TSX-V Trading Symbol: SYH
VANCOUVER, BC,
Dec. 3, 2020 /CNW/ - Skyharbour Resources
Ltd. (TSXV: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the "Company") is pleased to announce initial results from
its recent 2020 fall diamond drilling program at its 100% owned,
35,705 hectare Moore Uranium Project, located 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 of Saskatchewan. Drill hole ML20-09 confirmed the
continuity of the Maverick East Zone by intersecting a
discrete zone of predominantly basement-hosted uranium
mineralization at 271.5 metres to 289.0 metres downhole, the
longest continuous drill intersection of uranium mineralization
discovered to date at the project. This interval returned 0.72%
U3O8 over 17.5 metres and contained a basal
high grade basement interval of 1.00% U3O8
over 10.0 metres.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Highlights:
- Hole ML20-09, which was drilled as a follow up to hole ML20-06
in the eastern half of the Maverick East Zone, 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.
- The mineralized intercept in hole ML20-09 is a discrete zone of
mineralization primarily hosted in sheared, clay-altered to
-replaced graphitic pelitic assemblages within the basement rocks.
The intercept confirms the potential of 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.
- A greater understanding of the Maverick Structural Corridor was
also obtained by the drilling of two broadly spaced exploratory
drill holes in the Maverick West target area. The drilling
identified continuity of the geological model in the area with
locally anomalous geochemistry in the basement rocks.
- 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.
- Final assay results are pending for four more drill holes.
Jordan Trimble, President and CEO
of Skyharbour Resources, stated: "Drill hole ML20-09 is a
breakthrough hole for us at the Maverick East Zone as it is the
longest continuously mineralized drill intercept the Company has
reported and it is one of the best basement-hosted zones of
mineralization discovered at the project. We are successfully
increasing the size of the high grade uranium zones at the Maverick
corridor and these results illustrate the notable discovery upside
potential at the project especially in the basement rock
feeder-zones which have had limited drill-testing historically. The
remaining assay results from the program are pending with planning
for additional drilling at Moore Lake currently underway."
Summary of Initial 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 and13) and a transitional
zone between the Viper and Esker target areas (hole ML20-11). The
results of ML20-07, ML20-08 and ML20-09 have been compiled and
interpreted, and are reported herein. The results of holes ML20-10
to ML20-13 will be released when fully compiled and
interpreted.
Moore Uranium Project Regional Grid Targets
Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Drill hole ML20-09 was collared in the central, sparsely
drilled, portion of the newly extended Maverick East Zone up-dip of
hole ML20-06 where four modest intervals of uranium mineralization
straddling the unconformity were intersected. Hole ML20-09
intersected a discrete, largely basement-hosted interval of uranium
mineralization, with a minor sandstone-hosted component. The zone
begins at 271.5 metres downhole and grades 0.72%
U3O8 over 17.5 metres, which is the longest
continuous zone of uranium mineralization drilled at the project by
Skyharbour. It includes a basal intercept of 1.00%
U3O8 over 10.0 metres from 279.0 metres to
289.0 metres. The uranium mineralization in the sandstone is hosted
by clay enriched and replaced de-silicified sandstone, while the
basement-hosted mineralization is within clay-altered to -replaced
and sheared graphitic pelitic gneiss. The sandstone and basement
are both highly enriched in indicator metals with up to 22,300 ppm
Ni and 5,250 ppm Co associated with a 0.5 metre interval of 5.00%
U3O8 in the basement rocks.
Moore Uranium Project Maverick Corridor
Drilling Map:
https://skyharbourltd.com/_resources/images/Fall-2020-Drilling-Maverick-Corridor.jpg
A greater geological understanding of the Maverick Structural
Corridor was also obtained by additional drilling in the sparsely
drilled Maverick West area. Drill hole ML20-07 was collared
approximately 10 metres up-dip of hole ML-209, which was drilled in
2007 in the westernmost portion of the Maverick West conductor. The
target was a significant resistivity low where anomalous
geochemistry from historic drilling had been identified in
structurally disrupted graphitic pelitic gneiss packages, including
0.5 metres of 0.078% U3O8 in hole ML-209.
Hole ML20-07 intersected over 65 metres of variably graphitic and
locally structurally and altered disrupted pelitic gneiss below the
unconformity. Anomalous levels of boron, vanadium and copper and
nickel were encountered in localized graphitic faults throughout
the basement rocks. No significant uranium mineralization was
intersected in this hole, but a greater understanding of the
geological and structural characteristics of the area was obtained.
Drill hole ML20-08 was drilled approximately 125 metres
east-southeast of hole ML20-07 in the Maverick West area and tested
the complex relationship of a historic conductor identified in the
1990's by AREVA (now Orano) and the currently interpreted Maverick
West conductor. This hole was anomalous in the uranium pathfinder
elements and the basal sandstone was strongly altered and
structurally disrupted.
Upcoming Results and Future Exploration Plans:
The results of the remaining four drillholes (ML20-10 to
ML20-13) will be released when fully compiled and interpreted.
Skyharbour has also initiated permitting for anticipated
geophysical and diamond drilling programs to take place in the
winter and summer seasons of 2021. The drill program will test
targets identified by the geophysical program and both unconformity
and basement 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.
Moore Uranium Project Overview:
In June 2016, Skyharbour secured
an option to acquire Denison Mine's Moore Lake Uranium Project, on
the southeastern side of the Athabasca Basin, in northern Saskatchewan and has fulfilled its earn-in
requirements. The project consists of 12 contiguous claims totaling
35,705 hectares located 42 kilometres northeast of the Key Lake
mill, approximately 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. 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. Also, 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
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-specific 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 is
expected to be approx. 122 million lbs
U3O8 in 2020 while demand continues to
rise and is expected to be approx. 182 million lbs in 2020. The
spot uranium price is approx. $30 /
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 443 operable nuclear reactors
and 53 new reactors under construction globally with hundreds more
planned in the pipeline. China and
India continue to be at the
forefront of demand growth and have the largest reactor pipelines
making up a significant portion of the global growth. More
recently, an important emerging market for nuclear and uranium
demand in small modular reactors has gained notable positive press
and momentum. As the global push for decreasing carbon emissions
continues, nuclear energy will play a vital role in providing
base-load, carbon emissions-free, low-cost electricity
generation.
On the supply-side, mine closures and production curtailment
continue to dominate headlines which has been exacerbated by the
pandemic clearly illustrating the risks to global primary mine
supply. 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 over the last several years and have
been actively buying uranium directly in the spot market to fulfill
their contract deliveries as their production profiles have
decreased. Several uranium mines in other parts of the world
including Africa were also
impacted by the pandemic adding to the supply disruption for 2020
which has now culminated in a significant primary mine supply
deficit forecasted for the year.
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 previous 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 separate 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 CAD $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 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%
U3O8 and 5.3 million pounds of
ThO2 at 0.023% ThO2. Recently,
Skyharbour signed a LOI 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 and $425,000
in total cash payments over three years as well as shares in the
company.
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/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: 604-639-3850
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com
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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.
SOURCE Skyharbour Resources Ltd.