Aero Energy Announces Targets for Upcoming Drill Program at the Murmac Uranium Project, Athabasca Basin, Saskatchewan
Aero Energy announces the commencement of its first-ever drilling program at the Murmac Uranium Project in the Athabasca Basin, Saskatchewan. The company has selected thirteen high-priority drill targets following a recent high-resolution VTEMTM survey and 3D modeling of ground gravity data. The drilling, operated by Fortune Bay, will cover approximately 2,600 meters with 10-13 drill holes aimed at discovering high-grade basement-hosted uranium. The project benefits from extensive historical exploration data and Fortune Bay's previous positive drilling results. Additional targets at Sun Dog and Strike projects are also prioritized for further drilling. The program will be modified based on drilling results.
- Aero Energy's first drill program with thirteen high-priority targets.
- Potential discovery of high-grade basement-hosted uranium.
- 2,600 meters of drilling planned with 10-13 drill holes.
- Extensive historical exploration data supporting the project.
- Previous positive drilling results by Fortune Bay.
- Additional 2,000 meters of drilling prioritized at Sun Dog and Strike projects.
- High-resolution VTEMTM survey and 3D modeling data acquisition.
- No guarantees of high-grade uranium discovery.
- Drilling program's success dependent on results-driven modifications.
- Risk associated with the early-stage exploration project.
- High exploration costs without immediate revenue generation.
Multiple High-Priority Targets Selected for Immediate Drilling
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2024) - Aero Energy Ltd (TSXV: AERO) (OTC Pink: AUUGF) (FSE: UU3) ("Aero" or the "Company") is pleased to announce the first drill targets for its Murmac Uranium Project ("Murmac or the "Project") located in northern Saskatchewan. A drilling program is scheduled to commence in the coming days to test up to thirteen (13) of these targets with the potential to discover high-grade, basement-hosted uranium mineralization related to the Athabasca Basin. The drilling program is being funded by the Company and is being operated by Fortune Bay Corp. (TSXV: FOR) (OTCQB: FTBYF) ("Fortune Bay").
Key Highlights
- Aero's First-Ever Drill Program: A total of thirteen priority drill targets have been selected following the recent completion of a high-resolution VTEMTM survey (April 2024) and 3D modelling of the existing ground gravity data.
- High-Grade Focus: The targets represent favorable settings for high-grade basement-hosted uranium deposits related to the Athabasca Basin.
- Strong Potential for Discovery: Target selection has been based on criteria including geophysical signature, geological/structural setting, proximity to historical uranium occurrences of interest, and Fortune Bay's previous positive drilling results.
- Drilling Imminent: Drilling is expected to commence in the coming days with approximately 2,600 meters planned in ten to thirteen drill holes. The program is expected to be results-driven and may be modified based on results from drilling.
- Additional Targets Being Prioritized: The Company is currently working closely with its partners to prioritize additional fully funded targets across the Sun Dog and Strike projects representing an additional 2,000 meters of drilling.
Galen McNamara, CEO of Aero Energy, commented: "Murmac represents a rare and unique high-grade uranium discovery opportunity where small zones of historically prospected uranium are widespread across the project, but modern exploration knowledge shows that the real trap rocks remain largely untested. The project has clearly benefited greatly from the strong fundamental exploration work completed by Fortune Bay over the last several years. We would like to thank both Fortune Bay and Convolutions Geoscience for their collaborative approach to target selection. After an extensive deep-dive into all available data, we are very much looking forward to beginning the Company's first drill program with our partner in the coming days."
