Skyharbour Resources Ltd.’s
(TSX-V:SYH)
(OTCQX:SYHBF)
(Frankfurt:SC1P)
(the “Company”) partner company Azincourt Energy (“Azincourt”), is
pleased to announce that mobilization is set to begin later this
week for the 2024 winter drill program at the East Preston uranium
project in the Athabasca Basin, Saskatchewan, Canada.
Project Location – Western Athabasca
Basin, Saskatchewan,
Canada:https://skyharbourltd.com/_resources/maps/Sky_EastPreston_20231219.jpg
Winter 2024 Drill Program:
Azincourt is undertaking a drill program for the
winter of 2024, consisting of up to 1,500 meters of drilling in a
maximum of five (5) diamond drill holes. The priority will be to
follow up on the clay alteration zone with elevated uranium that
was identified in the winter of 2023 with a focus on the area of
transition between the K and H Zones.
Drilling in 2023 identified an illite clay
alteration halo extending from the top of Zone K to Zone H as far
as drill hole EP0053. Within this illite alteration zone, dravite
and kaolinite are present in the north end of Zone H. Illite and
kaolinite are both indicators of hydrothermal alteration typically
found within alteration halos of unconformity uranium deposits.
Dravite is a boron-rich clay which is found within the larger clay
package proximal to uranium mineralization in the hydrothermal
system. Both illite and dravite have been identified as being
significant vectors for the 2022 JR Zone discovery by F3 Uranium
approximately 60 km to the northwest of the East Preston
project. The program will utilize one helicopter
supported drill rig and be based out of a local contractor camp,
with reduced disturbance due to the lack of an access road. Drill
and crew mobilization is underway with drilling expected to
commence by the last week of March.
“Following up the clay alteration in the K- and
H- Zones is a high priority”, commented Azincourt’s VP Exploration
Trevor Perkins. “This alteration is what would be expected where a
uranium deposit is present. This area between the K- and H zones is
a zone we need to drill test further, and all indications are that
we are vectoring in on something. A significant number of deposits
in the Athabasca Basin have been found by identifying and chasing
these types of alteration patterns,” continued Mr. Perkins.
East Preston Targets:
The primary target area on the East Preston
Project is the conductive corridors from the A-Zone through to the
G-Zone (A-G Trend) and the K-Zone through to the H and Q-Zones
(K-H-Q Trend). The selection of these trends is based on a
compilation of results from the 2018 through 2020 ground-based EM
and gravity surveys, property wide VTEM and magnetic surveys, and
the 2019 through 2022 drill programs, the 2020 HLEM survey
indicates multiple prospective conductors and structural complexity
along these corridors.
2024 Target Areas at the East Preston
Uranium
Project:https://skyharbourltd.com/_resources/maps/2023-24-Target-areas-at-the-East-Preston-Uranium-Project.png
Drilling has confirmed that identified
geophysical conductors comprise structurally disrupted zones that
are host to accumulations of graphite, sulphides, and carbonates.
Hydrothermal alteration, anomalous radioactivity, and elevated
uranium have been demonstrated to exist within these structurally
disrupted conductor zones.
Permitting and Community Relations:
Permits are in hand to conduct exploration
activities at the East Preston property through the summer of 2026.
Azincourt recognizes that the granting of these permits does not
negate the rights of the local communities for meaningful
consultation as the project progresses. Azincourt looks forward to
a continued close working relationship and regular consultation
with CRDN and other rights holders to ensure that any potential
impacts and concerns are addressed and that the communities can
benefit from activities in the area through support of local
business, employment opportunities, and sponsorship of select
community programs and initiatives. Local businesses are engaged to
provide services and supplies and members of the Clearwater River
Dene Nation and surrounding communities have been directly employed
on site or to provide support and services to keep the camp and
programs running. The involvement of the local communities is
essential for continued advancement of the East Preston
Project.
About East Preston:
Skyharbour and Dixie Gold entered into an Option
Agreement (the “Agreement”) with Azincourt whereby Azincourt had an
earn-in option to acquire a 70% working interest in a portion of
the Preston Uranium Project known as the East Preston Property.
Azincourt earned a majority interest in the project by completing
CAD $2.5 million in staged exploration expenditures and making a
total of CAD $1 million in cash payments as well as issuing shares
of Azincourt divided evenly between Skyharbour and Dixie Gold.
Azincourt now owns 85.8% as operator of the Project with Skyharbour
retaining a minority interest of 9.5% in the Project.
Three prospective conductive, low magnetic
signature corridors have been discovered on the property. The three
distinct corridors have a total strike length of over 25 km, each
with multiple EM conductor trends identified. Ground prospecting
and sampling work completed to date has identified outcrop, soil,
biogeochemical and radon anomalies, which are key pathfinder
elements for unconformity uranium deposit discovery.
The East Preston Project has 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; they are clearly
upgraded/enhanced prospectivity targets because of the structural
complexity. The targets are basement-hosted unconformity related
uranium deposits similar to NexGen’s Arrow deposit and Cameco’s
Eagle Point mine. East Preston is near the southern edge of the
western Athabasca Basin, where targets are in a near surface
environment without Athabasca sandstone cover; therefore, they are
relatively shallow targets but can have great depth extent when
discovered. The project ground is located along a parallel
conductive trend between the PLS-Arrow trend and Cameco’s
Centennial deposit (Virgin River-Dufferin Lake trend).
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 twenty-nine projects, ten of which are
drill-ready, covering over 587,000 hectares (over 1.45 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., Azincourt Energy and Valor
Resources at the Preston, East Preston and Hook Lake Projects,
respectively. The Company also has several active earn-in option
partners including: 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. In
aggregate, 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 $19 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/images/SKY_SaskProject_Locator_2024-02-14_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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