Skyharbour Resources
Ltd. (TSX-V: SYH)
(OTCQB: SYHBF)
(Frankfurt: SC1P) (the “Company”)
is pleased to announce the results from its 2020 winter/spring
diamond drilling program at its 100% owned, 35,705 hectare
Moore Uranium Project, 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. Drill hole ML20-04 doubled the
known strike extent of the Maverick East Zone by intersecting a
discrete basement-hosted zone of uranium mineralization from 273.9
metres to 278.4 metres downhole. The interval returned 4.5 metres
of 0.38% U3O8 with a basal high grade basement intercept returning
0.5 metres of 1.43% U3O8. Additional drilling in the Maverick East
confirmed the continuity and structural control of the zone both
internally and peripherally. A greater understanding of the
Maverick Structural Corridor was also obtained by additional
drilling in the Viper and Maverick NE target areas.
Moore Uranium Project Claims
Map:http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Highlights:
- Hole ML20-04 was drilled 50 metres east of the currently
defined Maverick East Zone and returned 0.38% U3O8 over 4.5 metres
from 273.9 metres to 278.4 metres downhole including 1.43% U3O8
over 0.5 metres.
- This mineralized intercept in ML20-04 is a discrete zone of
mineralization hosted in clay altered granitic assemblages within
the basement and extends the known extent of the Maverick East Zone
by over 50 metres, doubling its known strike length. The
intervening 50 metres has only marginally been drill tested.
- Hole ML20-05 was drilled within the central portion of the
known Maverick East Zone and returned two zones of mineralization:
0.23% U3O8 over 9.5 metres at 272.5 metres to 282.0 metres
straddling the unconformity and 0.13% U3O8 over 2.5 metres below
the unconformity at 287.5 metres to 290 metres downhole.
- Hole ML20-06 was drilled within the central portion of the
newly extended Maverick East Zone. The hole grazed the down dip
extent of the steeply dipping Maverick fault system, intersecting
four zones of mineralization over a 30 metre downhole interval of
sandstone and basement rocks. Two sandstone-hosted mineralized
intervals grading 0.12% U3O8 and 0.22 U3O8 were intersected at
269.1 metres to 270.2 metres and 274.2 metres to 276.3 metres
downhole respectively, and two narrow 0.5 metre thick basement
intervals grading 0.22% U3O8 and 0.13% U3O8 were intersected at 288
metres and 297.5 metres.
- A deeper exploratory hole (ML20-02) tested the down dip extent
of the Viper target area located 1.5 kilometres NE of the Main
Maverick Zone; at 250 metres below the unconformity, the drilling
confirmed the presence of multiple zones of structurally disrupted
and altered pelitic and graphitic meta-sedimentary units 100 metres
below previous intercepts accompanied by anomalous values of B, V,
Ni and Cu throughout the basement rock lithologies.
- Substantial portions of the 4 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 currently underway for a 2,500 metre summer diamond
drilling program to commence later in the summer. The program is
fully funded and permitted.
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 in the
underlying basement rock at the Maverick corridor and significantly
expanded the Maverick East Zone. We will be commencing a summer
drill program to follow up on these results and test more
extensively highly prospective potential feeder zones in the
basement rock at the Maverick corridor. Skyharbour is well
positioned to benefit from the continuing uranium market recovery
with strong discovery potential and ample upcoming news flow from
its drilling at Moore, as well as from its partner companies’ Orano
Canada Inc. and Azincourt Energy’s continued exploration programs
at the Preston and East Preston Projects.”
Richard Kusmirski, Head Geologist of Skyharbour
Resources, stated: “We are successfully increasing the size of high
grade uranium zones at the Maverick corridor and look forward to
exploring for additional uranium deposits on the project
lands. Much of this uranium mineralization is associated with
basement lithologies a characteristic common to recent discoveries
like NexGen’s Arrow Deposit, Fission’s Triple R Deposit and
Denison’s Gryphon Deposit. We are excited to commence our upcoming
fully-funded summer drilling program with details on the program
forthcoming.”
