Skyharbour Resources Ltd. (TSX-V:
SYH) (OTCQX:
SYHBF)
(Frankfurt:
SC1P) (“Skyharbour” or the
“Company”), is pleased to announce that partner company, North
Shore Uranium (“North Shore”) has provided an update on the
exploration activities at the 55,699 hectare Falcon Property
(“Falcon” or the “Property”) located at the eastern margin of the
Athabasca Basin in northern Saskatchewan. North Shore has
identified a number of high priority uranium targets on the
Property and will commence drilling several of these targets in Q1
2024.
Location Map of Falcon
Project:https://skyharbourltd.com/_resources/maps/Sky-SouthFalconOption.jpg?v=0.1
Falcon is a highly prospective uranium
exploration property with a limited exploration history in an area
of the Athabasca Basin that is seeing increased exploration
activity and recent discoveries. Significant grass roots uranium
discoveries in 2021 by Baselode Energy Corp. and 92 Energy Limited
approximately 40 kilometres to the north, illustrate the potential
for new basement-hosted discoveries in this area. In 2022, both
North Shore and Skyharbour completed fixed-wing
gravity-magnetic-radiometric surveys that covered over 80% of
Falcon. Reinterpretation of the earlier electromagnetic (“EM”) data
complemented by the recently acquired geophysical data is allowing
North Shore to identify new high priority targets that have never
been tested by drilling.
North Shore’s 2023-2024 exploration program at
Falcon is comprised of the following three components:
- Ongoing interpretation of
historical and new geophysical and geological data to assist with
prioritizing targets for detailed exploration;
- A Q1 2024 maiden drill program
focusing on several high priority targets; and
- Prospecting, mapping and sampling
related to the high priority targets in the summer of 2024 in
preparation for future drill programs.
The Q1 2024 drill program will be focused on
several targets along a well-defined, dominantly
northeast-southwest-trending EM conductor system at the
southeastern end of the claim block. There has been no previous
drilling in this area. Gravity, magnetic and radiometric data are
being analyzed to assist with pinpointing the highest priority
drill locations along the EM conductors for drilling. The
helicopter-supported program will be based out of Skyharbour’s
McGowan Lake Camp which is located approximately 55 kilometres to
the north along an all-weather road.
Map of Historical Exploration and 2024
Drill
Areas:https://www.skyharbourltd.com/_resources/maps/Falcon-Property-Summary-Map-December-2023.jpg
Mr. Brooke Clements, President and CEO of North
Shore stated: “It’s a great time to be exploring for uranium in the
Athabasca Basin, a tier-one jurisdiction for uranium exploration,
development and mining. The uranium spot price has recently surged
past US$85/lb., the highest we’ve seen in more than 15 years. We
have identified a number of high priority targets on our Falcon
Property and are excited to move forward with our exploration
program and get the drill turning in Q1 2024.”
North Shore has engaged TerraLogic Exploration
Inc. (“TerraLogic”), of Cranbrook B.C., to manage its Q1 2024 drill
program at Falcon. TerraLogic has experience in the Athabasca Basin
and a proven track record working with the mining and exploration
industry, combining advanced data management and proven exploration
techniques with a focus on precious metal, base metal and uranium
exploration. In addition, Condor North Consulting ULC, recognized
experts in the field of geophysical data processing and
interpretation, have been retained to perform a detailed
interpretation of the existing geophysical data to assist in
optimizing drill target locations.
Map of Geophysical
Data:https://www.skyharbourltd.com/_resources/maps/Ongoing-geophysical-interpretation-is-being-performed-by-Condor-North-Consulting-ULC.png
Falcon Uranium Project:
The Falcon Property, which constitutes part of
North Shore’s Falcon Property, contains eleven mineral claims
comprising approximately 42,908 hectares approximately 50 km east
of the Key Lake mine. Nine of the claims are from Skyharbour’s
original South Falcon Uranium Project and the remaining two claims
are from Skyharbour’s Foster River Project. Historical uranium
mineralization discovered at Falcon is shallow and is hosted in
several geological settings including classic Athabasca-style
basement mineralization associated with well-developed EM
conductors. At the EWA target, up to 0.492% U3O8 and 1,300 ppm
lead was encountered in outcrop grab samples (Sask. Mineral
Deposits Index [SMDI] 5038). Historical grab sampling at Knob Lake
(SMDI 1014) also encountered up to 0.01% U3O8 in an outcrop of
pegmatite, while anomalous nickel, copper, and molybdenum were
found in historical grab samples from the Fraser North target area
(SMDI’s 1125 and 1126).
