Skyharbour Resources Ltd.’s
(TSX-V:SYH)
(OTCQB:SYHBF)
(Frankfurt:SC1P)
(the “Company”) partner company Azincourt Energy (“Azincourt) is
pleased to provide an update on its plans for its fully funded
upcoming fall and winter field season at the East Preston Project
in the Athabasca Basin, Saskatchewan, Canada.
Project Location – Western Athabasca
Basin, Saskatchewan,
Canada:https://www.skyharbourltd.com/_resources/maps/Sky_EastPreston_20211209.jpg
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). Drilling to date 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.
Azincourt is planning an extensive drill program
for the fall and winter of 2022-2023. The planned program will
consist of approximately 6,000 metres of drilling in 20+ diamond
drill holes. The priority will be to continue to evaluate the
alteration zones and elevated uranium values identified in the
winter of 2022 and reported in news releases dated March 29th,
2022, and July 13th, 2022.
The south end of the G-Zone responded well in
the 2022 drill program. The structure and alteration within holes
EP0030 and EP0037 warrant additional drilling to confirm target
enhancement for follow-up in this area.
Drilling within the K-Zone will focus on
expanding on the weak clay alteration and elevated uranium
identified in hole EP0035. This is the only zone where alteration
and structure resulted in poor ground conditions preventing
completion of a drill hole. This is indicative of strong structure
and alteration which are both good signs for possible uranium
deposition. The alteration zone is still open along strike in both
directions north and south.
Within the H-Zone, drilling will continue to
evaluate the alteration zone and identify priority targets for
additional focus. The thick structural package identified in this
zone is a promising sign for extensive ground preparation to allow
fluid pooling and uranium deposition. Holes will also be drilled
between the H- and K- Zones to seek continuity between the zones
and enhancement of the alteration and uranium present.
The Q-Zone remains untested, and Azincourt is
eager to drill this zone during the 2023 program to evaluate the
prospectivity of this target area.
“Up to this point, drilling has been quite wide
spaced while we evaluate the various trends to identify the best
areas to focus our efforts”, said Azincourt’s VP, Exploration
Trevor Perkins. “While this will continue in the upcoming program,
we also plan to narrow our focus and begin vectoring within the
alteration zones and follow where the alteration and geochemistry
is leading,” continued Mr. Perkins. Mobilization is anticipated to
begin in December, with drilling to commence in January 2023.
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. These
additional target areas will require ground geophysics to constrain
conductor locations and drilling to properly evaluate their
potential.
“We’re of course eager to get back on the ground
at East Preston and follow up on the promising results from last
winter,” said Azincourt’s CEO, Alex Klenman. “The more work we do,
the more compelling East Preston becomes. We’ve gone from grass
roots to the development of top-tier exploration targets on what is
a large and highly prospective property. We have the right rocks,
the right geochemistry, the right structures, and we’ve now
produced evidence that uranium is present within large alteration
zones. Step by step, we continue to progress East Preston in a very
positive way. This next drill program is another important step
towards our goal of meaningful discovery,” continued Mr.
Klenman.
Permitting and Community
Engagement:
The permitting process is underway to obtain
authorization for the fall and winter 2022-2023 drill program at
East Preston. 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 with regards to the East Preston project. 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 have been directly employed on site or to provide
support and services to keep the camp and programs 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 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 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 fifteen projects, ten of which are drill-ready,
covering over 450,000 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% U3O8 over 5.9 metres including 20.8%
U3O8 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 drill intercepts over a large property area
with robust exploration upside potential. 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 U3O8 at 0.03%
and 5.3 million pounds of ThO2 at 0.023%. Skyharbour is
actively advancing these projects through exploration and 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.
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:http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.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
TrimblePresident and CEO
For further information contact myself or:Riley TrimbleCorporate
Development and CommunicationsSkyharbour Resources Ltd. Telephone:
604-687-3376Toll Free: 800-567-8181Facsimile: 604-687-3119Email:
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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