Explorer Identifies Priority Uranium Targets in Saskatchewan

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North Shore Uranium Ltd. (NSU:TSX.V) has provided an update on prioritization of target generation efforts at its Falcon uranium property at the eastern margin of Saskatchewan's Athabasca Basin, partner company Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQX; SC1P:FSE) announced in a news release.

From results in 2024, North Shore summarized the work being done at the West Bear and Falcon properties with priority areas established at Falcon: Zones 1, 2, and 3.

To date, North Shore has identified 36 uranium targets associated with electromagnetic conductor anomalies at Falcon based on the analysis and interpretation of multiple datasets by North Shore and its consultants. 

"We believe that Saskatchewan's Athabasca Basin is the best jurisdiction in the world for uranium exploration and development," North Shore President and Chief Executive Officer Brooke Clements said. "In the last few years, the region has seen an unprecedented level of claim staking and exploration activity. We have a great pipeline of uranium targets at Falcon with the potential to host a significant near-surface uranium deposit."

Clements said the near-term focus is to evaluate targets at the south end of the property "within a trend associated with the new uranium discoveries we made in 2024."

Nearby Mine Produced 200 Million Pounds of U3O8

Last year, North Shore discovered near-surface uranium mineralization at P03 and P08 at two of these targets, FA033 and FA006, respectively, in an area that had never seen drilling. North Shore believes that these new uranium occurrences could be part of a new trend of uranium mineralization that could extend to the south-southwest and to the west-northwest, according to the release.

"North Shore's near-term focus is to assess the potential for an economic uranium deposit in this area by evaluating priority near-surface EM targets in the South Priority Area at the eastern end of Zone 1 and the South Walker area at the southern end of Zone 2," the release said.

Falcon is located about 30 kilometers east of the active Key Lake uranium mill and former mine at the eastern margin of the Athabasca Basin in Saskatchewan, which processes uranium ore from the McArthur River Mine, one of two producing uranium mines in Canada.

Between 1983 and 2002, Key Lake Mine produced more than 200 million pounds of U3O8 at an average grade of over 2%, the company said.

The uranium discovery potential at Falcon is "significant" and includes shallow basement-hosted unconformity-style and pegmatite-hosted mineralization, according to the release. The property has seen limited modern exploration programs and there are a number of unexplained uranium occurrences.

Terra Clean Energy Corp. (TCEC:CSE; TCEFF:OTC; T1KC:FSE) is currently conducting a drill program at its Falcon East uranium project directly to the east.

North Shore will continue prioritizing targets at Falcon in pursuit of maximizing the chances of encountering economic uranium mineralization in its next drill program.

As currently planned, North Shore's drill program would initially focus on several targets in the South Priority Area of Zone 1 and the South Walker Area of Zone 2. The company said updates will be provided on an ongoing basis.

Under North Shore's option agreement with Skyharbour, the company can acquire an initial 80% interest in Falcon by issuing shares worth CA$1.225 million, making aggregate cash payments of CA$525,000, and spending an aggregate of CA$3.55 million for exploration on the property over a three-year period.

Co. 'Can Make a Discovery'

Uranium expert and strategic advisor to the OAM Uranium Opportunity fund, Alex Molyneux, was also a founding investor in North Shore. He has said that there is still room for more success in the eastern Athabascan Basin.

"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 Ltd. (PDN:TSX; PDN:ASX). "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 to complement its prospective land package.

One analyst has noted the company's strategy is on target. "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: Tariffs to Hit Uranium Markets

As the fuel for nuclear power, uranium is one of the most important elements for the energy transition. However some worry U.S. President Donald Trump's tariff threats could raise prices since the U.S. gets more than a quarter of its uranium from Canada, reported Justine Calma for The Verge on March 7.

"It’s too soon to know what the exact impact would be on the U.S.'s nuclear energy industry if tariffs move forward," Calma wrote. "It could play into efforts to build up a domestic uranium supply, which has gotten bipartisan support and interest from major tech companies. But in the near term, the U.S. still relies on its northern neighbor to keep reactors running."

Even before the tariff announcements, according to Nucnet, analysts at Bank of America Securities predicted uranium's price could rise to US$135 per pound by 2026.

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.

Ownership and Share Structure

Insiders and founding investors own approximately 43.2% of the issued and outstanding shares. Clements himself owns 3.61%, Director Doris Meyer has 1.95%, and Director James Arthur holds 1.46. According to North Shore, 14.92 million shares (37.5%) 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 39.83 million outstanding shares.

The company currently has a market cap of CA$1.79 million. It has traded in the past 52 weeks between CA$0.03 and CA$0.14 per share.