Aero Energy Reports on Recent Exploration Insights at the Strike Project, Athabasca Basin, Saskatchewan Multiple undrilled targets and historical showings with grades up to 27% U₃O₈
Aero Energy Reports on Recent Exploration Insights at the Strike Project,
Athabasca Basin, Saskatchewan
Multiple undrilled targets and historical showings with grades up to 27% U₃O₈
Vancouver, British Columbia – May 15, 2024 – Aero Energy Ltd (TSXV: AERO) (OTC Pink:
AUUGF) (FSE: UU3) (“Aero” or the “Company”) is pleased to provide a summary of exploration
insights gathered at the Strike Project (“Strike” or the “Project”), by operating partner Fortune Bay
Corp. (TSXV: FOR, OTCQB: FTBYF ) (“Fortune Bay”), as well as historical data from previous
project operators including Cameo Corporation (TSX: CCO, NYSE: CCJ) (“Cameco”).
Key Highlights
• Uranium Endowment: The Project hosts numerous uranium showings exceeding
1% U₃O₈ and grading up to 27% U₃O₈1 where highly prospective targets remain
untested.
• Proof of Concept: Historical small-scale mining was conducted at the Tena Zone where
approximately 1,000 tons were processed in the 1950’s with reported grades of 0.6% to
3.5% U₃O₈2 thus confirming the presence of basement -hosted high-grade uranium
on the Strike Project.
• Favourable Host Rocks: Exploration is currently focusing on three conductor corridors
of prospective graphitic host rocks covering a combined strike length of over 12 km.
• No Historical Drilling on Conductors: Preliminary exploration conducted by Cameco
at Strike culminated in a recommendation for drill testing3, but the claims were allowed to
expire after the post-Fukushima uranium price collapse.
• Target Development & Drilling: First-pass drilling conducted by Fortune Bay in 2022
intersected uranium mineralization in 3 holes, and 14 additional on-conductor targets
are ready for drill testing.
• Drill targets on the Strike, Murmac and Sun Dog Projects are currently being
finalized and a fully funded drill program testing 20 to 25 targets is scheduled to
begin in early June.
Galen McNamara, CEO of Aero Energy, commented: “The Strike Project is extremely
prospective with recent drill results confirming that a near surface, high-grade mineralizing system
has been active on the Project. Follow-up of newly intersected mineralization is clearly warranted,
as well as drill testing of numerous geophysical and structural targets along the J, K, and L
conductors. Strike, along with the Murmac and Sun Dog uranium projects, collectively represent
a unique uranium discovery opportunity. We look forward to the start of drilling in early June.”
Figure 1: Strike Project Target Map
Strike Project Overview and Historical Exploration
Pursuant to an option agreement with Fortune Bay, Aero can earn up to a 70% interest in the
Strike and Murmac u ranium p rojects from Fortune Bay by funding $6 million in exploration
expenditures, making cash payments totaling $1.35 million, and issuing $2.15 million in common
shares, over a three-and-a-half-year period.
The Project covers an area of 24,711 acres in four mining claims and is located 25 km from
Uranium City on the northern margin of the Athabasca Basin. It hosts the historical small -scale
mine at the Tena Zone - over 1,000 tons mined in the 1950’s with reported grades of 0.6% to
3.5% U₃O₈2.
The Project has been previously explored by historical operators. Most recently between 2005
and 2008, Cameco produced several high- quality datasets from airborne magnetic and
electromagnetic (VTEMTM) surveys, ground electromagnetic surveys, and outcrop geochemical
sampling programs. Cameco did not conduct any drilling on the project, and despite a
recommendation for drill testing, the ground lapsed in 2012 soon after the Fukushima nuclear
accident. These publicly available historical datasets acquired by Cameco represent a valuable
repository of data for the Project to support drill targeting, augmented by more recent work by
Fortune Bay.
The extensive 12 km of conductors present on the northern portion of Strike (named the J, K and
L conductors) were never drill tested by historical operators and have been subjected to limited
first-pass drill testing by Fortune Bay in 2022 . These conductors remain largely unexplored,
offering significant potential for future discovery.
Preliminary Modern Exploration
Prospecting & Surface Exploration
Recent prospecting efforts have focused on verifying the historical Tena Zone and Point Claims
occurrences through geological investigation and confirmatory surface rock sampling. The results
demonstrated high uranium grades (up to 3.51% U₃O₈) on surface together with anomalous
geochemical “pathfinder” associations indicative of high-grade basement-hosted uranium
mineralization on the Project.
Figure 2: Tena occurrence to the left and Point Claims occurrence to the right, from 2021
surface geology work at Strike.
Gravity and Magnetic Surveys
Reinterpretation of the historical Cameco VTEM survey resulted in three prominent
electromagnetic (“EM”) conductors being identified on the northern potion of the Project, which
were named the J, K and L conductors. In 2022, MWH Geo -Surveys Ltd. carried out a high-
resolution ground gravity survey to assist with targeting along these conductors.
A total of 2,073 survey stations were collected and the resultant survey data showed that multiple
high-amplitude gravity lows (potential clay alteration zones associated with uranium
mineralization) are present, and the results also provide valuable structural information confirming
the presence of major lineaments noted in satellite photography and magnetic/EM datasets.
Recent Drilling
During the summer of 2022, Fortune Bay carried out drilling operations which included follow-up
at the historical Tena occurrence, and exploration targeting of a variety of geophysical and
structural features to test targets present on all three of the EM conductors, none of which had
ever previously been drilled.
All drilling was helicopter-supported and was carried out by Team Drilling LP using a single drill
rig. A total of 9 holes (2,064 m) were completed, 220 drill core samples were sent to the
Saskatchewan Research Council for analysis, and 248 chip samples were analyzed for clay
species by clay reflectance spectroscopy (PIMA).
New zones of e levated uranium mineralization (>100 ppm U) were intersected in close
association with graphitic fault zones in three holes. All of these intersections are shallow,
derived from between 60 and 105 m vertically below surface.
All holes intersected favorable graphitic units with faulting, variable bleaching and alteration, and
indicative clay species (illite, chlorite and kaolinite). Elevated uranium is associated with enriched
"pathfinder" elements, and other intersections with pathfinder elements of interest are present
without elevated uranium, indicating other potential targets for follow-up.
Highlights from the 2022 first-pass drill program include4:
• Hole S22-005: 0.42% U₃O₈ (82.3 to 82.4 m), 0.24% U₃O₈ (83.5 to 83.6 m) and 0.13%
U₃O₈ (84.0 to 84.1 m)
• Hole S22-006: 141 ppm U (106.9 to 107.7 m)
• Hole S22-013: New discovery of mineralization including 0.43% U₃O₈ (145.7 to 145.8 m)
and 0.15% U₃O₈ (145.6 to 145.7 m), open mineralization (Figure 3) warrants follow up drill
testing
Figure 3: Open zone of uranium mineralization highlighted in hole S22-013
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 data disclosed in this news release relating to sampling results on the Strike Project is
historical in nature. Neither the Company nor a qualified person has yet verified this data and
therefore investors should not place undue reliance on such data. The Company’s future
exploration work will include verification of the data. The Company considers historical results to
be relevant as an exploration guide and to assess the mineralization as well as economic potential
of the Project.
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”
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
References
1. Information obtained from Saskatchewan Mineral Deposit Index, occurrence number 1204.
2. Information obtained from Saskatchewan Mineral Deposit Index, occurrence number 1511.
3. Information obtained from Saskatchewan Mineral Assessment Database, file number 74N11-0103
4. Information obtained from Fortune Bay Corp news release, December 7, 2022
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