Skyharbour Resources Ltd. (TSX-V:
SYH) (OTCQX:
SYHBF)
(Frankfurt: SC1P)
(“
Skyharbour” or the
“
Company”) is pleased to announce plans for
partner company Tisdale Clean Energy Corp.’s (“Tisdale”)
upcoming work program at the South Falcon East Uranium Project
which hosts the Fraser Lakes B uranium deposit. The South Falcon
East Project lies 18 km outside the edge of the Athabasca Basin,
approximately 50 km east of the Key Lake uranium mill and former
mine. Tisdale entered into an option agreement with Skyharbour that
was finalized last year (see news release dated January 25th, 2023)
whereby Tisdale can earn up to a 75% interest in the South Falcon
East project. Under the Option Agreement and assuming the 75%
interest is earned, Tisdale will have issued Skyharbour 1,111,111
Tisdale shares upfront, and will fund exploration expenditures
totaling CAD $10,500,000, as well as pay Skyharbour CAD $11,100,000
in cash of which $6,500,000 can be settled for shares in the
capital of Tisdale (“Shares”) over the five-year earn-in
period.
Map of South Falcon East Project
Claims:https://skyharbourltd.com/_resources/images/Sky-South-Falcon-East-20231030.jpg
Tisdale is set to begin a preliminary phase one
drill program for late winter 2024. The initial phase one program
will consist of up to approximately 1,500 metres of drilling. The
priority will be to confirm and expand the existing mineralization
associated with the Fraser Lakes Zone B Uranium Deposit. Infill
drilling will confirm the presence and continuity of existing
mineralization in preparation for a current updated resource
estimate and 3D model in the future. Step out drilling will
endeavor to expand the footprint of the deposit, as the current
mineralization is open in all directions. Initial focus will be in
extending mineralization along strike and down dip into the
basement rocks.
A secondary priority will be to begin regional
exploration by following up promising anomalies located in the
T-Bone Lake area. Regional drilling will focus on the effort to add
additional mineralized zones and deposits along the folded
structural package that hosts the Fraser Lakes Zone B Deposit.
2024 Drill Target Areas at the South
Falcon East Uranium
Project:https://skyharbourltd.com/_resources/images/2023-Drill-Target-areas-south-Falcon-East-Uranium-Project-20231030.png
“The commencement of drilling is a milestone in
terms of our ability to unlock the value contained at South
Falcon,” said Tisdale CEO, Alex Klenman. “Right now, nobody is
getting much credit for those pounds in the ground. This will begin
to change as we drill and earn our interest in the project. The
initial phase one plan allows us to meet the early obligations of
the earn-in with Skyharbour. We are hopeful our valuation will grow
as a result, therefore reducing the barrier to entry for
institutional support and giving us the opportunity to implement
larger drill programs moving forward through 2024 and beyond.”
“We believe very strongly that both the size and
average grade of the resource can be increased. The last holes
drilled in 2015 returned U3O8 values of 0.172% and 0.165% over
intervals of two metres or more. These results established that
higher grade uranium exists within the deposit. We have a very
compelling exploration strategy, and one we feel confident in
pursuing. No doubt the first steps are the hardest, and we’re
pleased we’re able to begin to execute on the plan,” continued Mr.
Klenman.
Jordan Trimble, President and CEO of Skyharbour,
stated: “We are thrilled to have Tisdale commence their inaugural
drill program at South Falcon East. The project is an
advanced-stage exploration asset that hosts a near-surface uranium
resource with strong expansion potential as well as robust
discovery upside potential regionally on the property. We are
confident that this winter drill program will unlock further value
for both companies’ shareholders with the uranium price trading
near sixteen-year highs.”
South Falcon East Project – Camp and
Drilling Location
Map:https://www.skyharbourltd.com/_resources/images/South-Falcon-East-Camp-and-drilling-location-Map-20231030.png
The field program is anticipated to commence in
late February and will be carried out by TerraLogic Exploration
Inc. under the supervision of Laura Tennent, Project Manager with
TerraLogic Exploration, and C. Trevor Perkins, consulting geologist
for Tisdale. The drill program will be operating out of
Skyharbour’s McGowan Lake Camp at the Russell Lake project with
helicopter support for the daily drilling operations. The expected
budget for the initial phase one program is anticipated to be
approx. CAD $1.25 million funded by Tisdale.
