TSX-V Trading Symbol: SYH
VANCOUVER, BC, Jan. 7, 2021 /CNW/ - Skyharbour Resources
Ltd. (TSXV: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the "Company") is pleased to announce the remaining
results from its 2020 fall diamond drilling program at its 100%
owned, 35,705 hectare Moore Uranium Project, located approximately
15 kilometres east of Denison Mine's Wheeler River project and
proximal to regional infrastructure for Cameco's Key
Lake/McArthur River operations in
the Athabasca Basin, Saskatchewan. In addition to the previously
announced hole ML20-09 which returned 0.72%
U3O8 over 17.5 metres from 271.5 metres to
289.0 metres, drillhole ML20-12 returned another broad zone of
sandstone and basement-hosted uranium mineralization from 268.1
metres to 286.0 metres downhole. This intercept returned 0.28%
U3O8 over 17.9 metres and contained a basal
high grade basement intercept of 1.09% U3O8
over 2.5 metres. Up to 2.3% Cu was intersected in clay-altered
lithologies nearly 100 metres below the unconformity in this hole
as well.
Moore Uranium Project Claims
Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Highlights:
- Hole ML20-12 was drilled within the central portion of the
Maverick East Zone. This hole intersected predominantly
basement-hosted mineralization and returned 0.28%
U3O8 over 17.9 metres from 268.1 metres to
286.0 metres including 1.09% U3O8 over 2.5
metres from 281.5 metres to 284.0 metres.
- Copper values of up to 2.3% were obtained from graphitic,
clay-rich fractures within a broader zone of uranium-enriched and
clay-altered granitic pegmatite and granite nearly 100 metres below
the unconformity and the main mineralized zone.
- The mineralized intercept in hole ML20-12 is a discrete zone of
mineralization hosted primarily in sheared, clay-altered to
-replaced graphitic pelitic assemblages within the basement. This
intercept confirms continuity within the central portion of the
eastern extension of the Maverick East Zone. The eastern 50 metres
of the Maverick East Zone has only marginally been drill tested to
date and is open along strike and at depth in the basement
rocks.
- Previously announced hole ML20-09 intersected predominantly
basement-hosted mineralization and returned 0.72%
U3O8 over 17.5 metres from 271.5 metres to
289.0 metres including 1.00% U3O8 over 10.0
metres from 279.0 metres to 289.0 metres.
- Both holes ML20-09 and ML20-12 represent two of the longest
continuous drill intercepts of uranium mineralization discovered to
date at the project.
- Hole ML20-13 extended the eastern extent of the Maverick East
Zone by a minimum of 30 metres. This hole intersected predominantly
basement-hosted mineralization and returned 0.24%
U3O8 over 11.3 metres from 273.7 metres to
285.0 metres including 0.44% U3O8 over 3.5
metres from 281.5 metres to 285.0 metres.
- A greater understanding of the northeast extension of the
Maverick Structural Corridor was also obtained by the drilling of a
hole in the transitional area between the Viper and Esker targets.
This drilling confirmed the geological model for this area and
returned highly anomalous boron values (up to 1320 ppm B) in the
basement rocks, along with significantly anomalous vanadium and
nickel in the graphitic pelitic gneisses.
- Substantial portions of the 4.5-kilometre-long Maverick
corridor remain to be systematically drill tested leaving robust
discovery potential along strike as well as at depth in the
basement rocks.
- Planning is underway for a fully funded winter drill program to
commence in the coming months; details are forthcoming.
Jordan Trimble, President and CEO
of Skyharbour Resources, stated: "We are very pleased with the
results from this most recent drill program at our flagship Moore
Project as we continue to discover new high grade uranium
mineralization at the Maverick Corridor in relatively wide
intercepts of continuous mineralization. We will be commencing a
winter drill program to follow up on these results and test more
extensively the highly prospective potential feeder zones in the
basement rock at the Maverick Corridor. Skyharbour is very well
positioned to benefit from the accelerating uranium market recovery
with strong discovery potential and upcoming news flow from its
continued drilling at Moore. Additional news flow will be provided
by the work of partner companies Valor Resources, Orano Canada and
Azincourt Energy each earning-in at our North Falcon Point, Preston
and East Preston Projects, respectively."
Summary of Final Results from Fall 2020 Drill
Program:
The recently completed winter diamond drilling program totalled
2,560 metres in seven drill holes. These holes tested the Maverick
West area (holes ML20-07 and ML20-08), the eastern portion of the
Maverick East Zone (holes ML20-09, 10, 12 and 13) and a
transitional zone between the Viper and Esker target areas (hole
ML20-11). All the results have now been fully compiled and
interpreted with planning for the upcoming 2021 winter diamond
drilling program currently underway.
Moore Uranium Project Regional Grid Targets
Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Hole ML20-12 was drilled to test for continuity of the
mineralization within the eastern half of the Maverick East Zone.
