FN Media Group News Commentary - The Global Uranium production is projected to grow this year and in the years to come. A report in Mining Technology said that the Global uranium production is expected to grow by 11.7% to more than 60.3 megatonnes (Mt) in 2024. The increase will predominantly be fueled by rising output from key producers such as Kazakhstan and Canada. Kazakhstan is expected to deliver the highest uranium production growth in 2024, driven by the planned higher output from the country's largest uranium producer, Kazatomprom . The continuous ramp-up of Canada's McArthur River uranium mine will also contribute to the global increase. The report added: "Uranium output to rise 11.7% in 2024 due to Kazakh and Canadian growth… and production will be bolstered by the ramp-up of Canada's McArthur River mine. Kazakhstan accounted for 37.3% (20.1kt) of total global uranium supply in 2023. Despite a 5.1% dip in output in 2023 due to planned lower production from Kazatomprom, its output is expected to recover in 2024, with forecast production of 23.2kt. This will be supported by the company's plan to produce between 21.2 kilotonnes (kt) and 21.6kt on a 100% basis, while production is expected to increase to between 25.9 and 26.7kt with no restrictions in 2025." Active mining companies in the markets this week include Stallion Uranium Corp. (OTCQB: STLNF) (TSX-V: STUD), enCore Energy Corp. (NASDAQ: EU), Skyharbour Resources Ltd.'s (OTCQX: SYHBF) (TSX-V: SYH), Uranium Energy Corp (NYSE American: UEC), ATHA Energy Corp. (OTCQB: SASKF) (TSX.V: SASK).
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Skyharbour Resources Grants Incentive Stock Option
Skyharbour Resources Ltd. (TSX-V: SYH ) (OTC QB : SYHBF ) (Frankfurt: SC1P ) (the "Company") announces that the Company has granted 3,500,000 incentive stock options (the "Options") to officers, directors and consultants of the Company. The Options are exercisable at $0.56 per share for a period of five years from the date of grant. The Options have been granted under and are governed by the terms of the Company's Incentive Stock Option Plan.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with fourteen projects, nine of which are drill-ready, covering over 385,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. The Company is actively advancing the project through drill programs.
Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint-venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit. Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U 3 O 8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%.
Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances over three years followed by the option to acquire the remaining 30% of the project through a payment of $7,500,000 in cash and $7,500,000 worth of shares.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_20211126.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
Jordan Trimble
President and CEO
For further information contact myself or:
Spencer Coulter
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
News Provided by GlobeNewswire via QuoteMedia
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Skyharbour Resources
Overview
Skyharbour Resources (TSXV:SYH, OTCQX:SYHBF, Frankfurt:SC1P) is a mineral exploration company that holds an extensive portfolio of uranium and thorium projects in Canada’s Athabasca Basin. The company is well-positioned to benefit from improving uranium market fundamentals with over 523,000 hectares of land comprising a total of 25 projects.
The company recently optioned from Rio Tinto, now a large strategic shareholder of the company, an initial 51-percent interest and up to a 100-percent interest in the Russell Lake Uranium project located in the central core of the Eastern Athabasca Basin of northern Saskatchewan. The large, advanced-stage uranium exploration property totalling 73,294 hectares, hosts historical high-grade drill intercepts over a large property area with robust exploration upside potential.
The 100-percent-owned co-flagship Moore Lake Project, acquired from Denison Mines in 2016 - now a large strategic shareholder of the company - is located 15 kilometers east of Denison's Wheeler River project, 39 kilometers south of Cameco's McArthur River uranium mine, and adjacent to the Russell Lake Project. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone, including highlight drill results of 6 percent U3O8 over 5.9 meters including 20.8 percent U3O8 over 1.5 meters. Skyharbour recently completed a 9,600m inaugural drill program at Russell Lake, intersecting significant uranium mineralization in most holes. Given the success of the inaugural drill program, Skyharbour is planning a winter drill program consisting of 5,000m in ten to twelve drill holes with all targets being road accessible and near the exploration camp.
In addition to offering investors exposure to high-grade uranium discovery potential at its primary projects, Skyharbour leverages its properties through the prospect generator model, with partner companies funding exploration and development at its earlier stage or secondary assets. It is a cost-effective model that facilitates large exploration programs without substantial equity dilution.
In September 2021, Skyharbour announced the initial set of diamond drill results from its 2021 summer diamond drilling program at its 100-percent-owned, 35,705-hectare Moore Uranium Project. The summer/fall 2021 program included 6,598 meters in 19 holes and returned highlights of 2.54 percent U3O8 over 6 meters including 6.80 percent U3O8 over 2 meters in the basement rocks at Maverick East Zone as well as 0.54 percent U3O8 over 19.5 meters including 4 meters of 2.07 percent U3O8. Skyharbour drilled more than 2,400 meters in seven drill holes during the 2022 spring drilling campaign which tested new targets, including Grid Nineteen and Viper, along with a hole drilled at the Maverick East zone.
The company currently has joint ventures with industry leader Orano Canada Inc. and Azincourt Energy at the Preston and East Preston projects, respectively, whereby Orano and Azincourt earned majority interests in the projects through exploration expenditures, cash payments and share issuances. Skyharbour also has six active earn-in option partners, including with ASX-listed Valor Resources at the Hook Lake Uranium Project; CSE-listed Basin Uranium at the Mann Lake Uranium Project; CSE-listed Medaro Mining at the Yurchison Project; Yellow Rocks Energy, a private Australian entity, at the Wallee and Usam Island Projects; North Shore Uranium at the Falcon Project; and CSE-listed Tisdale Clean Energy at the South Falcon East Project, which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit (NI 43-101 inferred resource totalling 7 Mlbs of U3O8 at 0.03 percent and 5.3 Mlbs of ThO2 at 0.02 percent).
In aggregate, Skyharbour has now signed earn-in option agreements with partners that total more than $37 million in partner-funded exploration expenditures, over $28 million worth of shares being issued and over $19 million in potential cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
In 2023, Skyharbour made several acquisitions that brought its total land packages to 523,097 ha (1,292,600 acres) across 25 projects., representing one of the largest project portfolios in the Athabasca Basin. These recent acquisitions included: the Highway Project (1,184 hectares), CBX Project (1,761 hectares), Shoe Project (609 hectares), Snow Project (212 hectares), Elevator Project (9,294 hectares), 914 Project (2,129 hectares), 914N Project (450 hectares), Karin Project (18,383 hectares), and the South Dufferin Project (13,205 hectares). Skyharbour further acquired by staking seven new prospective uranium exploration claims in Northern Saskatchewan, which include the CBX project comprising five new contiguous claims totalling 6,804 hectares, the Karin project (5,882 hectares) and the 914W project (1,260 hectares). The most recent staking included the Bolt Property, which will provide additional ground to option or joint-venture out to new partner companies as a part of our prospect generator business
Skyharbour's world-class management and geological team brings years of expertise in uranium exploration, energy industries, corporate finance and capital markets. The company is well-positioned to capitalize on the uranium market’s resurgence with strong potential for resource growth and new discoveries at its project base. Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favorable jurisdictions.
Company Highlights
- Skyharbour holds one of the largest project portfolios within the Athabasca Basin with more than 523,097 hectares of land package across 25 projects.
- The co-flagship Moore Uranium project is an advanced-stage uranium exploration property in the eastern Athabasca Basin near existing infrastructure with known high-grade uranium mineralization and significant discovery potential; high-grade drill results include 21 percent triuranium octoxide (U3O8) over 1.5 meters with 6 percent U3O8 over 6 meters.
- Skyharbour recently acquired the 73,294-hectare Russell Lake Uranium Project from Rio Tinto, which is a prospective exploration property strategically situated between the company’s Moore Uranium project (to the east), Denison Mines’ Wheeler River project (to the west), and between Cameco’s Key Lake and McArthur River Projects in the eastern portion of the Athabasca Basin.
- Skyharbour also has a 100 percent interest in the Falcon Uranium Project, which contains an NI 43-101 inferred resource totalling 7 million pounds (Mlbs) of U3O8 at 0.03 percent, and 5.3 Mlbs of thorium dioxide at 0.023 percent.
- Joint venture with Orano Canada at the Preston project: Orano has earned a 51 percent interest in the project by spending C$4.8 million in exploration costs and making cash payments totalling C$100,000.
- Another joint venture was completed with Azincourt Energy at the East Preston Uranium Project. Azincourt earned a 70-percent interest by spending C$2.5 million on exploration, a cash payment of C$500,000 and issuing 4.5 million shares.
- Skyharbour has six active earn-in option agreements with Valor Resources, Basin Uranium, Medaro Mining, Yellow Rocks Energy, Tisdale Clean Energy and North Shore Energy at the Hook Lake, Mann Lake, Yurchison, Wallee & Usam, South Falcon East and Falcon projects, respectively.
- Skyharbour has a notable shareholder base including Denison Mines Corp (TSX: DML; NYSE:DNN), Rio Tinto (ASX:RIO) Sprott Uranium Miners ETF (URNM), Global X Uranium ETF (URA), Horizons Global Uranium Index ETF (HURA), Sprott Junior Uranium Miners ETF (URNJ), and significant insider ownership.
- Led by a strong management and geological team with track record of success
- Skyharbour will continue to execute its prospect generator model by acquiring projects at attractive valuations and forming joint ventures to advance secondary projects.
Key Projects
Uranium Projects - Saskatchewan
Skyharbour Resources has a dominant uranium property portfolio of over 523,000 hectares in the Athabasca Basin in Saskatchewan, Canada, totalling 25 top-tier exploration projects. These include the co-flagship Moore Lake and Russell Lake projects, Falcon, South Falcon East, Preston, East Preston, Mann Lake, Hook Lake, Yurchison, Wallee, Usam Island, South Dufferin, Pluto Bay, Riou River, Foster River, Highway, Karin, 914, 914N, Elevator, 914W, Shoe, CBX,and BoltProjects.
Russell Lake
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,294 hectares strategically located between Cameco’s Key Lake and McArthur River Projects and adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to the east. Highway 914, which services the McArthur River mine, runs through the western extent of the property and greatly enhances accessibility. Similarly, a high-voltage powerline is situated alongside Highway 914. Skyharbour’s acquisition of Russell Lake creates a large, nearly contiguous block of highly prospective uranium claims totalling 108,999 hectares between the Russell Lake and the Moore uranium projects.
In November 2023, Skyharbour announced the intersection of significant uranium mineralization at the recently completed inaugural drill program at Russell Lake, with plans for an additional 4,000 meters – 5,000 meters winter drill program set to commence. A total of 9,595 meters of drilling in nineteen holes was drilled in three phases during 2023. The first phase of drilling consisted of a total of 3,662 meters in eight completed holes at the Grayling Zone, while an additional four holes totaling 2,730 meters were drilled in the Fox Lake Trail Zone during the second phase. The recently completed third phase of drilling was comprised of 3,203 meters in seven holes on additional targets at the Grayling Zone.
