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% U3Oand 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% U3Oover 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% U3Oand 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% U3Oover 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

 

Upcoming Work: 

North Shore has identified a number of high priority uranium targets on the Property and is fully-funded to drill several of these targets in Q1 2024. The drill program will be focused on several targets along a well-defined, dominantly northeast-southwest-trending EM conductor system at the southeastern end of the claim block. There has been no previous drilling in this area. The program planned at Falcon will consist of ongoing interpretation of historical and new geophysical and geological data, a maiden drill program, and continued prospecting and mapping in preparation for future drill programs. 

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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