Skyharbour Resources Ltd.
(TSX-V:SYH)
(OTCQX:SYHBF)
(Frankfurt:SC1P)
(the “Company”) is pleased to announce plans for an upcoming drill
program at its recently optioned 73,294 hectare Russell Lake
Uranium Project strategically located in the central core of the
Eastern Athabasca Basin of northern Saskatchewan. Skyharbour is
planning 5,000 metres of diamond drilling in ten to twelve holes
over the next several months at Russell with mobilization and
commencement within the next few weeks. Following the initial phase
of drilling at Russell Lake, the Company will move the drill rig
over to its adjacent 100% owned, 35,705 hectare high-grade Moore
Uranium Project to complete a planned 3,000 metres of drilling in
eight to ten holes. The combined 8,000 metre winter drill campaign
across the company’s core projects is fully funded and permitted
with the geologists and drilling crews working out of the
exploration camp at the Russell Lake Project, located along the
road servicing Cameco’s McArthur River Uranium Mine.
Russell Lake Project Location
Map:http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
Jordan Trimble, President and CEO of Skyharbour,
stated: “The upcoming commencement of our winter diamond drill
campaign at both our Russell Lake and Moore Uranium Projects marks
the first time Skyharbour will be simultaneously co-advancing these
two core projects. This fully funded, 8,000 metre drill campaign
will provide ample news flow well into the year as we advance the
projects using systematic and proven exploration methodologies
coupled with new geological models and targeting strategies. We are
confident in the discovery potential and exploration upside at both
projects given the high-grade mineralization in historical drill
holes along with the many highly prospective target areas hosting
the geology necessary for high-grade uranium deposition. We will
also be carrying out infill and definition drilling at the
high-grade zones at Moore along the Maverick Corridor.”
“Skyharbour will have substantial additional
news flow and catalysts from its prospect generator business
consisting of partner companies advancing some of our other
projects throughout the Athabasca Basin. Over the next year, the
Company is anticipating the largest combined drilling and
exploration programs at its primary projects of Russell and Moore,
as well as at its partner-funded projects of Preston, East Preston,
Mann Lake, Yurchison, Falcon, and South Falcon East.”
Upcoming Winter Diamond Drilling Program
at Russell Lake:
Skyharbour will soon initiate its 2024
Exploration Program at the Russell Lake Project, drilling an
initial 5,000 metres to follow up on notable historic exploration
and findings and test new targets developed by the geological team.
Of particular interest for this drilling program will be the
Grayling East and Fork targets within the broader Grayling target
area as well as the M-Zone Extension target. This initial drill
program will total 5,000 metres in ten to twelve drill holes with
all targets being road accessible and near the exploration
camp.
Russell Lake Project Target
Areas:https://www.skyharbourltd.com/_resources/images/20240110-MainTargetsRussellLake2024.jpg
At the Grayling East target, additional drill
testing of the eastern extent of the 2,200 m long, 100 m thick
sub-parallel Grayling conductor and associated thrust fault is
planned in areas of broadly spaced drill coverage and prospective
geophysics and geology. In this area, several conductors are
present within a broad magnetic low, and limited historical
drilling encountered intervals of significant structural
disruption, highly prospective alteration within the sandstone and
underlying basement, with local pathfinder element enrichment
associated with faulting and graphitic intervals. Further review of
the geophysical and geological data from this area suggests that
the historical holes may not have hit the main Grayling thrust,
instead intersecting splays of the thrust and/or parallel
conductors to the south of the main thrust fault. An initial three
to four holes, totalling 2,000 m, are planned to test newly
developed targets along the Grayling thrust in this area.
