Skyharbour Resources Ltd.
(TSX-V:SYH)
(OTCQX:SYHBF)
(Frankfurt:SC1P)
(the “Company”) is pleased to announce results for its inaugural
drilling 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. Three phases
of drilling were completed on the property this year with eight
holes totalling 3,661.5 metres drilled at the Grayling Zone in
Phase One, followed by Phase Two consisting of 2,730 metres in four
holes at the Fox Trail target area, and returning to the Grayling
Zone for Phase Three where an additional 3,203 metres was drilled
in seven holes. 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.
Russell Lake Project Location
Map:http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
Jordan Trimble, President and CEO of Skyharbour
Resources, stated: “We are very pleased with the inaugural drilling
program at the Russell Lake Uranium Project. Numerous holes at the
Grayling target area intersected significant zones of uranium
mineralization including hole RSL23-01 which represents one of the
best drill results at the project. Skyharbour has also expanded the
extent of the known mineralized zones to over a kilometre at
Grayling. Most of the drilling at the project historically has been
widespread exploratory drilling and we are even more confident in
the discovery potential and exploration upside at Russell Lake
given this program along with the many highly prospective target
areas hosting the geological ingredients necessary for high-grade
uranium deposition. Planning is well underway for an upcoming,
fully-funded winter drilling program with the project accessible
all year round with road access, powerlines and an exploration
camp.”
“Skyharbour is also excited to have additional
news flow and catalysts from its prospect generator business
consisting of numerous partner companies advancing some of our
other projects throughout the Athabasca Basin. Over the next year,
the Company is anticipating continued drilling and exploration
programs at its co-flagship projects of Russell and Moore, as well
as at its partner-funded projects of Preston, East Preston, Mann
Lake, Yurchison, South Falcon East, and South Falcon.”
Highlights:
- Hole RSL23-01
intersected a 5.9 metre intercept of 0.151% U3O8 beginning at 338.4
metres, including 1.0 metres of 0.366% U3O8 at 343.3 metres. The
mineralization begins near the base of a basement thrust wedge, and
extends into the strongly clay altered sandstone and uppermost
basement, and is accompanied by anomalous pathfinder geochemistry
including As (≤1960 ppm) Ni (≤2760 ppm), and V (≤381 ppm).
- Hole RSL23-02
intersected 1.0 metre of uranium mineralization grading 0.224% U3O8
at the unconformity, accompanied by major sandstone and basement
faulting, significant clay alteration, and highly anomalous As
(≤1110 ppm), Cu (≤427 ppm), Ni (≤2760 ppm), V (≤811 ppm) and Zn
(≤602 ppm).
- Most of the
holes drilled at the Grayling Zone that successfully reached their
intended targets intersected uranium mineralization.
- The Grayling
Zone and its attendant thrust wedge has now been confirmed over a
strike length of 1,000 m. The uranium mineralization at the
Grayling Zone is accompanied by significant faulting, strong clay
alteration of the sandstone and basement graphitic pelitic
gneisses, and highly anomalous pathfinder geochemistry, including
anomalous B, Ni, Cu, Pb and As in addition to uranium.
- Drilling on the
Fox Lake Trail conductors confirmed the presence of highly
prospective graphitic pelitic gneiss packages in conjunction with
prospective quartzite ridges and other favourable host lithologies.
Both the sandstone and basement rocks in the Fox Trail area are
frequently enriched in uranium and pathfinder elements including B,
V, Ni, Co, Cu and As.
- Substantial
portions of the Grayling and Fox Lake Trail target areas have yet
to be systematically drill tested leaving robust discovery
potential. There is also more than 35 kilometres of largely
untested prospective conductors in areas of low magnetic intensity
on the Property.
- Given the
success of the inaugural drill program carried out by the Company
at Russell Lake, a follow-up program is being planned. The program
will consist of 4,000 m - 5,000 m of drilling and is slated to
commence this upcoming winter.
2023 Diamond Drilling Program and Plans
for Upcoming Drilling Program:
A total of 9,595 metres of drilling in nineteen
holes was drilled in three phases during 2023. The first phase of
drilling consisted of a total of 3,662 metres in eight completed
holes at the Grayling Zone, while an additional four holes totaling
2,730 metres were drilled in the Fox Lake Trail Zone during the
second phase. The recently completed third phase of drilling was
comprised of 3,203 metres in seven holes on additional targets at
the Grayling Zone.
