Skyharbour Resources Ltd. (TSX-V:
SYH)
(OTCQX:
SYHBF)
(Frankfurt:
SC1P) (the “Company”) is pleased
to announce that it has acquired by staking seven new prospective
uranium exploration claims in Northern Saskatchewan, increasing
Skyharbour’s total land package that it has ownership interest in
to 518,302 ha (1,215,941 acres) across 24 projects. These 100%
owned claims add an additional 13,945 ha to Skyharbour’s existing
holdings in and around 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. As the
Company remains focused on its co-flagship Russell Lake and Moore
projects, these new properties will become a part of Skyharbour’s
prospect generator business as the Company will seek strategic
partners to advance these assets.
Skyharbour’s New Uranium Project
Portfolio
Map:https://skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_V2B_20230727.jpgList
of New Claims:
- CBX Project – additional five new
contiguous claims totalling 6,804 ha linking the Company’s former
CBX and Snow projects
- Karin Project – one additional
claim totalling 5,882 ha
- 914W Project – new project
totalling 1,260 ha
Jordan Trimble, President and CEO of Skyharbour
Resources, states “We continue to add to our dominant uranium
project portfolio in the Athabasca Basin with this recent staking
while advancing our core projects through ongoing drilling and
exploration. These new mineral claims bolster existing properties
and provide additional ground to option or joint-venture out to new
partner companies as a part of our prospect generator
business.”
Summary of Recently Staked
Properties:
CBX Project:
The CBX property has been recently expanded
through staking to include five additional claims adjoining the
previously staked CBX and Snow properties, which have been combined
to include a total of seven claims covering 8,777 ha. The new
claims lie approximately 6.5 km to 25 km north to northeast of the
Eagle Point uranium mine and cover the northern shore of Wollaston
Lake including parts of Cunning Bay. Outcrop exposure on the
property is poor, but historical mapping and drilling shows that
the newly expanded CBX project is underlain by a mixture of
Wollaston Supergroup metasedimentary gneisses, Hudsonian
intrusives, and Archean felsic gneisses of the Western Wollaston
Domain. Similar lithologies host uranium mineralization at the
Rabbit Lake operation, including the Eagle Point deposit, and other
uranium deposits in the Athabasca Basin and surrounding
regions.
CBX Project
Map:https://skyharbourltd.com/_resources/maps/Sky_CBXShoe20230727_.jpg
Like the previously staked CBX claims, these new
claims have seen a variety of historical exploration conducted
mainly between 1968-1981, including airborne and ground EM,
magnetics, and radiometrics surveys, marine seismic surveys,
prospecting, geological mapping, and geochemical, with some
additional work in 1993. There was also a limited amount of
historic drilling in 1979-1980, including drill hole CBA-1 on the
Cunning West Grid in the southeastern end of the property, and two
diamond drill holes, WN-14 and WN-15, drilled in 1980 in the
north-central part of the property on the Ross Channel Grid. All
three drillholes were shallow (<100 m depth) and successfully
intersected variably chlorite-altered graphitic biotite gneiss,
with local pegmatites and graphitic fault gouges, however no
geochemical samples were taken from these drill holes. These new
claims have seen no modern exploration, although drilling and other
modern exploration have been done on adjacent properties. The CBX
property is prospective for unconformity-related, basement-hosted
uranium mineralization, pegmatite- and granite-hosted uranium and
REEs, and for molybdenite, as sedimentary-hosted molybdenite and
pyrite were identified in fractures in a quartzite outcrop on the
property (SMDI 4890).
914W Project:
The 914W project consists of one claim covering
1,260 ha approximately 48 km southwest of Cameco’s Key Lake
Operation. Highway 914 runs through the western edge of the
project, providing excellent access for exploration. Historical
geological mapping of the property and surrounding area has shown
that the project is predominantly underlain by prospective
Wollaston Supergroup pelitic and psammitic to arkosic gneisses of
the Western Wollaston Domain, which host significant
unconformity-related uranium mineralization further to the north in
the Athabasca Basin as well as pegmatite-hosted uranium
mineralization elsewhere in the Wollaston Domain.