Terms of the Option
Agreement:
Pursuant to the Option Agreement, Tisdale may
acquire up to a 75% (seventy-five percent) interest in the
Property, in two phases. Initially, Tisdale can acquire a 51%
(fifty-one percent) interest in the Property by completing the
following payments and incurring the following exploration
expenditures on the Property:
1. On
the closing date (“Closing”), paying CAD $350,000 (paid) and
issuing 1,111,111 Shares to Skyharbour upfront (issued);
- By the
eighteen-month anniversary of Closing, completing at least
$1,250,000 in exploration expenditures, and paying Skyharbour
$1,450,000, of which up to $1,000,000 may be paid in Shares based
on the 20-day volume-weighted average closing price calculated on
the day of issuance (“VWAP”), at the election of Tisdale;
- By the second
anniversary of Closing, completing an additional $1,750,000 in
exploration expenditures, and paying Skyharbour $1,800,000, of
which up to $1,000,000 may be paid in Shares based on the VWAP, at
the election of Tisdale;
- By the third anniversary of
Closing, completing an additional $2,500,000 in exploration
expenditures, and paying Skyharbour $2,500,000, of which up to
$1,500,000 may be paid in Shares based on the VWAP, at the election
of Tisdale.
After acquiring a 51% interest, Tisdale may
increase its interest in the Property to 75% by:
2. Completing
a payment of $5,000,000 to Skyharbour by the fourth anniversary of
Closing, of which up to $3,000,000 may be satisfied in Shares based
on the VWAP, at the election of Tisdale, and incurring exploration
expenditures on the Property of an additional $2,500,000 in each of
the fourth and fifth anniversaries of Closing.No common shares will
be issuable to Skyharbour at a deemed price of less than $0.05 or
such minimum price as is permitted by the Exchange at the date of
issuance, nor will they be issued to Skyharbour to the extent such
issuance would result in the Company becoming a new insider of
Tisdale. Assuming Tisdale exercises any portion of the option and
acquires an interest in Property, the parties intend to form a
joint venture for the ongoing development of the Property.
South Falcon East Project
Summary:
The South Falcon East Project is a uranium
exploration project in the southeast Athabasca Basin and covers
approximately 12,464 hectares. It lies 18 kilometres outside the
Athabasca Basin, approximately 50 kilometres east of the Key Lake
Mine. Historical exploration at the South Falcon East Project
identified an area of U-Th-REE mineralization at the Fraser Lakes
Zone B over an area comprising 1.5 km by 0.5 km along an antiformal
fold nose cut by an east-west dextral ductile-brittle
cross-structure adjacent to a 65 km long EM conductor.
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 Tisdale Clean Energy
Corp.:
Tisdale Clean Energy is a Canadian-based
exploration company focused on the acquisition and advancement of
critical energy/fuel projects.
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 twenty-five projects, ten of which are
drill-ready, covering over 520,000 hectares (over 1.2 million
acres) 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 uranium 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 joint-ventures with
industry-leader Orano Canada Inc. and Azincourt Energy at the
Preston and East Preston Projects, respectively, whereby Orano and
Azincourt earned majority interests in the projects through
exploration expenditures, cash payments and share issuances.
Skyharbour also has several active earn-in option partners
including: ASX-listed Valor Resources at the Hook Lake Uranium
Project; CSE-listed Basin Uranium Corp. at the Mann Lake Uranium
Project; CSE-listed Medaro Mining Corp. at the Yurchison Project;
North Shore Uranium at the Falcon Project; and TSX-V listed Tisdale
Clean Energy at the South Falcon East Project which is host to the
Fraser Lakes Zone B Uranium and Thorium Deposit.
Collectively, Skyharbour has now signed earn-in
option agreements with partners that total to over $33 million in
partner-funded exploration expenditures, over $27 million worth of
shares being issued and over $20 million in cash payments coming
into Skyharbour, assuming that these partner companies complete
their entire earn-ins at the respective projects.
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://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_20231219_V2.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
ColturaInvestor Relations Manager Skyharbour 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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