Skyharbour Resources Ltd.’s
(TSX-V:SYH)
(OTCQX:SYHBF)
(Frankfurt:SC1P)
(the “Company”) partner company Azincourt Energy (“Azincourt”) is
pleased to announce that the sample analysis have been received
from the 2023 exploration program at the East Preston uranium
project (the “Project”) in the Athabasca Basin, Saskatchewan,
Canada. Azincourt is the operator and majority interest holder in
the Project with Skyharbour holding a minority interest.
Project Location – Western Athabasca
Basin, Saskatchewan,
Canada:https://www.skyharbourltd.com/_resources/maps/Sky_EastPreston_20211209.jpg
Drilling for the 2023 program at the East
Preston Project consisted of a total of 3,066 metres completed in
13 drill holes. Drilling was focused on the G, K, H, and Q zones
with a drilling update reported in a news release dated March 28th,
2023.
Winter 2023 Diamond Drilling
Program Highlights:
A total of 687 samples were collected throughout
the program and sent to the Geoanalytical Laboratory at the
Saskatchewan Research Council in Saskatoon, Saskatchewan for
analysis. There was a delay with the analytical results and after a
review of the initial data received from the lab, there were
significant quality control issues noted within the results. As
part of the quality control process, standards with a known
concentration of uranium are inserted in the sample batches. These
samples are analyzed to confirm that the results for that batch of
samples are within an acceptable range based on the results of the
standards. The issues noticed manifested as anomalous results
occurring in the samples analyzed immediately following several of
the standards. As a result, these samples were reanalyzed. Once the
issue was identified, confirmed, and resolved, Azincourt requested
that all samples of the affected batches be run through the process
to ensure a complete consistent data set.
Analysis of the results shows uranium enrichment
within the previously identified clay alteration zones along the K,
and H- target zones. Uranium enrichment is identified as uranium
(U) values and a uranium/thorium ratio (U/Th) above what would
normally be expected in the given rock type or area.
Drilling on the northeast trending G-Zone
identified extensive hydrothermal alteration and evidence of
east-west cross-cutting structures along the southern portion of
the zone. The primary rock types in the alteration zone are
granodiorite and diorite gneiss with average expected values of 2-3
ppm U and U/Th ratios of 0.25-0.3. Elevated radioactivity was
intersected in holes EP0045 and EP0047, and EP0047 returned
elevated U and U/Th values. While this is a good sign, the
alteration zone does not display the upgraded clay alteration halo
seen at Zones K and H.
Illite and kaolinite are both indicators of
hydrothermal alteration typically found within alteration halos of
unconformity uranium deposits. Dravite is a boron-rich clay which
is typically found within a larger clay package in close proximity
to uranium mineralization in the system. Both illite and dravite
have been identified as being significant vectors for the recent
Patterson Lake North discovery by F3 Uranium approximately 60 km to
the northwest of the East Preston project.
2023 Target
Areas and Drill Hole Locations at the East
Preston Uranium
Project:https://skyharbourltd.com/_resources/images/2023-Target-areas-and-Drill-Hole-Locations.png
On the north end of the K-Zone, drilling
intersected extensive structure and hydrothermal clay alteration
within the structural zone. Samples of clay alteration were
analyzed by Short Wavelength Infrared Reflectance (SWIR, sometimes
referred to as “PIMA”) to confirm the clay species. All three holes
contained illite and kaolinite clay species, with hole EP0049 also
having dravite identified within the structural zone. Hole EP0049
also returned elevated Thorium.
The H-Zone covers a change in orientation of the
structural and conductive trend from north-south to southwest
trending. Drilling intersected an intense graphitic fault zone with
hydrothermal alteration. The illite clay alteration halo identified
in the K-Zone extends south into the H-Zone as far south as EP0053.
Hole EP0053 intersected elevated radioactivity and both kaolinite
and dravite are also present within the illite alteration package.
Dravite was also identified in hole EP0052. Rocks in this zone are
expected to return values of 0.5-1.5 ppm U and U/Th ratios of
0.25-0.5. Holes EP0052 and EP0056 returned the best analytical
results of the program with U/Th ratios of 1.0 and 1.8
respectively, and uranium in the 5-6 ppm range.
Azincourt considers the drilling results to date
to be significant, as major uranium discoveries in the Athabasca
Basin such as McArthur River, Key Lake, and Millennium were
primarily the result of drill testing of strong alteration zones
related to conductor features. Identifying and upgrading the strong
alteration zones is a significant step forward in identifying the
key areas along the conductor trends where more attention is
required.
