News Release
Tisdale Clean Energy Completes First Two Drill Holes at the South Falcon East Uranium Project, Athabasca Basin, Saskatchewan
Tisdale Clean Energy Corp.
Vancouver B.C. - TheNewswire - April 1, 2024 – TISDALE CLEAN ENERGY CORP. (“ Tisdale ” or the “ Company ”) (TSXV:TCEC ), ( OTC: TCEFF ), ( FSE: T1KC ), is pleased to provide an update on the phase one diamond drill program recently conducted at the South Falcon East Uranium Project, which hosts the Fraser Lakes B uranium deposit. The 12,464-ha South Falcon East Project lies 18 km outside the edge of the Athabasca Basin, approximately 50 km east of the Key Lake uranium mill and former mine (Figure 1). Tisdale Clean Energy Corp entered into an option agreement with Skyharbour Resources Ltd in October of 2022 whereby the company can earn up to a 75% interest in the South Falcon East property. This initial 2024 program is scheduled to complete up to 1500m of drilling in two phases, with the priority being the confirmation of existing mineralization. Follow-up drill programs will then be pursued to both facilitate expansion of the known Fraser Lake B deposit and to test multiple additional high-priority exploration targets at South Falcon East (Figure 2). Phase one included 442m drilled in the first two drill holes. Hole SF-0059 was completed to a depth of 221m and intersected multiple zones of uranium mineralization over 13.5m, confirming the presence of mineralization in the vicinity of historical hole FP-15-05 (see below). Mineralization occurs within altered pelitic gneiss containing granitic pegmatites, overlying graphitic pelitic gneiss. Highlights include: 0.02% eU over 5.6 m from 129.65 to 135.25 m, including: 0.07% eU over 1.1 m from 131.75 to 132.85 m. This included a 0.2 m interval grading 0.11% eU 0.03% eU over 4.1 m from 137.65 to 141.75 m, including: 0.11% eU over 0.2 m from 138.15 to 138.35m 0.05% eU over 0.2 m from 139.55 to 139.75m 0.06% eU over 0.2 m from 141.35. to 141.55m The second drill hole of the program, SF-0060, was targeted to test for an extension of the mineralization in FP-15-05 along strike 25m to the Northeast of the mineralized intercept of FP-15-05. Hole SF-0060 was completed to a depth of 221m. Several zones of mineralization were also encountered, below 132m, with the best intersection occurring within altered pelitic gneiss containing graphite and granitic pegmatites. This zone is highlighted by: 0.02% eU over 1.3 m from 142.15 to 143.45 m, including: 0.05% eU over 0.1 m from 142.55 to 142.65 m. “We’re pleased to see uranium values comparable to the grades of the known resource in the first drill two drill holes completed on the property in nearly a decade,” said Alex Klenman, CEO. “This is what we need to see as we confirm then pursue expansion. We are starting with a historical resource of nearly 7 million pounds of uranium contained in a shallow deposit. The opportunity we have here is exceptional, certainly unique for a company with our market cap, and we believe we’re just scratching the surface in terms of what can be achieved at South Falcon East,” continued Mr. Klenman. “We are encouraged to be intersecting the expected mineralization near the previous drilling at South Falcon East,” commented Trevor Perkins, Consulting Geologist for Tisdale. “This confirmation of existing mineralization is a necessary first step to expanding the Fraser Lakes B @hUranium Deposit,” continued Mr. Perkins. Samples of the mineralized intervals within the drill core have been collected and shipped for analysis at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan. The Company will provide more detailed results once geochemical analysis of the collected drill core samples is completed, reviewed, and confirmed. The results of these two drill holes confirm the presence of mineralized pegmatites and pelitic paragneiss within the deposit and project area. Graphitic pelitic paragneiss are the key lithology associated with uranium deposits within the eastern Athabasca Basin and are a good indication that additional pegmatite deposits as well as basement hosted unconformity related uranium deposits may be present along the Way Lake Conductor, within the South Falcon East claim boundaries. Drilling at South Falcon East is scheduled to resume later this spring. The Company will release details on the dates of mobilization and drill commencement once they are confirmed. Phase two drilling will again be conducted by Terralogic Exploration Inc. under the supervision of Laura Tennent, Project Manager with TerraLogic Exploration, and C. Trevor Perkins, lead geologist for Tisdale. The drill program is operating out of Skyharbour’s McGowan Lake Camp with helicopter support for the daily drilling operations. Historical Drill Hole FP-15-05 Historical diamond drill hole FP-15-05 was drilled by Skyharbour Resources in 2015 and returned multiple zones of mineralization over a 14m