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SOUTH FALCON EAST

PROJECTS

Project Highlights

  • Geological and geochemical features show distinct similarities to high grade, basement-hosted deposits in the Athabasca Basin such as Eagle Point, Millennium, P-Patch and Roughrider.
  • Exploration potential of the 6 by 7-kilometre Fraser Lakes target area is considered exceptional, including resource expansion potential along strike and at depth at the Zone B uranium deposit.
  • In March of 2015, Skyharbour updated the historical NI 43-101 mineral resource estimate* for the Fraser Lakes Zone B deposit at the south end of the property:
    • 6,960,681 pounds U3O8 inferred at average grade of 0.03% U3O8 and 5,339,219 pounds ThO2 inferred at average grade of 0.023% ThO2 within 10,354,926 tonnes (cutoff grade of 0.01% U3O8)
  • Winter/spring 2015 drill program consisted of 1,278 metres in five holes: 
    • Intersected highest grade mineralization found to date in deposit area: 0.172% U3O8 and 0.112% ThO2 over 2.5 metres
    • Breakthrough towards finding more and higher-grade uranium mineralization at shallow depths
  • Tisdale has an earn-in option to acquire up to 75% of the property.
  • To earn up to a 75% interest:
    • Tisdale will issue Skyharbour 1,111,111 Tisdale shares upfront, fund exploration expenditures totaling CAD $10,500,000, and pay Skyharbour CAD $11,100,000 in cash of which $6,500,000 can be settled for shares in the capital of Tisdale over the five-year earn-in period

*The historical resource is described in a technical report on the Falcon Point uranium project, Northern Saskatchewan, dated March 20, 2015, and filed on SEDAR by Skyharbour Resources Ltd. Tisdale is not treating the resource as current and has not completed sufficient work to classify the resource as a current mineral resource. While Tisdale is not treating the historical resource as current, it does believe the work conducted is reliable and the information may be of assistance to readers.

Overview

The South Falcon East property covers approx. 12,234 ha and lies 18 kilometers outside the southeast portion of the Athabasca Basin, 55 kilometers east of the Key Lake Mine. The project area is in close proximity to two all-weather northern highways and grid power.

History

Historical exploration at the South Falcon East Project identified an area of U-Th-REE mineralization at the Fraser Lakes Zone B deposit over an area comprising 1.5 km by 0.5 km along an antiformal fold nose cut by an east-west dextral ductile-brittle cross-structure adjacent to a 65 km long EM conductor. The near-surface Fraser Lakes Zone B deposit consists of a historical NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023% within 10,354,926 tonnes using a cut-off grade of 0.01% U3O8. The independent NI 43-101 technical report by GeoVector Management Inc. supporting this historic mineral resource estimate was filed on SEDAR on March 20, 2015, by Skyharbour. 

Independent qualified person, Dr. Allan Armitage, P.Geo., is responsible for the contents of the technical report and comments related to the resource estimate and its parameters.

*The historical resource is described in a technical report on the Falcon Point uranium project, Northern Saskatchewan, dated March 20, 2015, and filed on SEDAR by Skyharbour Resources Ltd. Tisdale is not treating the resource as current and has not completed sufficient work to classify the resource as a current mineral resource. While Tisdale is not treating the historical resource as current, it does believe the work conducted is reliable and the information may be of assistance to readers.

Project Highlights

  • Uranium and thorium showings in the JNR Fraser Lakes area (Zone A, Zone B, North and T-Bone) were discovered by ground prospecting of airborne geophysical targets.
  • Mineralized zones are contained within a 65 kilometre long, folded EM conductor system comprised of Wollaston Group graphitic pelitic gneisses and uraniferous granitic pegmatites.
  • Drill testing at Fraser Lakes North intersected low-grade, basement-hosted uranium-thorium mineralization.
  • The drill holes exhibit evidence of major structural reactivation, significant clay alteration, uranium remobilization and basinal brine fluid circulation, all of which are prominent characteristics of the most significant basement-hosted uranium deposits in the Athabasca Basin (e.g. Eagle Point, Millennium, P-Patch and Roughrider).
  • In the T-Bone Lake area, uranium mineralization is accompanied by significant structural disruption and local clay alteration of the host rocks.
  • A major clay-filled fault system intersected in drill holes yielded PIMA infrared spectroscopy results that indicate a preponderance of illite; an important clay mineral that accompanies many of the significant uranium deposits in the Athabasca Basin. 

