Skyharbour Resources Ltd. (TSX-V:
SYH)
(OTCQX:
SYHBF)
(Frankfurt:
SC1P) (the “Company”) is pleased
to announce that further to its news release dated April 27th,
2023, the Company has completed its acquisition of 100% of the
South Dufferin Uranium Project (“South Dufferin” or the “Project”)
from Denison Mines Corp. (“Denison”) through share and cash
payments. 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
With the recent acquisition of South Dufferin,
Skyharbour’s total land package that it has ownership interest in
is now 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
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:
Skyharbour acquired 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.
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 joint-ventures with
industry-leader Orano Canada Inc. and Azincourt Energy at the
Preston and East Preston Projects, respectively, whereby Orano and
Azincourt earned majority interests in the projects through
exploration expenditures, cash payments and share issuances.
Skyharbour also has several active earn-in option partners
including: ASX-listed Valor Resources at the Hook Lake Uranium
Project; CSE-listed Basin Uranium Corp. at the Mann Lake Uranium
Project; CSE-listed Medaro Mining Corp. at the Yurchison Project;
Yellow Rocks Energy, a private Australian entity, at the Wallee and
Usam Island projects; North Shore Energy Metals at the South Falcon
Project; and TSX-V listed Tisdale Clean Energy at the South Falcon
East Project which is host to the Fraser Lakes Zone B Uranium and
Thorium Deposit.
Collectively, Skyharbour has now signed earn-in
option agreements with partners that total to over $37 million in
partner-funded exploration expenditures, over $28 million worth of
shares being issued and over $19 million in cash payments coming
into Skyharbour, assuming that these partner companies complete
their entire earn-ins at the 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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