Aero Energy and Fortune Bay Hit Strong Radioactivity in Shallow New Discovery at the Murmac Uranium Project, Saskatchewan. Second Hole of Drill Program Encounters 8.7 m Graphitic Pelite Interval with Strong Radioactivity Reaching up to 33,600 cps
Aero Energy and Fortune Bay Hit Strong Radioactivity in Shallow New Discovery at the
Murmac Uranium Project, Saskatchewan.
Second Hole of Drill Program Encounters 8.7 m Graphitic Pelite Interval with Strong
Radioactivity Reaching up to 33,600 cps
Vancouver, British Columbia – June 25, 2024 - Aero Energy Ltd (TSXV: AERO) (OTC Pink:
AAUGF) (FSE: UU3) (“Aero” or the “Company”) is pleased to announce the intersection of strong
radioactivity in the second drill hole (M24 -017) of its 2024 exploration drilling program on the
Murmac Uranium Project (“ Murmac” or the “ Project”), located in Northern Saskatchewan. An
average of 1,309 counts per second was intersected over 8.7 metres in graphitic pelite, with
up to 33,600 counts per second (using handheld RS-125 Spectrometer) associated with
visible uranium mineralization. The drilling program is being funded by the Company and is
operated by Fortune Bay Corp (TSXV: FOR) (OTCQB: FTBYF) (FSE: 5QN) (“Fortune Bay”).
Highlights:
• Drilling is still underway on hole M24- 017 (target H15); drill core has been received and
logged to a depth of 94.5 metres at the time of this release.
• Strong radioactivity is dominantly hosted in structured graphitic pelite, immediately below
the contact with hematized quartzite (hangingwall), approximately 70 to 78 metres
vertically below surface.
• Radioactivity highlights include a maximum of 33,600 counts per second over 0.1 metre
(from 86.1 to 86.2 metres), with a length weighted average of 1,3 09 counts per second
over 8.7 metres (from 85.8 to 94.5 metres).
• Drilling is ongoing and the zone of strong radioactivity remains open up/down dip and
along strike in both directions.
• This is the first drill hole testing a previously unexplored electromagnetic (“EM”) conductor
on the Howland Corridor under the shallow Howland Lake.
• The Company is currently planning appropriate follow-up holes.
• There are an additional 11 high-priority targets at Murmac which have been approved
for drilling, and multiple others under consideration.
Galen McNamara, CEO of Aero Energy, stated, “The discovery of strong radioactivity in only the
second hole ever drilled by the Company confirms our exploration thesis , underscores the
prospectivity of the search- space, and opens up many interesting discovery possibilities. The
occurrence of strong alteration and radioactivity within both the quartzite hangingwall and targeted
graphitic pelite units provides early indications that this mineralized system looks to be robust.
We look forward to unlocking additional value with our partners at Fortune Bay as we aggressively
pursue further uranium mineralization at Murmac.”
Target Information
Hole M24-017 was collared to test an EM conductor on the Howland Corridor at the intersection
of a cross-cutting fault with numerous historical uranium occurrences and radioactive showings.
The geophysical characteristics of target H15 manifests as a subtle electromagnetic (“EM”) high
with a subtle coincident gravity low. The interpreted EM conductor is approximately 1.2 kilometres
in length, with approximately 1 kilometre (not previously drill tested ) sub-cropping beneath the
narrow Howland Lake, and is not exposed at surface.
Radioactivity Results
The preliminary results, representing total gamma from NQ2 drill core measured with a Super -
SPEC RS-125 handheld spectrometer reported in counts per second (“cps”), are presented in
Table 1 below. Measurements are typically collected over 0.10 to 0.15 m intervals through areas
of anomalous radioactivity (defined as >300 counts per second, or “cps”). Longer intervals with
less variation are shown as length weighted averages for simplicity.
Intermittent radioactivity is present in the hangingwall quartzite between 81.10 and 85.80 metres
down hole. The targeted graphitic unit which predominantly hosts the strong radioactivity is
currently interpreted to be dipping at approximately 70° towards the southeast. Drill hole M24-017
is oriented towards an azimuth of 310° (True North) with a dip of -55°. The nature and orientation
of any possible mineralization has not yet been constrained, and potential mineralization true
thicknesses have not yet been determined. Radioactive intercepts are shown in Figure 2. High
resolution photographs of the most anomalous intercepts are shown in Figures 3, 4 and 5.
Table 1. Radioactivity intersections logged to date in hole M24-017.
