Resource News

Skyharbour Resources Ltd.'s (TSX-V: SYH ) (OTCQB: SYHBF ) (Frankfurt: SC1P ) (the "Company") partner company Azincourt Energy ("Azincourt), is pleased to announce that the 2022 exploration program has been completed at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada. Drilling for the 2022 winter season at the East Preston Project commenced in late January and a total of 5,004 metres were completed in 19 drill holes, which was cut slightly short due to the onset of warm weather. Drilling was focused on the G-, K-, and H-Zones with prior progress reported in news releases dated February 14 th 2022, March 1 st 2022, and March 16 th 2022. Packing up and demobilizing of the drill equipment and camp is underway with decommissioning of the road expected to be completed in early April.

Project Location – Western Athabasca Basin, Saskatchewan, Canada:
https://www.skyharbourltd.com/_resources/maps/Sky_EastPreston_20211209.jpg

Highlights:

  • 5,004 metres completed in 19 drill holes
  • Alteration in K-Zone extends 1,200 metres
  • Alteration in H-Zone extends 500 metres
  • Assays pending for all drill holes

Winter 2022 Diamond Drilling Program:

A total of 420 samples were collected throughout the program and sent to the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan for analysis. Complete assay results, expected to be received beginning in late April and into June, will be reported once received, reviewed, and verified by Azincourt's QP.

With the discovery of at least 1,700 metres of extensive hydrothermal alteration and elevated radioactivity, Azincourt considers the results of this program to be significant. Major uranium discoveries in the Athabasca Basin such as McArthur River, Key Lake, and Millennium were primarily the result of drill testing strong alteration zones related to conductor features. Establishing the presence of strong alteration zones at East Preston is a significant step forward in identifying the key areas along the conductor trends where more attention is required. Many holes were drilled significantly deeper than initially planned to get through alteration and structure intersected, and additional holes were drilled to follow up key results.

"The discovery of these alteration zones, both along the same trend, covering almost two kilometers of ground within these two separate zones, is a very important development," said Azincourt's President and CEO, Alex Klenman. "With 5,000 meters of drilling we were able to establish 1,700 meters of alteration, that's a pretty good ratio. We know that alteration is associated with uranium deposition, acting as a halo proximal to deposition. The area in and around these zones is now a clear priority for continued drilling. The assay results will give us a really good idea of what we're into and we're eager to see what comes back from the lab," continued Mr. Klenman.

"The results from the winter drilling program are very encouraging" said Azincourt's VP, Exploration, Trevor Perkins. "The extensive alteration zones and elevated radioactivity are significant signs that we are on the right track. Alteration and structure continue to be the key features to guide us towards discovery. These results continue to help us vector within these alteration zones," continued Mr. Perkins.

The winter 2022 diamond drilling program was executed by TerraLogic Exploration Inc. under the guidance and supervision of Azincourt's Vice President, Exploration, Trevor Perkins, P.Geo, and Jarrod Brown, M.Sc., P.Geo, Chief Geologist and Project Manager with TerraLogic Exploration. Drilling focused on the A-G and K-H-Q trends and commenced in the G-Zone where the 2021 drill program ended (Figure 2).

Target Corridors at East Preston Uranium Project (Figure 1) :
https://skyharbourltd.com/_resources/maps/nr-20210118-figure1.png

Nine drill holes were completed on the northeast trending G-Zone (Figure 2). Extensive hydrothermal alteration and evidence of east-west cross-cutting structures have been intersected along the southern portion of the zone, highlighted in holes EP0030 and EP0037 with intervals of hydrothermal hematite alteration and extensive evidence for a steep east-west fault cross-cutting the main northeast trending structure and graphitic lithologies. An evaluation of the structural data and geochemistry will be undertaken to aid in planning for additional follow-up drilling and evaluation of this area in the next drill program.

