North Shore Uranium: Unlocking Value Across Two World-class Uranium

•  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.

 

•  Next Steps. Fault zones and alteration similar to that encountered at P03 and P08 can be associated with basement-hosted uranium mineralization. The forthcoming analytical results integrated with the drill hole data will guide future work related to these two targets. Target 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, the Company 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.

Mr. Brooke Clements, President and CEO of North Shore stated: “The initial results from our maiden drill program are encouraging and confirm the presence of sub-vertical basement structures with associated radioactivity, graphite and alteration at P03 and P08. The intersection of altered and graphitic structures at the modelled Maxwell plate depths validates our team’s exploration approach and techniques. The initial results from the program also reinforce our belief that Falcon is a highly prospective uranium property and affirm the prospectivity of other compelling untested EM conductors that have been identified. Many of these targets are associated with interpreted structures. The Company is excited to receive the analytical results from this program and looks forward to maximizing its exposure to a significant discovery by continuing to evaluate target zones at Falcon with the potential to host an economic uranium deposit.”

TABLE 1: FALCON DRILLLING SUMMARY