Skyharbour Resources Ltd.’s
(TSX-V: SYH)
(OTCQB: SYHBF)
(Frankfurt: SC1P) (the
“Company”) partner company Valor Resources Limited
(“Valor”) is pleased to advise that it has completed the
interpretation of airborne gravity gradiometry survey data at the
Hook Lake Uranium Project situated on the eastern flank of the
Athabasca Basin.
Hook Lake Project:
https://www.skyharbourltd.com/_resources/maps/Sky_HookLake_20211209.jpg
Valor completed an airborne gravity gradiometry
survey in May-June this year and following an interpretation of the
data, eleven new targets have been defined. The airborne gravity
survey was designed to identify gravity lows. The hydrothermally
clay altered host rocks associated with unconformity uranium
deposits will have a lower density than the surrounding rocks and
will present as gravity lows.
A site visit has also been completed to review
the airborne gravity survey targets and assess the local geology.
Follow-up work in the form of radon surveys and lake sediment
sampling are currently being planned over the highest-priority
targets.
Hook Lake Gravity Targets Identified
Through Airborne Gravity
Survey:https://skyharbourltd.com/_resources/maps/Hook-Lake-Gravity-Targets-identified-through-airborne-gravity-survey.jpg
Final assay results have now been received from
the diamond drilling program completed earlier this year, details
of which were released in the news release dated April 11th, 2022.
The assay results are within expectations based on the handheld
scintillometer readings and downhole gamma survey results. The best
result returned was in DDHL22-002 with 2.5m from 105.5m grading
160ppm U3O8.
Executive Chairman of Valor, George Bauk
commented “The assay results of the Hook Lake drilling program are
within the boundaries expected and highlight uranium mineralization
at depth. These results coupled with the exciting new eleven
targets developed using the recently flown airborne gravity survey
provides the company with potential drill targets at the Hook Lake
project. This area has had limited exploration with particular
reference to modern exploration techniques and we will follow up
with on-ground exploration activities to assist with the ranking of
these targets for drilling in the near future.”
“This part of the Athabasca Basin is the focus
of a significant amount of uranium exploration activity at the
moment. Most recently we have seen a new IPO with a project to the
north of Hook Lake about to list on the ASX, and both 92 Energy and
Baselode Energy completing significant drilling campaigns at their
new Gemini/ACKIO discoveries about 30km north of our S-Zone
prospect.”
Mr. Bauk continued: “We have an exciting
portfolio of assets located around key existing and historical
mining centres of the Basin. Hook Lake and Hidden Bay are close to
the McArthur River, Cigar Lake and the Rabbit Lake mines, our Cluff
Lake project is next to the historic Cluff Lake deposit and
Surprise Creek is near the Beaverlodge uranium district. Our
efforts in 2022 have been significant, comprising extensive data
reviews of historical exploration, conducting a number of field
programs, several large airborne surveys, and a drill program at
Hook Lake. What we have uncovered is a significant number of
uranium targets on our properties that ultimately require drilling.
With the abundance of new targets we have generated, we now need to
prioritise them, which is difficult when they are of such high
quality.”
Highlights:
- Eleven new targets identified from the recently completed
airborne gravity gradiometry (AGG) survey
- On-ground field checking of gravity targets completed in
August
- Follow-up field program proposed including radon and
geochemical surveys over new gravity targets
- Final assay results received for Hook Lake diamond drilling
from earlier in the year
- Anomalous uranium results in three of the six holes drilled at
the S-Zone prospect
Airborne Gravity Survey
Interpretation:
Valor completed an airborne gravity gradiometry
(AGG) survey across the entire Hook Lake Project area (258km2). A
total of 2,082 line km were flown in the survey, at a line spacing
of 150m. Final data has been received and processing and
interpretation of the data have revealed several significant
targets. In addition to the gravity data, airborne magnetic data
was also acquired during the same survey.
The airborne gravity survey was designed to
identify gravity lows which can be caused by clay alteration of the
host rock, potentially due to hydrothermal fluids associated with
unconformity uranium deposits.
Conceptual
Model of
Gravity
Low
Target and
Unconformity
Uranium
Deposit:
https://skyharbourltd.com/_resources/maps/Conceptual-model-of-gravity-low-target-and-unconformity-uranium-deposit.jpg
An example of this is the basement-hosted Arrow
Uranium Deposit, which was discovered in 2014 by NexGen Energy Ltd.
The discovery of the Arrow Deposit was, in part, the result of
drill testing a circular gravity low with a diameter of around
1km.
Terra Resources, Valor’s consultant geophysics
team, have interpreted the recently acquired airborne gravity
survey data and highlighted eleven new targets. The most
significant of those are as follows:
V-Grid:
A strong gravity low just to the north of drill
hole DDHL22-008 at the V-Grid prospect. Located 1.5km south of the
S-Zone prospect next to a distinct magnetic high which was targeted
by hole DDHL22-008 and which intersected a thick gabbro/diorite
unit which is the source of the magnetic high.
V-Grid gravity target –
Plan
View and
Cross-Section:https://skyharbourltd.com/_resources/maps/V-Grid-gravity-target-plan-view-and-cross-section.jpg
West Way:
A group of three targets with the highest
priority anomalies being Way1 and Way3. Way1 is a strong gravity
low, with several uranium radiometric anomalies along strike to the
southwest. Way3 is a very intense gravity low but is deeper than
most of the other anomalies having been modelled at around 500m
depth.
