Skyharbour Resources
Ltd.’s (
TSX-V: SYH)
(
OTCQB: SYHBF)
(Frankfurt:
SC1P) (the “Company”) partner
company, Basin Uranium Corp. (“Basin Uranium”) is pleased to
announce the intersection of significant uranium mineralization
from the five-hole, phase one drill program at its Mann Lake
project located 25 km southwest of the McArthur River Mine and 15
km to the northeast along strike of Cameco’s Millennium uranium
deposit.
"Our phase one drill program has confirmed the
northeast trending conductor corridor (A3) as highly prospective
for uranium mineralisation with the first significant intersection
of uranium at Mann Lake. We are greatly encouraged as these new
results substantially upgrade the potential of the underexplored
southeastern half of the project.” commented Mike Blady, CEO of
Basin Uranium. “We are looking forward to commencing phase two
drilling in September and building off our successful phase one
results.”
Mann Lake Uranium
Projecthttps://www.skyharbourltd.com/_resources/maps/SKY_MannLake_20211129.jpg
Phase One Drilling
Highlights:
- 323 ppm U3O8 over 0.5 metres, intersected 30 metres below the
unconformity within a broader 7.2-metre interval of anomalous
uranium and graphite mineralization in hole MN22002. Additionally,
46 ppm U3O8 over 0.5 metres intersected 8 metres below the
unconformity and immediately beneath a strongly sericite bleached
shear zone in hole MN22004.
- Significant boron
(B) mineralization, which serves as a pathfinder element for
uranium deposits, with over 1,000 ppm B encountered at the
unconformity in hole MN22005, 525 ppm B encountered at the
unconformity in hole MN22001 and 319 ppm B in dravite (boron-rich
clay) below the unconformity in hole MN22003.
- Significant rare
earth elements (REE’s), including a highlight value of 5,028 ppm
over 0.5 metres within a broader 50-metre interval of anomalous
mineralization starting 20 metres below the unconformity in hole
MN22003.
- Statistical
analysis demonstrates correlation between anomalous concentrations
of pathfinder elements (B, Co, Cu, Ni, and Pb) associated with the
anomalous uranium mineralization. Pathfinder elements are widely
regarded as guides to the discovery of unconformity-style uranium
deposits and provide further evidence of the presence of fluid
movement potentially related to a uranium mineralizing system.
A phase two drill program at Mann Lake is
planned to commence shortly to follow-up on the encouraging results
from phase one. It will also incorporate targets generated from the
recently completed geophysical surveys on the property which
include gravity and airborne mobile magnetotellurics (mobile MT).
The results of these surveys are currently being analyzed and
incorporated into historic geophysical surveys with results
anticipated to be released in the near-term.
Phase One Drill Program
Summary:
The Phase 1 program was comprised of 3,503
metres of diamond drilling over five holes. Four drill holes
(MN22001 – MN22004) over a strike length of 1,500 metres targeted
the interpreted basement conductor from the 2014 MT resistivity
survey, and a magnetic low (interpreted metasediment basement)
within a gravity low anomaly (interpreted as a basement fault
structure). One hole (MN22005) was drilled to test the intersection
of a NE-trending structure parallel to MN06-005 which returned over
1,000 ppm boron at the unconformity, and a cross cutting E-W
trending structure on strike to hole MN06-002 where hematite paleo
weathering occurred at the unconformity.
Hole MN22001
Was drilled to test an interpreted basement
conductor corresponding with ground UTEM conductor (A3), a mag low
interpreted to be a metasediment basement host and a gravity low
interpreted as a basement fault structure. This hole was successful
in crossing the unconformity and intersecting weakly anomalous
radioactive values. It also intersected graphite mineralization
along fracture planes and foliation, indicating the potential for
nearby uranium mineralization.
Hole MN22002
Was designed to test the same conductor and
geophysical setting as hole MN22001, collared 400 metres to the
N-NE. It was successful, crossing the unconformity and entering
basement metasediments (mostly psammite) as well as locating
anomalous radioactive values with the handheld scintillometre and
downhole probe. Monazite and allanite mineralization at the anomaly
was also observed. Graphite mineralization was also noted in
basement psammites along foliations and within some fractures.
Notably, this hole returned 323 ppm U3O8 from 660.05 to 660.55
metres approximately 30 metres below the unconformity within a
larger 7.2-metre interval of anomalous uranium radioactivity which
is host to graphite mineralization.