In January 2024, Skyharbour announced plans of a 5,000 metre diamond drilling program to consist of ten to twelve holes over the next several months at Russell with mobilization and commencement within the next few weeks.
Moore Lake
Skyharbour owns 100 percent of the 35,705-hectare co-flagship Moore Uranium project located 42 kilometers northeast of the Key Lake mill, approximately 15 kilometers east of Denison’s Wheeler River project, and 39 kilometers south of Cameco’s McArthur River mine.
Unconformity-hosted uranium mineralization was discovered on the property at the Maverick Zone in the early 2000s at relatively shallow depths. Skyharbour has carried out several drill programs with multiple holes intersecting high-grade uranium mineralization over the 4.7-kilometer-long Maverick corridor.
The company completed a 2,467-meter spring 2022 diamond drill program consisting of seven drill holes. Skyharbour continues to discover and delineate new zones of uranium mineralization at the high-grade Moore Project, with plans to continue drilling in 2023/24 in conjunction with drilling at Russell Lake. An NI 43-101 Mineral resource estimate is currently being conducted on the project and is set to be released in early 2024. ISkyharbour recently announced a second phase of drilling consisting of 3,000 metres at its high-grade Moore Project upon completion of the drilling at Russell Lake. Skyharbour plans to carry out infill and expansion drilling at the high-grade Maverick Corridor as well as to test several regional targets including the Grid Nineteen target area. This second phase of drilling will total 3,000 metres in eight to ten drill holes.
Falcon
Skyharbour’s 100-percent-owned Falcon (previously Way Lake) uranium project spans 42,908 hectares covering 11 claims, approximately 50 kilometers east of the Key Lake mine. Uranium mineralization discovered to date at Falcon is shallow and is hosted in two geological settings, with the southern half hosting classic Athabasca-style basement mineralization associated with well-developed EM conductors which include EWA and Walker targets. Skyharbour has an option agreement with North Shore Energy Metals, which provides North Shore an earn-in option to acquire an initial 80 percent interest and up to a 100 percent interest in the Falcon property. North Shore plans to conduct a drilling program on the property in Q1 of 2024.
South Falcon East
The South Falcon East Project is a uranium project in the southeast Athabasca Basin and represents a portion of Skyharbour’s larger Falcon Project. The project covers approximately 12,234 hectares and lies 18 kilometers outside the Athabasca Basin, approximately 55 kilometers east of the Key Lake Mine. Drilling to date on the entire Falcon Point Project area totals over 22,000 meters in more than 110 holes. More than $15 million has been invested in exploration consisting 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.
In 2022, the company entered into an option agreement providing Tisdale Energy Corp an earn-in option to acquire an initial 51 percent interest and up to a 75 percent interest in the South Falcon East Property. Tisdale is planning an extensive preliminary drill program to commence in early 2024, which will consist of approximately 2,000 meters of drilling. The priority will be to confirm and expand the existing mineralization associated with the Fraser Lakes Zone B uranium deposit. Infill drilling will confirm the presence and continuity of existing mineralization in preparation for an updated resource estimate and model in the future.
Preston
The Preston project is a large 49,635-hectare land position strategically located to the south of and proximal to NexGen Energy’s Rook 1 project, which is host to the high-grade Arrow deposit, as well as proximal to Fission Uranium’s (TSX:FCU) Patterson Lake South (PLS) project, which hosts high-grade Triple R deposit. Uranium mineralization in the Patterson Lake area bears a number of similarities to the high-grade uranium deposits in the Eastern part of the Athabasca Basin, like those at the Cigar Lake and McArthur River mines. The mineralization occurs in structurally disrupted and strongly clay-altered, commonly graphitic pelites and metapelites with narrow felsic segregations/pegmatites. Orano is planning a drill program to be conducted in early 2024 at the project.
East Preston
The East Preston project is a large 20,674-hectare land position that the company advances through its prospect generator model.
Skyharbour signed an option agreement with Azincourt Energy (TSXV:AAZ) in 2017 to option 70 percent of a portion of the East Preston project. In 2021, Azincourt earned its interest in the project by completing C$2.5 million in staged exploration expenditures and making a total of C$1 million in cash payments over the previous four years, as well as issuing a total of 9.5 million common shares of Azincourt divided evenly between Skyharbour and Dixie Gold.
In March 2023, Azincourt announced the completion of its 2023 winter diamond drilling program. The program consisted of 3,066 meters in 13 holes, with a priority of evaluating alteration zones and elevated uranium identified in the winter of 2022 with a focus on the G, K, H and Q Zones. Analysis of the results shows uranium enrichment within the previously identified clay alteration zones along the K and H target zones. Uranium enrichment is identified as uranium (U) values and a uranium/thorium ratio (U/Th) above what would normally be expected in the given rock type or area.
Hook Lake (North Falcon Point)
Hook Lake (North Falcon Point) project consists of 16 contiguous mineral claims totaling 25,847 hectares. The property has seen extensive historical work, which advantageously allows for fast-tracked exploration. Uranium mineralization discovered to date at the Hook Lake Project is shallow and is characterized by structurally controlled mineralization at the Hook Lake, West Way and Nob Hill target zones. The primary Hook Lake target area at the property’s north end has returned high-grade uranium grab samples of up to 68 percent U3O8 in massive pitchblende veining at surface level.
Valor Resources completed the interpretation of airborne gravity gradiometry survey data at the Hook Lake uranium project in May-June 2022, which defined 11 new targets. Valor has plans to continue exploring and drilling Hook Lake in 2024.
Mann Lake
The 3,473-hectare Mann Lake Uranium Project is located in the eastern Athabasca Basin in northern Saskatchewan. It is strategically located 25 kilometers southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 kilometers to the northeast along strike of Cameco's Millennium uranium deposit. In October 2021, the company entered into an option agreement with Basin Uranium, which provides them an earn-in option to acquire up to a 75 percent interest in the Mann Lake uranium project.
Basin Uranium Corp. announced the intersection of significant mineralization from the three-hole phase 2 drill program at the Mann Lake project. A total of 6,279 meters of diamond drilling was completed on the Mann Lake property during the 2022 season.
Yurchison Project
The Yurchison Project consists of 13 claims totalling 57,407 hectares in the Wollaston Domain of northern Saskatchewan. This contiguous set of claims covers an extensive package of Wollaston Supergroup metasediments in an area known for its base metal potential. The northeastern half of the project falls within the Courtenay Lake-Cairns Lake fold belt, which contains numerous lead-zinc-silver showings while the remainder is along trend to the north-northeast of the Janice Lake copper deposit and numerous other base metal showings in the “Wollaston Copperbelt”.
In 2022, Skyharbour’s partner company Medaro Mining commenced an airborne geophysical survey at its Yurchison uranium property. Helicopter-borne aeromagnetic, horizontal gradiometric, radiometric, and VLF-EM surveys covered a total of 7,117 line kilometers at 50-meter line spacing.
South Dufferin
Skyharbour Resources acquired 100 percent of the South Dufferin Uranium project in 2023 from Denison Mines Corp. The South Dufferin Project comprises 13,205 hectares over 10 claims in the Athabasca Basin, which is host to the highest-grade uranium deposits in the world and is consistently ranked as a top mining jurisdiction by the Fraser Institute.
Other projects
- Riou River - 18,227 hectares along the Riou River within the Athabasca Basin
- Pluto Bay - 27,918 hectares northeast of Black Lake hosting numerous uranium showings and several EM conductors east of the regional Black Lake Fault
- Wallee - 20,765 hectares, approximately 35 kilometers northeast of Cameco's Eagle Point deposit, numerous untested EM conductors coinciding with significant magnetic and/or gravity lows in the Wollaston Domain
- Usam Island - 42,186 hectares, approximately 21 kilometers northeast of Cameco's Eagle Point deposit, contains numerous EM conductors situated along significant magnetic lows of the Wollaston Domain
- Foster River – 26,857 hectares, southwest and adjoining Skyharbour's Falcon Point South project, numerous uranium showings up to 1.25 percent U3O8
- Highway Project - 1,184 hectares property with highway 905 running through the claims, between Michael Lake and Wollaston Lake
- CBX - 8,777 ha property approximately 6.5 km to 25 km north to northeast of the Eagle Point uranium mine, covering the northern shore of Wollaston Lake including parts of Cunning Bay
- Shoe - 609 ha property located approximately 10 to 25 km along strike to the northeast of the currently idled Eagle Point uranium mine (Cameco’s Rabbit Lake Operation)
- Karin - 24,265 ha property approximately 21 km to 33 km east of Highway 914 and 20 km southeast of Cameco’s Key Lake operation
- Elevator - 9,294 ha property situated 15 km east of Highway 914
- 914 - 2,178 ha property situated 1 km east of Highway 914
- Bolt - Consists of two contiguous claims 100 percent owned by Skyharbour totalling 4,726.35 hectares and is located approximately 7 kilometers west of Highway 914 and about 32 kilometers southwest of Cameco’s Key Lake Operation
- 914N - 450 ha property situated 5 km east of Highway 914
- 914W - 1,260 ha approximately 48 km southwest of Cameco’s Key Lake Operation
Management Team
Jordan Trimble - Director, President and CEO
Jordan Trimble is an entrepreneur and has worked in the resource industry in various roles with numerous companies specializing in management, corporate finance and strategy, shareholder communications, deal structuring and capital raising. Previous to Skyharbour, he was the corporate development manager for Bayfield Ventures, a gold company with projects in Ontario, which New Gold successfully acquired in 2014. Throughout his career, Trimble has founded and helped manage several public and private companies and has been instrumental in raising substantial capital for mining companies with his extensive network of institutional and retail investors. He is a frequent speaker at resource and mining conferences globally and has appeared on various media outlets, including BNN and the Financial Post. Trimble holds a Bachelor of Science from the University of British Columbia. He is a CFA charter holder and served a full term as a director of the CFA Society Vancouver.
James Pettit - Director and Chairman of the Board
Jim Pettit is currently serving as a director on the boards of several public resource companies. He offers over 30 years of experience within the industry specializing in finance, corporate governance, management and compliance. Pettit specializes in the early-stage development of private and public companies. His background over the past 30 years has been focused primarily on the resource sector and he was previously chairman and CEO of Bayfield Ventures, which was sold to New Gold in 2014.
Dr. Andrew Ramcharan - Senior Vice-president of Corporate Development
Dr. Andrew Ramcharan has an extensive background in corporate development, mining and exploration, project evaluation, and investment banking spanning over twenty years. Previously, as manager of corporate development for IAMGOLD, Ramcharan was involved in raising more than $600 million in equity financings and worked on project acquisitions totalling over $800 million. Prior to that, he was at SRK Consulting for several years and worked with uranium companies including SXR Uranium One, Ur-Energy and UraMin, which eventually sold for $2.5 billion in 2007 to Areva.