Given the success of the inaugural drill program
carried out by the Company at Russell Lake, a follow-up program is
being planned. The fully-funded program will consist of 4,000 m -
5,000 m of drilling and is slated to commence this winter with
additional details on the program forthcoming.
Phase One – Grayling Zone Drilling:
The first phase of Skyharbour’s inaugural drill
program at Russell consisted of a total of 3,662 metres in eight
holes at the Grayling Zone. The majority of the holes drilled at
the Grayling Zone during this phase that successfully reached their
intended targets intersected uranium mineralization and the
Grayling Zone will be a primary target area at the project moving
forward.
Grayling Target Area Drill Hole
Locations:https://www.skyharbourltd.com/_resources/images/Grayling-Zone-2023-Drill-Program.jpg
Hole RSL23-01 was drilled vertically as a
follow-up to historical hole RL-00-22A which had returned 0.12%
U3O8 over 2.2 metres at 342.8 metres depth. The hole intersected
pyritic, clay-enriched, and faulted sandstone beginning at 309.0
metres down to the first unconformity at 336.9 metres, directly
overlying a faulted and locally mineralized cordierite-bearing
pelitic gneiss down to 338.9 metres. This was followed by a
mineralized sandstone wedge down to the second mineralized
unconformity at 343.8 metres. Below this second unconformity
intercept is altered and locally faulted cordierite-bearing
graphitic pelitic gneiss to 450.3 metres (becoming more migmatitic
below 437.5 metres), followed by Hudsonian migmatite and granite,
before ending in Archean granite at 520.4 metres. Hole RSL23-01
returned a 5.9 metre intercept of 0.151% U3O8 beginning at 338.4
metres depth, including 1.0 metres of 0.366% U3O8 at 343.3 metres
down hole, which represents one of the longest and most strongly
mineralized drill intercepts at project to date. The mineralization
is accompanied by anomalous As (≤2730 ppm Aspartial), Cu (≤427 ppm
Cutotal), Ni (≤2760 ppm Nitotal), V (≤811 ppm Vtotal) and Zn (≤602
ppm Zntotal).
Hole RSL23-02 was drilled at a dip of -85o as a
20-metre step-out to the west of hole RSL23-01. The hole
intersected a weak to moderately bleached sandstone column,
becoming faulted, fractured, moderately to weakly desilicified, and
variably clay altered below 298.1 metres. The alteration continues
to the unconformity at 336.6 m, where a 30 cm mineralized zone was
intersected in the basement rocks just below. A 10 m thick, locally
clay-enriched and faulted cordierite-bearing graphitic pelitic
gneiss unit was intersected immediately below the mineralization,
with granite and biotite sericite schist in the remainder of the
drill hole which ended at a total depth of 396.0 metres. The hole
returned a 1.0 metre interval of uranium mineralization grading
0.224% U3O8 from 336.1 to 337.1 m depth, which was accompanied by
anomalous As (≤2300 ppm Aspartial) and Ni (≤1900 ppm Nitotal).
Drill hole RSL23-03 was drilled at a -85o dip
150 metres along strike to the northeast of the first two holes,
targeting a 300 metre long, previously untested section of the
Grayling thrust between holes RL-00-22A and RL-85-07. RSL23-03
intersected a moderately bleached, competent sandstone column down
to the unconformity at 333.7 metres. The basement rocks consisted
of anatectic pelitic gneiss down to 351.6 metres, where a
30-metre-thick shear/fault zone within pelitic gneiss and
cordierite-bearing graphitic pelitic gneiss was intersected.
Pegmatite and weakly graphitic cordierite-bearing pelitic gneiss
were predominant in the remainder of the hole, which ended at 441.0
metres. The hole is interpreted to have intersected the targeted
structure too far into the hanging wall of the fault, suggesting a
slight bend in the Grayling structure in this area. The maximum
uranium concentration intersected was 300 ppm Utotal within a
granitic pegmatite and the basement rocks were anomalous in B
(≤1510 ppm Btotal), V (≤709 ppm Vtotal) and Ni (≤379 ppm
Nitotal).
