Skyharbour Resources Ltd. (TSX-V:
SYH) (OTCQX: SYHBF)
(Frankfurt: SC1P) (“Skyharbour” or the
“Company”), is pleased to announce that it has entered into a
property purchase and sale agreement (the “Agreement”) with Cosa
Resources Corp. (“Cosa”) dated July 26th, 2024, whereby Skyharbour
will sell Cosa two (2) mineral claims, comprising approximately
6,049 hectares. These two claims represent a small portion of
Skyharbour’s Karin Property and are located in Saskatchewan about
22 km south of the Key Lake Mill. In consideration for the claims,
Cosa will issue to Skyharbour 250,000 common shares in the capital
of Cosa (the “Consideration Shares”). Skyharbour originally
acquired the claims through low-cost, online staking. The Company
retains ownership in five other adjacent claims constituting the
new Karin Project which is now 19,116 hectares.
Karin Uranium Project:
The original Karin Project, inclusive of the two
claims above, consisted of 7 claims totalling 25,165 hectares
in the Highrock Lake area. The project is underlain by Wollaston
Group metasedimentary gneisses, mostly psammitic to meta-arkosic in
composition but with localized prospective pelitic to psammopelitic
gneisses in fold noses, and it is prospective for both
unconformity-related and pegmatite-hosted uranium
mineralization.
Location Map of the Karin Project:
https://skyharbourltd.com/_resources/maps/Sky-Karin-20230727.jpg
The Karin project had seen some exploration in
the late 1960's to early 1980's, including airborne EM, magnetics
and radiometrics, radon surveys, prospecting, geological mapping,
lake water and sediment sampling, as well as a limited amount of
diamond drilling. Five drill holes that were successfully drilled
on the Karin project intersected Wollaston Supergroup meta-arkose
and semipelitic to pelitic gneisses, amphibolite and pegmatite to
granodiorite, along with localized hematite, chlorite, epidote,
and/or goethite alteration. The drilling on the Karin project was
targeting some of the stronger EM conductors and radon anomalies on
the property, however several other historical EM anomalies did not
receive follow-up work. Given that this work took place prior to
the development of modern geophysics and uranium exploration
models, it is likely that additional prospective targets remain
untested on the Karin project. The only recent exploration on the
project consisted of limited prospecting in 2008, which led to the
discovery of a pegmatite outcrop that returned 181 ppm U, 205 ppm
Nb, and 39 ppm Ta (SMDI 5179). The Karin project has otherwise been
unexplored since the 1980's and remains prospective for both
intrusive-type and unconformity-related uranium deposits and
intrusive-related REE's.
Acquisition Details:
Skyharbour will receive 250,000 shares of Cosa
for the two claims. Half of the Consideration Shares will be
subject to a four-month-and-one-day statutory hold period in
accordance with applicable securities laws, and the other half of
the Consideration Shares being subject to a voluntary hold period
of six months. There are no underlying royalties on the claims and
the Agreement remains subject to the approval of the TSX Venture
Exchange.
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 Cosa Resources Corp:
Cosa Resources is a Canadian uranium exploration
company operating in northern Saskatchewan. The portfolio comprises
roughly 209,000 ha across multiple projects in the Athabasca Basin
region, all of which are underexplored, and the majority reside
within or adjacent to established uranium corridors.
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 580,000 hectares (over 1.4 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 several 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 Thunderbird
Resources (previously Valor) 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 $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/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: 604-558-5847 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, 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.sedarplus.ca for further information.
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