Fraser Lakes Zone B

Discovered in 2008, Zone B is located within the broader 6-kilometre by 7-kilometre Fraser Lakes target area where multiple mineralized zones have been discovered along a 65-kilometre-long, folded EM conductor system comprised of Wollaston Group graphitic pelitic gneisses and uraniferous granitic pegmatites.

FRASER LAKES ZONE B URANIUM AND THORIUM DEPOSIT

Diamond drilling consisting of 25 holes totaling 4,603 metres has defined a zone of moderately dipping, multiple-stacked uranium and thorium mineralized horizons down to 175 metres that is open to the southwest and east-northeast as well as at depth. Uranium and thorium mineralization is accompanied by highly anomalous concentrations of base metals, rare earth elements and other pathfinder elements. The style of uranium mineralization associated with intrusive rocks is commonly referred to as “Rössing type” mineralization named after the largest, longest-running open pit uranium mine in the world, the Rössing Mine operated by Rio Tinto in Namibia. 

JNR Resources Inc., a company acquired by Denison in 2013, announced an initial historic mineral resource estimate in 2012 (Refiled in March of 2015 by Skyharbour Resources) for the Fraser Lakes Zone B of 6,960,681 pounds U3O8 inferred at an average grade of 0.03% U3O8 and 5,339,219 pounds ThO2 inferred at an average grade of 0.023% ThO2 within 10,354,926 tonnes using a cutoff grade of 0.01% U3O8. The independent NI 43-101 technical report supporting this historical mineral resource estimate was filed on SEDAR on September 26, 2012 by JNR Resources. Independent qualified persons, Dr. Allan Armitage, P.Geo., and Alan Sexton, M.Sc., P.Geo., of GeoVector Management Inc., are responsible for the contents of the technical report and comments related to the historical resource estimate and its parameters. 

HISTORICAL INFERRED MINERAL RESOURCE ESTIMATE – FRASER LAKES ZONE B:

Cut-off Grade
% U3O8

Tonnes

U3O8

La2O3

Ce2O3

Yb2O3

Y2O3

Grade (%)

Lbs

Grade (%)

Lbs

Grade (%)

Lbs

Grade (%)

Lbs

Grade (%)

Lbs

0.01%

10,354,926

0.030

6,960,681

0.003

681,325

0.006

895,077

0.001

304,762

0.007

1,619,017

0.02%

7,247,689

0.037

5,948,018

0.003

478,275

0.006

749,829

0.002

248,278

0.008

1,295,283

0.03%

4,248,266

0.046

4,275,145

0.003

281,423

0.006

535,677

0.002

165,658

0.009

824,093

0.04%

2,212,182

0.056

2,744,506

0.003

147,628

0.006

323,996

0.002

107,082

0.011

512,639

Potential Work Programs

A focused exploration program is recommended for the South Falcon East property. The primary objectives are to:

  • Define additional resources at the Fraser Lakes Zone B by establishing the potential for extension of the mineralized zone to the east and west of the currently defined deposit
  • Further interpret geochemical and assay data in conjunction with geological and structural analysis to improve the effectiveness of targeting for future drill programs

Skyharbour completed an airborne gravity geophysical survey on the property to cover the entirety of the South Falcon Point Property at a vertical height of 80 m and a line spacing of 200 m for a total of 2,843 line-km. The survey has further refined drill targets for future programs.

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