VANCOUVER, BC / ACCESS Newswire / May 27, 2025 / North Shore Uranium Ltd. (TSXV:NSU) ("North Shore" or the "Company") is pleased to announce that the term of the South Falcon Option Agreement (the "Agreement") with Skyharbour Resources Ltd. ("Skyharbour") has been extended from three to four years. The Agreement governs exploration activities on 11 of the 15 mineral claims that constitute the Company's Falcon property ("Falcon" or the "Property") located in the Athabasca Basin region of Saskatchewan. North Shore is currently preparing for future exploration programs at Falcon.
SOUTH FALCON OPTION AGREEMENT AMENDMENT
On May 26, 2023, North Shore Energy Metals Ltd., a wholly owned subsidiary of the Company, entered into the Agreement with Skyharbour. Under the terms of the Agreement, the Company has the right to earn up to a 100% interest in 11 Falcon claims totaling 42,512 hectares by completing certain cash payments, share issuances and exploration expenditure commitments over a three-year period commencing on October 31, 2023. The layout of the 11 claims is shown in Figure 1. The Agreement has been amended, with the term being extended from three to four years. Commitments formerly required on or before October 31, 2025, are now due on or before October 31, 2026, and commitments required by October 31, 2026, are now due on or before October 31, 2027. In consideration for the term extension, North Shore has agreed to issue Skyharbour 500,000 common shares (the "Consideration Shares") of the Company at a deemed price of $0.035 per Consideration Share. Issuance of the Consideration Shares is subject to the approval of the TSX Venture Exchange. The Consideration Shares are subject to a four-month plus one-day hold period upon issuance.
Brooke Clements, President and CEO of North Shore stated: "We are pleased with the extension on the term of the Agreement with Skyharbour from three to four years. The extra time will allow us to optimize our systematic and efficient exploration programs at Falcon. Our team believes that Saskatchewan's Athabasca Basin is the best jurisdiction in the world for uranium exploration and development and that our work has shown that Falcon offers great potential for a new signficant uranium discovery."
FALCON EXPLORATION UPDATE
In its September 17, 2024, October 10, 2024, November 13, 2024, February 27, 2025 and May 6, 2025 news releases, the Company summarized work being done at the West Bear and Falcon properties with emphasis on Falcon. Three priority areas have been established at Falcon, Zones 1, 2 and 3 and 36 uranium targets within the three zones have been selected to date by North Shore and its consultants (Figure 1).
As reported on May 16, 2024, the Company discovered near-surface uranium mineralization at drill sites P03 and P08 within the South Priority Area in an underexplored area that had never seen drilling (Figures 1 and 2). The Company's top priority at Falcon is to investigate uranium targets along an electromagnetic conductor trend that includes these two new uranium occurrences. High priority target, FA003, which is entirely on land and located 500 metres south of uranium occurrence P03, is an illustration of the types of targets the Company has in its pipeline. (Figures 2 and 3). At FA003 the EM conductor system and an associated magnetic low are disrupted and the interpreted structural system splits, with one arm going to the northeast, the other to the north-northeast. In addition, there is an associated gravity low anomaly identified from the 2022 airborne survey data (Figure 3). The combination of the disruptions and change in orientation of the electromagnetic trend as well as the magnetic and gravity lows can be indicative of the alteration footprint associated with a uranium mineralizing system.
The Company will continue planning for future prospecting and drill programs focused on targets like FA003. Research on existing targets and structural corridors will continue and updates will be provided on an ongoing basis.
Figure 1: Map showing Falcon exploration targets and priority zones.
Figure 2. South Priority Area where uranium mineralization was discovered by North Shore in 2024 at drill targets P03 and P08.
Figure 3. Falcon target FA003 with gravity background.
FALCON BACKGROUND INFORMATION
Falcon consists of 15 mineral claims totaling 55,503 hectares; four of the claims comprising 12,791 hectares are 100 percent-owned by the Company and the remaining 11 claims are subject to the Agreement with Skyharbour described above. Falcon is located 30 km east of the active Key Lake uranium mill and former mine. Between 1983 and 2002, the mine produced a total of 209.9 million pounds of U3O8 at an average grade of over 2.0%0F[1].
ABOUT NORTH SHORE
The nuclear power industry is in growth mode as more nuclear power will be required to meet the world's ambitious CO2 emission-reduction goals and the needs of new power-intensive technologies like AI. In this environment, new discoveries of economic uranium deposits will be very valuable, especially in established uranium-producing areas like Saskatchewan. North Shore is working to become a major force in exploration for economic uranium deposits. The Company is working to achieve this goal by exploring its Falcon and West Bear properties at the eastern margin of the Athabasca Basin and by evaluating opportunities to complement its portfolio of uranium properties.
QUALIFIED PERSON
Mr. Brooke Clements, MSc, P.Geol., a Qualified 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.
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: This email address is being protected from spambots. You need JavaScript enabled to view it.
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; changes 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 terms 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. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
[1] Source: Government of Saskatchewan - Mineral Deposit Query (https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/1130). There is no guarantee that a uranium deposit similar to Key Lake will be discovered on the Falcon Property.