Hole RSL23-04 was drilled at a -80o dip from the
same set-up as RSL23-03 in order to test the basement wedge at the
unconformity. The hole intersected structurally disrupted and
moderately bleached sandstone at 322.7 metres down to the
unconformity at 341.0 metres, followed by anatexite and pelitic
gneiss, sheared cordierite-bearing pelitic gneisses and granites,
and cordierite-rich graphitic pelitic gneiss and granitic
pegmatite, before ending in Archean granite at 450.0 metres. The
hole overshot the thrust wedge, but the basal sandstone was
anomalous in As (≤29.6 ppm As), Cu (≤22.5 ppm Cupartial), Ni (≤19.4
ppm Nipartial), Pb (≤39.8 ppm Pbpartial), and U (≤9.4 ppm
Upartial), while the basement rocks were locally anomalous in B
(≤539 ppm Btotal), V (≤555 ppm Vtotal), Ni (≤584 ppm Nitotal) and
Cu (≤367 ppm Cutotal), similar to hole RSL23-03.
Hole RSL23-05 was drilled at a dip of -85o
approximately 20 metres north of historical hole RL-00-20, where
two narrow zones of weak uranium mineralization were intersected
near the unconformity. The hole intersected a moderately bleached
sandstone column with local faulting and desilicification between
246.1 metres and the unconformity at 345.9 metres. The basement
rocks consisted of paleoweathered anatectic pelitic gneiss and
cordierite-bearing graphitic pelitic gneiss, before ending in
Archean granitic gneisses at 453.1 m. The sandstone immediately
above the unconformity was highly anomalous in Up (≤29.6 ppm
Upartial) and B (≤1300 ppm Btotal), while the basement rocks were
locally enriched in in B (≤670 ppm) and Cu (≤1260 ppm Cutotal).
Hole RSL23-06 was drilled at an angle of -85o to
test the Grayling conductor in the northern part of the Grayling
Zone area near historical hole RL-85-08. The hole intersected a
nearly 20 metre thick thrust block, with an initial unconformity at
318.0 metres depth. Anatectic hematitized pelitic gneiss followed
to 335.1 metres, with a graphitic clay gouge between 326.4 and
327.0 metres. Moderately mineralized fractures were encountered in
the basal 40 cm of the basement wedge. A narrow hematized interval
of sandstone was intersected from 335.1 to 337.9 metres, with a
second sandstone-basement unconformity occurring at 337.9 metres.
Below the second unconformity are moderately bleached pelitic
gneiss becoming moderately chloritized, sericitized and graphitic
below 371.1 metres. Cordierite and strong graphite appear around
391.4 metres depth, with hematitized and chloritized Archean gneiss
from 420.0 metres to the end of hole at 477.0 metres. RSL23-06
returned an intercept of 0.249% U3O8 over 0.5 metres at 334.5
metres depth at the basement-sandstone contact within the thrust
wedge, which was also anomalous in B (≤318 ppm Btotal), Pb (≤1550
ppm Pbpartial), As (≤220 ppm Aspartial), and V (≤473 ppm
Vpartial).
Drill hole RSL23-07 was drilled at a -85o dip to
test for a possible thrust block along the Grayling conductor near
historical hole RL-08-13. Moderately bleached sandstone was
intersected down to the unconformity at 318.6 metres, followed by
sheared and sericite-altered pelitic gneiss. The remainder of the
basement included a mixture of Hudsonian granite and pelitic
gneiss, followed by sheared cordierite pelitic gneiss, strongly
graphitic pelitic gneiss, and Archean granitic gneiss, ending at
492.0 metres. Strong faulting was encountered within the basement
gneisses between 420.7 to 427.8 metres. This hole appears to have
intersected the hanging wall side of the fault, and while no
anomalous radioactivity was identified, the basement rocks of this
hole were locally anomalous in B (≤358 ppm), Mo (≤60 ppm Mototal),
Ni (≤209 ppm Nitotal), and V (≤571 ppm Vtotal).
Hole RSL23-08 was the final hole of the first
phase of drilling at the Russell Lake Project, and was drilled at
an -85o dip to test the thrust wedge between historical holes
RL-08-16 and -17. Moderately bleached sandstone was intersected
throughout the sandstone, with intermittent moderate
desilicification from 172.3 metres to the first unconformity at
319.0 metres. Within the basement wedge below this first
unconformity were semipelitic gneisses, granite, sheared
cordierite-bearing pelitic gneiss and faulted cordierite-graphite
pelitic gneiss. A narrow interval of sandstone was then intersected
between 335.6 metres and the second unconformity at 338.4 metres.