Hole MN22003
Was a step-out of 350 metres to the N-NE of
MN22002 and was designed to test the same conductor and geophysical
setting. Blood-red hematite paleoweathering at the unconformity and
silica mottling has overprinted the texture of the psammite
directly below the unconformity. Dravite-clay alteration can be
found within fractures throughout the paleoweathered section and
decreases in prevalence with depth.
This hole was successful in crossing the
unconformity and intersecting radioactively anomalous intervals
with allanite mineralization. Intervals within the basement rocks
were found to contain graphite and dravite mineralization.
Significant rare earth elements (REE’s) of 5,028 ppm (Sum REE’s =
La+Ce+Pr+Nd+Sm+Eu+Gd) over 0.5 metres from 681.22 metres downhole
were intersected within a broader 50 metre zone of anomalous REE
mineralization starting 20 metres below the unconformity.
Hole MN22004
Was a 150-metre step-out along the conductor and
strike of MN06-003A which intersected 12 metres of hematized
paleoweathering up hole of the unconformity. An interpreted
basement conductor, mag low and gravity low were present. While the
hole did not intersect any lithology resembling the target
Wollaston Group metasediments. The intersection of minor monazite
mineralization, 46 ppm U3O8, over 0.33 metres starting from 615.22
metres downhole in close proximity to strong clay alteration,
remains a potentially interesting indication of uranium
mineralization nearby.
Hole MN22005
This hole was designed to test the intersection
of a NE-trending structure parallel to MN06-005 which returned over
1,000 ppm boron and 720cps at the unconformity, and a cross cutting
E-W trending structure on strike to MN06-002 where 750cps and
hematite paleoweathering occurred at the unconformity.
The hole was successful in intersecting a
strongly hematite altered basement fault structure up hole and in
close proximity to the unconformity. There was also a small
interval of granitized strongly foliated metapelite intersected
just below the unconformity, followed by granitic gneiss with
intercalated pegmatites to the end of hole. Within the granite
basement, clay dravite mineralization occurred, coating the
surfaces of several low angle fractures between 652m - 663m.
Phase 1 Mann Lake Drill
Plan:https://skyharbourltd.com/_resources/maps/Phase-one-Drill-Plan.jpg
Table 1: Collar Locations
Hole Number |
Azimuth (Deg) |
Dip (Deg) |
Easting |
Northing |
Total Depth (m) |
Depth to Unconformity (m) |
|
|
|
MN22001 |
0 |
-90 |
470812 |
6383121 |
731 |
650.65 |
|
MN22002 |
0 |
-90 |
471133 |
6383344 |
683 |
631.31 |
|
MN22003 |
0 |
-90 |
471379 |
6383635 |
713 |
630.95 |
|
MN22004 |
0 |
-90 |
471878 |
6384180 |
704.65 |
607.76 |
|
MN22005 |
0 |
-90 |
473245 |
6384561 |
671.67 |
623.79 |
|
|
|
|
Total
Metreage (m) |
3503.32 |
|
|
QA/QC:
Samples were sent for geochemical analysis with
SRC Geoanalytical Laboratories, Saskatoon for the following
analyses: ICP-MS1 (Sandstone) and ICP-MS2 (Basement) which includes
both partial and total digestion methods as well as an additional
Boron analysis. Over limit analysis were completed using U3O8 total
digestion when U >1000ppm.
On receipt of final certificates of analysis,
the QA/QC sample results were reviewed to ensure the order of
samples were reported correctly, that the blanks ran clean, and
that the results for each standard had minimal variance from its
certified value. QA/QC for the Mann Lake drilling included
certified reference material (“CRM’s”) and blanks that were
inserted into each sample batch in order to verify the analytical
from the lab.
About Mann Lake:
Skyharbour has entered into an Option Agreement
(the “Agreement”) with Basin Uranium whereby Basin Uranium has an
earn-in option to acquire a 75% interest in the Mann Lake Uranium
Project. Under the Option Agreement, Basin Uranium Corp will
contribute cash and exploration expenditure consideration totalling
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 Basin Uranium
over the three-year earn-in period to complete the earn-in.
The Mann Lake Uranium Project 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
of Cameco's Millennium uranium deposit. The Mann Lake project is
also adjacent to the Mann Lake Joint Venture operated by Cameco
(52.5%) with partners Denison Mines (30%) and Orano (17.5%).
Denison Mines acquired International Enexco and its 30% interest in
the project after a 2014 winter drill program discovered
high-grade, basement-hosted uranium mineralization at this adjacent
project.
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 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. The Company 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.
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 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:Nicholas
ColturaCorporate Development and CommunicationsSkyharbour Resources
Ltd. Telephone: 604-558-5847Toll 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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