Skyharbour’s Partner Company Azincourt Energy Commences Drilling at The East 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
January 25th, 2022
News Release
Skyharbour’s Partner Company Azincourt Energy Commences Drilling 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 that drilling has commenced for the winter 2022 exploration program at the East Preston
uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.
Project Location – Western Athabasca Basin, Saskatchewan, Canada:
https://www.skyharbourltd.com/_resources/maps/Sky_EastPreston_20211209.jpg
Full Force Drilling Ltd is providing two diamond drill rigs and conducting the drilling program, under
the supervision of TerraLogic Exploration Inc. The first drill rig is operational, and the second rig
should commence within days.
Winter 2022 Diamond Drilling Program:
TerraLogic Exploration Inc. is executing the winter 2022 diamond drilling program under the guidance
and supervision of Azincourt’s Vice President, Exploration, Trevor Perkins, P.Geo, and Jarrod
Brown, M.Sc., P.Geo, Chief Geologist and Project Manager with TerraLogic Exploration. The
program will consist of a minimum of 6,000m of drilling in 30-35 drill holes. Drilling will focus on the
A-G and K-Q trends, commencing in the G Zone where elevated uranium levels were obtained in
last season’s abbreviated drill program. This drill program will continue to evaluate the G zone to the
south and assess the K-H-Q trend. The program may be modified, and drill holes adjusted at any
time as results warrant.
Target Corridors at East Preston Uranium Project, Western Athabasca Basin Saskatchewan:
https://skyharbourltd.com/_resources/maps/nr-20210118-figure1.png
The 73 km winter road to access the property and campsite is complete and camp construction is in
the final stages. Accurate Industries will maintain the winter access road and facilitate transport of
fuel and supplies to camp for the duration of the program. Discovery Mining Services will maintain,
staff, and manage the exploration camp at Snoop Lake for the duration of the program. The program
is expected to continue until mid to late March.
2022 Drill Target Areas at the East Preston Uranium Project:
https://www.skyharbourltd.com/_resources/images/2022-Drill-Target-areas-at-the-East-Preston-
Uranium-Project.jpg
“The crews have done a tremendous job getting us to this point,” said Azincourt’s President and
CEO, Alex Klenman. “Over 70 kilometers or road was built and upgraded, a 20 -person camp was
constructed, and all equipment was mobilized without issue. The next phase, drilling, has now begun.
Needless to say, we’re eager to launch what is the most comprehensive drill program ever at East
Preston. We’re focused on discovery, the next couple of months will be busy,” continued Mr.
Klenman.
“We are excited to finally have the drill rigs turning for this program. It will be exciting to see what we
pull out of the ground” said Azincourt’s VP, Exploration, Trevor Perkins. “We know we have a good
structural corridor with graphitic lithologies pr esent and alteration fluids in the system. Now we just
need to pinpoint that location on the trend where it all comes together perfectly to give us a deposit,”
continued Mr. Perkins.
East Preston Targets:
The primary target area for the 2022 program con tinues to be 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) (Figures 1 and 2). The selection of these trends is based on a compilation of results from the
2018 through 20 20 ground -based EM and gravity surveys, property wide VTEM and magnetic
surveys, and the 2019 through 2021 drill programs, the 2020 HLEM survey indicates multiple
prospective conductors and structural complexity along these corridors.
The 2019-2021 drilling programs on the A-G Trend confirmed that geophysical conductors comprise
structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates.
Anomalous radioactivity has been demonstrated to exist within these structurally disrupted conductor
zones. The 2022 drilling program will target similar structurally disrupted zones prioritized on the
presence and strength of corresponding electromagnetic, magnetic and gravity geophysical
anomalies.
Permitting and Community Engagement:
Permits are in place to complete all the planned work through the winter of 2022. Azincourt Energy
continues to be engaged in regular meetings with the Clearwater River Dene Nation and other rights
holders to ensure that concerns of the local communities are addressed. Azincourt looks forward to
a continued close working relationship 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.
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 their 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 a total of 9.5 million common shares of Azincourt
divided evenly between Skyharbour and Dixie Gold. Skyharbour retains a 15% interest in the East
Preston Project.
Three pr ospective 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 s tructural 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 fourteen
projects, nine of which are drill -ready, covering over 385,000 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 is actively advancing the project through drill programs.
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 an d East Preston are large, geologically prospective
properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit.
Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the
eastern perimeter of the Basin, which contains a NI 43 -101 inferred resource totalling 7.0 million
pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%.
Skyharbour has several active option partners including: ASX -listed Valor Resources on the Hook
Lake Uranium Project whereby Valor can earn -in 80% of the project through CAD $3,500,000 in
exploration expenditures, $475,000 in cash payments over three years and an initial share issuance;
CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project wher eby Basin Uranium can
earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash
payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the
Yurchison Project whereby Medaro can earn -in an initial 70% of the project through $5,000,000 in
exploration expenditures, $800,000 in cash payments as well as share issuances over three years
followed by the option to acquire the remaining 30% of the project through a payment of $7,500,000
in cash and $7,500,000 worth of shares.
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/maps/SKY_SaskProject_Locator_20211126.jpg
To find out mor e 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:
Riley Trimble
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 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 th e 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 o r 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.