Skyharbour Option Partner Azincourt Granted an Earn-in Extension at the East Preston Uranium Project in Exchange for Shares
17 April 2020 - 6:30AM
Skyharbour Resources Ltd.
(TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P)
(the “Company”) and Dixie Gold Inc. (formerly, Clean Commodities
Corp.) announce an agreement with Azincourt Energy Corp., to extend
the deadline for the remaining obligations owing in connection with
Azincourt’s acquisition of a 70% interest in the East Preston
Uranium Project (the “Project”), located in the western Athabasca
basin in Saskatchewan, Canada. Azincourt Energy is currently
earning an interest in the 25,000-plus hectare Project as part of a
property option agreement previously entered into with the
Skyharbour Resources Ltd. and Dixie Gold Inc.
Under the terms of the extension, Skyharbour and
Dixie Gold have agreed to extend the deadline for the remaining
obligations owing to complete the acquisition of a 70% interest in
the Project, which include incurring a small portion of the
exploration expenditures remaining on the Project and completion of
a final cash payment of CAD $400,000. The deadline for these
obligations has been extended through until March 31st, 2021.
Following satisfaction of these obligations, Azincourt Energy will
hold a 70% interest in the Project.
In consideration for the extension, Azincourt
has agreed to issue 5,000,000 common shares (the “Consideration
Shares”), at a deemed price of $0.05 per share, to be divided
evenly between Skyharbour and Dixie Gold. Completion of the
issuance of the Consideration Shares remains subject to the
approval of the TSX Venture Exchange. Following issuance, the
Consideration Shares will be subject to a four-month-and-one-day
statutory hold period in accordance with applicable securities
laws.
To date Azincourt has run several geophysical
surveys that have delineated 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 but are clearly upgraded/enhanced
prospectivity targets due to structural complexity. The
targets are similar to NexGen's Arrow deposit and Cameco's East
Point mine. The project ground is located along a parallel
conductive trend between the PLS-Arrow trend and Cameco's
Centennial deposit in the Virgin River-Dufferin Lake
Trend. Limited drilling (552m) in the winter of 2018-19
confirmed the prospectivity of the East Preston project, as
basement lithologies and graphitic structures intersected are
similar and appear to be analogous to the Patterson Lake
South-Arrow-Hook Lake/Spitfire uranium deposit host rocks and
setting.
Azincourt has recently followed up with a winter
drill program that focused on prospective targets in the Five
Island Lakes area, testing multiple subparallel EM conductors in
the area of marked structural disruption. A portion of the
recent targeting was concentrated along the A-Zone, where 2019
drilling verified the conductor hosts significant graphite in
strongly deformed (sheared) host rocks that offer both fluid
pathways and a reducing host rock conducive to uranium deposition.
Assays are pending for this drill program.
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 and Azincourt can earn in up to 70% of the Preston
Project through a combined $9,800,000 in total exploration
expenditures, as well as $1,700,000 in total cash payments and
Azincourt shares. 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 project also hosts a high-grade surface
showing with up to 68% U3O8 in grab samples from a massive
pitchblende vein, the source of which has yet to be discovered. 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 Skyharbour Resources Ltd. Telephone:
604-687-3800 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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