Skyharbour’s Partner Company Basin Uranium Corp. Announces Completion of Phase One Drilling at Mann Lake Uranium Project
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
May 31st, 2022
NEWS RELEASE
Skyharbour’s Partner Company Basin Uranium Corp. Announces Completion of Phase
One Drilling at Mann Lake Uranium Project
Vancouver, BC - Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) partner company, Basin Uranium Corp. (“Basin Uranium”) is pleased to
announce it has completed its phase one 2022 drill program at its Mann Lake project located 25
km southwest of the McArthur River Mine and 15 km to the northeast along strike of Cameco’s
Millennium uranium deposit. The phase one program consisted of five holes totalling 3,503 metres
with the unconformity being intersected between 608 metres to 651 metres in all holes. This was
the first significant drill program undertaken on the property since 2007.
The second phase of drilling is planned for the fall of this year and will consist of approximately
3,500 metres. Results from both the phase one drill program and upcoming geophysical surveys
at Mann Lake will be used for targeting and follow -up in the second phase. The geophysical
program, consisting of gravity and airborne mobile magnetotellurics (mobile MT) surveying, is
anticipated to commence in early June.
Mann Lake Uranium Project
https://www.skyharbourltd.com/_resources/maps/SKY_MannLake_20211129.jpg
Phase One Highlights:
• 3,503 metres of diamond drilling completed in five vertical holes
• Holes MN22002, MN22003 and MN22004 all intersected uranium dominant, anomalous
radioactive intervals in the basement rocks
• Core samples from all holes have been submitted to the Saskatchewan Research Council
(SRC) Geoanalytical laboratories in Saskatoon, Saskatchewan
• Geophysical surveying (mobile MT and gravity) to begin in June
"Our phase one drill program successfully intersected uranium mineralization over one kilometre
south of any previous historic al drilling at Mann Lake. Our drilling was focused on testing the
unconformity along significant conductors as neighbo uring deposits in the area all occur along
such conductors.” commented Basin Uranium’s CEO, Mike Blady. “Assay results from phase one
drilling, all of which remain pending, in conjunction with the upcoming geophysical program will
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be used to define drill targets for our second phase this fall.”
Mann Lake Drill Plan:
http://www.skyharbourltd.com/_resources/images/Mann_Lake_Drill_Plan.jpg
Drill Hole MN22002:
Hole MN22002 w as designed to test the same conductor and geophysical setting as hole
MN22001, collared 400 metres to the N -NE. It was successful crossing the unconformity and
entering basement metasediments (mostly psammite) as well as locating anomalous radioactive
values with the handheld scintillometer and downhole probe. Monazite and allanite mineralization
at th e anomaly was also observed. Graphite mineralization was also noted in basement
psammites along foliations and within some fractures.
Drill Hole MN22003:
Hole MN22003 was a step-out of 350 metres to the N-NE of hole MN22002 and was designed to
test the same conductor and geophysical setting. Blood -red hematite paleoweathering at the
unconformity and silica mottling have overprinted the texture of the psammite directly below the
unconformity. Dravite-clay alteration can be found within fractures throughout the paleoweathered
section and decreasing in prevalence with depth.
This hole was successful in crossing the unconformity and intersecting radioactively anomalous
intervals with allanite mineralization. Intervals wi thin the basement rocks were found to contain
graphite and dravite mineralization.
Drill Hole MN22004:
Hole MN22004 w as a 150 met re step-out along the conductor and strike of hole MN06-003A
which intersected 12 metres of hematized paleoweathering up hole of the unconformity which
returned elevated gamma probe readings. An interpreted basement conductor, mag low and
gravity low were present. While the hole did not intersect any lithology resembling the target
Wollaston Group metasediments , t he intersection of minor monazite mineralization in close
proximity to strong clay alteration remains a potentially interesting indication of uranium
mineralization nearby.
Drill Hole MN22005:
This hole was designed to test the intersection of a NE-trending structure parallel to hole MN06-
005 which returned over 1,000 ppm boron and elevated radioactivity at the unconformity, as well
as a cross cutting E-W trending structure on strike to hole MN06-002 where elevated radioactivity
and hematite paleoweathering occur at the unconformity.
The hole was successful in intersecting a strongly hematite altered basement fault structure up
hole and in close proximity to the unconformity. There was also a small interval of granitized
strongly foliated metapelite intersected just below the unconformity, followed by granitic gneiss
with intercalated pegmatites to the end of hole. Within the granite basement, clay dravite
mineralization occurred, coating the surfaces of several low angle fractur es between 652 m -
663m.
About Mann Lake:
Skyharbour has entered into an Option Agreement (the “Agreement”) with Basin Uranium
whereby Basin Uranium has an earn-in option to acquire a 75% interest in the Mann Lake Uranium
Project. Under the Option Agreement, Basin Uranium Corp will contribute cash and exploration
expenditure consideration totalling CAD $4,850,000 over a three -year period (“Project
Consideration”). Of the Project Consideration, $850,000 will be in cash payments to Skyharbour
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and $4,000,000 will be in exploration expenditures on the project. Basin Uranium
Corp will also issue to Skyharbour the equivalent value of CAD $1,750,000 in shares of Basin
Uranium over the three-year earn-in period to complete the earn-in.
The Mann Lake Uranium Project is strategically located 25 km southwest of the McArthur River
Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast of Cameco's
Millennium uranium deposit. The Mann Lake project is also adjacent to the Mann Lake Joint
Venture operated by Cameco (52.5%) with partners Denison Mines (30%) and Orano (17.5%).
Denison Mines acquired International Enexco and its 30% interest in the project after a 2014
winter drill program discovered high -grade, basement -hosted uranium mineralization at this
adjacent project.
Qualified Person:
The technical information in this news release has been prepared in accordance with the
Canadian regul atory 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 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. Adjace nt 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. The Company 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. 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 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 acqu ire the remaining 30% of the project through a
payment of $7,500,000 in cash and $7,500,000 worth of shares.
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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:
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 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]
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THIS NEWS RELEASE.
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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 t hat 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
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