Grayling East and Fork Drill
Targets:https://www.skyharbourltd.com/_resources/images/20240110-ForkGraylingEastTargetsRussellLake.jpg
The Fork target is a newly identified target to
the west of the Grayling Zone and on-strike of Denison’s M-Zone
target at their adjacent Wheeler River Project, which has seen
renewed interest by Denison in recent years. The target consists of
a series of northeast striking and bifurcating conductive trends
proximal to and related to a northeast trending magnetic low, with
a prominent north-trending lineament associated with the McDougall
Lake fault also running through the area. Notable resistivity and
gravity targets in conjunction with anomalous geochemistry and
prospective structure and alteration within the two historical
drill holes in this area make for a compelling target. Three angled
holes, totalling 1,500 m are planned for this area as part of the
2024 winter drill program.
M-Zone Extension Drill
Targets:https://www.skyharbourltd.com/_resources/images/20240110-M-ZoneExtensionTargetsRussellLake.jpg
Skyharbour has selected additional drill targets
in the M-Zone Extension area, along trend from the Grayling Zone
and Denison’s M-Zone, where historical drilling intersected
basement hosted uranium (up to 0.70% U3O8 over 5.8 m at 374.0 m
depth). More recent drilling by Denison in 2020 at the M-Zone
encountered additional uranium mineralization with significant
faulting, core loss, geochemical anomalies, and radioactivity
encountered in other drill holes. Like the Grayling Zone, the
mineralization is hosted by a graphitic thrust fault within a
significant magnetic low. It is also noted that cross structures
associated with Denison’s Phoenix and Gryphon uranium deposits
trend onto the Russell Lake property within the M-Zone Extension
target area, further enhancing the prospectivity of this target.
Three to four holes, totalling 1,500 metres are planned at the
M-Zone Extension target on the Russell Lake Project.
Upcoming Winter Diamond Drilling Program
at Moore:
Skyharbour will conduct a second phase of
drilling consisting of 3,000 metres at its high-grade Moore Project
upon completion of the drilling at Russell Lake. Skyharbour plans
to carry out infill and expansion drilling at the high-grade
Maverick Corridor as well as to test several regional targets
including the Grid Nineteen target area. This second phase of
drilling will total 3,000 metres in eight to ten drill holes.
Moore Uranium Project Regional Grid
Targets
Map:https://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Drilling at the Maverick Corridor will focus on
identifying new trends and extensions within untested portions of
its 4.7 kilometre strike length. Additional drilling is planned
within the Maverick Main and East Zones to concentrate on
refinement and expansion of the currently identified mineralized
zones. The Maverick Main Zone is characterised by basement- and
unconformity-hosted mineralization, with a best interval drilled
previously by Skyharbour of 6.0% U3O8 over 5.9 metres at 265
metres depth including 20.8% U3O8 over 1.5 metres in hole
ML-199 and historical results of 4.03% eU3O8 over 10 metres,
including 20% eU3O8 over 1.4 metres at a depth of 265.0 metres
in hole ML-61. At the Maverick East Zone Skyharbour previously
drilled a high-grade uranium intercept of 1.79% U3O8 over
11.5m at 270.0 metres depth, including 4.17% U3O8 over 4.5
metres and 9.12% U3O8 over 1.4 metres in hole ML-202. A total
of four to six holes totalling 1,500 to 1,800 metres of drilling
are planned for the Maverick Main and East Zones as well as at
other targets on the Maverick Structural Corridor.
Drilling on regional targets at the Moore
Project will consist primarily of drill testing the Grid Nineteen
area, where the Slice Pond Conductor and accompanying structural
zone has been confirmed by drilling over a strike length of 800
metres to date. The Slice Pond target is typified by structurally
disrupted, altered, and geochemically anomalous sandstone and
basement rocks, including variably graphitic pelitic gneisses,
along with a significant unconformity offset and thrust wedge. All
holes drilled to date have intersected highly encouraging graphitic
and sulphide bearing basement lithologies accompanied by
prospective alteration and anomalous levels of B (≤1290 ppm), Th
(≤445 ppm), Ni (≤500 ppm), V (≤350 ppm), and U (≤421 ppm). A
notable intercept of 0.05% U3O8 over 1.0 metre occurs well
into the basement in previously drilled hole ML21-07 on the Slice
Pond Conductor. The unconformity intercept of the mineralized
structure is still untested. Composite geochemical sampling in the
second hole on this conductor, previously drilled hole ML21-09,
returned samples highly enriched in U (≤7.5 ppm Upartial) and B
(≤161 ppm) over a broad 70 metre interval in the sandstone. A total
of four to five holes are anticipated to be drilled at the Grid
Nineteen target area as part of the winter drill program at
Moore.
