Vancouver-based North Shore Energy Metals has the opportunity to earn a majority interest in the South Falcon Property in Saskatchewan.
Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) and North Shore Energy metals signed an agreement giving North Shore an earn-in option for majority interest in the South Falcon Property in Saskatchewan.
The property includes 11 minerals claims and approximately 42,908 hectares. The agreement gives North Shore the opportunity to earn 80 per cent interest in the claims over three years by meeting commitments of $5.3 million in combined cash, shares and exploration expenses. If North Shore also has an option to pick up an extra 20 per cent for an additional $10 million in cash and shares.
Historical findings reveal that the South Falcon Property has shallow uranium mineralization, hosted in a variety of geological environments. This includes traditional Athabasca-style basement mineralization linked with well-established EM conductors. Specifically, at the EWA target, the mineralization reaches up to 0.492 per cent U3O8, with 1,300 parts per million.
A distinct, northeast-oriented electromagnetic (EM) conductor system, which locally exhibits folds, spans across the South Falcon Property. This system was identified through airborne and ground geophysical surveys performed by JNR Resources (JNR) in the 2000s.
In 2008, JNR carried out a drilling operation at Way Lake. That year, out of the 47 drilled holes, 28 holes (equivalent to 7,348 metres in total) were located on the South Falcon Uranium Property. These were distributed among the Walker with 14 holes), Walker South at 7 holes), and EWA target areas with 6 holes).
Skyharbour cross section map. Image via Skyharbour Resources.
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Uranium deposit found 4 km east of Walker South
In both the Walker and South Walker target areas, drill holes contained anomalous amounts of boron, copper, molybdenum, nickel, cobalt, arsenic, and vanadium. During the same drilling operation, the Fraser Lakes Zone B uranium deposit was found about 4 kilometres east of the Walker South target.
Furthermore, uranium, boron, lead and molybdenum were discovered at the EWA target with the most notable finding at this site being 0.235 per cent U3O8 over a span of 0.5 metres.
“We continue to execute on our strategy by adding value to our uranium project base in the Athabasca Basin through strategic partnerships and prospect generation, as well as focused mineral exploration at our co-flagship Russell and Moore Projects,” said Jordan Trimble, president and CEO of Skyharbour.
In 2022, Skyharbour conducted a FALCON airborne gravity gradiometer and magnetic survey over nine of the 11 claims at the South Falcon Property. This fresh set of geophysical data is expected to aid North Shore in determining priority areas for drilling along the EM conductor system. Currently, about 28 kilometres of the EM conductor system at the South Falcon Property remain unexplored.
Also, at the EWA target, the drilling encountered structurally disrupted pegmatites with unusual levels of uranium, boron, lead, and molybdenum. The most significant discovery was in hole WYL-08-501, which had 0.235 per cent U3O8 over a span of 0.5 metres, located within a 3.5-metre interval of 0.113 per cent U3O8.
North Shore plans to initially concentrate on the two claims that were previously a part of the Foster Project for geophysical work. Their attention will also be on the southeastern end of the EM conductor system at Knob Lake, for prospecting and/or drilling. This area displays characteristics similar to the Fraser Lakes Zone B deposit situated approximately 6 kilometres northeast and several other high-priority targets scattered along the main EM conductor system.
The project holds substantial potential for uranium deposits similar to those found further north in the Wollaston Domain. These include deposits such as those at Eagle Point, Rabbit Lake, Key Lake, among others. In addition, the potential exists for pegmatite/granite-hosted uranium, or rare earth element mineralization, resembling the Fraser Lakes Zone B deposit located on Skyharbour’s neighbouring South Falcon East Property. This property is currently under option to Tisdale Clean Energy.
North Shore is a private mineral explorer focused on uranium exploration in the Athabasca Basin. It does so through its Falcon property, which will increase from 12,800 to 55,700 hectares with the agreement.
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