Jr. Receives Exploration Permit for Athabasca Basin Project

1. Skyharbour Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. In addition, North Shore Uranium Ltd. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of North Shore Uranium Ltd. and Cameco Corp. 
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North Shore Uranium Ltd. (NSU:TSX) announced it has received a Crown Land Work permit for its 55,700-hectare Falcon uranium project in Saskatchewan's Athabasca Basin.

The permit, issued by the Saskatchewan Ministry of Environment, expires on July 31, 2027. Under it, the company is authorized to conduct mineral exploration activities, including prospecting and ground geophysics, trail and drill site clearing, line cutting, the drilling of up to 75 exploration drill holes, and the storage of drill core, North Shore said in a release.

"After our maiden drill program at Falcon this March, we are preparing for follow-up work related to our two new uranium discoveries and to evaluating new targets," President and Chief Executive Officer Brooke Clements said. "We believe that Falcon, located at the eastern margin of the prolific Athabasca Basin, is a great setting for a major new uranium discovery. We have multiple targets that require testing, and we look forward to future exploration programs."

Uranium expert and strategic advisor to the OAM Uranium Opportunity fund, Alex Molyneux, who was also a founding investor in North Shore, told Streetwise Reports recently that there has been success in the eastern Athabascan Basin, and there's room for still more.

"North Shore has picked up prospective tenements on the eastern margin of the basin that are outside of the areas that are dominated by Cameco Corp. (CCO:TSX; CCJ:NYSE) and Orano and other major groups, and it can make a discovery," said Molyneux, who is also the former CEO of Paladin Energy. "And all they have to do is discover something that's a bit better than what Cameco and Orano have in their inventory, and then, boom, it's going to attract a lot of attention, potentially with the majors."

The private company that ultimately became North Shore acquired its initial tenements from several prospectors and added neighboring tenements that are now part of the company's Falcon Project under option from Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) to complement its prospective land package.

"It's still very early days for North Shore," Molyneux said. "It hit uranium mineralization in (its) first two drill holes. There's all the right stuff indicating uranium mineralization on the North Shore tenements. Brooke is now looking for that combination of scale, grade, and geometry to make a discovery viable."

'Potential to Rerate'

North Shore said it is now prioritizing uranium exploration targets for future drill programs at Falcon, targeting near-surface basement-hosted uranium mineralization, which can be associated with electromagnetic conductor systems.

To date, the company said it has identified 36 uranium targets at Falcon, selected based on the analysis of multiple datasets and interpretation by Condor North Consulting ULC, Earthfield Technologies Inc., TerraLogic Exploration Inc. and North Shore.

North Shore said its current goal is to select the top 10 sites to choose from for the next drill program.

Under the permit, North Shore must comply with existing environmental regulations, including reclamation of exploration sites and monitoring wildlife in the area. North Shore is also committed to engaging with local communities and addressing their concerns throughout the life of the project.

North Shore completed its maiden drill program at Falcon earlier this year, locating near-surface mineralization at two targets, PO3 and PO8, 1.3 kilometers apart from one another and each associated with near vertical electromagnetic conductor systems.

At PO3, the company encountered a subvertical graphitic brittle fault zone about 10 meters wide, between 196 and 206 meters downhole. Five intervals showed 100+ parts per million (100+ ppm) U3O8, and three samples, 300+ ppm U3O8. Also, the structure and mineralization were associated with chlorite and silica alteration.

At PO8, the company hit near-surface uranium mineralization between 42 meters and 47 meters. A 4.7-meter interval averaged 316 ppm U308; the highest value was 572 ppm. Between 67 and 71 meters, two intervals had 100+ ppm U308. Between 102 and 105 meters, the company hit the targeted electromagnetic conductor and encountered a brittle graphitic fault zone that had elevated, but not anomalous, uranium, bleaching clay alteration, hematite alteration, chloride alteration, and patchy silica alteration.

"As the company continues to execute on its exploration strategy at Falcon and West Bear, we believe that the stock has the potential to rerate," Red Cloud Securities Analyst David Talbot wrote in a research report earlier this year.

The Catalyst: Early Part of a Bull Market?

As the fuel for nuclear power, uranium is one of the most important elements for the energy transition, but it's had a bumpy year. It rose to US$106 per pound in February but hasn't returned to those heights since then. The price was about US$82 on Monday.

However, a dwindling supply of secondary sources, including uranium in stockpiles and decommissioned nuclear weapons, is signaling that higher demand and prices could still be on the way.

High-tech and artificial intelligence (AI) companies are looking for more carbon-free power sources going forward. Microsoft just announced a 20-year deal with Constellation Energy to buy all of the power from the potentially reopened Three Mile Island plant, site of the worst nuclear disaster in U.S. history, to use for AI. The reactor in question closed five years ago and could be revived in 2028, depending on Nuclear Regulatory Commission approval.

And recently at New York Climate Week, a group of 14 global financial institutions expressed support for tripling nuclear energy capacity by 2050.

Ownership and Share Structure

Insiders and founding investors own approximately 45% of the issued and outstanding shares. Clements himself owns 3.6% or 1.33M shares, Director Doris Meyer has 2.11% or 0.78M shares, and Director James Arthur holds 1.58% or 0.58M shares. According to North Shore, 14.92M shares (40.5%) held by six founding investors are subject to a voluntary pooling agreement that restricts disposition of these shares before October 19, 2026.

Most of the rest is with retail, as the institutional holdings are minor.

North Shore has 36.84M outstanding shares.

The company has a market cap of CA$2.21million. It has traded in the past 52 weeks between CA$0.06 and CA$0.30 per share.