North Shore Uranium Reports Drill Program Results: Uranium Mineralization Confirmed at TWO Targets
MAY 16, 2024 TSX-V:NSU
NORTH SHORE URANIUM REPORTS DRILL PROGRAM RESULTS:
URANIUM MINERALIZATION CONFIRMED AT TWO TARGETS
North Shore Uranium Ltd. (TSX-V: NSU) (“North Shore” or the “Company”) is pleased to announce
that multiple samples collected from two of the first three uranium prospects drilled by the Company at its
55,699-hectare Falcon Property (“Falcon” or the “Property”) at the eastern margin of the Athabasca Basin
in Saskatchewan have returned anomalous uranium values of greater than 300 ppm U 3O8 and up to a
maximum of 572 ppm U3O8 (Table 1). The Company is now planning for future exploration programs on
the Property.
As reported on March 20, 2024, t hree targets were drilled along a strong, dominantly northeast -trending
electromagnetic ( “EM”) conductor system, P03, P08 and P12 (Figure 1). These results confirmed the
encouraging field findings for P03 and P08 that were ba sed on downhole gamma probe readings and
geologic observations. Uranium mineralization was confirmed at P03 and P08 with the most significant
intersection being at P08, 316 ppm U3O8 over a 4.7 metre interval with a peak value of 572 ppm U3O8. The
following summarizes the Company’s drilling results and future plans:
• P03. A blocky fracture zone and interpreted brittle fault with graphite-rich gouge was encountered
between 193.5- 196.0m coincident with t he projected location of the modelled EM conductor.
Below this fault zone from 196.6 to 209.0m, multiple samples had elevated uranium content
including two samples with greater than 300 ppm U3O8.
• P08. A 4.7m interval between 42.3-47.0m returned 316 ppm U3O8 with one sample in the interval
returning the highest reading from the program, 572 ppm between 42.3-42.8-m. From 102.3-
105.5m, a brittle pegmatitic and graphitic fault zone was intersected at the project ed depth of the
EM conductor.
• Next Steps. Given these encouraging results, the Company will evaluate potential options for
further evaluation of the uranium-bearing structures associated with targets P03 and P08, including
drilling deeper and/or shallower and/or along strike of the interpreted EM conductor. As the
modelled target at P12 was not reach ed, the Company will consider re -testing th is target. In
addition, multiple high-priority target zones that have been identified at Falcon have not yet been
evaluated by drilling. The Company is currently planning a field program to investigate the highest
priority targets by mapping and prospecting and continues to prioritize targets for field evaluation
and future drilling.
Mr. Brooke Clements, President and CEO of North Shore stated: “ We are very encouraged to have
confirmed near-surface uranium mineralization at two of the first three targets drilled at Falcon during
our maiden drill program . These results affirm our belief that Falcon has great uranium exploration
potential, emphasizing the importance of following up on these results as well as testing other compelling
untested EM conductor zones that we have identified. We believe that we have just scratched the surface at
Falcon and we look forward to future exploration programs on the Property.”
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TABLE 1: FALCON PROPERTY DRILLING RESULTS
Drillhole Information Anomalous Uranium U3O8 (ppm)1
ID Target Dip
(°)
Azi
(°)
Cover
(m)
Total
Depth
(m)
#
Samples
From
(m)
To
(m)
Interval
(m)
Interval
Value
Max.
Value
FN24001 P03 -50 135 5.8 230 120 5.8 196.6 NAR 36
196.6 197.1 0.5 378 378
197.1 199.5 NAR 86
199.5 201.1 1.6 182 321
201.1 203.1 NAR 27
203.1 203.8 0.7 105 105
203.8 205.7 NAR 61
205.7 206.3 0.6 345 345
206.3 208.5 NAR 42
208.5 209.0 0.5 130 130
209.0 230 NAR 8
FN24002 P08 -47 120 30.5 144 46 34.0 40.6 NAR 51
40.6 41.2 0.5 103 103
41.2 42.3 NAR 98
42.3 47.0 4.7 316 572
47.0 67.6 NAR 49
67.6 68.4 0.8 110 110
68.4 69.4 NAR 22
69.4 71.0 1.6 128 132
71.0 109.5 NAR 96
FN240032 P12 -47 315 2.5 106 39 2.5 94.0 NAR 11
1ICP-MS uranium total digestion analysis results were converted to U 3O8 ppm values. The c utoff and
anomalous U3O8 value is defined as 100 ppm for this news release. Minimum sample interval, 0.5 m. NAR=
no anomalous results. All reported sample depths are drill hole depths and intervals and do not reflect true
thicknesses.
2The drillhole was abandoned at 106m owing to unstable ground conditions prior to reaching the target
depth of 125m.
Target P03
An interpreted section from drillhole FN24001, which was drilled to a depth of 230m at target P03 is shown
in Figure 2.
Underneath six metres of overburden, an alternating succession of metasedimentary rocks comprised of
variably garnet-rich graphitic pelitic gneisses crosscut by numerous pegmatites was encountered to 222.5m.
A blocky fracture zone and interpreted brittle fault with graphite -rich gouge was encountered within the
graphitic gneiss unit between 193.5- 196.0m; the projected EM conductor intersection depth was 195.0 m.
The key interval is just below this fault zone from 196.6- 209.0m where multiple samples had elevated
uranium content including three samples with greater than 300 ppm U3O8 with the highest value being 378
ppm U3O8 (Table 1). Strong localized chlorite and silica alteration and multiple pegmatite intrusions were
observed in this zone. Anomalous nickel values between 275 and 527 ppm were reported between 193.0-
197.1m. Anomalous molybdenum values between 140 and 193 ppm were reported in three samples between
200.6-203.1m. The combination of the spatial relationship between anomalous uranium content, the
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graphitic horizon, the structure and alteration are exploration criteria that are important when exploring for
a basement-hosted uranium deposit. The Company will consider further investigation of this structure at
depth and/or along the strike of the associated EM conductor system.
