Skyharbour Resources’ (TSX-V:SYH) project partner North Shore Uranium (TSX-V:NSU) is further evaluating and prioritising targets for potential future drilling programs at Falcon Project in Canada, after completing a prospecting program.
North Shore may acquire an initial 80% interest in Falcon by issuing C$1.225 million worth of shares and paying C$525,000 cash to Skyharbour. North Shore is also spending an aggregate of $3.55 million in exploration expenditure on Falcon.
The recently completed prospecting program focused on 18 priority targets that were identified by North Shore.
At each of the targets, the crew assessed the mapped surface expression of the interpreted electromagnetic conductor and surrounding area for outcrop and anomalous radioactivity.
Skyharbour says three priority areas have been established at Falcon, named zones one, two, and three. With these three areas, 36 uranium targets were identified. The targets are associated with EM conductor anomalies and have been selected based on the analysis and interpretation of multiple geophysical and geological datasets.
North Shore is integrating information from the prospecting program with the interpretation of the EM conductors to further evaluate and prioritise targets.
CEO Brooke Clements says the project is in the Athabasca Basin region, host to Canada’s only two uranium mines and three development-stage projects.
“We think that Falcon has all the right ingredients to yield a significant new uranium discovery,” Clements says.
“Uranium mineralisation has been confirmed on the property, and the past-producing Key Lake Uranium Mine and active Key Lake Mill is nearby.”
The Falcon Project, contains 11 mineral claims comprising 42,908 hectares, lies 50km east of the Key Lake Mine in Saskatchewan.
Write to Aaliyah Rogan at Mining.com.au
Images: North Shore Uranium
