1.5-kilometre-long EM conductor and includes the EWA showing.
At the EWA showing, up to 0.492 per cent U3O8 and 1,300 ppm lead was encountered in outcrop grab samples within a 10 to 20 m wide northeast-trending sheared pelitic unit with granitic inliers. 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 per cent U3O8 over 0.5 m (within a 3.5-metre interval of 0.113 per cent U3O8) in hole WYL-08-501. North Shore will evaluate the 1.2-kilometre-long conductor system associated with EWA using 3-D (three-dimensional) modelling 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. There is an interpreted fault intersecting the conductor system coinciding with a slight disruption in the conductor at the fault intersection. The nearest 2008 drill holes 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-metre-long strong EM conductor that is parallel to the main EM conductor trend. 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 three-kilometre 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 a continuing basis.
Background information
Falcon consists of 15 mineral claims; four of the claims comprising 12,791 hectares are 100 per cent owned by the company and the remaining 11 claims totalling 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-per-cent interest in the 11 claims by completing certain payments, exploration work and other commitments by October, 2026.
About North Shore Uranium Ltd.
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 1 jurisdiction for discovering new minable 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.
We seek Safe Harbor.
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