Winter/Spring 2020 Drill Program
Summary:
The recently completed winter/spring diamond
drilling program totaled 2,328 metres in six drill holes. These
holes tested the Maverick NE target area (holes ML20-01 and
ML20-03), the Viper target area (hole ML20-02), and the Maverick
East target area (holes ML20-04, ML20-05 and ML20-06).
Moore Uranium Project Maverick Corridor
Drilling
Map:http://www.skyharbourltd.com/_resources/maps/Winter-2020-Maverick-East-Drilling.jpg
Drill hole ML20-04 was drilled 50 metres
northeast of the Maverick East Zone following up on a historical
drill hole where elevated uranium values were identified in the
basement rocks. This new hole returned 0.38% U3O8 over 4.5
metres from 273.9 metres to 278.4 metres downhole, including 1.43%
U3O8 over 0.5 metres. The mineralization is located just at
and below the unconformity at 274.5 metres downhole. It is hosted
by a variably hematized and brecciated granitic hydraulic breccia
with clasts of overlying sandstone incorporated into the granite as
well as hematized, faulted clay altered Archean granite. The hole
successfully extended the extent of the Maverick East Zone by over
50 metres, leaving substantial potential open for the intervening
50 metres.
Drill hole ML20-05 was drilled in the central
portion of the Maverick East Zone and intersected a
relatively broad 9.5 metre interval of 0.23%
U3O8 starting at 272.5 metres downhole, as well as 2.5 metres
of 0.13% U3O8 over 2.5 metres starting at 287.5 metres depth.
The upper mineralized intercept straddles the unconformity at
277.2 metres and is hosted within clay altered to clay replaced
desilicified sandstone and clay altered to replaced Archean
granite, while the second intercept is hosted entirely in altered
Archean granite. The mineralization is found both as disseminations
and as interstitial blebs in the sandstone and as fracture fillings
in the basement rocks. The combination of lithologic and structural
control confirms the continuity of mineralization in the central
portion of the previously identified zone.
Moore Uranium Project East Maverick Zones
Drilling
Map:http://www.skyharbourltd.com/_resources/maps/Winter-2020-Drill-Program-Maverick-Structural-Corridor.jpg
Drill hole ML20-06 was collared in the central
undrilled portion of the newly extended Maverick East Zone. It
intersected four zones of discrete intervals of uranium
mineralization over a broad 30 metre interval of sandstone and
basement lithologies. The results included: 1.1 metres of 0.12%
U3O8 (269.1 to 270.2 metres downhole); 2.1 metres of 0.22% U3O8
(274.2 metres to 276.3 metres downhole); 0.5 metres of 0.22% U3O8
(288.0 metres to 288.5 metres downhole); and 0.5 metres of 0.13%
U3O8 (297.5 metres to 298.0 metres downhole). Mineralization occurs
as weak to moderately localized features with in a broad package of
sandstone, clay altered to replaced pelitic and graphitic basement
rocks. The broader intervals occur within zones of intense
desilicification and core loss in the sandstone. The unconformity
is estimated to be at 274 metres depth. The overall geometry of the
mineralization suggests that the hole was drilled several metres
south of its optimal target leaving open the possibility of
delineating more extensive mineralization in this part of the
Maverick East Zone.
In the Maverick NE portion of the Maverick
Structural Corridor, holes ML20-01 and ML20-03 intersected
geochemically anomalous values of U, B, Ni, Co, Pb, Zn in the
sandstone and basement rocks as well as prospective
meta-sedimentary and graphitic lithologies cut by geochemically
fertile structures. The area is notably complex, as there is a
significant break in the structural and conductive elements found
in the area. The area remains prospective as areas of structural
complexity have great potential for hosting significant mineralized
zones.
A deep exploratory hole (ML20-02) testing the
down dip extent of the Viper target located 1.5 kilometres NE of
the Main Maverick Zone. At approximately 250 metres below the
unconformity, the drilling confirmed the presence of structurally
disrupted and altered pelitic and graphitic meta-sedimentary units
100 metres below previous intercepts, accompanied by anomalous
values of B, V, Ni and Cu throughout the basement lithologies. This
is the deepest test of the Viper area to date, and confirms the
geological and geochemical continuity of the Maverick Structural
corridor.
