Falcon

Highlights:

  • 100% interest in the Falcon (previously Way Lake) Uranium Project
    • 42,908 hectares covering 11 claims
    • 50 km east of the Key Lake mine
  • Geological and geochemical features show distinct similarities to high grade, basement-hosted deposits in the Athabasca Basin such as Eagle Point, Millennium, P-Patch and Roughrider
  • At the EWA target located on the southern portion of the Falcon property, up to 0.492% U3O8 and 1,300 ppm lead were obtained from grab samples; eight holes drilled in 2008 intersected variably radioactive granitic pegmatite dykes including an intercept of 0.082% U3O8 over 6.5 metres
  • The Walker Lake, Walker South and Walker River showings occur along a conductive trend that covers some 60 kilometres of structurally displaced EM conductors in the southwest portion of the property; historic reconnaissance drilling has intersected strongly clay and/or chlorite altered, sheared and faulted graphitic pelites containing anomalous uranium, copper, nickel, zinc and molybdenum
  • Skyharbour completed an airborne gravity geophysical survey on the property in 2022 to cover the entirety of the Falcon Property at a vertical height of 80 m and a line spacing of 200 m for a total of 2,843 line km
  • Skyharbour has recently entered into an option agreement with North Shore Uranium which provides North Shore an earn-in option to acquire an initial 80% interest and up to a 100% interest in the Falcon Property
  • North Shore can earn an initial 80% interest in the claims over a three year period by fulfilling combined cash, share issuance and exploration expenditure commitments of CAD $5.3 million, with an option to purchase the remaining 20% for an additional CAD $10 million in cash and shares

Project Summary:

Skyharbour owns 100% of the Falcon (previously Way Lake) Uranium Project which covers 42,908 hectares covering 11 claims approximately 50 km east of the Key Lake mine. Uranium mineralization discovered to date at Falcon is shallow and is hosted in two geological settings, with the southern half hosting classic Athabasca-style basement mineralization associated with well-developed EM conductors which include EWA and Walker targets. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area. The project area is in close proximity to two all-weather northern highways and grid power.

High-Priority Target Areas:

At the EWA target located on the southern portion of the Falcon property, up to 0.492% U3O8 and 1,300 ppm lead were obtained from grab samples. Eight holes drilled in 2008 intersected variably radioactive granitic pegmatite dykes including an intercept of 0.082% U3O8 over 6.5 metres. The Walker Lake, Walker South and Walker River showings occur along a conductive trend that covers some 60 kilometres of structurally displaced EM conductors in the southwest portion of the property. Historic reconnaissance drilling has intersected strongly clay and/or chlorite altered, sheared and faulted graphitic pelites containing anomalous uranium, copper, nickel, zinc and molybdenum. Skyharbour completed an airborne gravity geophysical survey on the property to cover the entirety of the Falcon Property at a vertical height of 80 m and a line spacing of 200 m for a total of 2,843 line km. The survey has further refined drill targets for future programs.

Falcon Exploration Map

 

2024 Winter Drilling: 

North Shore recently completed its maiden drilling program at the Falcon Project, with three targets drilled along a strong, dominantly northeast-trending electromagnetic conductor system, P03, P08 and P12. Uranium mineralization was confirmed at P03 and P08 with the most significant intersection being at P08, 316 ppm U3O8 over a 4.7 metre interval with a peak value of 572 ppm U3O8. The following summarizes North Shore’s drilling results and future plans:

  • P03: A blocky fracture zone and interpreted brittle fault with graphite-rich gouge was encountered between 193.5 - 196.0m coincident with the projected location of the modelled EM conductor. Below this fault zone from 196.6 to 209.0m, multiple samples had elevated uranium content including two samples with greater than 300 ppm U3O8.
  • P08: A 4.7m interval between 42.3 - 47.0m returned 316 ppm U3O8 with one sample in the interval returning the highest reading from the program, 572 ppm between 42.3 - 42.8m. From 102.3 - 105.5m, a brittle pegmatitic and graphitic fault zone was intersected at the projected depth of the EM conductor.
  • Next Steps: Given the encouraging results, North Shore will evaluate potential options for further evaluation of the uranium-bearing structures associated with targets P03 and P08, including drilling deeper and/or shallower and/or along strike of the interpreted EM conductor. As the modelled target at P12 was not reached, North Shore will consider re-testing this target. In addition, multiple high-priority target zones that have been identified at Falcon have not yet been evaluated by drilling. North Shore is currently planning a field program to investigate the highest priority targets by mapping and prospecting and continues to prioritize targets for future drilling.

