Orano Canada Inc. (“Orano”) Completes First Earn-In Option and Forms Joint Venture with Skyharbour at the Preston Uranium 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
March 26th, 2021
News Release
Orano Canada Inc. (“Orano”) Completes First Earn-In Option and Forms Joint Venture with
Skyharbour at the Preston Uranium Project
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company or Skyharbour”) announces that Orano Canada Inc. (“Orano”) has completed
the first earn-in option of a 51% (fifty-one percent) interest in the Preston Uranium Project (“Project”),
located in the western Athabasca Basin, Saskatchewan, Canada. Orano previously held an option
to acquire the interest through an option agreement entered into with Skyharbour and Dixie Gold Inc.
(“Dixie Gold”).
Project Location – Western Athabasca Basin, Saskatchewan, Canada:
https://skyharbourltd.com/_resources/maps/SYH-Patterson-Lake.pdf
Orano has fulfilled their first earn-in option interest in the project by completing CAD $2.8 million in
staged exploration expenditure s and making a total of CAD $200,000 in cash payments over the
previous three years, divided evenly between Skyharbour and Dixie Gold . Orano has spent a total
of CAD $4.8 million on the Project to date.
Following acquisition of the interest, Orano has formed a joint venture with Skyharbour and Dixie
Gold for the future advancement and development of the Project. Orano now holds a 51% (fifty-one
percent) interest in the joint venture, with the remaining interest split evenly between Skyharbour and
Dixie Gold with each company retaining a 24.5% (twenty-four and a half percent) interest in the joint
venture.
About Preston:
In March 2017, Skyharbour signed an option agreement with Orano (formerly AREVA Resources
Inc.) that provided Orano an earn -in option to acquire a majority working interest in the 49,653
hectare Preston Uranium Project (see also news release dated December 15 , 2016). Under the
option agreement, Orano could contribute cash and exploration program consideration totaling up to
CAD $8,000,000 in exchange for up to 70% of the applicable project area over six years.
The significant potential of the Project has been highlighted by recent discoveries in the area by
NexGen Energy Ltd. (Arrow), Fission Uranium Corp. (Triple R) and a joint venture consisting of
Cameco Corporation, Orano and Purepoint Uranium Group Inc. (Spitfire). Exploration at the Project
has consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem,
lake sediment, and geological mapping surveys, as well as exploratory drill programs. Over a dozen
high-priority drill target areas associated with multiple prospective exploration corridors have been
successfully delineated through these methodical, multiphased exploration initiative s, which have
culminated in an extensive, proprietary geological database for the project area.
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
Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as
a Qualified Person.
About Orano Canada Inc.:
Headquartered in Saskatoon, Saskatchewan, Orano Canada Inc. is a leading supplier of uranium,
accounting for the processing of 18 million pounds produced in Canada in 2019. Orano Canada has
been exploring for uranium, mining and producing uranium concentrate in Canada for more than
55 years. The company operates the McClean Lake uranium mill and holds a significant interest in
the Cigar Lake, McArthur River and Key Lake operations. The company employs over 450 people in
Saskatchewan, including about 320 at the McClean Lake operation where over 46% of employees
are self-declared Indigenous. As a sustainable uranium producer, Orano Canada is committed to
safety, environmental pr otection and contributing to the prosperity and well -being of neighbouring
communities.
Orano Canada Inc. is a subsidiary of the multinational Orano Group offering products and services
with high added value throughout the entire nuclear fuel cycle, from raw materials to waste treatment.
Its activities, from mining to dismantling, as well as in conversion, enrichment, recycling, logistics
and engineering, contribute to the production of low carbon electricity. Orano Group and its 16,000
employees bring to bear their expertise and their mastery of cutting-edge technology, as well as their
permanent search for innovation and unwavering dedication to safety, to serve their
customers worldwide.
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 six drill -
ready projects covering over 240,000 hectares of land. Skyharbou r 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% U 3O8 over 1.5 metres at a vertical depth of 265 metres. The
Company has plans for upcoming drill programs at the project.
Skyharbour has now entered into a joint venture partnership with industry-leader Orano Canada Inc.
and has a joint venture partnership with Azincourt Energy. Orano recently earned-in 51% of the
Preston Project and Azincourt recently earned -in 70% of the East Preston Project through
exploration expenditures, cash payments and Azincourt share issuance. Preston and East Preston
are large, geologically prospective properties proximal to Fission Uranium's Triple R deposit as well
as NexGen Energy's Arrow deposit.
The Company owns a 100% interest in the South Falcon Uranium Project on the eastern perimeter
of the Basin which contains a NI 43 -101 inferred resource totaling 7.0 million pounds of U 3O8 at
0.03% and 5.3 million pounds of ThO 2 at 0.023%. Furthermore, Skyharbour has recently signed a
Definitive Agreement with ASX-listed Valor Resources on the Hooke Lake (previously North Falcon
Point) Uranium Project whereby Valor can earn -in 80% of the project through $3,500,000 in total
exploration expenditures, $475,000 in total cash payments over three years and an initial share
issuance.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed
long-term partnersh ips, and the advancement of exploration projects in geopolitically favourable
jurisdictions.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
http://skyharbourltd.com/_resources/maps/SYH-Athabasca-Map.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:
Spencer Coulter
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TS X 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 stateme nts 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 develop ment successes, 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.