A well-defined northeast-trending, locally
folded, electromagnetic conductor system runs throughout the
Property, which was defined by airborne and ground geophysical
surveys by JNR Resources (“JNR”) in the 2000’s. In 2008 JNR
conducted a drill campaign at the property area. Of the 47 holes
drilled that year, 28 holes (totaling 7,348 metres) were drilled on
the South Falcon Uranium Property at the Walker (14 holes), Walker
South (7 holes), and EWA target areas (6 holes). At the Walker and
South Walker targets, which lie along the aforementioned EM
conductor system, structurally disrupted and variably altered
metasediments (including graphitic pelitic gneisses) with anomalous
boron, copper, molybdenum, nickel, cobalt, arsenic, and vanadium
were encountered in several drill holes. During this same drill
campaign, the Fraser Lakes Zone B uranium deposit was discovered
approximately four kilometres east of the Walker South target on a
refolded extension of the EM conductor system. At the EWA target,
which lies along a separate northeast-trending EM conductor,
anomalous uranium, boron, lead, and molybdenum were encountered in
structurally disrupted pegmatites; the best result was 0.235% U3O8
over 0.5 m (within a 3.5 m interval of 0.113% U3O8) in hole
WYL-08-501 (Sask. Mineral Assessment File 74H02-0045).
Furthermore, in 2022, Skyharbour completed a
FALCON® airborne gravity gradiometer and magnetic survey over nine
of the eleven claims at the Falcon Property. This new geophysical
data will assist North Shore in prioritizing areas along the EM
conductor system for drilling. Over 30 kilometres of the EM
conductor system remains untested on the Falcon Property. North
Shore’s initial focus will be on the two claims formerly part of
the Foster Project (geophysics), and on generating drill targets on
three claims at the southeastern end of the EM conductor systems
including Knob Lake, which shows similarities to the Fraser Lakes
Zone B deposit approximately 6 km to the northeast and several
other high-priority targets elsewhere along the main EM conductor
system.
Significant potential exists on the project for
basement-hosted, unconformity-related uranium deposits like those
further to the north in the Wollaston Domain (i.e. Eagle Point,
Rabbit Lake, Key Lake and others), as well as for
pegmatite/granite-hosted (i.e. alaskite-type) U-Th-REE
mineralization like at the Fraser Lakes Zone B deposit on
Skyharbour’s adjacent South Falcon East Property, currently under
option to Tisdale Clean Energy.
The Option Agreement:
Pursuant to the Transaction, the Resulting
Issuer may acquire an initial 80% interest in the Property by (i)
issuing common shares of the Resulting Issuer (“Shares”) having an
aggregate value of CAD $1,225,000; (ii) making aggregate cash
payments of CAD $525,000; and (iii) incurring an aggregate of CAD
$3,550,000 in exploration expenditures on the Property over a
three-year period.
Schedule to earn an initial 80% interest:
Date |
Cash Payments (CAD $) |
Exploration Expenditures (CAD $) |
Value of Shares Issued (CAD $) |
On Closing |
$50,000(1) |
$0 |
$150,000(2) |
By Dec. 31st, 2023 |
$0 |
$250,000 |
$0 |
On or before the day that is 13 months after Closing |
$100,000 |
$250,000 |
$200,000(3) |
On or before the second anniversary of Closing |
$150,000 |
$1,300,000 |
$350,000(3) |
On or before the third anniversary of Closing |
$225,000 |
$1,750,000 |
$525,000(3) |
TOTAL |
$525,000 |
$3,550,000 |
$1,225,000 |
(1) $25,000 paid on signing the Agreement and
$25,000 paid at Closing.(2) At a price of $0.30 per Share.(3) Cash
or shares at North Shore’s option at a price per Share using the
five (5) VWAP at the time of issuance, subject the minimum pricing
rules of the TSX Venture Exchange.
Once the Resulting Issuer has earned an initial
80% interest in the Property, the Resulting Issuer may acquire the
remaining 20% interest in the Property within 90 business days by
(i) issuing Shares having a value of CAD $5,000,000, and (ii)
making a cash payment of CAD $5,000,000 to Skyharbour. If the
Resulting Issuer does not elect to acquire the remaining 20%
interest, a joint venture will be formed with Skyharbour holding a
20% participating interest.
The Resulting Issuer will be the operator of the
exploration programs during the earn-in stage and for the joint
venture if formed. Two claims totaling 10,673 hectares that form
part of Skyharbour’s Foster River Property are subject to a one
percent (1%) NSR royalty payable to Skyharbour. The remaining nine
claims totaling 32,235 hectares that comprise Skyharbour’s South
Falcon Point Property are subject to a two percent (2%) NSR royalty
payable to Denison Mines Corp. (“Denison”) with North Shore having
the right to purchase one percent of the royalty from Denison at
anytime by paying $1 million. All Shares will be subject to a
four-month-and-one-day statutory hold period in accordance with
applicable securities laws.
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 North Shore Uranium
Ltd:
North Shore is a mineral exploration company
focused on uranium exploration at the eastern margin of the
Athabasca Basin through its Falcon property which will increase
from 12,800 to 55,700 hectares with the addition of the claims
subject to the Agreement, and the West Bear property located 90
kilometres to the northeast.
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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