Below the second unconformity are alternating sheared cordierite
graphitic pelitic gneisses and non-graphitic pelitic gneisses to a
depth of 417.5 metres, which are followed by Archean granite to the
end of the hole at 432.0 metres. The best result from RSL23-08 was
469 ppm Utotal over 0.5 m at 335.1 m depth in the basal part of the
thrust block, which was accompanied by anomalous As (≤111 ppm
Aspartial), Ni (≤302 ppm Nipartial), Pb (≤371 ppm Pbpartial), V
(210 ppm Vpartial), and B (≤3230 ppm Btotal) at the base of the
thrust block.
Phase Two – Fox Lake Trail Zone
Drilling:
The second phase of drilling was focused in the
Fox Lake Trail area at the north end of the project. Four holes
were completed for a total of 2,730 metres. The exploratory holes
in this area targeted previously drilled fertile conductors and
other previously untested but prospective EM and resistivity
features.
Fox Lake Trail Target Area Drill Hole
Locations:https://www.skyharbourltd.com/_resources/images/Fox-Lake-Trail-2023-Drill-Program.jpg
Hole RSL23-09 was drilled at a -85o dip to test
a resistivity target associated with a previously untested EM
conductor. The hole intersected a weakly to moderately bleached
sandstone column down to the unconformity at 479.4 metres. The
basement rocks consisted of hematized pelitic gneiss, transitioning
into a locally faulted quartzite unit at 486.5 metres. The hole
remained in quartzite to its conclusion at 683.1 metres. Anomalous
U (≤4.8 ppm Upartial) was detected in the lower sandstone,
beginning at 310.0 metres and continuing until the
unconformity.
The second hole drilled at Fox Lake Trail,
RSL23-10, was drilled at a -75o dip to test an EM conductor along
strike of historical holes FLT-08-06 and FLT-08-04, both of which
contained weak uranium mineralization (0.063% U3O8 over 1.0 metres
and 0.014% U3O8 over 1.0 metres, respectively). Hole RSL23-10
intersected a weak to moderately bleached sandstone column down to
the unconformity at 480.5 metres. The basement below the
unconformity included hematized pelitic gneisses, becoming variably
graphitic around 520.0 metres depth. The hole was terminated in
weakly graphitic pelitic gneiss at a depth of 709.0 metres. The
sandstone is locally anomalous in B (≤1160 ppm Btotal) and uranium
(≤1.9 ppm Upartial), while the basement rocks were locally
anomalous in B (≤690 ppm Btotal), Cu (≤202 ppm Cutotal) and V (≤177
ppm Vtotal).
Hole RSL23-11 was drilled at a dip of -70o to
test a conductor between historical holes FLT-11-14 (which
contained 0.054% U3O8 over 1.0 metres) and FLT-11-15. The sandstone
was variably bleached to the unconformity at 483.6 metres, which
was overlain by a faulted and silicified conglomerate cap. Below
the unconformity were fractured chlorite- and hematite-altered
pelitic gneisses and granites, followed by variably graphitic and
chloritized cordierite pelitic gneiss and granitic pegmatites until
611.2 metres. Below this, a mix of quartzite and pelitic gneiss
were intersected until the end of hole at 662.0 metres. Major
graphitic faults were encountered within the basement at
528.1-528.5 metres, 556.6-558.9 metres and 578.9-579.4 metres
downhole. There is spotty weak uranium enrichment (≤1.6 ppm
Upartial) in the sandstone, while the basement rocks were locally
enriched in boron (≤428 ppm Btotal). Basement fault zones at 557.0
metres and 575.0 metres also displayed strongly anomalous As (≤1380
ppm Aspartial), Co (≤264 ppm Cototal), Cu (≤367 ppm Cutotal), Ni
(≤909 ppm Nitotal) and V (≤327 ppm Vtotal).
