Skyharbour Resources
Ltd.’s (
TSX-V: SYH)
(
OTCQB: SYHBF)
(Frankfurt:
SC1P) (the “Company”) partner
company, Basin Uranium Corp. (“Basin Uranium”) is pleased to
announce the completion of a ground based gravity survey and a
heliborne Mobile MT Electromagnetic and Magnetic survey at its Mann
Lake project located 25 km southwest of the McArthur River Mine and
15 km to the northeast along strike of Cameco’s Millennium uranium
deposit.
Mann Lake Uranium
Projecthttps://www.skyharbourltd.com/_resources/maps/SKY_MannLake_20211129.jpg
The recently collected and interpreted
geophysical data has generated new drill targets over prospective
areas on the Mann Lake property. The Phase two drill program will
test the potential for uranium mineralization along interpreted
lineament or structural corridors at the unconformity and in the
basement, that correspond with resistivity and magnetic lows and
the margins of gravity lows.
“The summer geophysical programs identified a
number of new prospective targets, in addition to refining the
resolution and coverage over the Mann Lake claims.” commented Mike
Blady, CEO of Basin Uranium. “With the additional data, our focus
will be on coincident geophysical anomalies that sum together to
provide the most fertile geophysical environment along with
incorporating known uranium mineralization from our Phase one
drilling.”
Mobile MT Electromagnetic and Magnetic
Survey:
The Mobile MT survey successfully identified
conductive zones and structures along the unconformity contact and
deeper in the basement. These conductive zones are prospective for
graphite and/or its breakdown products, which are considered to be
responsible for uranium mineralization. In addition, deep
structures within the basement allow for fluid migration, which can
create pathways for the precipitation of uranium mineralization
along the unconformity contact and within the basement rocks.
The purpose of the Mobile MT survey was to
identify deep structures along the unconformity and in the
basement, including possible alteration and mineralization zones. A
total of three production flights were flown to complete 376
line-kilometers of the survey over a 70 km2 area. The main
conductors along the unconformity contact are shown as resistivity
lows (blue) in the accompanying map (Figure 1). The Mobile MT
apparent conductivity and magnetics data have also delineated NE
and NW trending prospective structures that cross-cut the basement
throughout the property (Figure 2).
Figure 1: Mobile MT Geophysics – EM
Inverted
Resistivityhttps://www.skyharbourltd.com/_resources/images/Mobile-MT-Geophysics-EM-Inverted-Resistivity.png
Figure 2: Mobile MT Geophysics –
Magneticshttps://www.skyharbourltd.com/_resources/images/Mobile-MT-Geophysics-Magnetics.png
Gravity
Survey:
Multiple gravity low anomalies are defined along
the southern and south-eastern portions of the tenure. Gravity lows
are prospective in uranium exploration, as they can correlate to a
de-silicification of the rocks that may indicate the presence of a
fault structures, which are prospective for graphite and/or uranium
mineralization (Figure 3).
Figure 3: Mobile MT Geophysics –
Gravityhttps://www.skyharbourltd.com/_resources/images/Mobile-MT-Geophysics-Gravity.png
MWH Geo-Surveys completed a 2539 station gravity
survey over the southern portion of the Mann Lake tenure in July
2022. Results were merged with the historic (2006, 2008) gravity
survey data, to complete the coverage over the central and southern
portions of the property.
About Mann Lake:
Skyharbour has entered into an Option Agreement
(the “Agreement”) with Basin Uranium whereby Basin Uranium has an
earn-in option to acquire a 75% interest in the Mann Lake Uranium
Project. Under the Option Agreement, Basin Uranium Corp will
contribute cash and exploration expenditure consideration totalling
CAD $4,850,000 over a three-year period (“Project Consideration”).
Of the Project Consideration, $850,000 will be in cash payments to
Skyharbour and $4,000,000 will be in exploration expenditures on
the project. Basin Uranium Corp will also issue to Skyharbour
the equivalent value of CAD $1,750,000 in shares of Basin Uranium
over the three-year earn-in period to complete the earn-in.
The Mann Lake Uranium Project is strategically
located 25 km southwest of the McArthur River Mine, the largest
high-grade uranium deposit in the world, and 15 km to the northeast
of Cameco's Millennium uranium deposit. The Mann Lake project is
also adjacent to the Mann Lake Joint Venture operated by Cameco
(52.5%) with partners Denison Mines (30%) and Orano (17.5%).
Denison Mines acquired International Enexco and its 30% interest in
the project after a 2014 winter drill program discovered
high-grade, basement-hosted uranium mineralization at this adjacent
project.
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 David Billard, P.Geo., a Consulting Geologist for
Skyharbour as well as a Qualified Person.
About Skyharbour Resources
Ltd.:
Skyharbour holds an extensive portfolio of
uranium exploration projects in Canada's Athabasca Basin and is
well positioned to benefit from improving uranium market
fundamentals with fifteen projects, ten of which are drill-ready,
covering over 450,000 hectares of land. 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.
Adjacent to the Moore Uranium Project is Skyharbour’s recently
optioned Russell Lake Uranium Project from Rio Tinto, which hosts
historical high-grade drill intercepts over a large property area
with robust exploration upside potential. The Company is actively
advancing these projects through exploration and drill
programs.
Skyharbour has a joint-venture with
industry-leader Orano Canada Inc. at the Preston Project whereby
Orano has earned a 51% interest in the project through exploration
expenditures and cash payments. Skyharbour now owns a 24.5%
interest in the Project. Skyharbour also has a joint venture with
Azincourt Energy at the East Preston Project whereby Azincourt has
earned a 70% interest in the project through exploration
expenditures, cash payments and share issuance. Skyharbour now owns
a 15% interest in the Project. Preston and East Preston are large,
geologically prospective properties proximal to Fission Uranium's
Triple R deposit as well as NexGen Energy's Arrow deposit.
Furthermore, the Company owns a 100% interest in the South 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%.
Skyharbour has several active option partners
including: ASX-listed Valor Resources on the Hook Lake Uranium
Project whereby Valor can earn-in 80% of the project through CAD
$3,500,000 in exploration expenditures, $475,000 in cash payments
over three years and an initial share issuance; CSE-listed Basin
Uranium Corp. on the Mann Lake Uranium Project whereby Basin
Uranium can earn-in 75% of the project through $4,000,000 in
exploration expenditures, $850,000 in cash payments as well as
share issuances over three years; and CSE-listed Medaro Mining
Corp. on the Yurchison Project whereby Medaro can earn-in an
initial 70% of the project through $5,000,000 in exploration
expenditures, $800,000 in cash payments as well as share issuances
over three years followed by the option to acquire the remaining
30% of the project through a payment of $7,500,000 in cash and
$7,500,000 worth of shares.
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://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.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:Nicholas
ColturaCorporate Development and CommunicationsSkyharbour Resources
Ltd. Telephone: 604-558-5847Toll Free: 800-567-8181Facsimile:
604-687-3119Email: 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.
The securities offered have not been, and will
not be, registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any U.S. state securities
laws, and may not be offered or sold in the United States or to, or
for the account or benefit of, United States persons absent
registration or an applicable exemption from the registration
requirements of the U.S. Securities Act and applicable U.S. state
securities laws. This press release does not constitute an offer to
sell or the solicitation of an offer to buy securities in the
United States, nor in any other jurisdiction.
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, including the Private
Placement. 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, regulatory
approvals, 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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