Aero Reports on Recent Exploration Insights for the Murmac Uranium Project Upside Highlighted by Proven High-Grade Uranium Endowment
Aero Reports on Recent Exploration Insights
for the Murmac Uranium Project
Upside Highlighted by Proven High-Grade Uranium Endowment
Vancouver, British Columbia – April 9 , 2024 - Aero Energy Ltd (TSXV: AERO) (OTC Pink:
AAUGF) (FSE: UU3 ) (“Aero” or the “Company”) is pleased to provide a comprehensive
summary of exploration insights gathered at the Murmac Uranium Project (“Murmac” or the
“Project”) by operating partners Fortune Bay Corp. (TSXV: FOR) (“Fortune Bay”), as well as
additional historical data generated by previous owners of Murmac which include the predecessor
company to Cameco Corp. (TSX: CCO, NYSE: CCJ).
Highlights
• Untested Exploration Model: Historical exploration at Murmac focused overwhelmingly on
surface prospecting of exposed outcrop. However, the current target graphitic shear zones
are not visible at surface as they preferentially weather to form valleys filled with cover
sediments. Therefore, the most prospective targets at Murmac remain untested.
• Significant Uranium Endowment: Numerous historic al high-grade uranium showings
exceeding 1% U 3O8 are known to exist on Murmac. These showings dominantly occur as
fault-hosted uranium in outcrop, or as uranium-bearing boulders, the latter of which have been
verified by Fortune Bay to contain grades as high as 8.82% U3O81.
• Favorable Host Rocks: Exploration is currently focussing on three corridors of favorable
graphitic host rocks covering a combined strike length of over 30 km . Additional corridors
will be evaluated and prioritized for follow-up exploration.
• Proof-of-Concept: Drilling completed by Fortune Bay in 2022 intersected uranium
mineralization in 6 of 15 first-pass holes within the favored host rocks, highly prospective
hydrothermal alteration and anomalous concentrations of “pathfinder” elements1.
• Shallow Target Development & Drilling: A preliminary 45 drill targets have been identified
which range in depth from only 20 to 150 m below surface. The targets are currently being
refined for drilling expected to begin in early June.
Galen McNamara, CEO of Aero, commented: "We are working closely with our operating
partners to combine historical geological evidence with modern on-the-ground science. This will
guide us to picking the best set of targets to be drilled for discovery in the upcoming drill program
as we drive towards unlocking the full potential of the Murmac Uranium Project to maximize value
for our stakeholders."
Murmac Project Overview and Historical Exploration
Pursuant to a recently signed option agreement, Aero can earn up to a 70% interest in the Murmac
and Strike Uranium Projects , both owned by Fortune Bay, by funding C$6 million in exploration
expenditures, making cash payments totalling C$1.35 million, and issuing C$2.15 million in
common shares, over a three-and-a-half-year period.
The Murmac Project covers an area of 25,607 acres in seventeen mining claims located 15 km
from Uranium City on the northern margin of the Athabasca Basin. The area is estimated to have
produced approximately 70 million pounds of U 3O8 at grades ranging from 0.18 to 0.43% U3O8
between 1950 and 1982 2. Murmac is host to multiple historical surface uranium showings
exceeding 1% U3O8 and grading as high as 8.82% U3O8.
Historical exploration efforts primarily focused on the "Beaverlodge-style" deposit model, targeting
lower-grade, fault-hosted mineralization visible at the surface. This approach did not target, and
would not have been effective for, the high-grade "Unconformity-related" basement-hosted
deposits associated with graphitic rocks more recently discovered near the Athabasca Basin's
edge (e.g. Arrow, Triple R).
Figure 1. Schematic cross-section of basement-hosted uranium deposits
Basement-hosted deposits are associated with graphite-rich rocks, which are softer than
surrounding quartzite and granitoid lithologies, and are therefore not exposed at the surface
(Figure 1). Instead, they are found in deeply weathered valleys, concealed by glacial till, soil, and
small lakes. T he exploration methods applied historically included airborne radiometric and
surface prospecting, identifying radiometric anomalies and trenching or drill testing their extents.
This approach is not effective for the exploration of basement-hosted mineralization, which
requires detection of the covered graphite-rich rocks with electromagnetic (“EM”) surveying to
identify conductors, followed by target prioritization and drill testing. Three extensive conductor
“corridors” have been identified to date, namely Pitchvein, Armbruster and Howland (Figure 2),
covering over 30 km of strike length. These corridors have been subject to limited previous drilling
and remain largely unexplored, offering significant potential for future discovery.
