Skyharbour Resources Ltd.’s
(TSX-V:SYH)
(OTCQX:SYHBF)
(Frankfurt:SC1P)
(the “Company”) partner company Azincourt Energy (“Azincourt”) is
pleased to announce that permits have been received for ongoing
exploration activities at the East Preston uranium project in the
Athabasca Basin, Saskatchewan, Canada. Azincourt has received work
authorization and permits from the Government of Saskatchewan to
allow diamond drilling and limited ground geophysics through to the
summer of 2026. This effectively provides access to the ground for
the next three winter field seasons.
Project Location – Western Athabasca
Basin, Saskatchewan,
Canada:https://www.skyharbourltd.com/_resources/maps/Sky_EastPreston_20211209.jpg
Azincourt Energy recognizes that the granting of
these permits does not negate the rights of the local communities
for meaningful consultation as the project progresses. Azincourt
continues to be engaged in regular meetings with the Clearwater
River Dene Nation and other rights holders to ensure that the
concerns of the local communities are addressed regarding the East
Preston project. A more in-depth engagement process will also be
commencing within the next month with the La Loche Metis Local #39.
Azincourt endeavors to keep local stakeholders apprised of ongoing
plans, results, and priorities for the property. The involvement of
the local communities is essential for continued advancement of the
East Preston Project.
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.
“We are very excited to continue working at the
East Preston project, and the granting of work permits for three
years clears a critical component from the ongoing planning
process” said Azincourt’s VP, Exploration, Trevor Perkins. “This
shows faith by the government and local communities for us to
continue our work in the area in a safe and environmentally
friendly manner, and to continue engaging with local communities.
We want to ensure that any concerns raised are dealt with to the
satisfaction of all parties and that relevant information is shared
to minimize impact on members of the local communities who use this
land,” continued Mr. Perkins.
Winter 2024
Program:
Planning is underway for a winter 2024 drill
program focusing on the alteration zone associated with the K- and
H-Zones. The exact size, scope, and budget of this program is still
to be determined and will be communicated as decisions are
finalized and confirmed.
Road
Access to the East Preston Project,
Western Athabasca Basin,
Saskatchewan:https://skyharbourltd.com/_resources/maps/Road-access-to-the-East-Preston-Uranium-Project-Western-Athabasca-Basin-Saskatchewan.png
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.
Drilling has confirmed that identified
geophysical conductors comprise structurally disrupted zones that
are host to accumulations of graphite, sulphides, and carbonates.
Hydrothermal alteration, relevant clays, anomalous radioactivity,
and elevated uranium have now been demonstrated to exist within
these structurally disrupted conductor zones.
2023-24 Target
Areas at the East Preston Uranium
Project:https://skyharbourltd.com/_resources/maps/2023-24-Target-areas-at-the-East-Preston-Uranium-Project.png
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.
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 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.
Azincourt now owns 85.8% of the Project with Skyharbour retaining a
minority interest of 9.5% 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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