Skyharbour’s Partner Company Azincourt Energy Reports 2021 Winter Drill Program Shut Down Due to Warm Weather on 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
March 23rd, 2021
News Release
Skyharbour’s Partner Company Azincourt Energy Reports 2021 Winter Drill Program Shut
Down Due to Warm Weather on The East Preston Uranium Project
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) partner company Azincourt Energy Corp. (“Azincourt”) is announcing that
the 2021 winter exploration program has been shut down 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
Unseasonably warm weather during the first two weeks of March and rapid snow melt has forced
the termination of the diamond drill program approximately two weeks earlier than expected.
Daytime temperatures above zero with only mild freezing temperatures at night is resulting in the
rapid deterioration of ice c rossings over rivers and swamps. In the interest of crew safety and
environmental responsibility, the decision was taken to defer the remaining meterage in the program
until later in the year.
The 2021 exploration program was planned to be a minimum 10+ hole, 2000-to-2500m diamond drill
campaign. The program was terminated after the completion of 1195m in 5 drill holes. Preliminary
results indicate that the conductive corridor through the A to G Zones contains a thick graphitic
package and associated compl ex structural pattern ideal for the placement of uranium
mineralization. Core from the five completed holes is currently being logged and will be sent to SRC
Laboratories in Saskatoon for multi -element analysis. Results will be released once they become
available.
Target Corridors at East Preston Uranium Project, Western Athabasca Basin Saskatchewan:
https://skyharbourltd.com/_resources/maps/nr-20210118-figure1.png
“The appearance of open water at ice crossings and rapidly rising water levels in the creeks and
swampy areas due to rapid snow melt were a clear indication that our time to complete the winter
program was at an end,” said Azincourt Exploration Manager, Trevor Perkins. “The five completed
holes confirm that we are on the right track at the East Preston Project. The structures intersected
show a complexity consistent with multiple intersecting faults, which is very promising for the
potential deposition of uranium and we are excited to resume drilling,” continued Mr. Perkins.
The Company is exploring options to complete the meterage allocated to this program. Options being
considered include a summer 2021 drill campaign and an expanded winter 2021-2022 drill campaign,
subject to permit approval and community consultations.
2021 Drill Target areas at the East Preston Uranium Project:
https://www.skyharbourltd.com/_resources/maps/nr-20210209-figure1.png
As previously reported the target area for the 2021 drill program was the conductive corridor from
the A-Zone through to the G-Zone 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 i ndicates multiple
prospective conductors and structural complexity along the eastern edge of this corridor.
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 over the previous four years as well as issuing a total of 9.5 million
common shares of Azincourt divided evenly between Skyharbour and Dixie Gold.
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; the y 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).
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 partnership with Azincourt Energy with Azincourt having recently
earned-in 70% of the East Preston Project through exploration expenditures, cash payments and
Azincourt share issuance. 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%. 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, comm itted
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.pdf
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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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
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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
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