David Cates - Director
David Cates is a director of Skyharbour. He is the president and CEO of Denison Mines (TSX: DML) and Uranium Participation Corp (TSX:U). Prior to being appointed the president and CEO position, Cates served as Denison’s vice-president finance, tax and chief financial officer. As chief financial officer, Cates played a key role in the company’s mergers and acquisitions activities – leading the acquisition of Rockgate Capital Corp. and International Enexco Ltd. Cates joined Denison in 2008 and held the position of director, taxation prior to his appointment as chief financial officer. Prior to joining the company, Cates held positions at Kinross Gold Corp. and PwC LLP with a focus on the resource industry.
Paul Matysek - Advisory Board
Paul Matysek is a strategic advisor for Skyharbour and is a mining entrepreneur, professional geochemist and geologist with over 35 years of experience in the mining industry. He was the founder, president and CEO of Energy Metals Corporation, a premier uranium company that traded on the New York and Toronto Stock Exchanges. Matysek led EMC as one of the fastest-growing Canadian companies in recent years, increasing its market capitalization from $10 million in 2004 to approximately $1.8 billion when it was acquired by a larger uranium producer, Uranium One Inc., in 2007. In December 2017, Matysek was involved in the sale of Lithium X Energy Corp. for $265 million to NextView New Energy. Matysek was the president and CEO of Goldrock Mines Corp. which on June 7th, 2016 announced it had entered into a definitive agreement to be acquired by Fortuna Silver Mines (NYSE:FSM, TSX:FVI) for $129 million on a fully-diluted in-the-money basis. Previously, Matysek was the president and CEO of Lithium One Inc., which developed a high-quality lithium project in northern Argentina. In July 2012, Lithium One and Galaxy Resources merged with a $112 million plan to create a fully integrated lithium company. Prior to Lithium One, Matysek was the president and CEO of Potash One where he was the architect of the $434 million friendly takeover of Potash One by K+S Ag, which closed in early 2011.
Joseph Gallucci - Director
Joseph Gallucci is a senior capital markets executive and corporate director with over 20 years of experience in investment banking and equity research. His career focused on mining, base metals, precious metals and bulk commodities on a global scale. He is currently the managing director and head of investment banking at Laurentian Bank Securities. where he oversees the investment banking practice in entirety.
His career has spanned various firms including BMO Capital Markets, GMP Securities, Dundee Securities, and he was a founding principal of Eight Capital where he led their mining investment banking team.
Global Uranium Mining Output Expected To Rise 11.7% in 2024 Due To Kazakh and Canadian Growth
Mining Technology continued: "Meanwhile, global uranium production in 2024 will be further bolstered by continuous ramp-up of Canada's McArthur River, which is aiming to produce 6.9kt of uranium (8.2kt of U3O8) for 2024. In October 2023, the Canadian Nuclear Safety Commission renewed the licences for McArthur River for a further 20 years, allowing the mine to continue operations until October 2043. Global uranium production is expected to grow with a compound annual growth rate of 4.1% from 2024 to 2030, as output reaches 76.8kt in 2030."
Stallion Uranium Corp. (TSX-V: STUD) (OTCQB: STLNF) Provides Corporate Update - Stallion Uranium Corp. (FSE: HM40) is pleased to provide a corporate update on Stallion's current exploration efforts. Stallion holds the largest exploration land package in the Southwestern Athabasca Basin and are following their proven roadmap to discovery, learned through decades of exploration in the basin, to increase the probability of finding the next significant uranium discovery in the Athabasca Basin.
Stallion's Maiden Drill Program - Stallion maiden drill program is underway, as announced on March 6th, and continues to be progressing. Stallion has planned 3 holes totaling 3,300m utilizing a diamond core drill to test for uranium mineralization on it's 100% owned Appaloosa target. The target is a ~6 km long EM conductor located along the contact between the Beaverlodge and Taltson geological domains that can create an optimal location for uranium bearing fluid to concentrate. Each of the drill holes are focusing on a coincident gravity and magnetic lows associated with alteration which are known to be associated with uranium deposits. Given that these are the first drill holes on Stallion's projects, data collected from each drill hole is actively being used to adjust and fine tune the next drill hole to enhance the outcomes of uranium mineralization. Stallion will be announcing any anomalous scintillometer results from the program as a preliminary indication of the presence of radioactive materials if they are encountered. Final assay results will be released when available and are expected in the summer of 2024 after lithogeochemical analysis is completed.
Stallion and Atha Energy JV Project - Stallion completed the largest single airborne geophysical survey in the southwestern Athabasca basin, as announced on February 22nd. This survey was able to uncover over 560km of conductive trends, a significant achievement in adding several new high priority target areas that could have the potential to host uranium mineralization. The preliminary results were released from the survey and the team is now working with Convolutions Geoscience to take the data through advanced processing and modeling. The advanced interpretation will allow for Stallion to pragmatically prioritize the key target areas for additional survey work as the target areas move along Stallion's roadmap of discovery. The preliminary data indicate that these additional areas will provide the company with several tier one targets for drill testing.
Gunter Lake Project - Stallion has completed an airborne gravity survey over its 100% owned Gunter Lake project that was announced on January 31st. This survey utilized the latest technology to record the density in the underlying rocks and has now started to be processed. This data when compiled with VTEM survey data over the entire project and MobileMT data over the Coyote target will be interpreted to find the most prospective areas for drill targeting. Providing the company with further high priority target areas and potential drill ready targets.
Upper Mirror River Project - Stallion staked 6 new mineral claims this year, half announced January 17th and the remaining on February 28th, giving the company a new 100% owned, highly prospective project, covering 31,645 hectares. This project was staked to cover the extensions of conductive corridors that were newly discovered as part of the regional airborne survey completed over the Atha JV project. In uncovering unknown conductive trends Stallion continues to build on its advantage of completing the first effective survey work at scale across much of the southwestern Athabasca Basin. Stallion is evaluating the next steps across this project as it believes it will hold several kilometre long conductive corridors and when aligned with magnetic lows signatures are known to correlate with uranium mineralization, providing the company with additional high priority target areas. CONTINUED … Read these full press releases and more news for Stallion Uranium at: https://www.financialnewsmedia.com/news-stud/
Other recent developments in the mining industry of note include:
enCore Energy Corp. (NASDAQ: EU) (TSXV: EU) , a domestic uranium producer, recently announced the highest grade drill results to date since drilling activities restarted from the Alta Mesa Project in South Texas. These results significantly exceed the cutoff grade thickness requirements for In-Situ Recovery ("ISR") of uranium. The Company also reports that work to advance the Alta Mesa Uranium Central Processing Plant and Wellfield ("Alta Mesa") towards production is advancing on schedule.
Paul Goranson, enCore Energy's Chief Executive Officer, stated: "We are extremely pleased with the drilling results from Alta Mesa. Cutoff grade thickness for ISR operations in Texas are generally 0.3 GT for economic extraction. With drilling returning a significant number of GTs in production delineation holes in excess of 3.0 with a high of 8.4, we are becoming increasingly optimistic that our contained uranium will exceed estimates contained in the 2023 technical report that cited GTs averaging 0.59 to 0.68 for each of the specific ore horizons. Indeed, we are confirming higher grade portions of the mineralized zone than initially estimated from broader spaced drilling as proposed in the 2023 technical report. Having directed the initial development and operation of Alta Mesa for a private company in 2005, I have observed that this project has historically consistently exceeded expectations. We look forward to returning Alta Mesa to production in the coming weeks."
Skyharbour Resources Ltd.'s (OTCQX: SYHBF) (TSX-V: SYH) partner company Azincourt Energy ("Azincourt"), recently announced that mobilization is set to begin later this week for the 2024 winter drill program at the East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada.
Azincourt is undertaking a drill program for the winter of 2024, consisting of up to 1,500 meters of drilling in a maximum of five (5) diamond drill holes. The priority will be to follow up on the clay alteration zone with elevated uranium that was identified in the winter of 2023 with a focus on the area of transition between the K and H Zones.
Uranium Energy Corp (NYSE American: UEC) recently reported drill results from its Roughrider Project located in Northern Saskatchewan, Canada. Both exploration and metallurgical sample drilling have been successful at intersecting uranium mineralization.
Chris Hamel, Vice President Exploration, Canada stated: "Roughrider is a world-class project with untapped potential for resource expansion and we're pleased to confirm this with the discovery of high-grade mineralization between the East and West Zone deposits. The drilling program will continue through the winter and focus on exploration for additional uranium that is outside the existing mineralized zones decades of hands-on experience in the key facets of uranium exploration, development and mining."
ATHA Energy Corp. (OTCQB: SASKF) (TSX.V: SASK), holder of the largest uranium exploration portfolio in two of the highest-grade uranium districts in the world, recently announced plans for its 2024 Exploration Program. At the 100%-owned Angilak Project in Nunavut, the Company will focus on diamond drilling with the objective of deposit expansion and discovery. In the Athabasca Basin, the Company will be further advancing nine of its 100%-owned projects through a combination of ground and airborne geophysical surveys. The objective of the Athabasca Basin Program is to continue to mature ATHA's geological understanding within each of its projects, increasing the probability of discovery and optimise capital expenditure during future drill campaigns.
Additionally, subject to the completion of the Company's proposed scheme of arrangement (the "Scheme") with 92 Energy Limited (ASX: 92E) ("92E"), development of 92 Energy's projects, such as Gemini, which hosts the recently discovered high-grade GMZ showing, will be incorporated into the into the Company's Athabasca Basin Exploration Program. The Company will provide an update inclusive of drilling plans for the Gemini project, post closing of the Scheme.
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Skyharbour's Partner Company North Shore Uranium Completes Maiden Drill Program and Identifies Elevated Radioactivity, Fault Zones and Alteration at Falcon Project
Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company"), is pleased to announce that its partner company, North Shore Uranium ("North Shore"), has completed a maiden drill program at its 55,699 hectare Falcon Property ("Falcon" or the "Property") located at the eastern margin of the Athabasca Basin in northern Saskatchewan.
Location Map of Falcon Project:
https://skyharbourltd.com/_resources/maps/Sky-SouthFalconOption.jpg?v=0.1
During the program, three targets were drilled along a strong, dominantly northeast-trending electromagnetic ( " EM " ) conductor system, P03, P08 and P12 (Table 1). At P03 and P08 the targeted sub-vertical EM conductors were intersected. At P12, the hole had to be terminated prior to reaching the interpreted conductor depth. Highlights from the program include:
- Radioactivity: Elevated total count gamma probe readings were obtained at targets P03 and P08 with a maximum value of 2695 counts per second (" cps ") at P03.
