Skyharbour’s Partner Company Azincourt Energy’s Drilling Returns Elevated Uranium at the East Preston Uranium Project
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
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Telephone: (604) 687-3376
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June 8th, 2021
News Release
Skyharbour’s Partner Company Azincourt Energy’s Drilling Returns Elevated Uranium at
the East Preston Uranium Project
Vancouver, BC - Skyharbour Resources Ltd. ’s (TSX-V:SYH) (OTCQB:SYHBF)
(Frankfurt:SC1P) (the “Company”) partner company Azincourt Energy (“Azincourt”) is pleased to
announce results have been received from the recent diamond drill program at the East Preston
uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.
Project Location – Western Athabasca Basin, Saskatchewan, Canada
https://skyharbourltd.com/_resources/maps/SYH-Patterson-Lake.pdf
As previously reported, the winter 2021 drill program was cut short due to an earlier than expected
spring break-up. As a result, only 1,195 m were completed in five diamond drill holes (Figure 3).
36 geochemical samples were collected from three holes and were sent to SRC Geoanalytical
Laboratories in Saskatoon for analysis and the results have been received. Azincourt is pleased
to report that anomalous and elevated uranium levels were encountered in three of the five holes
completed.
Figure 1: Target corridors at the East Preston Uranium Project
https://skyharbourltd.com/_resources/maps/nr-20210118-figure1.png
Drill hole EP21004, targeting two parallel conductors and a gravity low in the G Zone, intersected
several zo nes of breccia and graphitic faulting over a 50m interval. Elevated uranium was
identified above a graphitic breccia.
Drill hole EP21005 targeted two parallel conductors and a gravity low in the G Zone 400m along
strike from hole EP21004. Drilling intersected several zones of shearing and graphite. Elevated
uranium, boron, and base metals were identified, associated with zones of graphitic shearing.
Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
https://www.skyharbourltd.com/_resources/maps/nr-20210209-figure1.png
Hole EP21003 targeted a kink in the conductor identified in the AB Zone. Drilling intersected a
wide fault zone with graphitic gouge and evidence for crosscutting structures. Sample analysis
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indicates that base metal pathfinder minerals are elevated. Base metal enrichment is typically
used as a vector towards uranium.
Holes EP21001 and EP21002 were drilled in the A Zone and encountered significant faulted and
deformed lithologies associated with significant graphite. No samples were collected from these
drill hole.
Figure 3: Winter 2021 Completed Drill Hole Plan at the East Preston Uranium Project
https://www.skyharbourltd.com/_resources/maps/2021_Completed_Drill_Hole_Plan_at_East_Pr
eston.png
“These results show that we are on the right track,” said Azincourt’s Exploration Manager, Trevor
Perkins. “The elevated base metals and uranium show that we have uranium bearing fluids in
the area. These results will help us vector towards the sweet spot,” continued Mr. Perkins.
“Results from each of the limited drill programs we’ve completed to date at East Preston are more
suggestive and more compelling,” said Alex Klenman, Azincourt’s President and CEO. “We are
seeing elevated uranium levels in these most recent holes, and we’ve established the presence
of uranium-bearing fluids. Based on these positive results we are eager to continue drilling as
soon as possible and get more holes into the areas where we are seeing these elevated
values. We are preparing for a substantial amount of drilling in the next eight months and look
forward to ramping up our exploration efforts significantly in the months ahead,” continued Mr.
Klenman.
Summer 2021 Exploration Programs:
As previously reported the target area for the 2021 drill program was the conductive corridor from
the A-Zone through to the G-Zone (Figures 1 and 2) and is based on a compilation of results from
the 2019 and 2020 drill programs, 2018 through 2020 ground-based EM and gravity surveys, and
property wide VTEM and magnetic surveys. The 2020 HLEM survey completed in December
indicates multiple prospective conductors and structural complexity along the eastern edge of this
corridor. Azincourt continues developing plans to complete the meterage originally allocated to
the Winter 2021 program.
Current plans for the summer of 2021 include an airborne radiometric survey over the south
portion of the property, a field mapping and prospecting program to ground truth a nomalies and
trace any radioactive boulders identified from the aforementioned survey, and a diamond drilling
program to complete approximately 1,000m of drilling not completed during the shortened winter
program.
In addition, planning is underway for an extensive 6,000 meter program consisting of 25 -30 drill
holes to be completed in the winter of 2021-2022. Target selection for this program will be refined
based on the summer 2021 field programs.
Permits are in place to complete all the planned work thr ough the winter of 2022, and
consultations and information sessions with local communities are ongoing. Timelines for summer
drilling and additional field work will be released shortly.
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 has now earned the ir
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 over the previous four years as well as issuing
a total of 9.5 million common shares of Azi ncourt divided evenly between Skyharbour and Dixie
Gold. Skyharbour retains a 15% interest in the East Preston Project.
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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 ca n 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 Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Adviso r and a
Director, 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 six drill-
ready projects covering over 240,000 hectares 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. The Company has plans for upcoming drill programs at the project.
Skyharbour has a joint -venture with industry -leader Orano Canada Inc. at the Preston Project
whereby Orano has earned a 51% interest in the project through exploration expenditures and
cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a
joint-venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a
70% interest in the project through exploration expenditures, cash payments and share issuance.
Skyharbour now owns a 15% interest in the Project. 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 also 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 U3O8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%. Skyharbour has 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.
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Skyharbour's goal is to maximize shareholder value thro ugh 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:
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]
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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 f orward-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.