“The alteration we are seeing in the K and
H-Zones is very encouraging,” said Azincourt’s VP, Exploration,
Trevor Perkins. “The associated elevated uranium present is also
very promising and shows that we are vectoring towards something in
this area. The identification of dravite and illite clays with the
elevated uranium emphasizes that we are on the right track and
getting close. This target area will be a top priority moving
forward and based on results we may see the north-northwest
trending structures taking on more significance for targeting on
this trend and others on the property” continued Mr. Perkins.
“We’re encouraged by the appropriate clay
content in the alteration zones. If you’re hunting for a uranium
deposit, this is what you need to see,” said Azincourt’s CEO, Alex
Klenman. “The elevated uranium values from the last two drill
programs, combined with the confirmed presence of relevant clays
and strong U/Th ratios, within these systems, are substantial
developments in the progression of the project and should not be
underestimated. Although we’d certainly welcome encountering
significant mineralization we continue to be well within a
practical discovery timeline. We are eager to continue moving the
project forward and will begin formulating the next phase of
drilling at East Preston. In the meantime, we’re active at the Big
Hill lithium project in Newfoundland and are awaiting results of
the current work program. A follow up program is in the planning
stage and will be announced shortly,” continued Mr. Klenman.
East Preston Targets:
The primary target area on the East Preston
Project is the conductive corridors from the A-Zone through to the
G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones
(K-H-Q Trend). The selection of these trends is based on a
compilation of results from the 2018 through 2020 ground-based EM
and gravity surveys, property wide VTEM and magnetic surveys, and
the 2019 through 2022 drill programs, the 2020 HLEM survey
indicates multiple prospective conductors and structural complexity
along these corridors.
Road
Access to East Preston Uranium
Project:https://skyharbourltd.com/_resources/images/Road-access-to-the-East-Preston-Uranium-Project.png
Drilling has confirmed that identified
geophysical conductors comprise structurally disrupted zones that
are host to accumulations of graphite, sulphides, and carbonates.
Hydrothermal alteration, anomalous radioactivity, and elevated
uranium have been demonstrated to exist within these structurally
disrupted conductor zones.
Permitting and
Community Engagement:
The permitting process is underway for the
2024-2026 drill programs. Azincourt Energy continues to be engaged
in regular meetings with the Clearwater River Dene Nation and other
rights holders to ensure that concerns of the local communities are
addressed with regards to the East Preston project. A more in-depth
engagement process will also be commencing within the next couple
of months with the La Loche Metis Local #39. Azincourt looks
forward to a continued close working relationship with CRDN and
other rights holders to ensure that any potential impacts and
concerns are addressed and that the communities can benefit from
activities in the area through support of local business,
employment opportunities, and sponsorship of select community
programs and initiatives. Local businesses are engaged to provide
services and supplies and members of the Clearwater River Dene
Nation and surrounding communities have been directly employed on
site or to provide support and services to keep the camp and
programs running.
About East Preston:
Skyharbour and Dixie Gold entered into an Option
Agreement (the “Agreement”) with Azincourt whereby Azincourt had an
earn-in option to acquire a 70% working interest in a portion of
the Preston Uranium Project known as the East Preston Property.
Azincourt has now earned a majority interest in the project by
completing CAD $2.5 million in staged exploration expenditures and
making a total of CAD $1 million in cash payments as well as
issuing shares of Azincourt divided evenly between Skyharbour and
Dixie Gold. Skyharbour retains a minority interest in the East
Preston Project.
Three prospective conductive, low magnetic
signature corridors have been discovered on the property. The three
distinct corridors have a total strike length of over 25 km, each
with multiple EM conductor trends identified. Ground prospecting
and sampling work completed to date has identified outcrop, soil,
biogeochemical and radon anomalies, which are key pathfinder
elements for unconformity uranium deposit discovery.
The East Preston Project has multiple long
linear conductors with flexural changes in orientation and offset
breaks in the vicinity of interpreted fault lineaments – classic
targets for basement-hosted unconformity uranium deposits. These
are not just simple basement conductors; they are clearly
upgraded/enhanced prospectivity targets because of the structural
complexity. The targets are basement-hosted unconformity related
uranium deposits similar to NexGen’s Arrow deposit and Cameco’s
Eagle Point mine. East Preston is near the southern edge of the
western Athabasca Basin, where targets are in a near surface
environment without Athabasca sandstone cover; therefore, they are
relatively shallow targets but can have great depth extent when
discovered. The project ground is located along a parallel
conductive trend between the PLS-Arrow trend and Cameco’s
Centennial deposit (Virgin River-Dufferin Lake trend).
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 by
C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt
Energy, and a Qualified Person as defined by National Instrument
43-101.
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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