- Conductor modeling: Three-dimensional plate models of the EM conductor systems were modelled using Maxwell EMIT software. At P03 and P08, the targeted conductors were intersected very close to the depths predicted by the models.
- Favorable structures: A brittle graphitic fault zone with angular rubble and clay gouge underlain by gneiss with strong silica alteration and patchy chlorite alteration was encountered coincident with the EM conductor at P03. A brittle fault zone with bleached clay, hematite staining and altered pegmatite explained the EM conductor at P08.
- Next Steps: Fault zones and alteration similar to that encountered at P03 and P08 can be associated with basement-hosted uranium mineralization. The forthcoming analytical results integrated with the drill hole data will guide future work related to these two targets . Target P12 remains untested and should be drilled again to reach the targeted EM conductor depth. It lies within a prominent interpreted structural zone near several other priority targets in the South Walker area. In addition, multiple high priority untested targets on the Property have the potential for basement-hosted uranium mineralization. Using its proven exploration methods, the Company will continue to prioritize these targets for future field evaluation and drilling.
Electromagnetics with 2024 Drill Targets P03, P08 and P12:
https://www.skyharbourltd.com/_resources/images/Electromagnetics-with-2024-Drill-Targets.jpg
Select samples of drill core have been sent for analysis, and final analytical results are expected in four to six weeks. The geochemical analyses are performed to detect the presence of uranium, pathfinder elements, gold and other metals.
Mr. Brooke Clements, President and CEO of North Shore stated: " The initial results from our maiden drill program are encouraging and confirm the presence of sub-vertical basement structures with associated radioactivity, graphite and alteration at P03 and P08. The intersection of altered and graphitic structures at the modelled Maxwell plate depths validates our team's exploration approach and techniques. The initial results from the program also reinforce our belief that Falcon is a highly prospective uranium property and affirm the prospectivity of other compelling untested EM conductors that have been identified, many of which are associated with interpreted structures. The Company is excited to receive the analytical results from this program and looks forward to maximizing its exposure to significant discovery by continuing to evaluate target zones at Falcon with the potential to host an economic uranium deposit."
Total field magnetics with 2024 drill targets P03, P08 and P12:
https://skyharbourltd.com/_resources/images/Total-field-magnetics-2024-drill-targets.jpg
TABLE 1: Falcon Drilling Summary
Drillhole Information | Gamma Probe Results* | ||||||||
ID | Prospect | Dip (°) | Azi (°) | Over-burden (m) | Final Depth (m) | From (m) | To (m) | Avg. cps | Peak cps |
FN24001 | P03 | -50 | 135 | 6 | 230 | 196.51 199.92 203.21 205.42 | 196.92 200.92 203.51 206.32 | 1475 849 775 705 | 2695 1637 1022 1196 |
FN24002 | P08 | -47 | 120 | 30.5 | 144 | 42.25 | 45.95 | 1085 | 2120 |
FN24003 | P12 | -47 | 315 | 2.5 | 106 | No gamma probe testing as hole was abandoned due to unstable ground conditions before target horizon was reached |
*The results are for total gamma ray counts and were obtained using a Mount Sopris 2SNA-1000-S Spectral Gamma-Ray probe
Target P03:
Drillhole FN24001 at target P03 in the north Knob Lake area intersected approximately six metres of overburden followed by an alternating succession of metasedimentary rocks comprised of variably garnetiferous and graphitic pelitic gneisses, cross-cut by numerous plagioclase-dominant granitic pegmatites to 222.53m. Granite with intercalations of biotite-garnetiferous pelite was encountered to the end of hole at 230m. The metasediments between 94-175m were host to an estimated 0.1%-1% pyrrhotite and 0.1-0.5% pyrite. A blocky fracture zone and interpreted brittle fault with graphite-rich gouge was encountered within the graphitic gneiss unit between 193.48-196.01m; the projected EM conductor intersection depth was 195m. A key interval just below this fault zone associated with strong localized chlorite and silica alteration between 196.5 and 206.3m returned the most notable gamma probe readings. A pegmatite-rich interval from 196.51-196.92m returned a gamma probe reading of 2695 cps. The combination of the spatial relationship between the graphitic horizon, the structure, alteration and the radioactivity upgrade this target. P03 has the exploration criteria that are important for a basement-hosted uranium mineralizing system. This structure together with other zones of the EM conductor system in the immediate area are prospective as potential conduits for precipitated uranium within basement-hosted graphitic fault zones and follow-up drilling will be considered.
Drill Hole FN24001:
https://skyharbourltd.com/_resources/images/Drill-hole-FN24001.jpg
Target P08:
Drillhole FN24002 was also drilled in the northern Knob Lake Area. After intersecting 30.5 metres of overburden, an alternating succession of metasedimentary rocks comprised of variably garnetiferous and graphitic pelitic gneiss and schists cross-cut by numerous plagioclase and K-feldspar granitic pegmatites was encountered to 132.32m. Granitic gneiss intersected by K-feldspar granitic pegmatites is present until the end of hole at 144m. The graphitic metasediments throughout the hole were host to up to 30 percent graphite, with localized patches up to 60 percent. The most notable gamma probe results were returned between 42.25-45.95m, within a K-feldspar pegmatitic interval with a peak reading of 2120 cps. This anomalous interval was followed by a brittle fault zone, from 43.90-49.00m, comprised of fractured pegmatites and blocky and rubbly graphitic metasediments. The entire graphitic schist upper portion of the hole displayed very strong patchy chlorite-cordierite-hematite-illite alteration to 102.27m. From 102.27-105.55m, a brittle pegmatitic and graphitic fault zone was intersected at the projected depth of the Maxwell conductor. This lower fault zone displayed strong bleaching (illite+/-sericite) clay alteration, strong hematite and chlorite along fractures and patchy silica alteration. These alteration minerals can be indicative of a proximal hydrothermal system and the results suggest the possibility that the structures at target P08 could be related to a basement-hosted, fault-controlled mineralizing system and future follow-up drilling will be considered.
Target P12:
FN24003 was drilled at P12 in the South Walker area within a prominent interpreted northeast-trending structural zone as defined by EM and magnetics. After drilling three metres of glacial overburden, extensively fractured monzonitic orthogneisses cross-cut by plagioclase and K-feldspar granitic pegmatites was encountered to 52.08m. A succession of variably garnetiferous and graphitic metasediments cross-cut by plagioclase-rich pegmatites was encountered to the final hole depth of 107.60m. The hole was abandoned before reaching the modelled Maxwell conductor plate depth of approximately 125m due to unstable ground conditions and was not evaluated with the gamma probe. Therefore, the target remains untested and will likely be targeted for drilling in a future program.
Drill Program logistics and Quality Control, Quality Assurance and Analytical Procedures:
Multiple potential targets with favorable geologic and geophysical characteristics were evaluated, and three were selected for drilling. The drill program was managed by Laura Tennent, B.Sc of TerraLogic Exploration Inc, ("TerraLogic"). The drill contractor was Quesnel Brothers Diamond Drilling Ltd. based in Denare Beach, Saskatchewan.
TerraLogic adheres to best management exploration practices, including Quality Assurance and Quality Control (QA/QC). All standard operating procedures have been developed and overseen by Jarrod Brown M.Sc., P.Geo. of TerraLogic, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
All drill core was systematically photographed, measured (recovery, rock quality designation ("RQD"), natural fracture count, longest stick), oriented (Reflex – ACTIII) and logged (lithology, alteration, mineralization, structure, veins, brecciation and weathering). The core is then scanned with a RS230 Spectrometer to determine total gamma Counts Per Second (CPS), and with a KT-10 magnetic susceptibility meter. Upon completion of the drilling, while the rods are still in the hole, a calibrated Mount Sopris 2SNA-1000-S Gamma-Ray Spectrometer Probe rented from Terraplus Inc. was used to measure the natural gamma spectra within the hole. Measurements for total counts (GR-total, counts per second ("cps"), Potassium cps (K), Thorium cps (Th) and Uranium cps (U) were collected. The data is processed using WellCad software and the Terraplus Inc. calibrated K-Factor.
QA/QC protocols are maintained through the random insertion of blanks and certified reference material (standards) throughout the drill core sampling process. Drill core is split in half with a manual splitter, select split samples are then placed in a sealed bag and transported by TerraLogic personnel to the laboratory while the remainder is stored on site. Analytical testing will be performed by the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon, Saskatchewan.
Falcon Uranium Project:
The Falcon Property, which constitutes part of North Shore's Falcon Property, contains eleven mineral claims comprising approximately 42,908 hectares approximately 50 km east of the Key Lake mine. Nine of the claims are from Skyharbour's original South Falcon Uranium Project and the remaining two claims are from Skyharbour's Foster River Project. Historical uranium mineralization discovered at Falcon is shallow and is hosted in several geological settings including classic Athabasca-style basement mineralization associated with well-developed EM conductors. At the EWA target, up to 0.492% U 3 O 8 and 1,300 ppm lead was encountered in outcrop grab samples (Sask. Mineral Deposits Index [SMDI] 5038). Historical grab sampling at Knob Lake (SMDI 1014) also encountered up to 0.01% U 3 O 8 in an outcrop of pegmatite, while anomalous nickel, copper, and molybdenum were found in historical grab samples from the Fraser North target area (SMDI's 1125 and 1126).
A well-defined northeast-trending, locally folded, electromagnetic conductor system runs throughout the Property, which was defined by airborne and ground geophysical surveys by JNR Resources ("JNR") in the 2000's. In 2008 JNR conducted a drill campaign at the property area. Of the 47 holes drilled that year, 28 holes (totaling 7,348 metres) were drilled on the South Falcon Uranium Property at the Walker (14 holes), Walker South (7 holes), and EWA target areas (6 holes). At the Walker and South Walker targets, which lie along the aforementioned EM conductor system, structurally disrupted and variably altered metasediments (including graphitic pelitic gneisses) with anomalous boron, copper, molybdenum, nickel, cobalt, arsenic, and vanadium were encountered in several drill holes. During this same drill campaign, the Fraser Lakes Zone B uranium deposit was discovered approximately four kilometres east of the Walker South target on a refolded extension of the EM conductor system. At the EWA target, which lies along a separate northeast-trending EM conductor, anomalous uranium, boron, lead, and molybdenum were encountered in structurally disrupted pegmatites; the best result was 0.235% U 3 O 8 over 0.5 m (within a 3.5 m interval of 0.113% U 3 O 8 ) in hole WYL-08-501 (Sask. Mineral Assessment File 74H02-0045).