Figure 1: Murmac Drill Targets
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Drill Target Selection
Background
The Project is located within the original uranium mining district of Canada, lying between the historical Gunnar and Lorado Uranium Mines. The Project was explored for Beaverlodge-style uranium mineralization, predominantly during the period 1960 to 1980. Historical exploration work focused on ground prospecting and sampling, followed by trenching and/or drill testing. Numerous high-grade (>
During summer 2022, Fortune Bay completed a maiden drilling program of fifteen (15) drill holes to commence regional testing of the conductive units along three principal corridors, namely Pitchvein, Armbruster and Howland, that collectively cover over 30 kilometres in strike extent. The drilling program identified shallow, highly elevated concentrations of uranium in six (6) of the drill holes, including
Recent Geophysical Data Acquisition and Interpretation
A helicopter-borne geophysical survey, including electromagnetics and magnetics, was completed during late April 2024. The survey was undertaken by Geotech Ltd. using the VTEMTM Plus geophysical system. The survey covered the entire Project on a 100-metre line spacing, obtaining new coverage and infilling the area previously surveyed in 2022 using VTEMTM at a 200-metre line spacing. Ground gravity data acquired during 2022 was subject to 3D inversion and modelling. The geophysical data processing, interpretation and integration to assist in the prioritization of drill targets was completed by Convolutions Geoscience Corporation ("Convolutions").
Target Selection for 2024 Drill Program
Targets were selected and prioritized through an iterative approach working in collaboration with Fortune Bay and Convolutions. Target criteria included geophysical signature, geological/structural setting, proximity to historical uranium occurrences of interest, and Fortune Bay's previous positive drilling results. A total of thirteen (13) priority targets were identified (Table 1, Figure 1) to encompass a variety of target types and provide a second phase of regional testing across the Project's three principal conductor corridors.
Table 1: Murmac 2024 Drill Targets.
| Conductor Corridor | Target | Target Summary |
| Pitchvein | P7 | Along strike follow-up of mineralized intercepts and strong alteration in M22-013 & 014 (Fortune Bay holes). Test for extensions of historical mineralization in CKI-9 ( |
| P4 | Along strike follow-up of mineralized intercepts in M22-013 & 014 (Fortune Bay holes). Test intersection of Pitchvein Corridor with property-scale, mineralized cross-fault. | |
| Howland | H6 | Geophysical target (EM and gravity). |
| H15 | Geophysical target (EM and gravity). Intersection of conductor and property-scale, mineralized cross-fault, beneath lake. | |
| H16 | Geophysical target (EM and gravity). Along strike of M22-012 ( | |
| H17 | Geophysical target (EM and gravity) at a flexure in the Howland Conductor. | |
| Armbruster | A15 | Geophysical target (EM and gravity) at intersection of conductor and mineralized cross-fault. |
| A17 | Intersection of conductor and property-scale, mineralized cross-fault. Conductor break/termination. | |
| A18 | Geophysical target (EM and gravity). Located along strike to south of Quartzite Ridge uranium showings. | |
| A19 | Geophysical target (EM and gravity). Located along strike to south of Quartzite Ridge uranium showings at a flexure in the Armbruster Conductor. | |
| A20 | Intersection of conductor and mineralized cross-fault. | |
| A21 | Geophysical target (gravity) at intersection of conductor and mineralized cross-fault. Up-ice of | |
| A22 | Geophysical target (EM and gravity) located at a break in the Armbruster conductor. |
Drilling Program
Drilling of the targets is expected to commence in the coming days. The Company has approved a budget that is expected to allow for the completion of approximately 2,600 meters of coring in ten (10) to thirteen (13) drill holes. The program is expected to be results-driven and may be modified based on results from drilling. Fortune Bay has all the required permits for the planned drilling activities.
Qualified Person
The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., CEO of the Company and a qualified person as defined by National Instrument 43-101.
About Aero Energy Limited
Aero Energy is a mineral exploration and development company advancing a district-scale 250,000-acre land package in the historic Uranium City district within Saskatchewan's Athabasca Basin. Aero Energy is focused on uncovering high-grade uranium deposits across its flagship optioned properties - Sun Dog, Strike, and Murmac - in addition to its fully owned properties. With the application of modern exploration techniques, the Company has identified over 50 shallow drill-ready targets and 125 kilometres of target horizon on the frontier north rim of the Athabasca Basin. Aero Energy is tapping into the Athabasca Basin's emerging potential for high-grade, unconformity-style mineralization.
On Behalf of the Board of Directors
"Galen McNamara"
Galen McNamara, Interim Chief Executive Officer
Further information on the Company can be found on the Company's website at aeroenergy.ca and at www.sedarplus.ca, or by contacting the Company by email at info@aeroenergy.ca.
Cautionary Statement Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and include expectations regarding the exploration activities on the Company's properties. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.
The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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FAQ
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