2022 Drill Target Areas at the East Preston Uranium Project (Figure 2) :
https://www.skyharbourltd.com/_resources/images/2022-Drill-Holes-and-Target-areas-at-the-East-Preston-Uranium-Project.png

On the north-south trending K-Zone (Figure 2), six holes were completed. One hole was lost in a sand filled fault zone at the north end of the zone. Drilling on the K-Zone has intersected extensive hydrothermal hematite alteration in all holes, indicating this alteration zone is at least 1,200 metres long. Extensive zones of hydrothermal hematite have been intersected in all holes, with clay alteration also being present. A zone of localized elevated radioactivity more than 10 times background values was identified in hole EP0035 from both handheld scintillometers and a downhole gamma probe (see news release dated March 1 st , 2022). Samples from this zone have been sent to the lab to evaluate the significance of the elevated radioactivity in this area.

The H-Zone covers a change in orientation of the structural and conductive trend from north-south to southwest trending (Figure 2). Three holes have been completed on the north part of the trend and have intersected a thick zone of hydrothermal alteration and an intense graphitic fault zone. The structural setting for this area is expected to be complex, to facilitate the change in orientation of the conductive package. Whether this alteration zone is a continuation of that in K-Zone or constitutes a new alteration zone is yet to be determined.

Due to the changes to the drilling program, only the north end of the H-Zone was tested and the planned holes for Q-Zone have been postponed to the next drill program. A thorough review and interpretation of the results of this program will occur over the next few months and preparation for an extensive follow-up program is underway to continue evaluating alteration and structure on the G-, K-, and H-Zones as well as to begin testing the Q-Zone.

East Preston Target Areas :

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.

Drilling programs to date have confirmed that identified geophysical conductors comprise structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates. Hydrothermal alteration and anomalous radioactivity have been demonstrated to exist within these structurally disrupted conductor zones.

While the A-G and K-H-Q trends are the primary focus, many additional trends and zones exist to the east and west of the primary trends on the East Preston property (Figure 1). These additional target areas will require ground geophysics to constrain conductor locations and drilling to properly evaluate their potential.

Permitting and Community Engagement :

Permits are in place to complete all the planned work through the winter of 2022. Azincourt Energy continues to be engaged in regular meetings with the Clearwater River Dene Nation and other rights holders to ensure that concerns of the local communities are addressed. Azincourt looks forward to a continued close working relationship 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. Several members of the Clearwater River Dene Nation are directly employed on site or provide support and services to keep the camp and program running.

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 has now earned their 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 a total of 9.5 million common shares of Azincourt divided evenly between Skyharbour and Dixie Gold. Skyharbour retains a 15% interest in the East Preston 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 on behalf of the company by C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt Energy, and a Qualified Person as defined by National Instrument 43-101.

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 totalling 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 .

Skyharbour Resources Ltd.

"Jordan Trimble"

Jordan Trimble
President and CEO

For further information contact myself or:
Riley Trimble
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.

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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SYH:CA
Skyharbour Resources

Skyharbour Resources

Overview

Industry experts expect uranium prices to rise and the nuclear industry resurgence to start accelerating as uranium continues to play an integral role in the generation of clean, base-load, affordable and reliable energy globally. Despite a predicted demand for uranium topping 185 million pounds in 2021, a major supply-side response has played out in recent years and supply deficits have continued to grow. As uranium is needed for nuclear power, exploration and development companies focused on uranium-based assets could benefit significantly in the coming years as renewed investor interest comes back to the sector.

Skyharbour Resources (TSXV:SYH,OTCQB:SYHBF,FWB:SC1P) is a mineral exploration company that holds an extensive portfolio of uranium and thorium projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with 385,000 hectares of drill-ready land consisting a total of fourteen projects, nine of which are drill ready. The Company 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 with drill results returning up to 6.0percent U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Skyharbour is actively advancing and drilling the project with ongoing exploration programs.

In addition to offering investors exposure to high-grade uranium discovery potential at its flagship Moore Project, Skyharbour leverages its property portfolio using the prospect generator model and has partner companies fund exploration and development at its other projects. It is a cost-effective model that facilitates large exploration programs without substantial equity dilution.

The Athabasca Basin hosts the highest-grade uranium deposits in the world and has historically accounted for 15-20% of annual global uranium production. Using modern exploration techniques and methodologies, Skyharbour is looking to emulate recent discovery success stories that have created significant returns for shareholders including those made by NexGen Energy (TSX:NXE), Fission Uranium (TSX:FCU), Alpha Minerals, Denison Mines (TSX:DML), and Hathor Exploration.