The final Fox Lake Trail hole, RSL23-12, was
drilled at a dip of -80o to test two parallel EM responses defined
by previous VTEM surveys. Moderately bleached and silicified
sandstone was intersected to a depth of 218.5 metres, becoming
variably beached until the unconformity at 487.4 metres. Within the
basement, paleoweathered garnet pelitic gneiss is underlain by
variably graphitic cordierite and garnet pelitic gneisses and
granitic pegmatites. A faulted zone within a quartzite unit occurs
between 624.7 to 654.9 metres, followed by sheared
cordierite-garnet-sillimanite gneisses and pegmatites to the end of
the hole at 676.0 metres. Strong conductors were encountered in
graphitic fault zones at 560.8 to 571.0 metres, 587.1 to 590.7
metres, and 603.8 to 605.2 metres, in addition to a major fault at
the top of the quartzite. Anomalous U (≤6.2 ppm Upartial) was
encountered in the 1.0 metre of sandstone immediately above the
unconformity, while anomalous V (≤134 ppm Vtotal), Ni (≤221 ppm
Nitotal) and Cu (≤404 ppm Cutotal) concentrations were locally
encountered in graphitic/pyritic bands, gouges, and shears in the
basement between 587.5 to 613.5 metres.
Phase Three – Grayling Zone
Drilling:
The third phase and final phase of drilling took
place within the Grayling Zone, with seven holes completed for a
total of 3,203 metres. This phase of drilling was designed to
follow up on previously identified mineralization and to better
define the controls and geometry of the Grayling Thrust Block,
which is the controlling structure hosting the Grayling mineralized
zone.
Hole RSL23-13 was drilled at an angle of -85o to
test for the thrust block and associated mineralization between
holes RL-88-17 and RL-00-21, located to the north along strike from
drilling in Phase One. A strong to moderately hematized and weakly
bleached sandstone column was intersected to the unconformity at
316.6 metres. Paleoweathered and sheared anatectic granite lies
below the unconformity to 333.8 metres, followed by a strongly
altered and sheared graphitic fault zone to 340.1 metres.
Cordierite-garnet pelitic gneisses and granitic pegmatites are then
encountered to the end of the hole at 424.0 metres. Uranium was
weakly elevated (≤1.0 ppm Upartial) in the sandstone, with 9.8 ppm
Upartial encountered in the basal 0.5 m of sandstone, while a
basement graphitic fault zone contained elevated B (≤576 ppm
Btotal), Co (≤103 ppm Cototal), Cu (≤135 ppm Cutotal), Mo (≤85 ppm
Mototal), Ni (≤501 ppm Nitotal), V (≤712 ppm Vtotal), and U (≤14
ppm Utotal).
Hole RSL23-14 was a vertical hole to test for
mineralization north of historic hole RL-85-07 (which returned up
to 0.243% U3O8 at 363.3 metres). Drilling intersected a significant
sandstone fault zone with extensive core loss from 318.8 to 334.4
metres, followed by grey-altered conglomeratic sandstone down to
the unconformity at 356.8 metres. Below the unconformity, anatectic
granite with intervals of cordierite bearing pelitic gneisses was
intersected to a depth of 368.7 metres. This was followed by
faulted, variably graphitic cordierite pelitic gneiss with frequent
pegmatites to 442.0 metres. From 442.0 to 449.3 m there is a
transition into Archean granite, which continues until the end of
hole at 497.0 metres. Hole RSL23-14 returned anomalous U (≤2.7 ppm
Upartial) within central and lower portions of the sandstone along
with highly anomalous B (≤1,880 ppm Btotal). The basement rocks
were locally enriched in As (≤153 ppm Aspartial), Cu (≤278 ppm
Cutotal), Ni (≤447 ppm Nitotal), and V (≤626 ppm Vtotal), with B
(≤403 ppm Btotal) enrichment throughout much of the basement.
Basement-hosted uranium (0.058% U3O8 over 1.0 metre), thorium (≤801
ppm Th), and rare earth element (REE) mineralization (0.8589 wt. %
total rare earth element oxide [TREO] over 1.0 m) was encountered
in a granitic pegmatite containing coarse grained graphite and
biotite patches/bands starting at a depth of 442.0 m. The
mineralization is interpreted be primary magmatic mineralization
within a partial melt-derived pegmatite.
