Skyharbour Resources Ltd. (TSX-V:
SYH) (OTCQX:
SYHBF)
(Frankfurt: SC1P)
(“
Skyharbour” or the
“
Company”) is pleased to announce that partner
company Tisdale Clean Energy Corp. (“Tisdale”), plans to begin
exploration at the South Falcon East Uranium Project which hosts
the Fraser Lakes Zone B uranium deposit. The South Falcon East
Project lies 18 km outside the edge of the Athabasca Basin,
approximately 50 km east of the Key Lake uranium mill and former
mine. Tisdale entered into an option agreement that was finalized
earlier this year (see news release dated January 25th, 2023)
whereby Tisdale can earn up to a 75% interest in the South Falcon
East project. Under the Option Agreement and assuming the 75%
interest is earned, Tisdale will have issued Skyharbour 1,111,111
Tisdale shares upfront, and will fund exploration expenditures
totaling CAD $10,500,000, as well as pay Skyharbour CAD $11,100,000
in cash of which $6,500,000 can be settled for shares in the
capital of Tisdale (“Shares”) over the five-year earn-in
period.
Map of South Falcon East Project
Claims:https://skyharbourltd.com/_resources/images/Sky-South-Falcon-East-20231030.jpg
Tisdale is planning an extensive preliminary
drill program to commence in early 2024. The program will consist
of approximately 2,000 metres of drilling. The priority will be to
confirm and expand the existing mineralization associated with the
Fraser Lakes Zone B uranium deposit. Infill drilling will confirm
the presence and continuity of existing mineralization in
preparation for an updated resource estimate and model in the
future. Step out drilling will endeavor to expand the footprint of
the deposit, as the current mineralization is open in all
directions. Initial focus will be on extending mineralization along
strike and down dip into the basement rocks.
2023 Drill Target Areas at the South
Falcon East Uranium
Project:https://skyharbourltd.com/_resources/images/2023-Drill-Target-areas-south-Falcon-East-Uranium-Project-20231030.png
A secondary priority will be to begin regional
exploration by following up on promising anomalies located in the
T-Bone Lake area. Regional drilling will focus on the effort to
discover additional mineralized zones and deposits along the folded
structural package that hosts the Fraser Lakes B deposit. The
initial drill program is planned to be operating out of the McGowan
Lake Camp with helicopter support for the daily drilling
operations.
South Falcon East Project – Camp and
Drilling Location
Map:https://www.skyharbourltd.com/_resources/images/South-Falcon-East-Camp-and-drilling-location-Map-20231030.png
Tisdale CEO, Alex Klenman, stated: “We have a
great opportunity to build value here. As we deploy capital into
the project, we’ll earn credit for the pounds in the ground. We
believe we can increase both the size and the overall grade of the
asset. With current optimism in the sector, we feel we’re entering
the earn-in with Skyharbour at the best possible time,” continued
Mr. Klenman.
Terms of the Option
Agreement:
Pursuant to the Option Agreement, Tisdale may
acquire up to a 75% (seventy-five percent) interest in the
Property, in two phases. Initially, Tisdale can acquire a 51%
(fifty-one percent) interest in the Property by completing the
following payments and incurring the following exploration
expenditures on the Property:
1. On
the closing date (“Closing”), paying CAD $350,000 (paid) and
issuing 1,111,111 Shares to Skyharbour upfront (issued);
- By the
eighteen-month anniversary of Closing, completing at least
$1,250,000 in exploration expenditures, and paying Skyharbour
$1,450,000, of which up to $1,000,000 may be paid in Shares based
on the 20-day volume-weighted average closing price calculated on
the day of issuance (“VWAP”), at the election of Tisdale;
- By the second
anniversary of Closing, completing an additional $1,750,000 in
exploration expenditures, and paying Skyharbour $1,800,000, of
which up to $1,000,000 may be paid in Shares based on the VWAP, at
the election of Tisdale;
- By the third anniversary of
Closing, completing an additional $2,500,000 in exploration
expenditures, and paying Skyharbour $2,500,000, of which up to
$1,500,000 may be paid in Shares based on the VWAP, at the election
of Tisdale.
After acquiring a 51% interest, Tisdale may
increase its interest in the Property to 75% by:
2. Completing
a payment of $5,000,000 to Skyharbour by the fourth anniversary of
Closing, of which up to $3,000,000 may be satisfied in Shares based
on the VWAP, at the election of Tisdale, and incurring exploration
expenditures on the Property of an additional $2,500,000 in each of
the fourth and fifth anniversaries of Closing.No common shares will
be issuable to Skyharbour at a deemed price of less than $0.05 or
such minimum price as is permitted by the Exchange at the date of
issuance, nor will they be issued to Skyharbour to the extent such
issuance would result in the Company becoming a new insider of
Tisdale. Assuming Tisdale exercises any portion of the option and
acquires an interest in Property, the parties intend to form a
joint venture for the ongoing development of the Property. The
Property is subject to an existing 2% net smelter returns royalty
owing to a former owner.
South Falcon East Project
Summary:
The South Falcon East Project is a uranium
exploration project in the southeast Athabasca Basin and covers
approximately 12,464 hectares. It lies 18 kilometres outside the
Athabasca Basin, approximately 50 kilometres east of the Key Lake
Mine. Historical exploration at the South Falcon East Project
identified an area of U-Th-REE mineralization at the Fraser Lakes
Zone B over an area comprising 1.5 km by 0.5 km along an antiformal
fold nose cut by an east-west dextral ductile-brittle
cross-structure adjacent to a 65 km long EM conductor.
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 Tisdale Clean Energy
Corp.:
Tisdale Clean Energy is a Canadian-based
exploration company focused on the acquisition and advancement of
critical energy/fuel projects.
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
ColturaInvestor Relations Manager Skyharbour 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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