Skyharbour Resources
Ltd.’s (TSX-V:SYH)
(OTCQX:SYHBF)
(Frankfurt:SC1P) (the “Company”) partner
company Azincourt Energy (“Azincourt”), is pleased to announce that
the sample analysis have been received from the 2024 exploration
program at the East Preston uranium project in the Athabasca Basin,
Saskatchewan, Canada. The 2024 drill program consisted of 1,086
metres of drilling in four diamond drill holes completed earlier
this year. Drilling was focused on the K and H Zones with initial
results reported in a news release dated May 28th, 2024.
Project Location – Western Athabasca Basin,
Saskatchewan, Canada:
https://skyharbourltd.com/_resources/maps/Sky_EastPreston_20231219.jpg
Winter 2024 Drill Program:
A total of 53 samples, including four blanks and
four external standards, were collected throughout the program and
sent to the Geoanalytical Laboratory at the Saskatchewan Research
Council in Saskatoon, Saskatchewan for analysis. All blanks and
standards returned within expected statistical norms.
Samples of clay alteration were analyzed by
Short Wavelength Infrared Reflectance (SWIR, sometimes referred to
as “PIMA”) to confirm the clay species. A total of 53 samples were
submitted for analysis, including 33 samples from the 2024 program
and 20 samples from the 2021-2023 programs. PIMA results identify
relative proportions of phyllosilicate and clay minerals including
illite, chlorite, dickite, kaolinite, and dravite. Illite and
kaolinite are both indicators of hydrothermal alteration typically
found within alteration halos of unconformity associated uranium
deposits. Dravite is a boron-rich clay which is typically found
within a larger clay package in close proximity to uranium
mineralization in the system. Both illite and dravite have been
identified as being significant vectors for recent discoveries to
the northwest of the East Preston project.
East Preston 2024 Drill Hole Location Map
Focused on the K and H
Zones:https://www.skyharbourltd.com/_resources/maps/East-Preston-2024-Drill-Hole-Location-map.png
Analysis of the results shows several intervals
with anomalous uranium enrichment within the clay alteration zones
along the K, and H- target zones. Uranium enrichment is identified
as uranium (U) values and a uranium/thorium ratio (U/Th) above what
would normally be expected in the given rock type or area.
The highest uranium result for 2024 was returned
in hole EP0058 where 16 ppm U over 1.91m, including up to 21.9 ppm
U over 0.51m. This enriched zone sits above a zone of dravite and
kaolinite clay alteration. This drill hole sits within a regional
illite clay anomaly extending through the K Zone and south into the
lower H Zone.
With the reevaluation and analysis of clay
species in core from previous programs, the regional illite clay
alteration zone identified in 2023 has been expanded to encompass
the length of the K and H Zones as far south as hole EP0060. Within
this zone, many holes contain kaolinite +/- dravite, highlighting
areas where future efforts will focus.
The reevaluation of clay species in core from
previous programs has allowed the identification of illite
alteration, with intervals of kaolinite and dravite in hole EP0037,
drilled in 2022 on the G Zone. This hole previously identified an
east-west cross-cutting structure which may be a primary fluid
conduit to follow-up. Illite and kaolinite were also identified in
EP21001, drilled in 2021 on the A Zone.
Azincourt considers the identification and
expansion of clay alteration halos to be significant, as major
uranium discoveries in the Athabasca Basin such as McArthur River,
Key Lake, and Millennium were primarily the result of drill testing
of strong alteration zones related to conductor features.
Identifying and upgrading the strong alteration zones is a
significant step forward in identifying the key areas along the
conductor trends where more attention is required.
“The alteration we are seeing continues to be
very encouraging” said Azincourt’s VP, Exploration, Trevor Perkins.
“The identification of dravite, kaolinite and illite clays with the
elevated uranium along the K and H Zones emphasizes that we are in
the right environment and identifying areas for closer inspection
along this trend. This trend will continue to be high priority
moving forward. Based on the clay signatures in the G and A Zones,
these areas will warrant a reevaluation as well” 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.
Zones With the Areas of Dravite and Kaolinite
Clay Alteration Highlighted in
Red:https://www.skyharbourltd.com/_resources/maps/Zones-East-Preston-With-Areas.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 majority working interest in the East
Preston Property. Azincourt earned the 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 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.
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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