Drill hole RSL23-15 was a vertical hole designed
to intersect the graphitic shear intersected in holes RSL23-03 and
-04 at the unconformity. Within the Athabasca sandstone, a major
fault zone featuring extensive core loss, silicification and
desilicification, variable bleaching, clay, hydrothermal hematite,
and frequent intervals of blocky core was intersected from 301.7 to
346.4 metres, followed by a short interval of competent core down
to the unconformity at 350.2 metres. The underlying basement rocks
consist of variably graphitic metasedimentary gneisses and local
granitoids and granitic pegmatite until end of the hole at 434.0
metres. Significant graphitic fault zones were encountered in the
basement from 352.2 to 353.9 metres and 383.0 to 383.8 metres
depth. Elevated uranium (≤21.7 ppm Upartial) was intersected in the
sandstone above the unconformity, along with anomalous Pb (≤1100
ppm Pbpartial), As (≤206 ppm Aspartial), and B (≤608 ppm Btotal).
The basement is variably enriched in B, with the basement graphitic
fault zones yielding ≤1160 ppm Btotal. Other pathfinder elements
are variably enriched in the basement of hole RSL23-15 including As
(≤26 ppm Aspartial), Co (≤65 ppm Cototal), Cu (≤309 ppm Cutotal),
Ni (≤160 ppm Nitotal), and V (≤294 ppm Vtotal), with elevated
uranium within anatectic granite (≤71 ppm Utotal @ 350.7 metres
depth) just below the unconformity.
Hole RSL23-16 was drilled 10 metres
east-southeast of RSL23-14 to test the historic mineralization in
hole RL-85-07. Competent Athabasca sandstone was intersected until
318.2 metres, becoming strongly faulted until 353.2 metres depth,
with local uranium mineralization within the core of the fault from
342.3 to 344.0 metres. The uranium mineralization is associated
with strong grey alteration, chlorite, and siderite, and appears as
disseminations and veins within the sandstone. The fault zone is
followed by 5.0 metres of competent, strongly bleached sandstone
down to the unconformity at 358.2 metres depth. Below the
unconformity, variably graphitic cordierite pelitic gneiss hosting
local uranium-mineralized and limonite-altered veins and
radioactive pegmatite was intersected before terminating in Archean
granitic gneiss. Hole RSL23-16 returned 0.067% U3O8 over 0.5 metres
from 342.5 to 343.0 metres within the sandstone fault zone, which
was also associated with anomalous As (≤3,170 ppm Aspartial), Cu
(≤4,170 ppm Cupartial), Ni (≤2,200 ppm Nipartial), Pb (≤555 ppm
Pbpartial), V (≤383 ppm Vpartial), and B (≤1,740 ppm Btotal). The
basement rocks returned highly anomalous Ni (≤479 ppm Nitotal), B
(≤868 ppm Btotal), and U (≤353 ppm Utotal) associated with
limonite-altered pitchblende veins. The basement rocks also hosted
a broad interval of U- and REE-enriched granitic pegmatite that
returned a maximum of 0.148% U3O8 and 685 ppm Cetotal over 0.5
metres from 454.2 to 454.7 metres depth, with 0.064% U3O8 over 0.5
metres also being intersected in the pegmatite from 455.7 to 456.2
m depth.
Hole RSL23-17 was drilled in an untested portion
of the Grayling Zone to test for mineralization associated with a
thrust block 90 metres between holes RSL23-15 and RSL23-01.
Variably bleached Athabasca sandstone was intersected until the
unconformity at 345.0 metres, becoming faulted and fractured with
extensive core loss below 308.0 metres. Semi-massive chloritic clay
was intersected below the unconformity, locally hosting 20 cm of
uranium mineralization at 345.9 metres depth at the contact with a
graphitic shear/fault zone that extends from 346.1 to 348.4 m.
Below the mineralized shear, graphitic, cordierite-bearing pelitic
gneisses with frequent granitic pegmatites were intersected to the
end of the hole at 383.0 metres. Anomalous U (≤4.1 ppm Upartial)
and highly anomalous B (≤527 ppm B) were intersected through
portions of the sandstone column, becoming highly anomalous in U
(≤27.8 ppm Upartial), V (≤86.8 ppm Vpartial), and Ni (≤74.8 ppm
Nipartial) directly above the unconformity. The top of the basement
graphitic shear returned up to 0.106% U3O8 over 0.5 metres from
345.5 to 346.0 metres depth, accompanied by highly anomalous As
(≤373 ppm Aspartial), Cu (≤360 ppm Cutotal), Ni (≤1020 ppm
Nitotal), Pb (≤513 ppm Pbtotal), V (≤1610 ppm Vtotal), and B (≤936
ppm Btotal).
