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

 

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. Highlights from the drill program include:

  • Radioactivity: Elevated total count gamma probe readings were obtained at targets P03 and P08 with a maximum value of 2695 counts per second (“cps”) at P03.
  • Conductor modeling: Three-dimensional plate models of the EM conductor systems were modelled using Maxwell EMIT software. At P03 and P08, the targeted conductors were intersected very close to the depths predicted by the models.
  • Favorable structures: A brittle graphitic fault zone with angular rubble and clay gouge underlain by gneiss with strong silica alteration and patchy chlorite alteration was encountered coincident with the EM conductor at P03. A brittle fault zone with bleached clay, hematite staining and altered pegmatite explained the EM conductor at P08. 

The forthcoming analytical results integrated with the drill hole data will guide future work related to these two targetsTarget P12 remains untested and should be drilled again to reach the targeted EM conductor depth. It lies within a prominent interpreted structural zone near several other priority targets in the South Walker area. In addition, multiple high priority untested targets on the Property have the potential for basement-hosted uranium mineralization. Using its proven exploration methods, North Shore will continue to prioritize these targets for future field evaluation and drilling. Select samples of drill core have been sent for analysis, and final analytical results are expected in four to six weeks. The geochemical analyses are performed to detect the presence of uranium, pathfinder elements, gold and other metals.

Falcon Drilling Summary

Drillhole Information Gamma Probe Results*
ID Prospect Dip
(°)
Azi
(°)
Over-burden
(m)
Final
Depth
(m)
From
(m)
To
(m)
Avg.
cps
Peak
cps
FN24001 P03 -50 135 6 230 196.51
199.92
203.21
205.42
196.92
200.92
203.51
206.32
1475
849
775
705
2695
1637
1022
1196
FN24002 P08 -47 120 30.5 144 42.25 45.95 1085 2120
FN24003 P12 -47 315 2.5 106 No gamma probe testing as hole was abandoned due to unstable ground conditions before target horizon was reached

*The results are for total gamma ray counts and were obtained using a Mount Sopris 2SNA-1000-S Spectral Gamma-Ray probe

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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