Furthermore, in 2022, Skyharbour completed a FALCON® airborne gravity gradiometer and magnetic survey over nine of the eleven claims at the Falcon Property. This new geophysical data will assist North Shore in prioritizing areas along the EM conductor system for drilling. Over 30 kilometres of the EM conductor system remains untested on the Falcon Property. North Shore's initial focus will be on the two claims formerly part of the Foster Project (geophysics), and on generating drill targets on three claims at the southeastern end of the EM conductor systems including Knob Lake, which shows similarities to the Fraser Lakes Zone B deposit approximately 6 km to the northeast and several other high-priority targets elsewhere along the main EM conductor system.
Significant potential exists on the project for basement-hosted, unconformity-related uranium deposits like those further to the north in the Wollaston Domain (i.e. Eagle Point, Rabbit Lake, Key Lake and others), as well as for pegmatite/granite-hosted (i.e. alaskite-type) U-Th-REE mineralization like at the Fraser Lakes Zone B deposit on Skyharbour's adjacent South Falcon East Property, currently under option to Tisdale Clean Energy.
The Option Agreement:
North Shore may acquire an initial 80% interest in the Property by issuing common shares of the Resulting Issuer ("Shares") having an aggregate value of CAD $1,225,000; making aggregate cash payments of CAD $525,000; and incurring an aggregate of CAD $3,550,000 in exploration expenditures on the Property over a three-year period. Once North Shore has earned an initial 80% interest in the Property, North Shore may acquire the remaining 20% interest in the Property within 90 business days by issuing Shares having a value of CAD $5,000,000, and making a cash payment of CAD $5,000,000 to Skyharbour. If North Shore does not elect to acquire the remaining 20% interest, a joint venture will be formed with Skyharbour holding a 20% participating interest.
North Shore will be the operator of the exploration programs during the earn-in stage and for the joint venture if formed. Two claims totaling 10,673 hectares that form part of Skyharbour's Foster River Property are subject to a one percent (1%) NSR royalty payable to Skyharbour. The remaining nine claims totaling 32,235 hectares that comprise Skyharbour's South Falcon Point Property are subject to a two percent (2%) NSR royalty payable to Denison Mines Corp. ("Denison") with North Shore having the right to purchase one percent of the royalty from Denison at anytime by paying $1 million. All Shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
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 and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.
About North Shore Uranium Ltd:
North Shore is a mineral exploration company focused on uranium exploration at the eastern margin of the Athabasca Basin through its Falcon property which will increase from 12,800 to 55,700 hectares with the addition of the claims subject to the Agreement, and the West Bear property located 90 kilometres to the northeast.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 587,000 hectares (over 1.45 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Valor Resources at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $19 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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Skyharbour's Partner Azincourt Energy Begins Mobilizing for Winter Drill Program at East Preston Uranium Project
Skyharbour Resources Ltd.'s (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (the "Company") partner company Azincourt Energy ("Azincourt"), is pleased to announce that mobilization is set to begin later this week for the 2024 winter drill program at the East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada.
Project Location – Western Athabasca Basin, Saskatchewan, Canada:
https://skyharbourltd.com/_resources/maps/Sky_EastPreston_20231219.jpg
Winter 2024 Drill Program:
Azincourt is undertaking a drill program for the winter of 2024, consisting of up to 1,500 meters of drilling in a maximum of five (5) diamond drill holes. The priority will be to follow up on the clay alteration zone with elevated uranium that was identified in the winter of 2023 with a focus on the area of transition between the K and H Zones.
Drilling in 2023 identified an illite clay alteration halo extending from the top of Zone K to Zone H as far as drill hole EP0053. Within this illite alteration zone, dravite and kaolinite are present in the north end of Zone H. Illite and kaolinite are both indicators of hydrothermal alteration typically found within alteration halos of unconformity uranium deposits. Dravite is a boron-rich clay which is found within the larger clay package proximal to uranium mineralization in the hydrothermal system. Both illite and dravite have been identified as being significant vectors for the 2022 JR Zone discovery by F3 Uranium approximately 60 km to the northwest of the East Preston project.
The program will utilize one helicopter supported drill rig and be based out of a local contractor camp, with reduced disturbance due to the lack of an access road. Drill and crew mobilization is underway with drilling expected to commence by the last week of March.
"Following up the clay alteration in the K- and H- Zones is a high priority", commented Azincourt's VP Exploration Trevor Perkins. "This alteration is what would be expected where a uranium deposit is present. This area between the K- and H zones is a zone we need to drill test further, and all indications are that we are vectoring in on something. A significant number of deposits in the Athabasca Basin have been found by identifying and chasing these types of alteration patterns," continued Mr. Perkins.
East Preston Targets:
The primary target area on the East Preston Project is the conductive corridors from the A-Zone through to the G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones (K-H-Q Trend). The selection of these trends is based on a compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property wide VTEM and magnetic surveys, and the 2019 through 2022 drill programs, the 2020 HLEM survey indicates multiple prospective conductors and structural complexity along these corridors.
2024 Target Areas at the East Preston Uranium Project:
https://skyharbourltd.com/_resources/maps/2023-24-Target-areas-at-the-East-Preston-Uranium-Project.png
Drilling has confirmed that identified geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates. Hydrothermal alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist within these structurally disrupted conductor zones.
Permitting and Community Relations:
Permits are in hand to conduct exploration activities at the East Preston property through the summer of 2026. Azincourt recognizes that the granting of these permits does not negate the rights of the local communities for meaningful consultation as the project progresses. Azincourt looks forward to a continued close working relationship and regular consultation with CRDN and other rights holders to ensure that any potential impacts and concerns are addressed and that the communities can benefit from activities in the area through support of local business, employment opportunities, and sponsorship of select community programs and initiatives. Local businesses are engaged to provide services and supplies and members of the Clearwater River Dene Nation and surrounding communities have been directly employed on site or to provide support and services to keep the camp and programs running. The involvement of the local communities is essential for continued advancement of the East Preston Project.
About East Preston:
Skyharbour and Dixie Gold entered into an Option Agreement (the "Agreement") with Azincourt whereby Azincourt had an earn-in option to acquire a 70% working interest in a portion of the Preston Uranium Project known as the East Preston Property. Azincourt earned a majority interest in the project by completing CAD $2.5 million in staged exploration expenditures and making a total of CAD $1 million in cash payments as well as issuing shares of Azincourt divided evenly between Skyharbour and Dixie Gold. Azincourt now owns 85.8% as operator of the Project with Skyharbour retaining a minority interest of 9.5% in the Project.
Three prospective conductive, low magnetic signature corridors have been discovered on the property. The three distinct corridors have a total strike length of over 25 km, each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.
The East Preston Project has multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors; they are clearly upgraded/enhanced prospectivity targets because of the structural complexity. The targets are basement-hosted unconformity related uranium deposits similar to NexGen's Arrow deposit and Cameco's Eagle Point mine. East Preston is near the southern edge of the western Athabasca Basin, where targets are in a near surface environment without Athabasca sandstone cover; therefore, they are relatively shallow targets but can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco's Centennial deposit (Virgin River-Dufferin Lake trend).
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 and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 587,000 hectares (over 1.45 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Valor Resources at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $19 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
News Provided by GlobeNewswire via QuoteMedia
Skyharbour's Partner Company North Shore Uranium Commences Drill Program at Falcon Uranium Property
Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company"), is pleased to announce that its partner company, North Shore Uranium ("North Shore"), has commenced its drill program at the Falcon Property ("Falcon" or the "Property") located at the eastern margin of the Athabasca Basin in northern Saskatchewan. North Shore is planning to drill three targets associated with electromagnetic ("EM") conductors. Information pertaining to the drill program and a summary of the Property were provided by the Company on February 28, 2024 and December 19, 2023.
Location Map of Falcon Project:
https://skyharbourltd.com/_resources/maps/Sky-SouthFalconOption.jpg?v=0.1
The drill program is being managed by TerraLogic Exploration Inc. The final three targets selected for drilling, which lie along a strong, dominantly northeast-trending EM conductor system, are shown in the image below. For each target, a subsurface geophysical model of the EM conductor has been prepared and a hole, which is drilled at an angle, has been designed to intersect the conductor.
Electromagnetics with 2024 Drill Targets P03, P08 and P12:
https://www.skyharbourltd.com/_resources/images/Electromagnetics-with-2024-Drill-Targets.jpg
Falcon Uranium Project:
The Falcon Property, which constitutes part of North Shore's Falcon Property, contains eleven mineral claims comprising approximately 42,908 hectares approximately 50 km east of the Key Lake mine. Nine of the claims are from Skyharbour's original South Falcon Uranium Project and the remaining two claims are from Skyharbour's Foster River Project. Historical uranium mineralization discovered at Falcon is shallow and is hosted in several geological settings including classic Athabasca-style basement mineralization associated with well-developed EM conductors. At the EWA target, up to 0.492% U 3 O 8 and 1,300 ppm lead was encountered in outcrop grab samples (Sask. Mineral Deposits Index [SMDI] 5038). Historical grab sampling at Knob Lake (SMDI 1014) also encountered up to 0.01% U 3 O 8 in an outcrop of pegmatite, while anomalous nickel, copper, and molybdenum were found in historical grab samples from the Fraser North target area (SMDI's 1125 and 1126).
A well-defined northeast-trending, locally folded, electromagnetic conductor system runs throughout the Property, which was defined by airborne and ground geophysical surveys by JNR Resources ("JNR") in the 2000's. In 2008 JNR conducted a drill campaign at the property area. Of the 47 holes drilled that year, 28 holes (totaling 7,348 metres) were drilled on the South Falcon Uranium Property at the Walker (14 holes), Walker South (7 holes), and EWA target areas (6 holes). At the Walker and South Walker targets, which lie along the aforementioned EM conductor system, structurally disrupted and variably altered metasediments (including graphitic pelitic gneisses) with anomalous boron, copper, molybdenum, nickel, cobalt, arsenic, and vanadium were encountered in several drill holes. During this same drill campaign, the Fraser Lakes Zone B uranium deposit was discovered approximately four kilometres east of the Walker South target on a refolded extension of the EM conductor system. At the EWA target, which lies along a separate northeast-trending EM conductor, anomalous uranium, boron, lead, and molybdenum were encountered in structurally disrupted pegmatites; the best result was 0.235% U 3 O 8 over 0.5 m (within a 3.5 m interval of 0.113% U 3 O 8 ) in hole WYL-08-501 (Sask. Mineral Assessment File 74H02-0045).
Furthermore, in 2022, Skyharbour completed a FALCON® airborne gravity gradiometer and magnetic survey over nine of the eleven claims at the Falcon Property. This new geophysical data will assist North Shore in prioritizing areas along the EM conductor system for drilling. Over 30 kilometres of the EM conductor system remains untested on the Falcon Property. North Shore's initial focus will be on the two claims formerly part of the Foster Project (geophysics), and on generating drill targets on three claims at the southeastern end of the EM conductor systems including Knob Lake, which shows similarities to the Fraser Lakes Zone B deposit approximately 6 km to the northeast and several other high-priority targets elsewhere along the main EM conductor system.