In September 2021, Skyharbour announced the initial set of diamond drill results from its 2021 summer diamond drilling program at its 100% owned, 35,705 hectare Moore Uranium Project. The summer/fall 2021 program included 6,598m in 19 holes and returned highlights of 2.54% U3O8 over 6.0m including 6.80% U3O8 over 2.0m in basement rocks at Maverick East Zone as well as 0.54% U3O8over 19.5 metres including 4.0 metres of 2.07% U3O8.

The Company expects major developments and extensive exploration to be carried out in 2022, with a winter drill program of a minimum of 2500m to commence shortly. “Outside of our Moore project, Skyharbour’s partner companies have been advancing some of our other projects,” Skyharbour CEO Jordan Trimble commented.

Currently, Skyharbour has joint venture agreements with Orano Canada Inc. (industry-leader and France’s largest uranium mining and nuclear fuel cycle company) and Azincourt Energy Corp. [AAZ-TSXV; AZURF-OTC] on the Preston and East Preston Projects, respectively, which collectively cover one of the largest land positions in the Paterson Lake region. Orano recently became a 51% joint venture partner with Skyharbour and Dixie Gold after completing an earn-in option at the 49,645-hectare Preston Project by funding exploration and making cash payments. Meanwhile, Azincourt has recently earned a 70% stake in the 20,647 hectare East Preston Project by issuing shares, spending $2.5 million on exploration, and paying $1 million in cash to Skyharbour and Dixie Gold. Azincourt Energy recently commenced its 2022 exploration program at the East Preston Uranium project which will consist of a minimum of 6,000m of drilling in 30-35 drill holes.

Skyharbour has also recently signed a definitive agreement with ASX-listed Valor Resources on its Hook Lake Uranium Project (previously called North Falcon Point). Under the agreement, Valor can earn-in 80% of the project by spending $3.5 million on exploration and making $475,000 in cash payments over three years, as well as issuing 233,333,333 million shares to Skyharbour. Valor Resources commenced a 2,500m diamond drilling program at the Hook Lake Uranium Project and scheduled an airborne gravity survey to commence in April 2022. In addition, Skyharbour has an active partnership with 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.

A world-class management and geological team lead Skyharbour Resource. The 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 favourable jurisdictions.

Company Highlights

  • Over 385,000 hectares of land made up of 14 projects, 9 of which are drill ready
  • Flagship project, Moore Uranium Project, is an advanced stage uranium exploration property that Skyharbour has a 100% interest in with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0percent U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres
  • Skyharbour also has a 100% interest in the South Falcon Point Uranium Project which contains a NI 43-101 inferred resource totalling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%.
  • Joint venture with Orano Canada at the Preston Project. Orano successfully earned-in a 51% interest in the project by spending C$4.8m 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-in a 70% interest by spending C$2.5m on exploration, a cash payment of C$500,000 and issuing 4.5m shares
  • Skyharbour also has 3 active earn-in agreements with Valor Resources, Medaro Mining and Basin Uranium Corp on the Hook Lake, Mann Lake and Yurchison Uranium projects (respectively)
  • The signed option agreements and joint-ventures are worth C$19.8m in exploration expenditures and C$10.2m in cash payments
  • Skyharbour has a notable shareholder base including Denison Mines Corp (TSX: DML, NYSE: DNN), North Shore Global Uranium ETF, Global X Uranium ETF (URA) and significant insider purchasing such as David Cates (Director) recently adding 600,000 of SYH to his portfolio
  • Led by a strong management team including:
    • Jordan Trimble, President & CEO – led Corporate Development for Bayfield Ventures during its acquisition by New Gold (TSX: NGD)
    • Jim Pettit, Director & Chairman of the Board – over 30 years of experience within the industry specializing in finance, corporate governance and management
    • David Cates, Director – current CEO & President of Denison Mines (TSX: DML, NYSE: DNN)
    • Andrew J. Ramcharan, Snr V.P. Corporate Development - Extensive background in corporate development, mining & exploration, project evaluation, and investment banking spanning over 20 years
  • 5 drill programs are planned thus far for 2022 between Skyharbour and its partner companies
  • Skyharbour will continue to execute on its prospect generator model by acquiring projects at attractive valuations and forming joint-ventures to advance the secondary projects

