Skyharbour Resources Ltd.’s
(TSX-V: SYH)
(OTCQB: SYHBF)
(Frankfurt: SC1P) (the
“Company”) partner company Medaro Mining (“Medaro”) is
pleased to announce that it has commenced an airborne geophysical
survey at its Yurichson Uranium Property in Saskatchewan. Medaro
has contracted Terraquest Ltd. of Markham, Ontario to complete a
helicopter-borne aeromagnetic, horizontal gradiometric,
radiometric, and VLF-EM surveys on the Property. A total of 7,117
line-kilometers of survey is being completed at 50 m line spacing
using a helicopter.
Location Map of Yurchison
Project:https://www.skyharbourltd.com/_resources/maps/Sky_Yurchison_20211209.jpg
Survey Highlights:
- Total 7,117 line-km at 50 m line spacing; with 1,029 lines and
19 tie lines; line azimuth 135°/315°; tie line azimuth
045°/225°
- High Resolution Aeromagnetics (Fixed Nose boom for safe and low
acquisition)
- Radiometric (single crystal pack)
- Horizontal Gradiometer - Fixed side booms
- Matrix Digital very low frequency - electromagnetic
(VLF-EM)
- Aircraft AStar 350 B2; with terrain clearance 25m-30m drape
mode
Figure 1:
Geophysical Flight
Path:https://skyharbourltd.com/_resources/images/Medaro-Geophysical-Survey-Flight-Path.png
The survey crew is based at KM147 Lamp Lighters
Lodge, Saskatchewan, which is located near the Yurichson Property.
The survey is expected to be completed over the next few weeks.
Medaro will provide an update on the results of the survey as soon
as available.
About Yurchison Uranium
Project:
Historical prospecting near old trenches
returned significant uranium (ranging from 0.09% to 0.30% U3O8) and
molybdenum (ranging from 2,500 ppm to 6,400 ppm Mo) mineralization
in both outcrop and float samples. Two historical holes drilled
beneath the trenches returned highly anomalous molybdenum values,
up to 3,750 ppm and anomalous uranium values up to 240 ppm. The
Property boasts strong discovery potential for both basement hosted
uranium mineralization as well as copper, zinc, and molybdenum
mineralization. Regionally, Rio Tinto entered into a $30 million,
seven-year, option agreement with Forum Energy Metals Corp. to
acquire an 80% stake in their Janice Lake property which is located
on-strike to the southwest of the Property.
The Option Agreement:
Pursuant to the Agreement, Medaro may acquire an
initial 70% interest in the Property by (i) issuing common shares
of Medaro (“Shares”) having an aggregate value of CAD $3,000,000;
(ii) making aggregate cash payments of CAD $800,000; and (iii)
incurring an aggregate of CAD $5,000,000 in exploration
expenditures on the Property over a three year period. Once Medaro
has earned an initial 70% interest in the Property, Medaro may
acquire the remaining 30% interest in the Property, within 30
business days of earning the initial 70% interest, by (i) issuing
Shares having a value of CAD $7,500,000, and (ii) making a cash
payment of CAD $7,500,000.
Skyharbour will retain an NSR of two percent
(2%) on 11 of the 12 claims with Medaro holding a buyback option
whereby Medaro can purchase one percent (1%) of the NSR for CAD $1
million. A separate NSR of two percent (2%) on the other claim is
payable to a third party (payable pro-rata based on ownership
interest in the Property).
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.
Skyharbour Resources (TSXV:SYH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Skyharbour Resources (TSXV:SYH)
Historical Stock Chart
From Apr 2023 to Apr 2024