Skyharbour’s Partner Company Azincourt Identifies Uranium Enrichment at the East Preston Uranium Project
Suite 1610 –777Dunsmuir 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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July 13th, 2022
News Release
Skyharbour’s Partner Company Azincourt Identifies Uranium Enrichment 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
present the analytical results from the Winter 2022 drill 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
Drilling for the 2022 winter season at the East Preston Project resulted in 5,004.5 metres completed
in 19 drill holes between January and March of 2022. Initial findings of this program were reported
in a news release dated March 29th, 2022. Drilling during the 2022 program focused on the A-G and
K-H-Q trends and commenced in the G-Zone where the 2021 drill program ended.
A total of 420 samples were collected throughout the program and sent to the Geoanalytical
Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan for analysis. After
unexpected delays at the lab, results were finally received by TerraLogic Exploration in late June
and immediately underwent a thorough quality control assessment prior to being accepted.
“The analysis from drill core is encouraging” said Azincourt’s VP, Exploration, Trevor Perkins. “The
uranium enrichment within the alteration zones is a sign that uranium bearing fluids were present
within the alteration system. We have the alteration system, and uranium moving around within it.
The next step is identifying the areas of concentration within the system where significant uranium
is dropping out,” continued Mr. Perkins.
An analysis of the results shows uranium enrichment within the previously identified alteration zones
along the G -, K, and H - target zones (Figure 2). Uranium enrichment is identified as uranium (U)
values and a uranium/thorium ratio (U/Th) above what would normally be expected in the given rock
type or area.
Along the northeast trending G-Zone, extensive hydrothermal alteration, and evidence of east-west
cross-cutting structures were highlighted in holes EP0030 and EP0037. The primary rock types in
the alteration zone are granodiorite and diorite gneiss with average expected values of 2 -3 ppm U
and U/Th ratios of 0.25 -0.3. A sample from Hole EP0037 returned 1 4.6 ppm U and a U/Th ratio of
1.5, five times the expected values. A sample from EP0032 returned 19.5 ppm U and a U/Th ratio of
0.8.
The H-Zone covers a change in orientation of the structural and conductive trend from north -south
to southwest trending and contains a thick zone of hydrothermal alteration and an intense graphitic
fault and mylonite zone. A sample from hole EP0041 retuned 12.5 ppm U and a 0.5 U/Th ratio within
a mylonite in the fault zone.
Along the north -south trending K -Zone extensive zones of hydrothermal hematite have been
intersected in all holes, with clay alteration also being present. A zone of localized elevated
radioactivity more than 10 times background values was identified in hole EP0035 (see Azincourt’s
news release dated March 1st, 2022). The rock type in this zone is gabbro with average expected
values of 0.5 -1.5 ppm U and U/Th ratios of 0.25 -0.5. A sample from this zone in hole EP0035
returned 5.4 ppm U and a 1.2 U/Th ratio.
Azincourt considers sample analysis results to be an important indicator that uranium bearing fluids
were present within the alteration systems identified. Continued testing of the alteration system to
identify the extents of the alteration and areas of fluid concentration and strong uranium enrichment
will be the aim of follow-up programs.
“The results of this drill program continue to support our exploration model at East Preston,” said
Azincourt’s President and CEO, Alex Klenman. “The alteration zones are considerable in both size
and scope. The results now confirm uranium is present within these alteration zones, which is a
significant and critical step in the exploration process. We are eager to get the next round of drilling
completed as the knowledge gained from this winter’s program will aid immensely in vectoring toward
areas of more significant mineralization. The next eight to ten months will be busy for Azincourt as
we follow up at East Preston, and we also begin drilling at Hatchet Lake, which we plan to drill as
early as this fall. Despite the recent decline in overall market sentiment, we’re in an excellent position.
Our treasury is extremely strong, and we’re fully funded to execute all of our exploration plans over
the next year, and beyond. We’re going to be very active and plan to be aggressive with the drills,”
continued Mr. Klenman.
A thorough review and interpretation of the results of the winter 2022 program is underway and
preparation for an extensive program in the winter of 2022 -2023 is planned to continue evaluating
alteration and structure on the G-, K-, and H-Zones as well as get a first look at the Q-Zone.
East Preston Target Areas:
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 t he K-Zone through to the H and Q -Zones (K-H-Q Trend)
(Figure 1). 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 magnetic surveys, and the
2019 through 2022 drill programs. The 2020 HLEM survey indicates multiple prospective conductors
and structural complexity along these corridors.
Drilling programs to date have confirmed that identified geophysical conductors comprise structurally
disrupted zones that are host to accumulations of graphite, sulphides, and carbonates. Hydrothermal
alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist within
these structurally disrupted conductor zones.
Target Corridors at East Preston Uranium Project (Figure 1):
https://skyharbourltd.com/_resources/maps/nr-20210118-figure1.png
While the A-G and K-H-Q trends are the primary focus, many additiona l trends and zones exist to
the east and west of the primary trends on the East Preston property (Figure 1). These additional
target areas will require ground geophysics to constrain conductor locations and drilling to properly
evaluate their potential.
2022 Drill Target Areas at the East Preston Uranium Project (Figure 2):
https://www.skyharbourltd.com/_resources/images/2022-Drill-Holes-and-Target-areas-at-the-East-
Preston-Uranium-Project.png
Permitting and Community Engagement:
The permitting process is underway to obtain authorization for the winter 2022 -2023 drill program.
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. Several members of the Clearwater River
Dene Nation were directly employed on site or to provide support and services to keep the camp and
program running.
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 shares of Azincourt divided evenly between
Skyharbour and Dixie Gold. Skyharbour retains a 15% interest 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 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 prospectiv ity 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 4 3-101 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 explora tion projects in Canada's Athabasca
Basin and is well positioned to benefit from improving uranium market fundamentals with fifteen
projects, ten of which are drill -ready, covering over 450,000 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. Adjacent to the Moore Uranium Project is Skyharbour’s recently
optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high -grade drill
intercepts over a large property area with robust exploration upside potential. 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 totaling 7.0 million pounds of U 3O8 at
0.03% and 5.3 million pounds of ThO 2 at 0.023%. Skyharbour is actively advancing these projects
through exploration and 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 and East Preston are large, geologically prospective
properties proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow deposit.
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 whereby 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 explora tion projects in geopolitically favourable
jurisdictions.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.jpg
To find out more about Skyharbour Resources Ltd. (TSX -V: SYH) visit the Company’s we bsite
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]
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