Key Projects

Moore Project

Skyharbour owns 100% of the 35,705 hectare Moore Uranium Project located 42 kilometres northeast of the Key Lake mill, approx. 15 kilometres east of Denison’s Wheeler River project, and 39 kilometres south of Cameco’s McArthur River mine. Unconformity-hosted uranium mineralization was discovered on the property at the Maverick Zone in the early 2000’s at relatively shallow depths. Skyharbour has carried out several drill programs with multiple holes intersecting high grade uranium mineralization over the 4.7 km long Maverick corridor. Drill results include 20.8% U3O8 over 1.5m at 264m depth in hole ML-199, 9.12% U3O8 over 1.4m at 278m in hole ML-202 and 5.29% over 2.5m U3O8 at 279m depth in hole ML-200. Hole ML-202 represents a new high-grade discovery and illustrates the strong discovery potential of additional high grade lenses along strike. The Company is planning additional drill programs to expand the known high grade Maverick Zone and to test basement-hosted targets as well as regional targets.

The depth to the unconformity on the property is relatively shallow, with the thickness of the sandstone cover varying from less than 125 metres on the property’s eastern side to over 325 metres on the property’s northwestern side. Basement rocks are predominantly paragneisses belonging to the Wollaston Domain. A large mafic sill known as the “Moore Lake complex” partially overlies a portion of the eastern side of the property. The property has been the subject of extensive historical exploration with over $45 million in expenditures, and over 150,000 metres of diamond drilling completed in over 390 drill holes. The project is accessible via ice roads from the McArthur River mine haul road and float or ski equipped aircraft.

The next steps for the project include the commencement of a 2022 winter drilling program of 2500m consisting of 10 to 12 drill holes.

The drilling will focus on both unconformity and basement-hosted targets along the Maverick structural corridor and new targets identified in the Grid Nineteen area. Skyharbour specifically plans to expand the high-grade mineralization discovered recently at the Maverick East zone, along strike, down plunge and at depth with a focus on basement-hosted mineralization. Other targets along the 4.7 km long Maverick structural corridor will be investigated, including the Esker target, again with a focus on basement-hosted mineralization. All 2022 exploration work is fully funded and appropriately permitted.

Preston Project

The Preston project is a large 49,635-hectare (122,651 acre) land position strategically located to the south of and proximal to NexGen Energy’s Rook 1 project host to the high-grade Arrow deposit, as well as proximal to Fission Uranium’s (TSX: FCU) Patterson Lake South (“PLS”) project host to the 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.

The Preston Uranium Property is bisected by the all-weather Highway 955, which runs north through the PLS discovery being advanced by Fission through to the former Cluff Lake uranium mine. Over $7 million in historical exploration expenditures on the Preston Project have been incurred to date. This exploration has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as several exploratory drill programs. Several high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through this methodical, multiphased exploration initiative, which has culminated in an extensive, proprietary geological database for the project area.

Orano Canada has now earned 51% of the project through $4.8 million in exploration expenditures as well as cash payments. Skyharbour retains a 24.5% minority interest in the project.

East Preston Project

The East Preston project is a large 20,647 hectare (51,020 acre) land position strategically located proximal to NexGen Energy’s Rook 1 project host to the high grade Arrow deposit, as well as proximal to Fission Uranium’s (TSX: FCU) Patterson Lake South (“PLS”) project host to the 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.

Over $5 million in historical exploration expenditures on the Preston Uranium Project have been incurred to date. This exploration has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment, and geological mapping surveys, as well as several exploratory drill programs. Several high-priority drill target areas associated with multiple prospective exploration corridors have been successfully delineated through this methodical, multiphased exploration initiative, which has culminated in an extensive, proprietary geological database for the project area.

Azincourt Energy has now earned 70% of the project by issuing shares, spending $2.5 million on exploration, and paying $1 million in cash to Skyharbour and Dixie Gold. Skyharbour retains a 15% minority interest in the project.