Upcoming Summer 2020 Drill Program
Plans:
Skyharbour is funded and permitted for a 2,500
metre 2020 summer diamond drilling program slated to commence later
this summer. This drill program will test both unconformity and
basement hosted targets along the high grade Maverick corridor, as
well as essentially untested prospective conductive corridors
identified by Skyharbour’s technical team. Of particular interest
are potential underlying basement feeder zones to the
unconformity-hosted high-grade uranium present at the Maverick
corridor. These targets have seen limited historical drill
testing.
Moore Uranium Project Regional Grid
Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Uranium Market Commentary and
Update:
The uranium market has recently shown notable
signs of recovery with increasing uranium prices and improving
sentiment, and this recovery appears to be accelerating amid recent
news and several sector developments. Analysts that cover the
sector have stated that this could be a sustained upswing as they
are currently seeing some of the best fundamentals since
pre-Fukushima which should be supportive of higher uranium prices
as a major supply-side response is playing out while the sticky
demand-side continues to improve. Uranium production is on the
decline and was expected to be approx. 140 million lbs U3O8 in 2020
pre-pandemic while demand continues to rise and is expected to be
approx. 185 million lbs in 2020. The spot uranium price is approx.
$33 / lb U3O8 which is still well below the average all-in global
cost of production and significant price appreciation is needed to
justify this production as well as developing new mines to ensure
sustainable and secure supply to meet growing global demand. There
are 442 operating nuclear reactors and 54 new reactors under
construction globally with hundreds more planned in the pipeline.
China continues to be at the forefront of demand growth and has the
largest reactor pipeline including 47 operating reactors, 12 under
construction and another 212 that have been ordered, planned or
proposed, making up a significant portion of the global pipeline of
non-operating units.
In more recent news, mine closures and
production curtailment continue to dominate headlines. Major
production cuts and depleting mine reserves appear to be working
their way into the uranium market and driving prices higher. The
two largest producers, Cameco and KazAtomProm, have announced large
supply cuts including Cameco’s suspension of operations at the
world’s largest uranium mines, McArthur River and Cigar Lake, as
well as KazAtomProm’s announcement that it will cut production by
4,000 tU in 2020. Several uranium mines in Africa were also
impacted by the pandemic adding to the supply disruption for 2020.
Several new uranium holding companies and funds have emerged which
have collectively raised hundreds of millions of dollars to
purchase physical material effectively taking further spot supply
from circulation. Lastly, producers like Cameco have been forced to
buy uranium directly in the spot market to fulfill their contract
deliveries as their production profiles have decreased.
Moore Uranium Project
Overview:
In June 2016, Skyharbour secured an option to
acquire Denison Mine's Moore Uranium Project, on the southeastern
side of the Athabasca Basin, in northern Saskatchewan and has
fulfilled its earn in. The project consists of 12 contiguous claims
totaling 35,705 hectares located 42 kilometres northeast of the Key
Lake mill, approx. 15 kilometres east of Denison’s Wheeler River
project, and 39 kilometres south of Cameco’s McArthur River uranium
mine. Unconformity style uranium mineralization was discovered on
the Moore Project at the Maverick Zone in April 2001. Historical
drill highlights include 4.03% eU3O8 over 10 metres including 20%
eU3O8over 1.4 metres, and in 2017, Skyharbour announced drill
results including 6.0% U3O8 over 5.9 metres including 20.8% U3O8
over 1.5 metres at a vertical depth of 265 metres. In addition to
the Maverick Zone, the project hosts other mineralized targets with
strong discovery potential which the Company plans to test with
future drill programs. The project is fully accessible via winter
and ice roads which simplifies logistics and lowers costs. Large
proportions of the property are accessible in the summer as
well.
Moore Lake Uranium Project Geophysics
Map:http://skyharbourltd.com/_resources/maps/MooreLake-Basic-geo-revamp.jpg
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 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 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 at:
Telephone: 604-639-3856Or: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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