The Albany Gazette - North Shore Uranium Exploration Update

To date, North Shore has identified 36 uranium targets at Falcon. The targets are associated with electromagnetic ("EM") conductor anomalies and have been selected based on the analysis and interpretation of multiple datasets by North Shore and its consultants. As reported on May 16, 2024, the Company discovered near-surface uranium mineralization at P03 and P08 at two of these targets, FA033 and FA006, respectively, in an area that had never seen drilling (Figure 2). The Company believes that these new uranium occurrences could be part of a new trend of uranium mineralization that could extend to the south-southwest and to the west-northwest. The Company's near-term focus is to assess the potential for an economic uranium deposit in this area by evaluating priority near-surface EM targets in the South Priority Area at the eastern end of Zone 1 and the South Walker area at the southern end of Zone 2 (Figure 1).

Falcon is located approximately 30 km east of the active Key Lake uranium mill and former mine at the eastern margin of the Athabasca Basin in Saskatchewan. The mill processes uranium ore from the McArthur River Mine, one of two producing uranium mines in Canada. Between 1983 and 2002, 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. The Property has seen limited modern exploration programs and there are a number of unexplained uranium occurrences. Terra Clean Energy Corp. (CSE:TCEC) is currently conducting a drill program at its Falcon East Uranium project which lies directly east of Falcon. The program is focused on the Fraser Lakes B uranium/thorium deposit and surrounding area. Fraser Lakes B hosts an inferred resource of 6.96M pounds of U₃O₈ (Figure 1)².

Mr. Brooke Clements, President and CEO of North Shore stated: "We believe that Saskatchewan's Athabasca Basin is the best jurisdiction in the world for uranium exploration and development. In the last few years, the region has seen an unprecedented level of claim staking and exploration activity. We have a great pipeline of uranium targets at Falcon with the potential to host a significant near-surface uranium deposit. Our near-term focus is to evaluate targets at the south end of the Property within a trend associated with the new uranium discoveries we made in 2024."

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.

² Source: February 14 2025 Terra Clean Energy Corp. press release.

Figure 1: Map showing Falcon exploration targets and priority zones.

South Priority Area

Within Zone 1, the South Priority Area includes the three km long NNE-trending conductor/structural zone where uranium was discovered by North Shore in drill holes P03 and P08 (Figure 2). As reported on May 16, 2024, at P03, a zone from 196.6 to 209.0m included an interpreted brittle fault zone with graphite-rich fault gouge and two samples that returned 345 and 378 ppm U₃O₈. At P08, a 4.7 m interval between 42.3-47.0m returned 316 ppm U₃O₈ including one sample with 572 ppm U₃O₈. Also at P08, a brittle, altered pegmatitic and graphitic fault zone with elevated U₃O₈ values up to 50 ppm was intersected between 102.3-105.5m, the modelled depth of the EM conductor.

Within the potential mineralized trend, targets FA003 and FA004 offer the potential to extend the occurrence of mineralization along the conductor system. At FA003 the EM conductor system and an associated magnetic low are disrupted and the system splits, with one arm going to the northeast, the other to the north-northeast. In addition, there is a gravity low anomaly which can be an expression of alteration that could be associated with uranium mineralization (Figure 3). At target FA004, which is 1.5 km north of FA003, the conductor is offset near the intersection of two interpreted crosscutting faults.

Approximately two km south of FA003 target FA002 is defined by two strong parallel EM conductors and a parallel magnetic low. The target zone is intersected by an interpreted northwest-trending fault (Figure 4). In addition, just to the southeast of the target there is a strong uranium anomaly defined by the 2022 airborne radiometric survey.

Located approximately five km south of the Fraser Lakes B deposit, target FA005 is defined by a strong EM signature that is intersected by an interpreted north-south fault (Figure 2).

Figure 2. South Priority Area where uranium mineralization was discovered by North Shore in 2024 at drill targets P03 and P08.

Figure 3. Target FA003 with gravity background, Zone 1.

Figure 4. Target FA002 with magnetics background, Zone 1.

South Walker Area

Due to the presence of a strong northeast-trending EM conductor system, the South Walker Area has been the focus of exploration programs in the past (Figure 5). In 1979, Brinex Ltd. drilled three holes. In 2008, JNR Resources drilled six holes in the area. 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). North Shore intends to test the southern end of the trend. In early 2024, the Company drilled one hole at target FA0036, P12, but the hole was abandoned at 107.6 m, short of the targeted conductor depth of 125 m owing to unstable ground conditions. Whilst no significant uranium results were returned from North Shore's drilling at P12, a fault zone with elevated Boron values up to 74 ppm was identified from 10-12 m. The parallel EM conductors within targets FA007 and FA0036 are a priority exploration focus for North Shore. At the P12 location the glacial overburden is only 2.5 m thick.

The five holes drilled by JNR Resources within target FA010 from four sites in 2008 did not encounter significant mineralization despite the compelling characteristics of the EM conductor. A strong gravity low anomaly was identified by North Shore from the 2022 airborne gravity survey. This anomaly coincides with the EM conductor and an interpreted north-south-trending fault (Figure 5). The geophysics and drilling results are being studied to determine if more drilling to intersect the gravity anomaly is warranted.

Figure 5. Summary of the South Walker Area

Figure 6. Target FA010 with data from the 2022 airborne gravity survey flown by Xcalibur Airborne Geophysics. Dark contour lines at 10 Eö intervals.

NEXT STEPS

North Shore will continue prioritizing targets at Falcon in pursuit of maximizing the chances of encountering economic uranium mineralization in its next drill program. As currently planned, that drill program would initially focus on several targets in the South Priority Area of Zone 1 and the South Walker Area of Zone 2. EMIT Maxwell software was used to create subsurface models of interpreted conductors from priority areas in Zones 1 and 2 to optimize placement of drill collars. Additional updates on the Company's target prioritization efforts will be provided on an ongoing basis.

BACKGROUND INFORMATION

Falcon consists of 14 mineral claims; four of the claims comprising 12,791 hectares are 100 percent-owned by the Company and the remaining 10 claims totaling 38,766 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 10 claims by completing certain payments, exploration work and other commitments by October 2026.

ABOUT NORTH SHORE URANIUM

The nuclear power industry is in growth mode as more nuclear power will be required to meet the world's ambitious CO₂ emission-reduction goals and the needs of new power-intensive technologies like AI. In this environment, new discoveries of economic uranium deposits will be very valuable, especially in established uranium-producing areas like Saskatchewan. 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. The Company went public in November 2023 and its experienced team includes uranium experts and mining industry professionals.

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: [email protected]
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.

SOURCE: North Shore Uranium Ltd.

View the original press release on ACCESS Newswire

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