914W, 914, 914N, and
Elevator Projects
Map:https://skyharbourltd.com/_resources/maps/Sky_914_Elevator_20230727.jpg
Despite the project’s proximity to Highway 914
and prospective geology, the project has seen limited exploration
work. The earliest work on the 914W property included airborne EM
and magnetic surveys and ground geological reconnaissance in
1968-1970, lake water and sediment sampling in 1976, ground VLF-EM,
magnetic, and radiometric surveys, geological mapping, trenching,
as well as sampling on the project and surrounding areas.
Immediately to the north of the 914W property, prospecting led to
the discovery of the Scurry Rainbow Zone E (SMDI1961) and the Don
Lake Trenches (SMDI 1983), where up to 1,288 ppm U was encountered
in drill hole ML-1 (SMDI1961) in a pyroxene-rich unit, and surface
prospecting revealed up to 0.64% U3O8 in a trench at Don Lake Zone
E (SMDI 1983). More recently, the project has seen airborne
geophysical coverage by helicopter-borne VTEM (southern half) in
2005 and Tempest TDEM (northern half) in 2007, with prospecting,
geological mapping, rock/sediment sampling and lake sediment
sampling occurring on the project and surrounding areas in
2005-2007. However, much of the most recent exploration work was
completed on areas outside of the extents of the 914W project and
the project remains underexplored and prospective for
unconformity-related and pegmatite-hosted uranium and REE’s.
Karin Project:
One additional claim was added to Skyharbour’s
Karin Project during this latest round of staking, extending the
project to cover six claims totalling 24,265 ha, approximately 21
km to 33 km east of Highway 914 and 20 km southeast of Cameco’s Key
Lake operation. This new claim, totalling 5,882 ha, is adjacent to
Skyharbour’s Foster project. Like the remainder of the Karin
project, it is underlain by Wollaston Group metasedimentary
gneisses, mostly psammitic to meta-arkosic in composition but with
localized prospective pelitic to psammopelitic gneisses in fold
noses, and it is prospective for both unconformity-related and
pegmatite-hosted uranium mineralization.
Karin Project
Map:https://skyharbourltd.com/_resources/maps/Sky_Karin_20230727.jpg
The Karin project, including the new claim, had
seen some exploration in the late 1960’s to early 1980’s, including
airborne EM, magnetics and radiometrics, radon surveys,
prospecting, geological mapping, lake water and sediment sampling,
as well as a limited amount of diamond drilling. Two drill holes
were attempted on the new claim added to the Karin project, however
both attempts were lost during casing. Five drill holes that were
successfully drilled on the remainder of the Karin project
intersected Wollaston Supergroup meta-arkose and semipelitic to
pelitic gneisses, amphibolite and pegmatite to granodiorite, along
with localized hematite, chlorite, epidote, and/or goethite
alteration. One of these drillholes, 78-1, intersected a weakly
radioactive pegmatite which returned 0.025% U3O8 over 0.45 m at a
depth of 72.85 m (AF 74H03-0036). The drilling on the Karin project
was targeting some of the stronger EM conductors and radon
anomalies on the property, however several other historical EM
anomalies did not receive follow-up work. Given that this work took
place prior to the development of modern geophysics and uranium
exploration models, it is likely that additional prospective
targets remain untested on the Karin project. The only recent
exploration on the project consisted of limited prospecting in
2008, which led to the discovery of a pegmatite outcrop that
returned 181 ppm U, 205 ppm Nb, and 39 ppm Ta (SMDI 5179). The
Karin project has otherwise been unexplored since the 1980’s and
remains prospective for both intrusive-type and
unconformity-related uranium deposits and intrusive-related
REE’s.
Marketing Agreement with Outside the Box
Capital:
Skyharbour also announced that it has entered
into a six month marketing and consulting contract
with Toronto-based marketing firm Outside The Box
Capital Inc. (“OTBC”). OTBC specializes in various social media
platforms and digital marketing strategies, and will be able to
facilitate greater awareness and widespread dissemination of
the Company's news. In connection with the agreement set to
commence in August, 2023, and run for six months,
the Company will pay Outside The Box Capital Inc. a total
cash fee of CAD $100,000 plus applicable taxes. Outside The Box
Capital Inc. owns no securities of the Company as of the date
hereof and is arm’s length to the Company. The engagement of OTBC
remains subject to TSX Venture Exchange approval.
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.
*SMDI refers to the Saskatchewan Mineral
Deposits Index and “AF” refers to Saskatchewan Mineral Assessment
File.
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 518,000 hectares (over 1.2 million
acres) 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://skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_V2A_20230727.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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