Thompson Lake/South:
Two targets along the Thompson Lake trend which
are coincident with a granite/metasediment contact and
north-northwest trending Tabbernor fault structures.
Renaissance Field
Work:
A field trip to the Hook Lake Uranium project
was completed in August. The site visit included an on-ground
review of the airborne gravity survey targets and additional
targets identified through a historical data review. A total of
five rock samples were collected from various locations throughout
the project, including some of the gravity targets, during the
recent field trip. Samples have been submitted to the assay
laboratory with results expected in 4-6 weeks.
Diamond Drilling Assay Results:
Valor Resources completed its maiden drilling
program at the Hook Lake Project earlier in the year. The drilling
program comprised eight drill holes for 1,757m, with six holes at
the S-Zone prospect and two at the V-Grid prospect. A total of 305
samples were collected from the program and submitted for assay
with all the results having now been received. The most significant
assay results are summarised in Table 1 below.
Table 1: Hook Lake Project –
Anomalous Uranium
Assay
Results:
Hole Id |
Prospect |
From (m) |
To (m) |
Interval (m)* |
U3O8
ppm |
TREO ppm |
DDHL22-001 |
S-Zone |
71.8 |
72.5 |
0.7 |
50 |
320 |
DDHL22-002 |
S-Zone |
105.5 |
108 |
2.5 |
160 |
673 |
DDHL22-003 |
S-Zone |
|
|
|
No significant results |
DDHL22-004 |
S-Zone |
|
|
|
No significant results |
DDHL22-005 |
S-Zone |
16.14 |
18.5 |
2.36 |
91 |
124 |
DDHL22-006 |
S-Zone |
|
|
|
No significant results |
DDHL22-007 |
V-Grid |
142.1 |
142.67 |
0.57 |
53 |
39 |
DDHL22-008 |
V-Grid |
|
|
|
No significant results |
*Downhole intervals only*TREO = Sum of La2O3, CeO2,
Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3,
Yb2O3, Y2O3
The assay results confirm the handheld
scintillometer readings and downhole gamma survey results. The
intersection in hole DDHL22-002 of 2.5m at 160ppm U3O8 from 105.5m
depth corresponds with handheld scintillometer readings of up to
900 counts per second (cps) within a brecciated and altered felsic
intrusive with traces of visible uraninite. Similarly, the
anomalous uranium assays in hole DDHL22-005 (2.36m at 91ppm U3O8
from 16.1m depth) correspond with handheld scintillometer readings
of up to 390cps and are associated with an albitite altered
metapelite. The intersection in hole DDHL22-002 which included 1.0m
at 259ppm U3O8 from 107m depth also has elevated rare earths,
averaging 673ppm TREO across the 2.5m interval.
Trace
Uraninite
Mineralisation in
DDHL22-002:https://skyharbourltd.com/_resources/maps/Trace-uraninite-mineralisation-in-DDHL22-002.jpg
S-Zone Drill Hole Location Plan and
Interpreted
Geology:https://skyharbourltd.com/_resources/maps/S-Zone-drill-hole-location-plan-and-interpreted-geology.jpg
S-Zone
Prospect
Drill
Cross-Section
(DDHL-001 to 006) With
Anomalous
Assay
Results
Labelled –
Looking
Northeast:https://skyharbourltd.com/_resources/maps/S-Zone-prospect-drill-cross-section-(DDHL-001-to-006)-with-anomalous-assay-results-labelled-looking-northeast.jpg
Follow-Up
Exploration:
It is intended to follow-up the new gravity
targets with radon surveys and lake sediment sampling later in the
year. Radon geochemistry is a well-known exploration technique used
in the Athabasca Basin. Radon gas is formed from the decay of
radium, a by-product of uranium decay. Due to hydrogeochemical
processes radium can concentrate along faults and fractures
extending away from uranium mineralization. Radon concentration can
then be measured in groundwater, soils, or air at surface.
About the
Hook Lake (previously North Falcon Point)
Project:
The Hook Lake Uranium Project is located 60 km
east of the Key Lake Uranium Mine in northern Saskatchewan.
Skyharbour signed a Definitive Agreement with Valor on the Hook
Lake Uranium Project whereby Valor can earn-in 80% of the project
through CAD $3,500,000 in total exploration expenditures, $475,000
in total cash payments over three years and an initial share
issuance of 233,333,333 shares of Valor. Covering 25,846 hectares,
the 16 contiguous mineral claims host several prospective areas of
uranium mineralization including:
- Hook Lake / Zone S - High-grade
surface outcrop with reported grades in grab samples up to 68%
U3O8; a bio-geochemical survey carried out over the trenches in
2015 responded positively with along-strike anomalies 2 km to the
northeast
- Nob Hill - Fracture-controlled
vein-type uranium mineralization on surface outcrop with up to
0.130% - 0.141% U3O8 in grab samples; diamond drilling intersected
anomalous uranium in several drill holes with values up to 422 ppm
U over 0.5 m
- West Way - Vein type U
mineralization within a NE-trending shear zone; grab samples taken
from the surface showing contained variable uranium values
including up to 0.475% U3O8 and drilling of the structure
intersected the altered shear zone at depth, along with anomalous
Cu, Ni, Co, As, V, U, & Pb
The project area is in close proximity to two
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.
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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