Hole RSL23-18 was drilled to test for
mineralization associated with an unconformity offset between holes
RL-07-01 and RL-01-23, southeast of the previously defined Grayling
Zone. A moderately bleached sandstone column with local fault
splays was intersected above 319.9 metres where it becomes strongly
bleached and faulted down to the unconformity at 331.0 metres.
Directly below the unconformity, a strongly clay-altered and
faulted felsic gneiss was intersected to a depth of 332.3 metres.
This is followed by hematite and chlorite-altered granite to
granitic pegmatite to 333.7 metres depth where it transitions into
a strongly-altered granitic gneiss/foliated granite. The
granite/granite gneiss is intensely faulted from 336.0 to 341.7
metres, with strong clay gouges, elevated radioactivity, variable
graphite, quartz-dravite breccias, and rubble present within the
fault zone. The fault zone is underlain by sheared granite until
344.3 metres, with strongly graphitic pelitic gneiss intersected
from 344.3 to 347.1 metres. A mixture of cordierite-graphite
pelitic gneiss and granitic pegmatite continues until end of hole
at 410.0 m, with local clay and chlorite alteration throughout and
intervals of fracturing and faulting above 363.0 m. This hole is
inferred to have intersected the hanging wall of the Grayling fault
based on a comparison with nearby holes at the Grayling Zone.
Anomalous U (≤1.4 ppm Upartial) was intersected within the
Athabasca sandstone, with weak As (≤3.8 ppm Aspartial) and Ni (≤11
ppm Nipartial) enrichment in the basal 0.5 metres. The basement
rocks returned highly anomalous Cu (≤296 ppm Cutotal), Ni (≤621 ppm
Nitotal), V (≤449 ppm Vtotal) and B (≤657 ppm Btotal) in addition
to moderate enrichment of As (≤83 ppm Aspartial), Pb (≤178 ppm
Pbtotal), U (≤53 ppm Utotal), and Zn (≤199 pm Zntotal) within
variably graphitic, structurally disrupted and altered
sections.
The final hole of the program, hole RSL23-19 was
drilled as a vertical follow-up to hole RSL23-18 to test the target
up-dip at the unconformity between holes RSL23-18 and RL-07-01.
Variably bleached sandstone was intersected until 320.0 metres,
becoming faulted below this depth to the first unconformity at
343.6 metres. A 0.6 metre thick basement wedge was intersected
below the first unconformity to 344.2 metres, comprised of granite
with frequent clay lined fractures/gouges. A friable dravitic
breccia was encountered at the lower contact with sandstone and
associated with elevated radioactivity. The sandstone below the
basement wedge was moderate bleached with weak hydrothermal
hematite bands down to the second unconformity at 344.5 metres.
Below the second unconformity, fractured granite was intersected
until 349.4 metres. This was followed by a mixture of graphitic
pelitic gneiss and granite/pegmatitic granite from 349.2 to 362.2
metres, with faulting and shearing from 349.4 to 352.1 metres and
358.2 to 362.2 metres. From 362.2 m, variably chloritic,
cordierite-bearing, graphitic pelitic gneiss was encountered until
the end of hole at 422.0 metres. The hole was inferred to have
overshot the target and intersected the footwall of the Grayling
fault. Weakly anomalous U (≤1.5 ppm Upartial) was intersected
through the central and basal portions of the Athabasca sandstone,
with highly anomalous As (≤4.9 ppm Aspartial), B (≤1,050 ppm
Btotal), Cu (≤34.6 ppm Cupartial), Ni (≤37.1 ppm Nipartial), Pb
(≤124 ppm Pbpartial), U (≤41 ppm Upartial) and V (≤129 ppm
Vpartial) immediately above the first unconformity. The basement
rocks consisted of variously enriched intervals of Cu (≤291 ppm
Cutotal), Ni (≤328 ppm Nitotal), U (≤42 ppm Utotal), and B (≤777
ppm Btotal) associated with alteration and structurally disrupted
zones.
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 m 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.
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-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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