Aero Energy: Successful trenching leads to new drill targets near Uranium City

Aero Energy Ltd (TSXV: AERO; OTCQB: AAUGF; FSE: UU3) has found new visible mineralization with strong radioactivity at surface during systematic uranium exploration on the northern margin of the Athabasca Basin in Sasketchewan. Geologists believe this confirms their underlying exploration thesis and have identified additional drill targets at the Sun Dog project near Uranium City, Saskatchewan. Sun Dog covers 48,443 acres in nine mining claims and is located 15 km from Uranium City on the northern edge of the Athabasca Basin. It is home to the historic Gunnar uranium mine, which was discovered in 1952 and doubled Canada’s uranium production, becoming the world’s largest uranium producer in 1956. The Gunnar mine produced approximately 18 million pounds of U3O8 between 1953 and 19811,2.

The drill campaign planned for the coming weeks is designed to test high-priority targets that have the potential to host high-grade, unconformity-hosted uranium mineralization in basement along structural and conductive corridors. Several prospective drill targets have been prioritized following exploration of conductive (graphitic) rock trends identified in the recent VTEMTM Plus airborne survey. Aero has entered into a three-year earn-in option for the project with Standard Uranium Ltd (TSX-V: STND), effective October 20, 2023. The program will be funded by Aero and operated by Standard. Aero emphasizes that the additional drilling is fully funded.

In addition to the drilling at Sun Dog, other target areas are on the program. At the Wishbone target, recent trenching has revealed new and historic uranium mineralization at surface with radioactivity values of up to 22,300 counts per second (“cps”) within and immediately adjacent to graphitic pelite (Figure 2) that has never been drill tested.

Over 4 km of untested VTEMTM conductors have been identified at the McNie target area, which are interrupted by major faults that host known uranium showings to the east and west towards the former Gulch uranium mine (Figure 3).
At the Spring Dome target area, new and historic zones of strong radioactivity >65,535 cps at surface associated with visible uranium mineralization were discovered during the recent prospecting program at the Spring Dome target area (Figure 4). The Wishbone and Spring-Dome target areas contain numerous historical high-grade uranium assays from outcrop samples ranging from 0.30% to 17.4% U3O8.

2024 Sun Dog drill program: Drilling is expected to commence on July 21 and the program will consist of approximately 1,000 to 1,200 metres in five to seven drill holes. The program will be results-driven, with changes made based on ongoing results and interpretations.

Drilling at Murmac will continue. Drilling at the adjacent Murmac project is progressing well and the Company looks forward to providing a joint progress update with Fortune Bay Corp. in the near future.

Galen McNamara, CEO of Aero Energy, stated, “Our recent discovery of strong radioactivity in the right host rock, known as graphitic pelite, in drill hole M24-017 on the adjacent Murmac property with our partner Fortune Bay Corp. proves that our exploration thesis in this area is correct. This in turn opens up a new search area that extends over more than 30 km and contains extensive and untested bodies of these graphite-pepelite trap rocks that are known to host significant high-grade uranium deposits such as Arrow and Triple R around the Athabasca Basin. These areas now represent high priority drill targets and we look forward to testing them.”