Skyharbour Resources Ltd. (TSX-V:
SYH)
(OTCQX:
SYHBF)
(Frankfurt:
SC1P) (the “Company”) is pleased
to announce that it has acquired 100% of the South Dufferin Uranium
Project (“South Dufferin” or the “Project”) from Denison Mines
Corp. (“Denison”). The South Dufferin Project comprises 12,282
hectares (30,349 acres) over nine claims in the Athabasca Basin,
which is host to the highest-grade uranium deposits in the world
and is consistently ranked as a top mining jurisdiction by the
Fraser Institute.
South Dufferin Property
Map:https://skyharbourltd.com/_resources/images/South-Dufferin-Property-Map.jpg
The new properties recently staked along with
South Dufferin bring Skyharbour’s total land package that it has
ownership interest in to 504,356 hectares (1,246,290 acres), across
twenty-four properties, representing one of the largest project
portfolios in the region. As the Company remains focused at its
ongoing 10,000m drill program at the Russell Lake project, South
Dufferin will become a part of Skyharbour’s prospect generator
business as the Company will seek strategic partners to advance
this asset.
Skyharbour’s New Uranium Project
Portfolio
Map:https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_V2C.jpg
Jordan Trimble, President and CEO of Skyharbour
Resources, states: “We are very pleased to have reached an
agreement with Denison to acquire a 100% interest in South
Dufferin, adding to our recently staked properties and to our
dominant uranium project portfolio in the Athabasca Basin. South
Dufferin complements our more advanced-stage exploration assets
including Russell Lake, Moore and South Falcon Point, and provides
additional ground to option or joint-venture out to new partner
companies as a part of our prospect generator business.
Furthermore, Denison Mines has been a valuable strategic partner
for a number of years and we welcome them as an even larger
shareholder now.
David Cates, President and CEO of Denison Mines
and a Director of Skyharbour, states: “Skyharbour has a large
exploration project portfolio, with a unique mix of
partner-optioned and funded projects as well as the dual-flagship
and Skyharbour-operated Russell Lake and Moore Lake properties.
With this transaction, Denison increases its ownership in
Skyharbour in exchange for a prospective exploration property that
became non-core in the Denison portfolio given our development and
exploration focus in areas proximal to our flagship Wheeler River
and McClean Lake properties. We are pleased to increase our
shareholdings in Skyharbour and look forward to the continued
collaboration between our companies.”
Summary of South
Dufferin Project:
The South Dufferin project totals 12,282
hectares in eight claims and is located immediately south of the
southern margin of the Athabasca Basin in northern
Saskatchewan. The property covers the southern extension of
the Virgin River Shear Zone, which hosts known high-grade uranium
mineralization at Cameco Corp.'s Dufferin Lake zone approximately
13 kilometres to the north (highlight drill results of 1.73%
U3O8 over 6.5 metres) and Cameco Corp.'s Centennial deposit
approximately 25 kilometres to the north (includes drill
intersections up to 8.78% U3O8 over 33.9 metres).
South Dufferin Property
Map:https://skyharbourltd.com/_resources/images/South-Dufferin-Property-Map.jpg
Historical exploration work on the Project
consists of airborne EM, magnetic, and radiometric surveys, lake
water and sediment sampling, prospecting and ground-truthing of
airborne anomalies, geological mapping, and diamond drilling. Some
of the historical drill holes intersected elevated uranium with
locally anomalous base metal and boron concentrations as well as
significant clay alteration.
Exploration potential exists for basement-hosted
uranium mineralization associated with the Dufferin Lake fault and
parallel faults within the Virgin Lake Shear zone. With
numerous mineralized showings to the north of the Project,
exploration efforts at South Dufferin have advanced the project to
a discovery-ready state. Significant exploration potential exists
for basement-hosted uranium mineralization associated with the
Dufferin Lake fault, which has an apparent offset of >200 m, and
numerous other parallel faults within the Virgin River Shear zone.
The project is drill ready with numerous prospective targets
warranting follow up work.
South Dufferin Target
Map:https://skyharbourltd.com/_resources/images/South-Dufferin-Target-Map.png
The claims are in good standing for several
years and there are no underlying royalties on the property except
for a 2% NSR on one of the claims. Skyharbour also owns a 922
hectare claim adjacent to South Dufferin bringing the cumulative
total to 13,204 hectares (32,628 acres) over ten claims.
Terms of the Agreement:
Under the terms of the Purchase Agreement, which
is subject to TSX Venture Exchange approval, Skyharbour may acquire
a 100% interest in the South Dufferin project in consideration for
the issuance of 6,000,000 shares, 1,000,000 non-transferable share
purchase warrants (the "Warrant"), and a cash payment totaling CAD
$125,000. Each Warrant will entitle Denison to purchase one common
share of Skyharbour for a period of two years at a price of $0.60
per share. No finders’ fees were paid in relation to the
acquisition of the South Dufferin Property. The transaction
constitutes a Related Party Transaction in accordance with MI
61-101 due to a common director on each of the Company and
Denison’s Board. The Company is relying on the exemption from the
formal valuation requirement contained in section 5.5 and the
minority shareholder approval requirement contained in section 5.7
of MI 61-101.
Furthermore, at Skyharbour’s 100% owned Moore
Lake Uranium Project, Denison has agreed to not exercise a second
buyback option to repurchase a 51% interest in the property by
making a cash payment of CAD $500,000 and spending CAD $16,500,000
in exploration expenditures on the property over a four-year
period. Skyharbour continues to own the project 100% without any
buyback encumbrance on the 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 twenty-four projects, ten of which are
drill-ready, covering over 504,356 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 uranium 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 minority 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, CSE-listed Basin Uranium Corp. on the Mann Lake Uranium
Project, and CSE-listed Medaro Mining Corp. on the Yurchison
Project. More recently, Skyharbour announced two new earn-in option
agreements with Yellow Rocks Energy, a private Australian entity,
to option the Wallee and Usam Island projects, and Tisdale Clean
Energy at the South Falcon East Project.
The Company also owns a 100% interest in the
South Falcon Point Uranium Project on the eastern perimeter of the
Basin which is host to the Fraser Lakes Zone B Uranium and Thorium
Deposit. Skyharbour has recently optioned the South Falcon East
Project, a uranium project in the southeast Athabasca Basin and
represents a portion of the larger South Falcon Project, to Tisdale
Clean Energy whereby Tisdale will fund exploration, pay Skyharbour
in cash, and issue shares of the company over a five-year earn-in
period.
Collectively, Skyharbour has now signed option
agreements with partners that total over $34 million in
partner-funded exploration expenditures, over $22 million in stock
being issued and just under $15 million in cash payments coming
into Skyharbour, assuming that these partner companies earn-in the
full amount at their respective projects.
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_20230320_V2A.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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