Azincourt Energy Receives Permits for Upcoming Programs at East Preston Project
Suite 1610 –777Dunsmuir Street, Vancouver, BC, Canada, V7Y1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
October 3rd, 2023
News Release
Azincourt Energy Receives Permits for Upcoming Programs at East Preston Project
Vancouver, BC - Skyharbour Resources Ltd.’s (TSX-V:SYH) (OTCQX:SYHBF)
(Frankfurt:SC1P) (the “Company”) partner company Azincourt Energy (“Azincourt ”) is pleased to
announce that permits have been received for ongoing exploration activities at the East Preston
uranium project in the Athabasca Basin, Saskatchewan, Canada. Azincourt has received work
authorization an d permits from the Government of Saskatchewan to allow diamond drilling and
limited ground geophysics through to the summer of 2026. This effectively provides access to the
ground for the next three winter field seasons.
Project Location – Western Athabasca Basin, Saskatchewan, Canada:
https://www.skyharbourltd.com/_resources/maps/Sky_EastPreston_20211209.jpg
Azincourt Energy recognizes that the granting of these permits does not negate the rights of the local
communities for meaningful consultation as the project progresses. Azincourt continues to be
engaged in regular meetings with the Clearwater River Dene Nation and other rights holders to
ensure that the concerns of the local communities are addressed regarding the East Preston project.
A more in -depth engagement process will also be commencing within the next month with the La
Loche Metis Local #39. Azincourt endeavors to keep local stakeholders apprised of ongoing plans,
results, and priorities for the property. The involvement of the local communities is essential for
continued advancement of the East Preston Project.
Azincourt looks forward to a continued close working relationship with CRDN and other rights holders
to ensure that any potential impacts and concern s 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.
“We are very excited to continue working at the East Preston project, and the granting of work permits
for three years clears a critical component from the ongoing planning process” said Azincourt’s VP,
Exploration, Trevor Perkins. “This shows faith by the government and local communities for us to
continue our wo rk in the area in a safe and environmentally friendly manner, and to continue
engaging with local communities. We want to ensure that any concerns raised are dealt with to the
satisfaction of all parties and that relevant information is shared to minimize impact on members of
the local communities who use this land,” continued Mr. Perkins.
Winter 2024 Program:
Planning is underway for a winter 2024 drill program focusing on the alteration zone associated with
the K- and H-Zones. The exact size, scope, and budget of this program is still to be determined and
will be communicated as decisions are finalized and confirmed.
Road Access to the East Preston Project, Western Athabasca Basin, Saskatchewan:
https://skyharbourltd.com/_resources/maps/Road-access-to-the-East-Preston-Uranium-Project-
Western-Athabasca-Basin-Saskatchewan.png
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 ma gnetic surveys, and the 2019
through 2022 drill programs, the 2020 HLEM survey indicates multiple prospective conductors and
structural complexity along these corridors.
Drilling has confirmed that identified geophysical conductors comprise structurally d isrupted zones
that are host to accumulations of graphite, sulphides, and carbonates. Hydrothermal alteration,
relevant clays, anomalous radioactivity, and elevated uranium have now been demonstrated to exist
within these structurally disrupted conductor zones.
2023-24 Target Areas at the East Preston Uranium Project:
https://skyharbourltd.com/_resources/maps/2023-24-Target-areas-at-the-East-Preston-Uranium-
Project.png
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 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 the recent Patterson Lake North discovery by F3
Uranium approximately 60 km to the northwest 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% of the Project with Skyharbour retaining a
minority interest of 9.5% in the East Preston 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 element s 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 by C. Trevor Perkins,
P.Geo., Vice President, Exploration of Azincourt Energy, and a Qualified Person as defined by
National Instrument 43-101.
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-four
projects, ten of which are drill-ready, covering over 518,000 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 hi gh-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; Yellow Rocks Energy, a private Australian
entity, at the Wallee and Usam Island projects; North Shore Energy Metals at the South 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
$37 million in partner-funded exploration expenditures, over $28 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 proj ects in geopolitically favourable
jurisdictions.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_V2A_20230727.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 Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
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, n or 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.