Significant potential exists on the project for basement-hosted, unconformity-related uranium deposits like those further to the north in the Wollaston Domain (i.e. Eagle Point, Rabbit Lake, Key Lake and others), as well as for pegmatite/granite-hosted (i.e. alaskite-type) U-Th-REE mineralization like at the Fraser Lakes Zone B deposit on Skyharbour's adjacent South Falcon East Property, currently under option to Tisdale Clean Energy.
The Option Agreement:
North Shore may acquire an initial 80% interest in the Property by issuing common shares of the Resulting Issuer ("Shares") having an aggregate value of CAD $1,225,000; making aggregate cash payments of CAD $525,000; and incurring an aggregate of CAD $3,550,000 in exploration expenditures on the Property over a three-year period. Once North Shore has earned an initial 80% interest in the Property, North Shore may acquire the remaining 20% interest in the Property within 90 business days by issuing Shares having a value of CAD $5,000,000, and making a cash payment of CAD $5,000,000 to Skyharbour. If North Shore does not elect to acquire the remaining 20% interest, a joint venture will be formed with Skyharbour holding a 20% participating interest.
North Shore will be the operator of the exploration programs during the earn-in stage and for the joint venture if formed. Two claims totaling 10,673 hectares that form part of Skyharbour's Foster River Property are subject to a one percent (1%) NSR royalty payable to Skyharbour. The remaining nine claims totaling 32,235 hectares that comprise Skyharbour's South Falcon Point Property are subject to a two percent (2%) NSR royalty payable to Denison Mines Corp. ("Denison") with North Shore having the right to purchase one percent of the royalty from Denison at anytime by paying $1 million. All Shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
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 and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.
About North Shore Uranium Ltd:
North Shore is a mineral exploration company focused on uranium exploration at the eastern margin of the Athabasca Basin through its Falcon property which will increase from 12,800 to 55,700 hectares with the addition of the claims subject to the Agreement, and the West Bear property located 90 kilometres to the northeast.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 587,000 hectares (over 1.45 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Valor Resources at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $19 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
News Provided by GlobeNewswire via QuoteMedia
Skyharbour's Partner Company North Shore Uranium Provides Falcon Uranium Property Drill Program Update
Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) ("Skyharbour" or the "Company"), is pleased to announce that its partner company, North Shore Uranium ("North Shore") has provided an update on the upcoming drill program at the 55,699 hectare Falcon Uranium Property ("Falcon" or the "Property") located at the eastern margin of the Athabasca Basin in northern Saskatchewan. North Shore has further refined its targeting criteria and the drill program is set to commence in mid-March.
Location Map of Falcon Project:
https://skyharbourltd.com/_resources/maps/Sky-SouthFalconOption.jpg?v=0.1
Falcon is a highly prospective uranium exploration property with a limited exploration history in a part of the Athabasca Basin region that is seeing increased exploration activity and recent discoveries. Reinterpretation of electromagnetic ("EM") data complemented by geophysical data acquired in 2022 has allowed North Shore to identify high priority uranium targets in areas where there has been no previous drilling.
Electromagnetics with Priority Targets:
https://www.skyharbourltd.com/_resources/images/Electromagnetics-with-priority-targets.jpg
North Shore plans to drill test up to three targets along a strong, dominantly northeast-trending EM conductor system at the southern end of the property. TerraLogic Exploration Inc. ("TerraLogic") has been selected to manage the drill program and field preparations are underway. Condor North Consulting ULC ("Condor") is assisting with geophysical interpretation. Working with TerraLogic and Condor, North Shore is in the final stages of ranking and prioritizing drill targets for the March program. Over 20 potential drill targets have been identified along the northeast-trending EM conductor trend. Drill collar locations are being refined for the three lead candidates for drilling. Factors used to prioritize targets for drilling and establish drill collar locations include the following: strength and character of the EM conductor; EM conductor plate models generated using EMIT Maxwell software; evaluation of airborne gravity gradient and radiometric data acquired in 2022; the presence of potential basement-hosted structures; interpreted bedrock geology; and ground conditions.
Magnetics (TMI-RTP) with Priority Targets :
https://www.skyharbourltd.com/_resources/images/Magnetics-TMI-RTP-with-priority-targets.jpg
Mr. Brooke Clements, President and CEO of North Shore stated: "We are excited to be preparing to commence our first drill program where we aim to test priority targets on the Falcon Property. This is only the beginning of our exploration plans at Falcon as we have identified multiple high-quality target zones spread across the Property that require evaluation and drilling. Since January, the uranium spot price has consistently been around US$100/lb for the first time since 2007, focusing more attention on the uranium exploration sector and new discoveries. Saskatchewan's Athabasca Basin is a tier-one jurisdiction for discovering new mineable high-grade uranium deposits."
Falcon Uranium Project:
The Falcon Property, which constitutes part of North Shore's Falcon Property, contains eleven mineral claims comprising approximately 42,908 hectares approximately 50 km east of the Key Lake mine. Nine of the claims are from Skyharbour's original South Falcon Uranium Project and the remaining two claims are from Skyharbour's Foster River Project. Historical uranium mineralization discovered at Falcon is shallow and is hosted in several geological settings including classic Athabasca-style basement mineralization associated with well-developed EM conductors. At the EWA target, up to 0.492% U 3 O 8 and 1,300 ppm lead was encountered in outcrop grab samples (Sask. Mineral Deposits Index [SMDI] 5038). Historical grab sampling at Knob Lake (SMDI 1014) also encountered up to 0.01% U 3 O 8 in an outcrop of pegmatite, while anomalous nickel, copper, and molybdenum were found in historical grab samples from the Fraser North target area (SMDI's 1125 and 1126).
A well-defined northeast-trending, locally folded, electromagnetic conductor system runs throughout the Property, which was defined by airborne and ground geophysical surveys by JNR Resources ("JNR") in the 2000's. In 2008 JNR conducted a drill campaign at the property area. Of the 47 holes drilled that year, 28 holes (totaling 7,348 metres) were drilled on the South Falcon Uranium Property at the Walker (14 holes), Walker South (7 holes), and EWA target areas (6 holes). At the Walker and South Walker targets, which lie along the aforementioned EM conductor system, structurally disrupted and variably altered metasediments (including graphitic pelitic gneisses) with anomalous boron, copper, molybdenum, nickel, cobalt, arsenic, and vanadium were encountered in several drill holes. During this same drill campaign, the Fraser Lakes Zone B uranium deposit was discovered approximately four kilometres east of the Walker South target on a refolded extension of the EM conductor system. At the EWA target, which lies along a separate northeast-trending EM conductor, anomalous uranium, boron, lead, and molybdenum were encountered in structurally disrupted pegmatites; the best result was 0.235% U 3 O 8 over 0.5 m (within a 3.5 m interval of 0.113% U 3 O 8 ) in hole WYL-08-501 (Sask. Mineral Assessment File 74H02-0045).
Furthermore, in 2022, Skyharbour completed a FALCON® airborne gravity gradiometer and magnetic survey over nine of the eleven claims at the Falcon Property. This new geophysical data will assist North Shore in prioritizing areas along the EM conductor system for drilling. Over 30 kilometres of the EM conductor system remains untested on the Falcon Property. North Shore's initial focus will be on the two claims formerly part of the Foster Project (geophysics), and on generating drill targets on three claims at the southeastern end of the EM conductor systems including Knob Lake, which shows similarities to the Fraser Lakes Zone B deposit approximately 6 km to the northeast and several other high-priority targets elsewhere along the main EM conductor system.
Significant potential exists on the project for basement-hosted, unconformity-related uranium deposits like those further to the north in the Wollaston Domain (i.e. Eagle Point, Rabbit Lake, Key Lake and others), as well as for pegmatite/granite-hosted (i.e. alaskite-type) U-Th-REE mineralization like at the Fraser Lakes Zone B deposit on Skyharbour's adjacent South Falcon East Property, currently under option to Tisdale Clean Energy.
The Option Agreement:
North Shore may acquire an initial 80% interest in the Property by issuing common shares of the Resulting Issuer ("Shares") having an aggregate value of CAD $1,225,000; making aggregate cash payments of CAD $525,000; and incurring an aggregate of CAD $3,550,000 in exploration expenditures on the Property over a three-year period. Once North Shore has earned an initial 80% interest in the Property, North Shore may acquire the remaining 20% interest in the Property within 90 business days by issuing Shares having a value of CAD $5,000,000, and making a cash payment of CAD $5,000,000 to Skyharbour. If North Shore does not elect to acquire the remaining 20% interest, a joint venture will be formed with Skyharbour holding a 20% participating interest.
North Shore will be the operator of the exploration programs during the earn-in stage and for the joint venture if formed. Two claims totaling 10,673 hectares that form part of Skyharbour's Foster River Property are subject to a one percent (1%) NSR royalty payable to Skyharbour. The remaining nine claims totaling 32,235 hectares that comprise Skyharbour's South Falcon Point Property are subject to a two percent (2%) NSR royalty payable to Denison Mines Corp. ("Denison") with North Shore having the right to purchase one percent of the royalty from Denison at anytime by paying $1 million. All Shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
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 and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.
About North Shore Uranium Ltd:
North Shore is a mineral exploration company focused on uranium exploration at the eastern margin of the Athabasca Basin through its Falcon property which will increase from 12,800 to 55,700 hectares with the addition of the claims subject to the Agreement, and the West Bear property located 90 kilometres to the northeast.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with twenty-nine projects, ten of which are drill-ready, covering over 587,000 hectares (over 1.45 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U 3 O 8 over 5.9 metres including 20.8% U 3 O 8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour's recently optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.
Skyharbour has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and Valor Resources at the Preston, East Preston and Hook Lake Projects, respectively. The Company also has several active earn-in option partners including: CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over $33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued and over $19 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
Skyharbour's Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company's website at www.skyharbourltd.com .
"Jordan Trimble"
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including the Private Placement. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
News Provided by GlobeNewswire via QuoteMedia
Purepoint Uranium Initiates Airborne Magnetotellurics at Russell South and Outlines Upcoming Announcements
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today initiated an airborne Mobile Magnetotellurics ("MobileMT") survey, including total field magnetic and VLF, at their Russell South Uranium Project which lies on the south-eastern edge of the Athabasca Basin, Saskatchewan Canada.
"Russell South is 20 kms east-northeast of Cameco's Key Lake mine and adjoins prominent uranium projects including Rio Tinto's Russell Lake property and Skyharbour Resources Inc's Moore Lake project" said Scott Frostad, VP Exploration at Purepoint. "Our previous airborne gravity survey results outlined four high-value target regions on the project and the planned MobileMT resistivity results will allow us to further develop those drill targets."
