Hook Lake

Highlights:

• 16 contiguous mineral claims totaling 25,847 hectares

• Years of exploration have built a robust geological database for the project area

• Hook Lake target at the north end returned grab samples grading up to 68% U₃O₈ from a surface pitchblende vein

• Previous operators were unable to definitively locate the source of this high-grade mineralization

• Thunderbird Resources (previously Valor) recently completed an earn-in of 80% interest in the Hook Lake Uranium Project through exploration expenditures as well as cash and share payments to Skyharbour; the Company retains a 20% interest in the Project
• Thunderbird has completed its contribution of cash and exploration expenditures consideration totaling CAD $3,750,000 over a three-year period ($250,000 in cash payments to Skyharbour as well as $3,500,000 in exploration expenditures)
• Thunderbird has issued a total of 295,083,333 shares to Skyharbour
• Thunderbird has completed its maiden 1,757m diamond drilling program consisting of eight holes at the Hook Lake Project
• Recently completed an airborne gravity gradiometry survey which identified eleven new targets 

Project Summary:

Uranium mineralization discovered to date at the Hook Lake (previously North Falcon Point) Project is shallow and is hosted in two geological settings characterized by structurally controlled uranium mineralization which include the Hook Lake, West Way and Nob Hill zones. In December 2020, the Company announced a Definitive Agreement with ASX listed Thunderbird Resources (previously Valor) which provides Thunderbird an earn-in option to acquire an 80% working interest in the Hook Lake Uranium Project. This definitive agreement with Thunderbird at Hook Lake effectively utilizes our prospect generator model to advance the Company’s other projects with partner companies.

The project area is in close proximity to two all-weather northern highways and grid power. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area. Compilation and reinterpretation of previous exploration work results is already underway. It is anticipated that the initial phase of exploration work by Thunderbird will include further bio-geochemical surveys, detailed UAV magnetics, ground gravity and resistivity surveys as well as detailed geological and structural mapping. Based on this work drill targets will be selected.

Hook Lake Target Area:

The Hook Lake area is located near the northern end of the property approximately 35 kilometres northeast of Skyharbour’s JNR Fraser Lakes Zone B deposit. In October 2015, on the northern side of the property at the Hook Lake target, Skyharbour reported that it had confirmed the presence of high grade uranium mineralization with up to 68.0% U₃O₈ in a grab sample from a trench. The trench is referred to as the Hook Lake U-Mo showing and was the focus of the Company’s Summer 2015 field program which consisted of detailed prospecting and vegetation sampling. Skyharbour randomly selected three grab samples from the Hook Lake showing to verify historic results and these grab samples returned 68.0% U₃O₈, 35.7% U₃O₈ and 29.8% U₃O₈. Previous operators were unable to definitively explain and locate the source of the high grade outcropping uranium mineralization. Furthermore, the bio-geochemical survey carried out over the trenches in 2015 responded positively with along-strike anomalies 2 km to the northeast.

In 2006, while carrying out work on the Falcon Point Project, previous operator JNR Resources rediscovered the mineralized trench which they referred to as the Hook Lake U-Mo showing. The mineralization occupies a 1.0 metre wide by 10.0 metre long diagonal jog within a south-southwest trending ductile-brittle shear zone that cuts felsic to mafic intrusive host rocks. This showing consists of a 0.5 to 1.0 metre wide pitchblende vein exposed over a short strike length. Two grab samples taken by JNR returned 48.0% U₃O₈ and 40.1% U₃O₈, while a soil sample taken over the vein returned 27.8% U₃O₈. The uranium mineralization is associated with up to 8.8% Pb, enriched rare earth element (REE) values, and anomalous Bo, Co and V values. A narrow radioactive shear located 5 metres south of the pitchblende vein also returned 460 ppm U as well as elevated Pb and REE values. The mineralization has similarities to the Eagle Point uranium deposit being structurally-controlled, vein-type, high grade, and likely part of the feeder system to more typical high grade, unconformity uranium deposits.

Other High-Priority Target Areas:

• Nob Hill – Surface outcrop with vein-type uranium mineralization (0.130–0.141% U₃O₈); drilling returned up to 422 ppm U over 0.5 m.

• West Way – Vein-type uranium in a NE shear zone; grab samples up to 0.475% U₃O₈. Drilling intersected altered shear with anomalous Cu, Ni, Co, As, V, U & Pb.

• Grid T – Fracture-hosted uranium in sheared calc-silicates/marbles; grab samples up to 800 ppm U across a 100 m × 20 m radioactive zone.

• Alexander Lake Boulder Field – Pegmatite boulders with assays of 360, 1,400 and 1,600 ppm U.

• Thompson Lake Boulder Field – Radioactive boulders with up to 738 ppm U.

• NE Alexander Lake – Boulder samples with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni.

2022 Drill Program Highlights:

Thunderbird Resources completed its maiden drilling program at the Hook Lake Project earlier in 2022. The drilling program comprised eight drill holes for 1,757m, with six holes at the S-Zone prospect and two at the V-Grid prospect. A total of 305 samples were collected from the program and submitted for assay with all the results having now been received.

The assay results, which can be seen in the September 21, 2022 news release, confirm the handheld scintillometer readings and downhole gamma survey results. The intersection in hole DDHL22-002 of 2.5m at 160ppm U₃O₈ from 105.5m depth corresponds with handheld scintillometer readings of up to 900 counts per second (cps) within a brecciated and altered felsic intrusive with traces of visible uraninite. Similarly, the anomalous uranium assays in hole DDHL22-005 (2.36m at 91ppm U₃O₈ from 16.1m depth) correspond with handheld scintillometer readings of up to 390cps and are associated with an albitite altered metapelite. The intersection in hole DDHL22-002 which included 1.0m at 259ppm U₃O₈ from 107m depth also has elevated rare earths, averaging 673ppm TREO across the 2.5m interval.

Thunderbird also completed an airborne gravity gradiometry survey in May-June this year and following an interpretation of the data, eleven new targets have been defined.  A total of 2,082 line km were flown in the survey, at a line spacing of 150m. The airborne gravity survey has confirmed eleven new targets which provides Thunderbird with excellent potential drill targets at the project.