Figure 2. Uranium mineralization in Fortune Bay drill holes and preliminary additional targets on
the Murmac Project
Preliminary Modern Exploration
Recent exploration efforts by Fortune Bay have focused on exploring for basement-hosted
deposits in the older basement rocks that occur immediately below the sub-Athabasca
unconformity (now eroded away).
Prospecting
In the fall of 2022, Fortune Bay executed a prospecting and sampling program at Murmac1. A total
of 179 samples were collected for uranium analysis and multi -element characterization.
Investigation of historical uranium occurrences validated the historical data compiled from
assessment reports, and all significant surface showings that were flagged for field investigation
were reliably located1.
The verified surface historical uranium occurrences dominantly comprised high-grade fault-
hosted mineralization, typically associated with large-scale faults that cross-cut untested
conductors (graphite-rich rocks) located in adjacent valleys and covered by sediments.
In addition, a mineralized boulder (15 cm in diameter) was discovered in thin till cover at the edge
of a conductor valley which exceeded the upper detection limit for radioactivity (65,535 counts -
per-second) on the handheld super -spec RS -125 handheld spectrometer. This pitchblende
boulder assayed 8.82% U3O8.
These occurrences provide compelling support for high- grade basement-hosted uranium
mineralization at Murmac.
Figure 3. Locations of prospecting samples, EM conductors, and uranium mineralized first-pass
drill holes on the Murmac Project.
Airborne VTEM™ Plus Survey
In the spring of 2022, a 430-line kilometer VTEM TM survey was carried out by Geotech Ltd. to
cover the majority of Murmac on behalf of Fortune Bay1. Lines were flown at 200 m spacing and
oriented at an azimuth of 120°/300°. Three prominent conductor corridors were identified and,
from west to east, have been named the Pitchvein, Armbruster and Howland conductor corridors
respectively. The survey identified a number of high-priority electromagnetic anomalies. This
previous survey is currently being infilled and expanded upon at higher resolution (100 m spacing)
to allow for refinement and reprioritization of existing targets, and selection of new targets, for drill
testing. See the Company’s news release dated March 26, 2024 for more information.
Gravity Survey
In the s pring of 2022, Fortune Bay contracted MWH Geo-Surveys Ltd. to complete a ground
gravity survey at Murmac1. The objective of the survey was to obtain gravity measurements over
the Armbruster, Howland and Pitchvein conductor corridors to assist in drill targeting. A total of
2,752 survey stations were completed at a station spacing of 50 m along lines at a 200 m spacing,
oriented on an azimuth of 300°. The survey identified a number of high-priority gravity anomalies.
First-Pass Drilling
A helicopter-supported drilling program was completed at Murmac during the summer of 2022.
This program targeted electromagnetic, gravity and structural targets in areas near historical
uranium endowment. A total of 15 holes comprising 3,168 m were completed1.
The most encouraging results were from holes M22-013 and M22-014. Numerous shallow
intercepts of anomalous uranium (defined here as >100 ppm) were encountered in these holes ,
with additional encouraging pathfinder element enrichment in graphitic pelites associated with
hematite, sericite and chlorite alteration, plus quartz flooding. These holes targeted a geophysical
anomaly approximately 225 m southwest from historical drill results that include 1.01% U3O8 over
2.0 m (56.0 to 58.0 m in drill hole CKI-9) and 2.19% U 3O8 over 0.5 m (68.0 to 68.5 m in drill hole
CKI-10)3. These historical holes were drilled by the Saskatchewan Mining Development
Corporation, a predecessor of Cameco Corp. Additional along-strike drill testing is warranted and
testing of the major NE/SW thrust fault located 100 m to the SE may also be warranted.
A summary of the 2022 results is shown in Table 1, highlighting intersections with anomalous
uranium and describing the favorable pathfinder associations.
Table 1. Murmac First-Pass Drilling: Summary of anomalous uranium results and favorable
pathfinder associations1.
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.
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.Murmac Uranium Project: Exploration Report 2022, Fortune Bay Corp Internal Report. 2023.
2.Geology and Genesis of Major World Hardrock Uranium Deposits, United States Geological
Survey, Open-File Report 81-166, 1981.
3.Information obtained from Saskatchewan Mineral Assessment Database files 74N07-0310 and
74N07-0311
Cautionary Statement Regarding Forward-Looking Information
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This news release contains forward-looking statements and forward-looking information within the
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performance and include expectations regarding the exploration activities on the Company’s
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events and conditions, by their very nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated due to a number of factors and risks.
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The Company undertakes no obligation to update forward-looking information except as required
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