About North Shore Uranium
North Shore Uranium Ltd.: A New Force in Athabasca Basin Uranium Exploration
North Shore Uranium Ltd. (“North Shore” or “the Company”) is a new exploration company working towards making a new discovery of an economic uranium deposit in the Athabasca Basin region of Saskatchewan. The area is one of the best jurisdictions in the world for discovering and developing high-grade uranium deposits.
Company Highlights
There is increasing awareness and acceptance that the increased use of nuclear power will be critical for meeting CO2 emission-reduction goals. On December 2, 2023 at the COP28 meeting in Dubai, more than 20 countries made a declaration to advance a goal of tripling nuclear energy capacity globally by 2050. New sources of uranium will be required to meet the projected demand. https://www.energy.gov/articles/cop28-countries-launch-declaration-triple-nuclear-energy-capacity-2050-recognizing-key
Falcon Property
Located 30 kilometres east of the former Key Lake Mine and currently operating Key Lake mill, the 15 claim, 55,699 hectare Falcon property is well-positioned along the Wollaston trend in an emerging uranium district seeing a surge in exploration activity. Four of the claims totaling 12,791 hectares are 100%-owned by the Company and the remaining 11 claims are subject to an option agreement with Skyharbour Resources Ltd. (“Skyharbour”). North Shore has an option to earn an 80% interest in the 11 claims for total consideration of C$5.3 million by October 31, 2026. The consideration includes cash, shares and C$3.55 million of exploration work.
The current Falcon property claims have seen intermittent exploration since the 1960s. High-resolution heli-borne electromagnetic (“EM”) and magnetic surveys completed in 2006, 2007 and 2013 cover over 90% of the Falcon property and the data is publicly available. In 2008, JNR Resources drilled 28 holes in three areas near the central portion of the Falcon claims. In the EWA showing area, elevated uranium values up to 0.235% U3O8 were reported. During the same program, JNR discovered the Fraser Lakes Zone B deposit approximately three kilometres south of the Current Falcon property. At Zone B, an historical resource of 6.96 million lbs. of uranium in 10.4 million tonnes at an average grade of 0.03% U3O8 has been delineated (2023-02-09 Tisdale Clean Energy Corp. Technical Report on the South Falcon East Property available at sedarplus.ca). Most exploration work in the immediate area subsequent to 2008 was focused on the Zone B deposit.
In 2022, North Shore and Skyharbour each flew airborne gravity-magnetic-radiometric surveys that collectively cover over 80% of the Falcon property. Numerous untested EM conductor systems have been identified at Falcon. The Company is utilizing this new data to complement the previous EM data to prioritize targets for further exploration in 2024 and beyond. The Company is fully funded to conduct its first drill program in Q1 2024.
Several uranium showings and radioactive boulder fields on the property have not been fully explained. At the D Showing, near the eastern end of the claim block, a sheared vein assayed 1.26% uranium and 0.8% molybdenum. At the EWA Showing near the centre of the claim block, a 10-20 metre wide northeast-trending shear zone, grab samples yielded up to 0.492% U3O8 and 1,300 ppm lead.
Drill holes and uranium showings from Saskatchewan database. Approximate EM conductor locations from Saskatchewan database and North Shore interpretation. Technical information on the Falcon property is provided in the 2023 technical report entitled “Technical Report for the Falcon Project, Saskatchewan, Canada”, filed under the profile of North Shore Uranium Ltd. at www.sedarplus.ca.
West Bear Property
Located approximately 35 kilometres southeast of the Cigar Lake uranium mine, the West Bear property straddles the eastern margin of the Athabasca basin. The property consists of five claims totalling 4,511 hectares. Under the terms of an option agreement with Gem Oil Inc., the Company has an option to earn a 75% interest in the claims for $225,000 cash ($125,000 paid), $75,000 cash or shares ($25,000 paid) amd $271,000 in exploration work (+$225,000 completed) by Aprill 11, 2025.
The area has seen significant uranium exploration activity. A uranium reserve and cobalt-nickel resource held by Uranium Energy Corporation are located approximately 1.5 kilometres north of the West Bear property (see following map).
This map contains information about properties adjacent to the West Bear property which North Shore does not have the right to Explore. Potential investors are cautioned that mineralization on adjacent. Properties is not necessarily indicative of mineralization on the West Bear property.
Between 1968 and 2015, previous operators drilled 16 holes on the current West Bear property, with four of those holes being drilled by Denison Mines Corp. High-resolution heli-borne EM-magnetic surveys covering the entire property are available. In 2022, North Shore completed an airborne gravity-magnetic-radiometric survey covering most of the West Bear property. Using the new geophysical data to complement previous data, North Shore has prioritized three targets for further investigation at the western end of the property, an area that has seen no drilling.
Management Team and Directors
Brooke Clements, President, CEO and Director
Geologist with +35 years industry experience, President North Shore Energy Metals Ltd., April 2022 to Oct. 2023, President Peregrine Diamonds (2007-2015), Senior Vice President Peregrine Metals (2007-2011), VP Exploration Ashton Mining of Canada (1999-2007), Regional Manager, Exmin Corporation (1982-1997). Received the AMEBC Hugo Dummett award for diamond discoveries twice (2010 and 2018) and the PDAC Bill Dennis award for a Canadian discovery (2019). Peregrine Metals was sold to Stillwater Mining for US$487M in 2011. Extensive executive management experience with exploration programs in northern Canada.
Dan O’Brien, Chief Financial Officer
Over 20 years of experience with Canadian junior exploration companies. CFO for a number of publicly listed exploration companies, previously a senior manager at a leading Canadian accounting firm.
Ben Meyer, Corporate Secretary
10+ years experience in corporate compliance and administration for publicly listed exploration companies.
Jimmy Thom, Director
Geologist and Exploration Manager for ASX-listed Dynamic Metals and Jindalee Resources (2021-present), Paladin Energy Limited (2009-2021), at Paladin, he focused on all aspects of uranium exploration and deposit evaluation in multiple jurisdictions including Labrador and was Exploration Manager from 2018-2021.
Doris Meyer
Over 40 years of experience in financial reporting and corporate compliance and Corporate Secretary for numerous publicly listed exploration companies.
James Arthur
Senior Legal Counsel and Senior Director, Keysight Technologies, an S&P 500 company.
To learn more about North Shore Uranium, please visit https://northshoreuranium.com/
To learn more about the activity in the Athabasca Basin area and to view the digital map, go to https://digigeodata.com/area/athabasca-basin/-basin/