Log From To Length cps Measurement Type
Hangingwall
Quartzite -
Intermittent
Radioactivity
81.10 81.70 0.60 432 Length Weighted Average
82.55 82.65 0.10 350
Individual Measurements
82.65 82.75 0.10 770
82.75 82.85 0.10 1,010
82.85 82.95 0.10 480
82.95 83.05 0.10 340
84.00 84.10 0.10 300
Individual Measurements
84.10 84.20 0.10 400
84.20 84.30 0.10 1,300
84.30 84.40 0.10 1,800
84.40 84.50 0.10 850
84.50 84.60 0.10 380
85.50 85.80 0.30 317 Length Weighted Average
Graphitic Pelite -
Continuous
Radioactivity
85.80 86.00 0.20 335 Length Weighted Average
86.00 86.10 0.10 520
Individual Measurements 86.10 86.20 0.10 33,600
86.20 86.30 0.10 9,150
86.30 86.45 0.15 7,050
86.45 86.55 0.10 3,660
86.55 86.65 0.10 1,360
86.65 86.75 0.10 390
86.75 86.85 0.10 440
86.85 87.00 0.15 480
87.00 87.15 0.15 2,640
87.15 87.30 0.15 3,750
87.30 87.40 0.10 1,520
87.40 88.20 0.80 463 Length Weighted Average
88.20 91.20 3.00 335 Length Weighted Average
91.20 91.35 0.15 700
Individual Measurements
91.35 91.45 0.10 480
91.45 91.55 0.10 530
91.55 91.65 0.10 380
91.65 91.75 0.10 370
91.75 91.90 0.15 850
91.90 92.00 0.10 810
92.00 92.10 0.10 4,110
92.10 92.20 0.10 10,680
92.20 92.30 0.10 740
92.30 92.45 0.15 360
92.45 92.60 0.15 600
92.60 94.50 1.90 318 Length Weighted Average
Total Graphitic
Pelite 85.80 94.50 8.70 1,309 Length Weighted Average
Note: Radioactivity values reported are total gamma from NQ2 drill core measured with a Super -SPEC RS-125
handheld spectrometer reported in counts per second (“cps”). The cps values are averages for the reported drill interval.
Measurements of total gamma cps ar e an indication of the presence of uranium, thorium and/or potassium, but may
not directly correlate with chemical uranium assays. Total gamma cps results are preliminary in nature and may not be
used directly to quantify uranium concentrations in the drill core samples. True thicknesses of the drill core intersections
are yet to be determined.
Next Steps
Drill core samples are being collected systematically throughout any zones with radioactivity
higher than 300 cps. All samples will be submitted to SRC Geoanalytical Laboratories in
Saskatoon for U3O8 assay and multi-element characterization.
The Company is currently assessing options to follow -up and step out from this zone of strong
radioactivity. Follow -up is expected to include down- dip and along- strike testing (in both
directions) of the host graphitic unit. Initial follow-up will be carried out as a priority and will begin
on completion of the current hole.
About the Murmac Project
Murmac, situated between the historical Gunnar and Lorado Uranium Mines, has shown
significant promise. Historical exploration (1960 -1980) revealed numerous high- grade uranium
occurrences, though these were not systematically explored for basement-hosted mineralization
typical of the Athabasca Basin. A 2022 drilling program by Fortune Bay confirmed the potential
for high-grade uranium with significant findings in several drill holes, validating the exploration
model.
Figure 1: Murmac 2024 Drill Targets
Figure 2: Radioactivity intersections (81.00 to 94.50 metres down hole). Hangingwall quartzite
hosts intermittent radioactivity from 81.00 to 85.80 m. Continuous elevated radioactivity is
hosted in the underlying graphitic pelite. Core is NQ2 diameter, core box length is 1.50 m.
Figure 3: High resolution photograph of selected radioactive intersection from 86.1 to 86.2m
Figure 4: High resolution photograph of selected radioactive intersection from 86.2 to 86.3 m
Figure 5: High resolution photograph of selected radioactive intersection from 92.1 to 92.2 m
Qualified Person
The technical content of this news release has been reviewed and approved by Galen McNamara,
P. Geo., CEO of the Company and a qualified person as defined by National Instrument 43-101.
Historical Results
Further details regarding the historical uranium occurrences noted in this news release can be
found within the Saskatchewan Mineral Assessment Database ( SMAD) and the Saskatchewan
Mineral Deposit Index (SMDI). Fortune Bay has verified the majority of these occurrences through
field prospecting and sampling, however there is a risk that any future confirmation work and
exploration may produce results that substantially differ from the unverified historical results. The
Company considers these unverified historical results relevant to assess the mineralization and
economic potential of the property. The historical drill results obtained by SMDC in drill holes CKI-
9 and CKI-10 can be found within the SMAD references 74N07-0310 and 74N07-0311 and have
not been verified. Additional historical exploration results (uranium occurrences related to
geochemistry results and scintillometer prospecting) derive from SMAD references 74N07-0290,
74N07-0287 and 74N07-0304.
About Aero Energy Limited
Aero Energy is a mineral exploration and development company advancing a district -scale
250,000-acre land package in the historic Uranium City district within Saskatchewan's Athabasca
Basin. Aero Energy is focused on uncovering high- grade uranium deposits across its flagship
optioned properties - Sun Dog, Strike, and Murmac - in addition to its fully owned properties. With
the application of modern exploration techniques, the Company has identified over 50 shallow
drill-ready targets and 125 kilometres of target horizon on the frontier north rim of the Athabasca
Basin. Aero Energy is tapping into the Athabasca Basin's emerging potential for high- grade,
unconformity-style mineralization.
On Behalf of the Board of Directors
Galen McNamara, Interim Chief Executive Officer
Further information on the Company can be found on the Company's website
at aeroenergy.ca and at www.sedarplus.ca, or by contacting the Company by email
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