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North Shore Announces Binding Term Sheet for Rio Puerco Uranium Project in New Mexico, USA
VANCOUVER, BC / ACCESS Newswire / June 24, 2025 / North Shore Uranium Ltd. (TSXV:NSU) (" Nor...
About this update from North Shore Uranium Ltd
[{"type":"text","content":"North Shore Announces Binding Term Sheet for Rio Puerco Uranium Project in New Mexico, USAVANCOUVER, BC / ACCESS Newswire / June 24, 2025 / North Shore Uranium Ltd. (TSXV:NSU) (\"North Shore\" or the \"Company\") is pleased to announce that on June 23, 2025, it signed a binding term sheet (the \"Term Sheet\") with Resurrection Mining LLC (\"Resurrection\"), an arm's length party, to acquire up to 87.5% of the Rio Puerco uranium project (\"Rio Puerco\" or the \"Project\") in northwestern New Mexico (the \"Transaction\").TRANSACTION AND PROJECT HIGHLIGHTSHistorical resource estimate of 6.0 million tonnes at an average grade of 0.09% eU 3 O 8 for 11.4 million lbs. of U 3 O 8 reported in 2009Substantial historical dataset to guide and optimize future exploration programsPreliminary review of historical data suggests the potential for In-Situ Recovery (\"ISR\") mining, the lowest cost method for producing uraniumLocated in the Grants Uranium District, the largest producer of uranium in the United States and near two significant active uranium projects, Marquez-Juan Tafoya (Anfield Energy Inc.) and Cebolleta (Premier American Uranium Inc.)Strong US government support for nuclear power and uranium mining projects and a stated objective to reduce reliance on foreign nuclear fuelExecutive Orders issued by President Trump in late May 2025 include a call for quadrupling US nuclear capacity by 2050, accelerating new reactor development, strengthening the US nuclear fuel supply chain and reforming the US regulatory environmentStaged earn-in structure allows the Company to optimize exploration programsWould provide North Shore with uranium exposure in two North American jurisdictions, the Athabasca Basin in Saskatchewan, Canada and the western USABrooke Clements, President and CEO of North Shore stated: \"The Rio Puerco project in New Mexico offers us exposure to a uranium project in the USA with excellent upside and signficant historical exploration data including a historical resource estimate. The US government has recently enacted policies designed to accelerate nuclear power and uranium mining activity in the country. In the 1970s, Kerr-McGee commenced mine construction at Rio Puerco, but activity was halted after a short trial-mining phase due to low uranium prices. The Project offers a great opportunity to confirm and expand upon previ...