North Falcon Point Project (Hook Lake)

The North Falcon Point (Hook Lake) 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% uranium in massive pitchblende veining at surface level.

Skyharbour recently announced a Definitive Agreement signed with ASX-listed Valor Resources whereby Valor can earn-in 80% of the project by contributing cash and exploration expenditures consideration totaling C$3,975,000 over a three-year period ($475,000 will be in cash payments to Skyharbour as well as $3,500,000 in exploration expenditures) as well as issuing a total of 233,333,333 shares to Skyharbour.

The project area is in close proximity to all-weather northern highways and grid power. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area. Compilation and reinterpretation of previous exploration work results are already underway. An initial phase of exploration work by Valor Resources includes further bio-geochemical surveys, detailed UAV magnetics, ground gravity and resistivity surveys as well as detailed geological and structural mapping. A 2500m diamond drilling program has commenced at the project to test the extent of uranium mineralisation at the S-Zone which included up to 59.2% U3O8 in rock chip samples at surface.

South Falcon Project

The South Falcon project consists of 21 claims totaling 44,470 hectares and is strategically located 55 kilometers east of the Key Lake mine. In March of 2015, Skyharbour released an updated NI 43-101 mineral resource estimate for the Fraser Lakes Zone B deposit at south end of the property: 6,960,681 pounds U3O8 inferred at average grade of 0.03% U3O8 and 5,339,219 pounds ThO2 inferred at average grade of 0.023% ThO2 within 10,354,926 tonnes (cutoff grade of 0.01% U3O8). The deposit has geological and geochemical features similar to basement-hosted deposits in the Athabasca Basin such as Eagle Point, Millennium, P-Patch and Roughrider. Exploration potential of the 6 by 7 kilometre Fraser Lakes target area is considered exceptional, including resource expansion potential along strike and at depth at the Zone B uranium deposit.

Drilling to date at South Falcon Point totals over 22,000 meters across 110 holes with over C$15 million spent on exploration across its six near-surface targets. Skyharbour carried out a drill program in 2015 that returned 0.172% U3O8 over 2.5 metres and the findings point to increasing uranium grades at depth beneath the deposit. Recommended future work includes defining additional resources at the Fraser Lakes Zone B deposit area and further interpretation of geochemical and assay data following geological analysis.

Yurchison Project

The Yurchison Project consists of 11 claims totalling 55,934 ha in the Wollaston Domain of northern Saskatchewan, Canada. 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 Pb-Zn-Ag showings while the remainder is along trend to the north-northeast of the Janice Lake Cu deposit and numerous other base metal showings in the “Wollaston Copperbelt”. Access to the area is enhanced by Highway 905 which transects the property near Courtney Lake. A planned all-weather road between Highway 905 and the communities of Wollaston Lake and Hatchet Lake is proposed adjacent to the northeastern section of the claims. It is unknown when the project will be completed, but once in place it will significantly improve logistics for the project. Grid power is used to service a motel, restaurant and gas bar is located at km 147 of Highway 905, a few km north of Courtenay Lake.

In November 2021, Skyharbour signed an option agreement with Medaro Mining Corp. which provides Medaro an earn-in option to acquire an initial 70% interest and up to a 100% interest in the Yurchison Uranium Property.

Pursuant to the agreement, Medaro may acquire an initial 70% interest in the Property by issuing common shares of Medaro having an aggregate value of CAD $3,000,000; making aggregate cash payments of CAD $800,000; and incurring an aggregate of CAD $5,000,000 in exploration expenditures on the Property over a three year period.

Mann Lake Project

The 3,473 hectare (8,582 acre) Mann Lake Uranium Project is located in the eastern Athabasca Basin in northern Saskatchewan. It is strategically located 25 km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast along strike of Cameco's Millennium uranium deposit. In October, 2021 the Company entered into an option agreement with Basin Uranium Corp which provides them an earn-in option to acquire up to a 75% interest in the Mann Lake Uranium Project.

Under the option agreement, Basin Uranium Corp will contribute cash and exploration expenditure consideration totaling CAD $4,850,000 over a three-year period (“Project Consideration”). Of the Project Consideration, $850,000 will be in cash payments to Skyharbour and $4,000,000 will be in exploration expenditures on the project. Basin Uranium Corp will also issue to Skyharbour the equivalent value of CAD $1,750,000 in shares of the company over the three-year earn-in period to complete the earn-in.