interval, including 6m of.10% U308 (including a 2m interval of 0.165% U3O8 (from 135m) and 2.5m of 0.172% U3O8 (from 145m). This is the best intersection to date on the property and along the Way Lake conductive trend. This hole, it should be noted, had to be abandoned due to equipment issues at 165m within the mineralized zone, leaving steel drill rods throughout the hole. Tisdale’s initial drill hole, SF-0059, was planned to twin historical hole FP-15-05. Modifications were made to accommodate the presence of the material left behind in the hole and adjustments made to mitigate a lack of precision in tracing of FP-105-05, as no downhole orientation surveys were able to be completed, and any potential downhole deviation was unable to be determined. As a result, a larger separation and step forward was required, as well as the use of non-magnetic downhole orientation survey equipment. SF-0059 was therefore located 2.0m forward (in front, up-dip) of FP-15-05 to ensure no interference. Click Image To View Full Size Figure 1: South Falcon East Project Location – Eastern Athabasca Basin, Saskatchewan, Canada Use of Radiometric Equivalent Grades Drillholes are logged for in-situ radioactivity using a calibrated Mount Sopris Triple Gamma probe which collects continuous readings along the length of the drillhole. The probe records the amount of radioactivity present in the rock adjacent to the probe as it moves up and down the hole. Preliminary radiometric equivalent grades (% eU3O8) are then calculated from the downhole radiometric results using an algorithm derived from the calibration of the downhole probe equipment. The Triple Gamma probe was calibrated prior to the commencement of the current drill program at the Saskatchewan Research Council test pit facility in Saskatoon, Saskatchewan. Using down-hole probes to calculate radiometric equivalent grades is a common practice used by uranium exploration and mining companies in the Athabasca Basin. Tisdale will report radiometric equivalent grades as a preliminary result indicative of intersected mineralization pending the receipt of definitive assay grades once geochemical analysis of collected drill core samples from the mineralized intervals are complete. The samples will be analyzed at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan. Click Image To View Full Size Figure 2: 2024 Drill Target areas at the south Falcon East Uranium Project Click Image To View Full Size Figure 3: 2024 Drill location map in relation to FP-15-05 and the Way Lake Conductor. About the South Falcon East Project The South Falcon East Project is a uranium exploration project in the southeast Athabasca Basin and represents a portion of Skyharbour Resources Ltd.’s existing South Falcon Project. The project covers approximately 12,464 hectares and lies 18 kilometers outside the Athabasca Basin, approximately 50 kilometers east of the Key Lake Mine. The South Falcon East Project contains the Fraser Lakes B Uranium/Thorium Deposit with a historic mineral resource* of 6.9 Mlbs U3O8 inferred at a grade of 0.03% U3O8 and 5.3 Mlbs ThO2 inferred at a grade of 0.023 % ThO2. Uranium and thorium mineralization discovered to date is shallow classic Athabasca-style basement mineralization associated with well-developed EM conductors. The exploration potential of the Fraser Lakes target area is considered exceptional, including the historical resource expansion potential of the current deposit at Zone B. About Tisdale Clean Energy Corp. Tisdale Clean Energy is a Canadian-based uranium exploration and development company. The Company is currently developing the South Falcon East uranium project, which holds a 6.96M pound inferred uranium resource within the Fraser Lakes B uranium/thorium deposit, located in the Athabasca Basin region, Saskatchewan, Canada. Qualified Person The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by C. Trevor Perkins, P.Geo., Lead Geologist for the Company, and a Qualified Person as defined by National Instrument 43-101. * The historical resource is described in the Technical Report on the South Falcon East Property, filed on sedar.com on February 9, 2023. The Company is not treating the resource as current and has not completed sufficient work to classify the resource as a current mineral resource. While the Company 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. ON BEHALF OF THE BOARD OF TISDALE CLEAN ENERGY CORP. “Alex Klenman” Alex Klenman, CEO 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 may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations. For further information please contact: Alex Klenman, CEO Tel: 604-970-4330 info@tisdalecleanenergy.com Tisdale Clean Energy Corp Suite 2200, HSBC Building, 885 West Georgia St. Vancouver, BC V6C 3E8 Canada www.tisdalecleanenergy.com
April 01, 2024 10:26 AM Eastern Daylight Time
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