"A rare and unique opportunity"

Aero Energy Ltd (TSXV: AERO; OTC Pink: AUUGF; FSE: UU3) has selected 13 high-priority targets for its first-ever drill program at its Murmac uranium project on the northern margin of the Athabasca Basin in Saskatchewan and is now planning 2,600 metres of drilling. The drill targets were recently identified through a high-resolution VTEMTM geophysical survey (April 2024), the results of which were integrated with existing 2022 ground gravity data into a 3D model. Targets were selected based on criteria such as geophysical characteristics, geological/structural location, proximity to interesting historical uranium deposits and previous positive drill results from predecessor and partner Fortune Bay. Aero’s geologists are confident that each of the planned drill holes offers the opportunity for a high-grade uranium discovery in the Athabasca Basin.

Galen McNamara, CEO of Aero Energy, commented, “Murmac represents a rare and unique opportunity to discover high-grade uranium deposits where small zones of historically explored uranium occurrences are widespread across the project, but modern exploration knowledge indicates that the actual trap rock remains largely untested. The project has clearly benefited greatly from the solid baseline exploration work that Fortune Bay has completed in recent years. We would like to thank both Fortune Bay and Convolutions Geoscience for their collaborative approach to target selection.”

Currently, Aero is working closely with its partners to prioritize additional targets at the Sun Dog and Strike projects, representing an additional 2,000 metres of drilling.

Figure 1: Murmac drill targets along three distinct conductor corridors Pitchvein, Howland and Armbruster.

The Murmac Project is located in a historic Canadian uranium mining district that lies between the historic Gunnar and Lorado uranium mines. The project was primarily explored for Beaverlodge-style uranium mineralization from 1960 to 1980. Historic exploration work focused on ground reconnaissance and sampling, followed by trenching and/or drill testing. Numerous high-grade (>1% U3O8) uranium occurrences have been discovered (see Fortune Bay news release dated September 28, 2021), demonstrating a significant uranium resource in the project area. However, the numerous conductive units (graphitic metasediments) have never been systematically explored for high-grade basement uranium mineralization typical of the Athabasca Basin and its margins.

Due to their physical characteristics, these conductive units occur predominantly in the form of valleys and topographic depressions covered by overburden and small shallow lakes. These “blind” conductors have therefore not been properly explored by historical surface prospecting and warrant drilling when favorable targets have been identified. The Athabasca Basin margin is located approximately five kilometers south of the project, indicating vertical proximity to the basal unconformity (which is now eroded) and good preservation potential for basement-hosted mineralization.

In the summer of 2022, Fortune Bay completed an initial drill program of fifteen (15) holes to test the conductive units along the three main corridors of Pitchvein, Armbruster and Howland, which extend for a total of 30 kilometers. The drill program identified near-surface, highly elevated uranium concentrations in six (6) of the holes, including 0.18% U3O8 and 0.17% U3O8 in individual assay samples. Importantly, these discoveries exhibited geological and geochemical characteristics consistent with unconformity-hosted, basement-hosted deposits, validating the exploration model and demonstrating the potential for high-grade discoveries through additional exploration.

Conclusion: Aero Energy is utilizing state-of-the-art exploration technology to explore for high-grade uranium deposits on the northern margin of the Athabasca Basin. The geologists responsible have gained their knowledge of unconformity-related uranium mineralization, which is among the highest-grade deposits in the world, in practice at discoveries such as NexGen Energy (Arrow) or Fission Energy (Triple R) in the western Athabasca Basin and therefore know exactly what to look for in the signature of high-grade deposits. Looking at Aero’s management, there is no doubt that the A-team of uranium exploration has gathered here.


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