Highlights
- The MobileMT survey detects resistivity contrasts of geology structures and boundaries and will cover approximately 1,064 kilometres of flight at 150 metre spacings.
- The results of the airborne survey, carried out by Expert Geophysics of Aurora Ontario Canada, are expected for release in May 2024
- For more information on Russell South, including location map, visit: https://purepoint.ca/projects/russell-south/.
- A schedule of exploration activities and announcements for the next six months is summarized in the table below.
Russell South Project
The 100% owned Russell Lake Project is located near the south-central edge of the Athabasca Basin covering an area of 13,320 hectares.
Four target areas have now been identified at the project. The three eastern targets are based on the recent results from the airborne geophysical survey. The target zones are coincident airborne gravity low and magnetic low responses, interpreted as favourable rock types and/or alteration zones, that are proximal to north-northwest trending structures. The western Treleaven target area hosts historic coincident geochemical anomalies possibly related to a dilational zone lying between the interpreted north-south faults.
The Russell Lake project is approximately 20 km ENE of the Key Lake Mine that produced over 200 million pounds of uranium at a grade averaging 2.3% U3O8 between 1983 and 1997. In addition, the project adjoins the Moore Lake Project owned by SkyHarbour Resources Ltd. with their high-grade Maverick Zone and Rio Tinto's Russell Lake Project to the west and south.
Figure 1: Russell South Location Map
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Figure 2: Russell South Regional Map
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Figure 3: Russell South Gravity Map
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Upcoming Exploration Announcements
The current 2024 schedule of exploration activities and results are expected to be available for dissemination as follows. Any additions or amendments will be noted in subsequent releases.
Timing | Project | Activity |
April 2024 | Hook Lake | Drill program complete - initial results |
Russell South | Commencement of Airborne Electromagnetic (EM) survey | |
Smart Lake JV | Commencement of Ground EM survey | |
Turnor Lake | Outline of planned drill program | |
May 2024 | Turnor Lake | Commencement of drill program |
Smart Lake | EM survey results and interpretation | |
Russell South | Airborne EM results and drill program plan | |
Hook Lake/Smart Lake | Joint Venture meetings | |
June 2024 | Red Willow | Outline of planned drill program |
Tabbernor | Commencement of Airborne Gravity survey | |
July 2024 | Red Willow | Commencement of drill program |
Turnor Lake | Drill program complete - discussion of results | |
August 2024 | Red Willow | Drill program complete - discussion of results |
About Purepoint
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of nine advanced projects in Canada's Athabasca Basin. In addition to its flagship joint venture project at Hook Lake with partners Cameco and Orano and a second joint venture with Cameco at Smart Lake, Purepoint also holds seven, 100% owned projects with proven uranium rich targets. With an aggressive exploration program underway on multiple projects, Purepoint is emerging as the preeminent uranium explorer in the world's richest uranium district.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: cfrostad@purepoint.ca
For additional information please visit our new website at https://purepoint.ca, our Twitter feed: @PurepointU3O8 or our LinkedIn page @Purepoint-Uranium.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Disclosure regarding forward-looking statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202488
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North Shore Uranium Commences Falcon Property Drill Program
North Shore Uranium Ltd. (TSXV:NSU) ("North Shore" or the "Company") is pleased to announce that it has mobilized and commenced its drill program at its 55,699 hectare Falcon Property ("Falcon" or the "Property") located at the eastern margin of the Athabasca Basin in northern Saskatchewan. The Company is planning to drill three targets associated with electromagnetic ("EM") conductors. Information pertaining to the drill program and a summary of the Property were provided by the Company on February 28, 2024 and December 19, 2023
The drill program is being managed by TerraLogic Exploration Inc. The final three targets selected for drilling, which lie along a strong, dominantly northeast-trending EM conductor system, are shown in Figure 1. For each target, a subsurface geophysical model of the EM conductor has been prepared and a hole, which is drilled at an angle, has been designed to intersect the conductor. The program is expected to last approximately ten days with final sample results expected approximately four weeks after the end of the program.
Figure 1: Electromagnetics with 2024 drill targets P03, P08 and P12. Processing by Condor North Consulting ULC using 2006 and 2007 airborne data.
Falcon Property Background Information
Falcon is a highly prospective uranium exploration property with a limited exploration history at the eastern margin of the Athabasca Basin in an area that is seeing increased exploration activity and recent discoveries.Reinterpretation of EM data complemented by geophysical data acquired in 2022 has allowed the Company to identify high priority uranium targets in areas where there has been no previous drilling. The Property is located approximately 35 kilometres east of the active Key Lake uranium mill and former mine. The new uranium discovery potential at Falcon is significant including shallow Athabasca-style basement-hosted mineralization and pegmatite-hosted mineralization similar to that discovered at the Fraser Lakes Zone B uranium resource located just three kilometres south of the Property.
Falcon consists of 15 mineral claims; four of the claims comprising 12,791 hectares are 100 percent-owned by the Company and the remaining 11 claims totaling 42,908 hectares are subject to an option agreement with Skyharbour Resources Ltd. Under the terms of the option agreement, North Shore can earn an 80% interest in the 11 claims and has the option to purchase the remaining 20% interest after it has earned its initial 80% interest.
About North Shore Uranium
The near-term business objectives of North Shore Uranium are to become a major force in exploration for economic uranium deposits at the eastern margin of Saskatchewan's Athabasca Basin, a tier-one jurisdiction for discovering new mineable high-grade uranium deposits. The Company will work to achieve those objectives by conducting exploration programs on its two properties, Falcon and the West Bear Property, located 90 kilometres northeast of Falcon, and by evaluating opportunities to increase its portfolio of properties in the region.
Qualified Person
Mr. Brooke Clements, MSc, P.Geol., a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and the President and CEO of North Shore, has reviewed and approved the scientific and technical disclosure in this press release.
ON BEHALF OF THE BOARD
Brooke Clements,
President, Chief Executive Officer and Director
For further information:
Please contact: Brooke Clements, President, Chief Executive Officer and Director
Telephone: 604.536.2711
Email: b.clements@northshoreuranium.com
www.northshoreuranium.com
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.
Forward-Looking Statements
This news release may contain forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect","project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's current plans and business objectives. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such forward‑looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: assumptions regarding future uranium prices, debt and equity financing market conditions, receipt of regulatory approvals, and other factors. The cautionary statements qualify all forward-looking statements attributable to the Company and persons acting on its behalf. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE: North Shore Uranium Ltd.
View the original press release on accesswire.com
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Forsys Obtains Renewal of Exclusive Prospecting Licence for its Namibplass Uranium Deposit
Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) ("Forsys" or the "Company") is pleased to announce that the Ministry of Mines and Energy of the Republic of Namibia (" Ministry ") has renewed the Company's Namibplaas Exclusive Prospecting License ("EPL")3638, that forms part of its Norasa Uranium Project ("Norasa 1 ").
This licence has been renewed for a further two years until February 2026. In September 2022 Forsys has also made an application to the Ministry to convert EPL-3638 to a full 25-year Mining Licence ("ML"), and this submission is pending as ML-251. EPL-3638 remains in good standing while the Ministry processes Forsys' ML-251 submission.
"EPL-3638 covers a strategic land position with significant exploration upside," commented Pine Van Wyk, Forsys' In-Country Director. "We greatly appreciate the Ministry's continued support as we accelerate development of the Norasa project and continue to work closely with the Ministry in obtaining the ML."
Figure 1: Permits obtained
_________________________________
1 The Norasa Uranium Project ("Norasa") is wholly-owned by the Company's 100% subsidiary Valencia Uranium (Pty) Ltd. ("Valencia Uranium") and comprises the Valencia uranium deposits (held under ML-149) ("Valencia") and the Namibplaas uranium deposit (under EPL-3638, application for ML-251) ("Nambiplaas").
About Forsys Metals Corp.
Forsys Metals Corp. (TSX: FSY, FSE: F2T, NSX: FSY) is an emerging uranium developer focused on advancing its wholly-owned Norasa Uranium Project, located in the politically friendly jurisdiction of Namibia, Africa. The Norasa Uranium Project is comprised of the Valencia Uranium deposit (ML-149) and the nearby Namibplaas Uranium deposit (EPL-3638).
Further information is available at the Company website www.forsysmetals.com
On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Director, Investor Relations.
For additional information please contact:
Richard Parkhouse, Director, Investor Relations
email: rparkhouse@forsysmetals.com
Forward Looking Statement
Certain information contained in this press release constitutes "forward-looking information" , within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar+.com. The forward-looking statements included in this press release are made as of the date of this press release and Forsys Metals Corp disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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Tisdale Clean Energy to be Featured on Radius Research's Pitch, Deep Dive and Q&A Webinar
(TheNewswire)
Tisdale Clean Energy Corp. ("Tisdale" or the "Company") (CSE:TCEC ) ( OTC:TCEFF ) ( FSE:T1KC), is pleased to invite investors and other interested parties to attend an upcoming interview with Market Radius Research
Martin Gagel of Market Radius Research , Tisdale CEO Alex Klenman, and lead geologist C. Trevor Perkins, will discuss Tisdale's South Falcon East uranium project which contains the Fraser Lake B uranium deposit, and the Company's earn-in agreement with Skyharbour Resources to explore and develop the project.
The webinar will be a live, interactive online event where attendees are invited to ask the Company questions in real-time following the interview. An archived webcast will be made available for those who cannot join the event live on the day of the webinar.
Event: Radius Research Pitch, Deep Dive, and Q&A with Tisdale Clean Energy Corp.
Presentation Date & Time: Thursday, March 7th at 1:00 PM ET / 10:00 AM PT
Webcast Registration Link:
https://us02web.zoom.us/webinar/register/2117092235396/WN_YyE5G8neTXC8FvDlz9TaGg
Market Radius Research gives individual investors access to in-depth CEO interviews with deep-dive institutional level discussion and Q&A. Market Radius is hosted by Martin Gagel, former top-ranked technology analyst. By registering for this webinar, you agree to receive email communications from Market Radius Capital, Inc. and from the presenting company (with unsubscribe). Your email will not be further shared. Martin Gagel and Market Radius Capital, Inc. are not registered or licensed to provide investment advice and may own shares in mentioned companies and may be compensated for these services. Content is for information purposes only and is not advice or recommendations and may include incomplete or incorrect information. Investing entails a high degree of risk. This is a production of Market Radius Capital, Inc.
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, a 12,770-hectare project located in the Athabasca Basin region, Saskatchewan, Canada, which contains the Fraser Lakes B uranium/thorium deposit.
For further information, contact Alex Klenman at info@tisdalecleanenergy.com or 604.970.4330 .
ON BEHALF OF THE BOARD OF Tisdale Clean Energy Corp.
