VANCOUVER, BC / ACCESSWIRE / October 1, 2024 / North Shore Uranium Ltd. (TSXV:NSU, Financial) ("North Shore" or the "Company") is pleased to announce that it has received a Crown Land Work Authorization permit from the Saskatchewan Ministry of Environment (the "Permit"). The Permit covers the Company's 55,700 hectare Falcon property ("Falcon") at the eastern margin of the Athabasca Basin in northern Saskatchewan.
Under the Permit, which expires on July 31, 2027, North Shore is authorized to conduct mineral exploration activities including prospecting and ground geophysics, trail and drill site clearing, line cutting, the drilling of up to 75 exploration drill holes and the storage of drill core. While performing the exploration activities, the Company is required to comply with existing regulations and the environmental conditions specified in the Permit including reclamation of exploration sites and monitoring wildlife in the area. North Shore is also committed to engaging with local communities and addressing their concerns throughout the life of the project.
As reported by the Company on September 17, 2024, North Shore is now prioritizing uranium exploration targets for future drill programs at Falcon. The target model is near-surface basement-hosted uranium mineralization which can be associated with electromagnetic conductor systems. To date, the Company has identified 36 uranium targets at Falcon (Figure 1). The targets were selected based on the analysis of multiple datasets and interpretation by Condor North Consulting ULC, Earthfield Technologies Inc., TerraLogic Exploration Inc. and North Shore. The Company's current goal is to select the top ten sites to choose from for the next drill program.
Mr. Brooke Clements, President and CEO of North Shore, stated: "After our maiden drill program at Falcon this March, we are preparing for follow-up work related to our two new uranium discoveries and to evaluating new targets. We believe that Falcon, located at the eastern margin of the prolilfic Athabasca Basin, is a great setting for a major new uranium discovery. We have multiple targets that require testing and we look forward to future exploration programs."
Figure 1: Map showing Falcon exploration targets, uranium occurrences and the location of three holes drilled by North Shore in early 2024. At P03 and P08, North Shore discovered near-surface uranium mineralization. At P03, two samples between 197 and 209m returned 345 and 378 ppm U3O8. At P08, a 4.7m interval from 42.3-47.0m returned 316 ppm U3O8. Targets selected by Condor North Consulting ULC, TerraLogic Exploration Inc. and North Shore.ABOUT NORTH SHORE URANIUM and FALCON
The near-term business objectives of North Shore Uranium are 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 those objectives by conducting exploration programs at its Falcon and West Bear properties and by evaluating opportunities to increase its portfolio of uranium properties.
Falcon is located 30 kilometres east of the former Key Lake uranium Mine and the operating Key Lake uranium mill. It consists of 15 mineral claims; four of the claims comprising 12,791 hectares are 100 percent-owned by the Company and the remaining 11 claims totaling 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% interest in the 11 claims by completing certain payments, exploration work and other commitments by October 2026.
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.
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