Figure 1: Electromagnetic map showing strong EM conductors and the three targets drilled in March 2024.
Processing by Condor North Consulting ULC using 2006 and 2007 airborne survey data.
Key Lake
Mine
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Figure 2. Drill section from drillhole FN24001 and drill core photo from anomalous interval which
returned 378 ppm U3O8.
Target P08
An interpreted section from drillhole FN24002, which was drilled to a depth of 144m at target P08 is shown
in Figure 3.
After intersecting 30.5 metres of overburden, an alternating succession of metasedimentary rocks
comprised of variably garnetiferous and graphitic pelitic gneiss and schist cross- cut by numerous
plagioclase and K-feldspar granitic pegmatites was encountered to 132.3m. Granitic gneiss intersected by
K-feldspar granitic pegmatites is present until the end of hole at 144m. The graphitic units were host to up
to 30 percent graphite, with localized patches up to 60 percent. Two zones with elevated uranium were
encountered. Within a zone from 40.6-49.0 m, a 4.7m interval between 42.3-47.0m returned 316 ppm U3O8
with the highest reading in the interval being 572 ppm between 42.3-42.8m. This interval is associated with
an interpreted brittle fault zone between 43.9- 49.0m. Between 67.6-71.0 m, a pegmatite -rich brittle fault
zone comprised of fractured pegmatites and blocky and rubbly graphitic metasediments was encountered.
A 3.4m interval between 67.6-71.0m had uranium values in samples ranging from 110-128 ppm U3O8. The
Graphitic gneiss
with brittle faulting
196.6-206.3m
5 intervals with
378, 182, 105, 345
and 130 ppm U3O8
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entire graphitic schist upper portion of the hole displayed very strong patchy chlorite -cordierite-hematite-
illite alteration to 102.3m. From 102.3-105.6m, a brittle pegmatitic and graphitic fault zone was intersected
at the projected depth of the EM condu ctor along with strong bleaching (illite+/ -sericite) clay alteration,
strong hematite and chlorite along fractures and patchy silica alteration. The alteration minerals associated
with the interpreted structure can be indicative of a proximal hydrothermal system and significant uranium
was encountered associated with pegmatites in the upper brittle fault zone. The Company will consider
further investigation of these interesting features in the future.
FN24002 SRC306574 102.27-103.65m
Figure 3. Drill section from drillhole FN24002 and drill core photo showing part of the altered fault zone
that corresponded with the EM conductor.
Laboratory Analyses, Quality Control, Quality Assurance and Analytical Procedures
The analyses were performed by the Saskatchewan Research Council Geoanalytical Laboratories in
Saskatoon, Saskatchewan (“the SRC”) and 205 samples from the three holes were analyzed. All samples
were prepared by crush & grind (PREP-01) then analyzed by ICP-MS total and partial digestion (ICP-MS2:
Basement), Boron by fusion/ICP -OES and Gold by Lead fusion Fire Assay (Au1). Select radioactive
samples (>600CPS, RS125 SRC scintillometer) w ere analyzed with the ICP1 partial and total digestion
method instead of the ICP-MS2 method due to high radioactivity.
Pegmatite-rich brittle
Fault zone
316 ppm U3O8
from 42.3-47.0m
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The drill program was managed by TerraLogic Exploration Inc, (“TerraLogic”) including the selection of
samples for analysis in the field and shipment of the samples to the SRC . TerraLogic adheres to best
management exploration practices, including Quality Assurance and Quality Control (QA/QC). All
standard operating procedures have been developed and overseen by Jarrod Brown M.Sc., P.Geo. of
TerraLogic, a Qualified Person as defined by National Instrument 43 -101 – Standards of Disclosure for
Mineral Projects.
QA/QC protocols were maintained through the random insertion of blanks and certified reference material
(standards) throughout the drill core sampling process. The drill core was split in half with a manual splitter
in the field, select split sample intervals were then placed in a sealed bag and transported by TerraLogic
personnel to the SRC; the remainder of the core was stored on site. Upon receipt of the results from the
SRC, the program, TerraLogic compiled and assessed all of the analytical data including the QAQC
standard and blank data collected during the 2024 season. All standards returned acceptable values based
on the following protocol: Failure Limit = Accepted CRM value +/- 3x standard deviations.
Falcon Property Background Information
Falcon is a highly prospective uranium exploration project with a limited exploration history at the eastern
margin of the Athabasca Basin in an area of Saskatchewan that is seeing increased exploration activity and
recent discoveries. Reinterpretation of EM data complemented by geophysical data acquired in 2022 has
allowed the Company to identify high priority uranium targets in areas with limited previous drilling. The
Property is located approximately 35 kilometres east of the active Key Lake uranium mill and former mine.
The new uranium discovery potential at Falcon is significant including shallow basement -hosted
unconformity-style mineralization and pegmatite -hosted mineralization similar to that discovered at the
Fraser Lakes Zone B uranium resource located just three kilometres south of the Property.
Falcon 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 can earn an 80%
interest in the 11 claims and has the option to purchase the remaining 20% interest after it has earned its
initial 80% interest.
About North Shore Uranium
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 will work to achieve those
objectives by conducting exploration programs on its two properties, Falcon and the West Bear Property,
which is located 90 kilometres northeast of Falcon, and by evaluating opportunities to increase its portfolio
of properties in the region.
Qualified Person
Mr. Brooke Clements, MSc, P.Geol., a Q ualified 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.
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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; change s 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 te rms
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.