Russell Lake Uranium Project
Overview:
The Russell Lake Project is a large,
advanced-stage uranium exploration property totalling 73,294
hectares strategically located between Cameco’s Key Lake and
McArthur River Projects and adjoining Denison’s Wheeler River
Project to the west and Skyharbour’s Moore Uranium Project to the
east. The northern extension of Highway 914 between the Key Lake
Mill and the McArthur River Mine runs through the western extent of
the Property and greatly enhances accessibility, with a
high-voltage powerline also situated alongside the road. There is a
fully permitted exploration camp on the Project suitable for over
thirty people located on the highway, within 5 kilometres of
Denison’s Phoenix deposit. Skyharbour’s acquisition of Russell Lake
creates a large, nearly contiguous block of highly prospective
uranium claims totalling 108,999 hectares between the Russell Lake
and the Moore uranium projects.
There has been a meaningful amount of historical
exploration carried out at Russell Lake, however most of it was
conducted before 2010 prior to the discovery of several major
deposits in and around the Athabasca Basin. The Property has been
the subject to greater than 95,000 metres of drilling in over 230
drill holes prior to Skyharbour’s maiden drill program, with most
of this drilling comprising of widely spaced exploratory and
reconnaissance drilling. The Property’s claims are in good standing
for 2-22 years, with significant assessment credits built-up from
previous exploration programs.
Several notable exploration targets exist on the
property including the Grayling Zone, the M-Zone Extension target,
the Little Man Lake target, the Christie Lake target, and the Fox
Lake Trail target. More than 35 kilometres of largely untested
prospective conductors in areas of low magnetic intensity also
exist on the Property. A total of 9,595 metres of drilling in 19
holes was drilled in three phases during 2023 by Skyharbour at
Russell Lake. Uranium mineralization was intersected in the
majority of holes at the Grayling Zone over a strike length
exceeding one kilometre. Drill hole RSL23-01 intersected one of the
best ever drill results from the project, returning a 5.9 metre
wide intercept of 0.151% U3O8 at a depth of 338.4 metres, which
includes 1.0 metres of 0.366% U3O8 at 343.3 metres depth within a
thrust wedge.
Moore Uranium Project
Overview:
In June 2016, Skyharbour secured an option to
acquire Denison Mine's Moore Uranium Project, on the southeastern
side of the Athabasca Basin, in northern Saskatchewan and has
fulfilled its earn in. The project consists of 12 contiguous claims
totaling 35,705 hectares located 42 kilometres northeast of the Key
Lake mill, approx. 15 kilometres east of Denison’s Wheeler River
project, and 39 kilometres south of Cameco’s McArthur River uranium
mine. Unconformity-type uranium mineralization was discovered on
the Moore Project at the Maverick Zone in April 2001. Historical
drill highlights include 4.03% eU3O8 over 10 metres, including
20% eU3O8 over 1.4 metres, in ML-161. In 2017, Skyharbour
announced drill results of 6.0% U3O8 over 5.9 metres,
including 20.8% U3O8 over 1.5 metres at a vertical depth of
265 metres, in hole ML-199. In addition to the Maverick Zone, the
project hosts other mineralized targets with strong discovery
potential which the Company plans to test with future drill
programs. The project is fully accessible via winter and ice roads
which simplifies logistics and lowers costs. Large proportions of
the property are accessible in the summer as well.
Moore Lake Uranium Project Geophysics
Map:http://skyharbourltd.com/_resources/maps/MooreLake-Basic-geo-revamp.jpg
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-five projects, ten of which are
drill-ready, covering over 520,000 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://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_20231219_V2.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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