This hole intersected predominantly basement-hosted mineralization
and returned 0.28% U3O8 over 17.9 metres from
268.1 metres to 286.0 metres including 1.09%
U3O8 over 2.5 metres from 281.5 metres to
284.0 metres. Mineralization in the basal sandstone was hosted by
desilcified, faulted and clay-altered sandstone while
mineralization in the basement was hosted by a zone of clay
replacement and graphitic shearing with massive to fracture
controlled and disseminated uranium mineralization. The basement
mineralization is accompanied by abundant As, Ni, and V. In
addition to the mineralized zone, there is a notable 2.0 metre
interval of copper enrichment bracketing a 0.5 metre interval of
weak uranium mineralization (0.08% U3O8)
nearly 100 metres below the unconformity. Copper values of up to
2.3% Cu were obtained from graphitic, clay-rich fractures within a
broader zone of clay-altered granitic pegmatite and granite. The
deep level of alteration associated with weak mineralization and
highly anomalous copper geochemistry indicates the potential for
delineation of a new mineralized zone at depth.
Moore Uranium Project Maverick Corridor
Drilling
Map:
https://www.skyharbourltd.com/_resources/maps/Fall-2020-Drilling-Maverick-Corridor-4.pdf
Drill hole ML20-10 was drilled as a 30-metre stepout northeast
of ML20-04 which had intersected the easternmost extent of the
Maverick East Zone in the winter of 2020. ML20-10 was drilled too
far into the footwall and intersected structurally disrupted and
clay-altered to replaced sandstone and granite but contained no
significant uranium mineralization. This hole did return a typical
footwall geochemical signature, with intense boron enrichment (up
to 2620 ppm B) in the sandstone as well as elevated uranium,
nickel, and other pathfinders in the sandstone and basement
rocks.
Moore Uranium Project Main and East Maverick
Zones Drilling
Map:
https://www.skyharbourltd.com/_resources/maps/Fall-2020-Maverick-East-detail.pdf
Drill hole ML20-11 was drilled in the area between the Esker and
Viper targets to test for mineralization and establish the
lithological and structural linkage between the two areas. This
hole intersected a sandstone column with elevated uranium values
locally. A significant package of locally faulted and altered
graphitic pelitic gneiss was intersected over a downhole length of
60 metres. Although no significant uranium mineralization was
intersected, strongly anomalous pathfinder elements such as B (1320
ppm), V (408 ppm), Ni (264 ppm), and Cu (220 ppm) associated with
graphitic faults were intersected. This hole added to the
understanding of the geological model for the northeast extension
of the Maverick Structural Corridor.
Moore Uranium Project Esker-Viper Area
Drilling
Map:
https://www.skyharbourltd.com/_resources/maps/Fall-2020-Drilling-Esker-Viper-area.pdf
Drill hole ML20-13 was collared down-dip of hole ML20-10 which
was determined to be a footwall hole. ML20-13 intersected a
discrete interval of uranium mineralization straddling the
unconformity beginning at 273.7 metres down hole and grading 0.24%
U3O8 over 11.3 metres and includes a basal
intercept of 0.44% U3O8 over 3.5 metres.
Mineralization in the sandstone is hosted by clay-enriched and
-replaced desilicified sandstone, while the basement-hosted
mineralization is within clay-altered to -replaced and sheared
graphitic pelitic gneiss. The sandstone and basement are also both
highly enriched in pathfinder elements including boron.
Upcoming Exploration and Winter 2021 Drill Program:
Skyharbour has initiated permitting for geophysical and diamond
drilling programs to take place in the winter and summer seasons of
2021. Specific details on the programs are forthcoming but the
drilling will follow-up on both unconformity and basement targets
along the high grade Maverick corridor, as well as targets
identified by the geophysical program and essentially untested
prospective conductive corridors identified by Skyharbour's
technical team. Of particular interest are potential underlying
basement feeder zones to the unconformity-hosted, drill-indicated
high-grade uranium mineralization along the Maverick corridor.
These targets have seen limited historical drill testing.
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
Richard Kusmirski, P.Geo., M.Sc.,
Skyharbour's Head Technical Advisor and a Director, as well as a
Qualified Person.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium and thorium
exploration projects in Canada's
Athabasca Basin and is well
positioned to benefit from improving uranium market fundamentals
with six drill-ready projects. 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.
Skyharbour has option agreements with Orano Canada Inc. and
Azincourt Energy whereby Orano and Azincourt can earn in up to 70%
of the Preston and East Preston Projects, respectively, through a
combined $9,800,000 in total
exploration expenditures, as well as $1,700,000 in total cash payments and Azincourt
shares. Preston and Preston East are
large, geologically prospective properties proximal to Fission
Uranium's Triple R deposit as well as NexGen Energy's Arrow
deposit.
The Company owns a 100% interest in the South Falcon Uranium
Project on the eastern perimeter of the Basin which contains a NI
43-101 inferred resource totaling 7.0 million pounds of
U3O8 at 0.03% and 5.3 million pounds of
ThO2 at 0.023%. Skyharbour has signed a Definitive
Agreement with Australian company Pitchblende Energy, which is
being acquired by ASX-listed Valor Resources, on the North Falcon
Uranium Project whereby Pitchblende can earn-in 80% of the project
through $3,500,000 in total
exploration expenditures, $475,000 in
total cash payments over three years and an initial share
issuance.
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:
http://skyharbourltd.com/_resources/maps/SYH-Athabasca-Map.pdf
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 Trimble
President and CEO
For further information contact myself or:
Spencer Coulter
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
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CONTENT OF THIS NEWS RELEASE.
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. 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, 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.
SOURCE Skyharbour Resources Ltd.