Management Team

Jordan Trimble, B.Sc., CFA - Director, President & 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. Mr. Trimble holds a Bachelor of Science Degree from the University of British Columbia and he is a CFA Charterholder currently serving as a director of the CFA Society Vancouver.

James G. Pettit - Director & 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 within the resource sector and he was previously chairman and CEO of Bayfield Ventures, which was sold to New Gold in 2014.

Dr. Andrew J. Ramcharan - Senior Vice President of Corporate Development

Dr. 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, Dr. Ramcharan was involved in raising over $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 inlcuding SXR Uranium One, Ur-Energy, and UraMin which eventually sold for $2.5 billion in 2007 to Areva.

David Cates, CPA, MACC - 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 Mr. Cates served as Denison’s Vice President Finance, Tax and Chief Financial Officer. As Chief Financial Officer, Mr. Cates played a key role in the Company’s mergers and acquisitions activities – leading the acquisition of Rockgate Capital Corp. and International Enexco Ltd. Mr. 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, Mr. Cates held positions at Kinross Gold Corp. and PwC LLP with a focus on the resource industry.

Paul Matysek, M.Sc, P.Geo - 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 (“EMC”), a premier uranium company that traded on the New York and Toronto Stock Exchanges. Mr. 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 of 2017, Mr. Matysek was involved of the sale of Lithium X Energy Corp. for $265M to NextView New Energy. Mr. 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, Mr. 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, Mr. Matysek was the President and CEO of Potash One Inc. 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, MBA, ICD.D - Director

Mr. 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 Inc. where he oversees the investment banking practice in entirety.

His career has spanned across 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.In his previous and current roles, he has acquired experience in corporate finance, mergers, acquisitions, business and operational development, financings and corporate strategy. He has been directly involved in raising several billion dollars for mining companies as well as lead advisor on significant M&A transactions.

Prior to investment banking, Mr. Gallucci spent over a decade in equity research with a focus on global mining at both GMP and Dundee Securities. At Dundee Securities, he was a Managing Director and Head of the Metals and Mining Research Team, where he oversaw the entire mining franchise.

He holds a Bachelor of Commerce degree from Concordia University and an MBA in Investment Management from the Goodman Institute of Investment Management. He also holds the ICD.D designation.

Skyharbour Resources Ltd. Invites You to Join Us at the Vancouver Resource Investment Conference

Skyharbour Resources Ltd. Invites You to Join Us at the Vancouver Resource Investment Conference

Skyharbour Resources Ltd. (TSXV: SYH) would like to cordially invite you to visit us at Booth #604 at the Vancouver Resource Investment Conference (VRIC) to be held at the Vancouver Convention Centre West (1055 Canada Place, Vancouver) on Tuesday May 17 Wednesday May 18, 2022.

Former Prime Minister of Canada Stephen Harper and Former President of Mexico Felipe Calderon are two of the marquee speakers at the 2022 Resource Investment Conference. The Vancouver Resource Investment Conference (VRIC) will host over 100 international keynote speakers covering the hottest topics in finance, economics and geopolitics on May 17th and 18th, 2022.

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Skyharbour Resources Ltd. Invites You to Join Us at the Red Cloud 2022 Very Pre-PDAC Mining Showcase

Skyharbour Resources Ltd. Invites You to Join Us at the Red Cloud 2022 Very Pre-PDAC Mining Showcase

Skyharbour Resources Ltd. (TSXV: SYH) is pleased to announce that the company will be presenting at Red Cloud's 2022 Very Pre-PDAC Mining Showcase. We invite our shareholders and all interested parties to join us there.

The annual conference will be a virtual event this year and will take place from March 2-4, 2022.