"Alex Klenman"
Alex Klenman, Chief Executive Officer
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. These forward-looking statements or information may relate to the anticipated use of proceeds from the Offering and other factors 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Cosa Resources Closes C$6.5 Million Private Placement
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce that it has closed the brokered private placement previously announced by the Company on February 12, 2024, as upsized on February 13, 2024, for aggregate gross proceeds of C$6,500,816 (the "Offering"). The Offering was completed through a syndicate of underwriters, led by Haywood Securities Inc. and including PI Financial Corp. (collectively, the "Underwriters").
Pursuant to the Offering, the Company issued 2,128,000 units of the Company (the "Hard Dollar Units") at a price of C$0.47 per Hard Dollar Unit and 7,704,000 charity flow-through units of the Company (the "Charity FT Units", and together with the Hard Dollar Units, the "Units") at a price of C$0.714 per Charity FT Unit.
Each Hard Dollar Unit consists of one common share of the Company (a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Charity FT Unit consists of one Share of the Company that qualifies as a "flow-through share" within the meaning of the Income Tax Act (Canada) and will qualify as an "eligible flow-through share" as defined in The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan) and one-half of one Warrant.
Each Warrant entitles the holder to purchase one Share (a "Warrant Share") at an exercise price of C$0.67 until March 5, 2026, subject to an acceleration provision whereby, if for any ten consecutive trading days, the closing price of the Shares exceeds $1.20 per Share on the TSX Venture Exchange, the Company may announce by way of press release that the expiry date of the Warrants will be accelerated to 30 days thereafter.
The gross proceeds from the sale of the Charity FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada), and to incur "eligible flow-through mining expenditures" pursuant to The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan) (collectively, the "Qualifying Expenditures") related to the Company's uranium projects in the Athabasca Basin, Saskatchewan, on or before December 31, 2025. All Qualifying Expenditures will be renounced in favour of the subscribers of the Charity FT Units effective December 31, 2024. The net proceeds from the sale of the Hard Dollar Units will be used to fund exploration and for additional working capital purposes.
In consideration for the services provided by the Underwriters in connection with the Offering, on closing the Company: (i) paid to the Underwriters a cash commission equal to 5.0% of the gross proceeds of the Offering, other than in respect of Units issued to certain purchasers on a president's list agreed upon by the Company and the Underwriters (the "President's List"), in which case the commission in respect of such issuance was equal to 3.0%; and (ii) issued compensation options of the Company (the "Compensation Options") to the Underwriters to acquire that number of common shares in the capital of the Company (each a "Compensation Option Share") which is equal to 6.0% of the number of Units sold under the Offering, other than in respect of Units issued to purchasers on the President's List, in which case the Company did not issue any Compensation Options. Each Compensation Option entitles the holder to acquire one Compensation Option Share until March 5, 2026, at an exercise price of C$0.47.
Taylor Collison Limited acted as a special financial advisor to the Company with respect to the Offering.
The Company welcomes CQS (UK) LLP, as investment manager for both CQS Natural Resources Growth and Income PLC and Geiger Counter Limited, as a new insider of the Company.
The securities issued and made issuable pursuant to the Offering are subject to a hold period expiring on July 6, 2024.
Directors and officers of the Company subscribed for an aggregate of 120,500 Hard Dollar Units for gross proceeds of $56,635 under the Offering. Participation by insiders of the Company in the Offering constitutes a related-party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance of these securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 as the common shares of the Company are listed on the TSX Venture Exchange. The issuance of these securities is also exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(b) of MI 61-101 as the fair market value was less than $2,500,000.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Cosa Resources
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 200,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
Cosa's award-winning management team has a long track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement in discovering IsoEnergy's Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had integral roles in the discovery of Denison Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at their Ursa Project, which captures over 60-kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization and limited historical drilling. It potentially represents the last remaining eastern Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023 identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad zones of inferred sandstone alteration - a setting that is typical of most eastern Athabasca uranium deposits.
For further information on Cosa Resources, please contact:
Keith Bodnarchuk, President & CEO
Tel: +1 888-899-2672 (COSA)
Email: info@cosaresources.ca
Website: www.cosaresources.ca
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.
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Cosa expects or anticipates will or may occur in the future including the intended use of proceeds of the Offering and the tax treatment of the Charity FT Units.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of metals; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual 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 or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the future tax treatment of the Charity FT Units, competitive risks and the availability of financing; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of potential health epidemics, pandemics or other outbreaks of communicable diseases; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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Baselode Doubles Drill Program for Catharsis Uranium Project
- The drill program will double in size to 4,000 metres
- Three new target areas will be added
- Baselode is seeking another grassroots discovery on Catharsis
- Early drilling has encountered anomalous radioactivity, strong alteration, and encouraging redox-style alteration within brittle structures
Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to announce that it will increase the ongoing drill program on the Catharsis uranium project ("Catharsis") to 4,000 metres. Early drilling has shown encouraging signs that warrant the additional investment.
"Our first drill hole of this program intersected anomalous radioactivity* within a structural corridor at a favourable lithologic contact. These are important similarities with other uranium deposits. Subsequent drill holes followed the radioactivity up-dip (Figure 3) and intersected quartz-hematite oxidized fluid systems with redox-style and clay alteration characteristics reminiscent of high-grade uranium deposits (see Figures 4, 5 & 6). We will continue drilling the target area down-dip of the radioactivity, and along strike from it. We are encouraged by the results and have decided to increase our Program. We will drill more target areas than previously announced to test for near-surface, high-grade uranium deposits," stated James Sykes, CEO, President, and Director of Baselode.
Please watch the Company's video (below) for updates and explanations about the first three drill holes (CT24-009 to CT24-011) and target areas of the Program.
Catharsis 2024 Exploration Update
Catharsis Drill Program Details
Three drill holes, CT24-009 to CT24-011, for 721 m have been completed within Target Area D (Table 1). The Program has been upgraded to target 12 to 16 drill holes for 4,000 metres ("m") within 6 to 8 different untested target areas (Figure 2).
Drill hole CT24-009 was completed down to 305.0 m depth, having intersected anomalous radioactivity, 666 counts-per-second ("cps") over 0.7 m, including a maximum of 1,305 cps over 0.1 m, at 275.4 m depth within a structural corridor at a favourable lithological contact. The radioactivity was never recovered in drill core due to significant core loss however the radioactivity was identified by the downhole gamma probe.
Drill holes CT24-010 and CT24-011 were completed down to 218.25 m and 198.0 m depth, respectively. Both drill holes intersected encouraging clay, quartz, and hematite redox-style alterations associated with cohesive brittle structures up-dip of the radioactivity in CT24-009. CT24-011 intersected alteration styles and structural types with greater intensity over a broader width than CT24-010. These structures and alteration styles demonstrate the presence of hydrothermal fluids mixing along remobilized brittle structures, and are typically associated with Athabasca Basin basement-hosted uranium deposits.
The logistics support for a high-resolution airborne magnetic and radiometric survey remains on-going. The survey is planned for over 10,000 line-km with flight lines 50 m apart.
* "Anomalous radioactivity" defined as >1,000 cps over 0.1 m as measured with the large NaI crystal from the downhole triple gamma probe model 2GHF-1000. Average background radioactivity for drill holes CT24-009 to CT24-011 established as 40 cps.
Click Here for Figures 1-6 - Drill Map - Core Photos - Cross Sections
About Baselode Energy Corp.
Baselode controls 100% of approximately 272,804 hectares for exploration in the Athabasca Basin area of northern Saskatchewan, Canada. The land package is free of any option agreements or underlying royalties.
The Company discovered the ACKIO near-surface, uranium prospect in September 2021. ACKIO measures greater than 375 m along strike, greater than 150 m wide, comprised of at least 9 separate uranium Pods, with mineralization starting as shallow as 28 m and 32 m beneath the surface in Pods 1 and 7, respectively, and down to approximately 300 m depth beneath the surface with the bulk of mineralization occurring in the upper 120 m. ACKIO remains open at depth, and to the north, south and east.
Baselode's Athabasca 2.0 exploration thesis focuses on discovering near-surface, basement-hosted, high-grade uranium orebodies outside the Athabasca Basin. The exploration thesis is further complemented by the Company's preferred use of innovative and well-understood geophysical methods to map deep structural controls to identify shallow targets for diamond drilling.
QP Statement
The technical information contained in this news release has been reviewed and approved by Cameron MacKay, P.Geo., Vice-President, Exploration & Development for Baselode Energy Corp., who is considered to be a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."
For further information, please contact:
James Sykes, CEO, President and Director
Baselode Energy Corp.
jsykes@oregroup.ca
306-221-8717
www.baselode.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Baselode Energy Corp. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Baselode Energy Corp. Additional information identifying risks and uncertainties is contained in the Company's filings with Canadian securities regulators, which filings are available under Baselode Energy Corp. profile at www.sedarplus.ca.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
FIGURE 1 - Bear, Catharsis, Hook & Shadow projects location map. ACKIO uranium prospect identified by yellow circle
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https://images.newsfilecorp.com/files/6412/200303_baselode1en.jpg
FIGURE 2 - Catharsis project and 2024 diamond drilling target areas A to G (white circles)
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https://images.newsfilecorp.com/files/6412/200303_baselode2en.jpg
FIGURE 3 - Cross Section of drillholes CT24-009, CT24-010, and CT24-011
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https://images.newsfilecorp.com/files/6412/200303_baselode3en.jpg
FIGURE 4 - CT24-011, 134.7 to 154.5 m, overview of part of structural system and hydrothermal alteration
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https://images.newsfilecorp.com/files/6412/200303_baselode4en.jpg
FIGURE 5 - CT24-011, 138.5 to 145.5 m, close-up of clay and redox-style hydrothermal alteration
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FIGURE 6 - CT24-011, 144.3 m depth, close-up of redox-style hydrothermal alteration
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TABLE 1 – Drill collar details for drill holes CT24-009 to CT24-011
DDH | Target Area | East | North | Elevation | Az. | Dip | EOH | Radioactivity (>300 cps) | Assay Results (>100 ppm U3O8) | |
CT24-009 | D | 403,004 | 6,246,588 | 476 | 315 | -60 | 305 | 666 cps over 0.7 m at 275.4 m | NA - no core recovered | |
CT24-010 | D | 402,960 | 6,246,631 | 475 | 315 | -60 | 218 | No significant results | ||
CT24-011 | D | 402,960 | 6,246,631 | 475 | 315 | -45 | 198 | No significant results | ||
3 DDH | 721 | 1 DDH | 0 DDH |
NOTES: East and North units are metres using NAD83 datum, UTM Zone 13N
Elevation is recorded as "metres above sea level"
Az. = Azimuth, EOH = End of hole (measured in metres)
Composite radioactivity results use 200 cps cut-off and do not contain greater than 2.0 m consecutive dilution
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