Skyharbour Resources Ltd. (TSX-V:SYH)
(OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased
to announce the Company’s option partner Orano Canada Inc. (“Orano
Canada”) has commenced its exploration programs at the Preston
Uranium Project located in the western Athabasca Basin near NexGen
Energy Ltd.’s high-grade Arrow deposit and Fission Uranium Corp.’s
Triple R deposit.
Preston Uranium Project Claims
Map:
http://skyharbourltd.com/_resources/maps/SYH_Patterson_Lake_Area_Promo_20161212_blue_hi_res.pdf
Skyharbour and Dixie Gold Inc. entered into an
Option Agreement (the “Agreement”) with Orano Canada (previously
AREVA Resources Canada Inc.) whereby Orano Canada has an option to
acquire up to a 70% working interest in the Preston Uranium Project
(see news release dated March 9th, 2017). Under the Agreement,
Orano Canada will contribute cash and exploration program
considerations totaling up to CAD $8,000,000 in exchange for up to
70% of the project over six years.
Skyharbour’s President and CEO, Jordan Trimble
commented: “This initial geophysics and ground program being
carried out by our strategic partner and industry-leader Orano will
further advance the Preston Project and refine future drill
targets. Skyharbour continues to execute on its key objectives by
adding value to its project base in the Basin through ongoing
mineral exploration at its flagship, high grade Moore Uranium
Project with a 2,500 metre drill program underway while utilizing
the prospect generator model to advance its other projects with
strategic partners. In addition to Orano’s field program at
Preston, Skyharbour’s other partner Azincourt Energy is carrying
out a 2,500 metre drill program at our East Preston project which
collectively will provide ample news flow and catalysts in the near
term.”
Preston Uranium Project Winter 2020
Program:
Orano’s exploration program on the Preston
Project will consist of DC resistivity ground geophysics on the JL
and Canoe grids and the B conductive area. To date exploration on
the Preston project has consisted of a traditional approach of
defining conductors via ground EM surveys and diamond drilling. The
objective of this $735,000 exploration program is to use the DC
resistivity method to further characterize the EM conductors by
providing information about possible clay, silicification or
associated alteration in the vicinity of conductors adding another
layer of information to prioritize areas to be drill tested.
Historical geophysical lines will be utilized at the JL and Canoe
grids, and 15.9 km of line cutting will be carried out at the B
conductive area.
Previous diamond drilling on the property has
intersected numerous and extensive, well developed and commonly
graphitic ductile shear zones, that were clearly reactivated over
time. These structures correlate with elongated NNE-trending
magnetic lineaments. A later brittle event is common in both drill
core and the magnetic data and could provide a locus for
mineralizing fluids. The shear zones are also commonly altered and
locally metal enriched (pyrite-pyrrhotite-chalcopyrite). The
basement rocks intersected are complexly deformed supracrustal
rocks; largely graphitic orthogneiss with minor paragneiss,
intruded by Archean granitoids. These lithologies are common to the
proven uranium mineralization in the Western Athabasca region (Shea
Creek and Patterson Lake corridor deposits). Of note, is that
unlike the deposit areas the Preston Lake property has seen little
drill testing.
Proposed Work on the JL grid:
The 2018 ML-TEM survey on the JL grid identified
eight different conductors with strike lengths between 800 m and
2,800 m. Orano plans to carry out 16.0 km of DC resistivity over
four of the EM profiles to help determine which of the numerous JL
grid EM picks should be tested first with drilling.
Proposed Work on the Canoe grid:
The EM - Resistivity approach will also be
applied on the Canoe grid where the DC resistivity data should help
prioritize areas and/or conductors to be investigated by drilling.
A total conductor length of approximately 20.5 km was characterized
in the Canoe grid area by prior EM surveys. Orano is planning to
carry out 12.6 km of DC resistivity.
Proposed Work on the B conductive area:
The DC resistivity method will be evaluated over
the B conductive area located east of Preston Lake where prior VTEM
coverage defined the B conductive area to vary in width from 0.8 km
to 2.0 km and extend in a NE-SW direction for more than 12 km. The
survey coverage will consist of 12.6 km and will potentially
generate new drill targets.
Overview of Preston
Uranium Project:
The significant potential of the Western
Athabasca Basin has been highlighted by recent discoveries in the
area by NexGen Energy Ltd. (Arrow), Fission Uranium Corp. (Triple
R) and a joint-venture consisting of Cameco Corporation, Orano
Canada Inc. and Purepoint Uranium Group Inc. (Spitfire).
Exploration at the Preston Project to date has consisted of ground
gravity, airborne and ground electromagnetics, radon, soil, silt,
biogeochemistry, lake sediment, and geological mapping and sampling
surveys, as well as several exploratory drill programs. A number of
high-priority drill target areas associated with multiple
prospective exploration corridors have been successfully delineated
through this methodical, multiphased exploration approach, which
has culminated in an extensive, proprietary geological database for
the project area.
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 Orano Canada Inc.:
Headquartered in Saskatoon, Saskatchewan, Orano
Canada Inc. is a leading producer of uranium, processing 18 million
pounds of uranium concentrate in Canada in 2019. Orano Canada has
been exploring for uranium, mining and producing uranium
concentrate in Canada for more than 50 years. Orano Canada is the
operator of the McClean Lake uranium mill and a major partner in
the Cigar Lake, McArthur River and Key Lake operations. The company
employs over 450 people in Saskatchewan, including about 130 in
Saskatoon. As a sustainable uranium producer, Orano Canada is
committed to safety, environmental protection and neighbouring
communities.
Orano Canada Inc. is a subsidiary of the
multinational Orano group offering products and services with high
added value throughout the entire nuclear fuel cycle, from raw
materials to waste treatment. Its activities, from mining to
decommissioning, as well as in conversion, enrichment, recycling,
logistics and engineering, contribute to the production of low
carbon electricity. Orano and its 16,000 employees bring to bear
their expertise and their mastery of cutting-edge technology, as
well as their permanent search for innovation and unwavering
dedication to safety, to serve their customers worldwide.
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 with drill results
returning 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 signed
option agreements with Orano Canada Inc. and Azincourt Energy
whereby Orano can earn in up to 70% of the Preston Project by
contributing up to $7,300,000 in exploration expenditures and
$700,000 in cash payments and Azincourt Energy can earn 70% of the
East Preston Project by contributing $2,500,000 in exploration
expenditures and $1,000,000 in cash payments. Preston is a large,
geologically prospective property proximal to Fission Uranium's
Triple R deposit as well as NexGen Energy's Arrow deposit. The
Company also owns a 100% interest in the Falcon Point 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%. The Company's 100%
owned Mann Lake Uranium project on the east side of the Basin is
strategically located adjacent to the Mann Lake Joint Venture
operated by Cameco, where high-grade uranium mineralization was
recently discovered. 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/SYH_Landpackage_2014.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:Simon
DyakowskiCorporate Development and Communications Skyharbour
Resources Ltd. Telephone: 604-639-3850 Toll Free: 800-567-8181
Facsimile: 604-687-3119 Email: 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.
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.
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