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CanAlaska Acquires Large Position NE of Patterson Lake

CanAlaska Acquires Large Position NE of Patterson Lake

Over 60 Kilometres of the Prolific Patterson Lake Corridor

Highly Anomalous Lake Sediment Samples Identified

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HydroGraph Inc. Nears Commercial Scale Production

HydroGraph Inc. Nears Commercial Scale Production

HydroGraph Clean Power Inc. (HG.CN) (OTCMKTS:HGCPF) (the " Company " or " HydroGraph "), a commercial manufacturer of high-quality nanomaterials and alternative-energy fuels, has announced a time horizon for commercial scale production at its Manhattan, KS manufacturing plant.

The Company has targeted Q3 2022 for commercial scale, leveraging manufacturing technology developed at Kansas State University and kicking off a five-year plant expansion and job creation plan for the Manhattan region.

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ValOre Metals

ValOre Files Technical Report for Pedra Branca

ValOre Metals Corp. ("ValOre"; TSX ‐ V: VO; OTC: KVLQF; Frankfurt: KEQ0, "the Company") today filed a technical report (the "Technical Report") for ValOre's 100%-owned Pedra Branca Platinum Group Elements ("PGE", "2PGE+Au") Project ("Pedra Branca") in northeastern Brazil.

The Technical Report, entitled "Independent Technical Report – Mineral Resource Update on the Pedra Branca PGE Project, Ceará State, Brazil" has been prepared in accordance with National Instrument 43-101- Standards of Disclosure for Mineral Projects ("NI 43-101") and can be found at www.sedar.com .

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ValOre Metals

ValOre Drills Multiple Zones of Near-Surface Radioactivity at Dipole Target, Angilak Property Uranium Project

ValOre Metals Corp. ("ValOre"; TSX ‐ V: VO; OTC: KVLQF; Frankfurt: KEQ0, "the Company") today provided a preliminary update on the Reverse Circulation ("RC") drilling at ValOre's 100% owned 59,483-hectare Angilak Property Uranium Project ("Angilak"), located in Nunavut Territory, Canada. All seven RC holes drilled at the Dipole target have intersected multiple, shallow zones of radioactivity.

"Dipole was first drilled in 2015, where 9 of 9 ValOre diamond drill holes intersected multiple zones of near surface uranium mineralization in rocks analogous to those found in the Lac 50 Trend deposits," stated ValOre's VP of Exploration, Colin Smith. "2022 RC drilling at Dipole confirms that U 3 O 8 mineralization remains open at depth and along strike in both directions coincident to a 3.4-km-long, coincident, VLF-EM conductor and uranium-in-soils anomaly."

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Skyharbour's Partner Company Basin Uranium Corp. Announces Completion of Second Drill Hole at Mann Lake Uranium Project, Saskatchewan

Skyharbour's Partner Company Basin Uranium Corp. Announces Completion of Second Drill Hole at Mann Lake Uranium Project, Saskatchewan

Skyharbour Resources Ltd. 's ( TSX-V: SYH ) ( OTCQB: SYHBF ) (Frankfurt: SC1P ) (the "Company") partner company, Basin Uranium Corp. ("Basin Uranium") is pleased to announce it has completed the second diamond drill hole at the Mann Lake uranium project in Saskatchewan's prolific Athabasca Basin. The Mann Lake project is located 25 km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast along strike of Cameco's Millennium uranium deposit.

Mann Lake Uranium Project
https://www.skyharbourltd.com/_resour c es/maps/SKY_MannLake_20211129.jpg

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ValOre Soils and Trado® Auger Results Define Palladium-Platinum Anomalies of 3 Kilometres in Cumulative Length at Galante East Target, Pedra Branca

ValOre Metals Corp. ("ValOre"; TSX ‐ V: VO; OTC: KVLQF; Frankfurt: KEQ0, "the Company") today announced soil geochemistry and Trado ® auger assay results from the Galante East target area at ValOre's 100%-owned Pedra Branca Platinum Group Elements ("PGE", "2PGE+Au") Project ("Pedra Branca") in northeastern Brazil.

"Galante East represents the longest and most prospective undrilled trend at Pedra Branca, as evidenced by the 3-km-long cumulative palladium-platinum soil anomaly, and multiple high-grade Trado ® auger holes from ValOre's first phase of exploration," stated ValOre's VP of Exploration, Colin Smith. "Immediate follow-up work has commenced, including infill soil sampling, additional Trado ® auger drilling, and trenching."

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