Table 1: Falcon Drilling Results

Drillhole Information Anomalous Uranium U3O8 (ppm)1
ID Target Dip
(°)		 Azi
(°)		 Cover
(m)		 Total
Depth
(m)		 # Samples From
(m)		 To
(m)		 Interval
(m)		 Interval
Value		 Max.
Value
FN24001 P03 -50 135 5.8 230 120 5.8 196.6   NAR 36
              196.6 197.1 0.5 378 378
              197.1 199.5   NAR 86
              199.5 201.1 1.6 182 321
              201.1 203.1   NAR 27
              203.1 203.8 0.7 105 105
              203.8 205.7   NAR 61
              205.7 206.3 0.6 345 345
              206.3 208.5   NAR 42
              208.5 209.0 0.5 130 130
              209.0 230   NAR 8
FN24002 P08 -47 120 30.5 144 46 34.0 40.6   NAR 51
              40.6 41.2 0.5 103 103
              41.2 42.3   NAR 98
              42.3 47.0 4.7 316 572
              47.0 67.6   NAR 49
              67.6 68.4 0.8 110 110
              68.4 69.4   NAR 22
              69.4 71.0 1.6 128 132
              71.0 109.5   NAR 96
FN240032 P12 -47 315 2.5 106 39 2.5 94.0   NAR 11

 

The Option Agreement: 

Pursuant to the Agreement, North Shore may acquire an initial 80% interest in the Property by (i) issuing common shares of North Shore (“Shares”) having an aggregate value of CAD $1,225,000; (ii) making aggregate cash payments of CAD $525,000; and (iii) incurring an aggregate of CAD $3,550,000 in exploration expenditures on the Property over a three-year period.

Schedule to earn an initial 80% interest:

Date Cash Payments (CAD $) Exploration Expenditures (CAD $) Value of Shares Issued (CAD $)
On Closing(1) $50,000(2) $0 $150,000(3)
By Dec. 31st, 2023 $0 $250,000 $0
On or before the first anniversary of Closing $100,000 $250,000 $200,000(4)
On or before the second anniversary of Closing $150,000 $1,300,000 $350,000(4)
On or before the third anniversary of Closing $225,000 $1,750,000 $525,000(4)
TOTAL $525,000 $3,550,000 $1,225,000

(1) Closing which will be on the date of the closing of North Shore’s qualifying transaction.
(2) $25,000 on signing the Agreement and $25,000 due at Closing.
(3) At a price of $0.30 per Share.
(4) Cash or shares at North Shore’s option at a price per Share using the five (5) VWAP at the time of issuance, subject the minimum pricing rules of the TSX Venture Exchange.

Once North Shore has earned an initial 80% interest in the Property, North Shore may acquire the remaining 20% interest in the Property within 90 business days by (i) issuing Shares having a value of CAD $5,000,000, and (ii) making a cash payment of CAD $5,000,000 to Skyharbour. If North Shore does not elect to acquire the remaining 20% interest, a joint venture will be formed with Skyharbour holding a 20% participating interest.

North Shore will be the operator of the exploration programs during the earn-in stage and for the joint venture if formed. Two claims totaling 10,673 hectares that form part of Skyharbour’s Foster River Property are subject to a one percent (1%) NSR royalty payable to Skyharbour. The remaining nine claims totaling 32,235 hectares that comprise Skyharbour’s Falcon Property are subject to a two percent (2%) NSR royalty payable to Denison Mines Corp. (“Denison”) with North Shore having the right to purchase one percent of the royalty from Denison at anytime by paying $1 million.

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