Skyharbour’s Partner Company Basin Uranium Corp. Announces Intersection of Significant Mineralization from Phase 1 Drilling at Mann Lake
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
September 7th, 2022
NEWS RELEASE
Skyharbour’s Partner Company Basin Uranium Corp. Announces Intersection of
Significant Mineralization from Phase 1 Drilling at Mann Lake
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 the intersection of significant uranium mineralization from the five-hole, phase one 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.
"Our phase one drill program has confirmed the northeast trending conductor corridor (A3) as
highly prospective for uranium mineralisation with the first significant intersection of uranium at
Mann Lake. We are greatly encouraged as these new results substantially upgrade the potential
of the underexplored southeastern half of the project.” commented Mike Blady, CEO of Basin
Uranium. “We are looking forward to commencing phase two drilling in September and building
off our successful phase one results.”
Mann Lake Uranium Project
https://www.skyharbourltd.com/_resources/maps/SKY_MannLake_20211129.jpg
Phase One Drilling Highlights:
• 323 ppm U 3O8 over 0.5 metres, intersected 30 metres below the unconformity within a
broader 7.2 -metre interval of anomalous uranium and graphite mineralization in hole
MN22002. Additionally, 46 ppm U 3O8 over 0.5 metres intersected 8 metres below the
unconformity and i mmediately beneath a strongly sericite bleached shear zone in hole
MN22004.
• Significant boron (B) mineralization, which serves as a pathfinder element for uranium
deposits, with over 1,000 ppm B encountered at the unconformity in hole MN22005, 525
ppm B encountered at the unconformity in hole MN22001 and 319 ppm B in dravite (boron-
rich clay) below the unconformity in hole MN22003.
• Significant rare earth elements (REE’s), including a highlight value of 5,028 ppm over 0.5
metres within a broader 50-metre interval of anomalous mineralization starting 20 metres
below the unconformity in hole MN22003.
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• Statistical analysis demonstrates correlation between anomalous concentrations
of pathfinder elements (B, Co, Cu, Ni, and Pb) associated with the anomalous uranium
mineralization. Pathfinder elements are widely regarded as guides to the discovery of
unconformity-style uranium deposits and provide further evidence of the presence of fluid
movement potentially related to a uranium mineralizing system.
A phase two dri ll program at Mann Lake is planned to commence shortly to follow -up on the
encouraging results from phase one. It will also incorporate targets generated from the recently
completed geophysical surveys on the property which include gravity and airborne mob ile
magnetotellurics (mobile MT). The results of these surveys are currently being analyzed and
incorporated into historic geophysical surveys with results anticipated to be released in the near-
term.
Phase One Drill Program Summary:
The Phase 1 program was comprised of 3,503 metres of diamond drilling over five holes. Four
drill holes (MN22001 – MN22004) over a strike length of 1,500 metres targeted the interpreted
basement conductor from the 2014 MT resistivity survey, and a magnetic low (interpreted
metasediment basement) within a gravity low anomaly (interpreted as a basement fault structure).
One hole (MN22005) was drilled to test the intersection of a NE -trending structure parallel to
MN06-005 which returned over 1,000 ppm boron a t the unconformity, and a cross cutting E -W
trending structure on strike to hole MN06-002 where hematite paleo weathering occurred at the
unconformity.
Hole MN22001
Was drilled to test an interpreted basement conductor corresponding with ground UTEM
conductor (A3), a mag low interpreted to be a metasediment basement host and a gravity low
interpreted as a basement fault structure. This hole was successful in crossing the unconformity
and intersecting weakly anomalous radioactive values. It also intersected graphite mineralization
along fracture planes and foliation, indicating the potential for nearby uranium mineralization.
Hole MN22002
Was 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 scintillometre and downhole probe. Monazite and allanite mineralization at the anomaly
was also observed. Graphite mineralization was also noted in basement psammites along
foliations and within some fractures. Notably, this hole returned 323 ppm U 3O8 from 660.05 to
660.55 metres approximately 30 metres below the unconformity within a larger 7.2-metre interval
of anomalous uranium radioactivity which is host to graphite mineralization.
Hole MN22003
Was a step -out of 350 metres to the N -NE of MN22002 and was designed to test the same
conductor and geophysical setting. Blood-red hematite paleoweathering at the unconformity and
silica mottling has overprinted the texture of the psammite directly below the unconformity.
Dravite-clay alteration can be found within fractures throughout the paleoweathered section and
decreases in prevalence with depth.
This hole was successful in crossing the unconformity and intersecting radioactively anomalous
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intervals with allanite mineralization. Intervals within the basement rocks were found to contain
graphite and dravite mineralization. Significant rare earth elements (REE’s) of 5,028 ppm (Sum
REE’s = La+Ce+Pr+Nd+Sm+Eu+Gd) over 0.5 metres from 681.22 metres downhole were
intersected within a broader 50 metre zone of anomalous REE mineralization starting 20 metres
below the unconformity.
Hole MN22004
Was a 150 -metre step-out along the conductor and strike of MN06 -003A which intersected 12
metres of hematiz ed paleoweathering up hole of the unconformity. 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. The intersection of minor monazite
mineralization, 46 ppm U 3O8, over 0.33 metres starting from 615.22 metres downhole in close
proximity to strong clay alteration, remains a potentially interesting indication of uranium
mineralization nearby.
Hole MN22005
This hole was designed to test the intersection of a NE -trending structure parallel to MN06 -005
which returned over 1,000 ppm boron and 720cps at the unconformity, and a cross cutting E -W
trending structure on strike to MN06-002 where 750cps and hematite paleoweathering occurred
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 fractures between 652m -
663m.
Phase 1 Mann Lake Drill Plan:
https://skyharbourltd.com/_resources/maps/Phase-one-Drill-Plan.jpg
Table 1: Collar Locations
Hole
Number
Azimuth
(Deg)
Dip
(Deg) Easting Northing
Total
Depth
(m)
Depth to
Unconformity (m)
MN22001 0 -90 470812 6383121 731 650.65
MN22002 0 -90 471133 6383344 683 631.31
MN22003 0 -90 471379 6383635 713 630.95
MN22004 0 -90 471878 6384180 704.65 607.76
MN22005 0 -90 473245 6384561 671.67 623.79
Total Metreage (m) 3503.32
QA/QC:
Samples were sent for geochemical analysis with SRC Geoanalytical Laboratories, Saskatoon
for the following analyses: ICP-MS1 (Sandstone) and ICP-MS2 (Basement) which includes both
partial and total digestion methods as well as an additional Boron analysis. Over limit analysis
were completed using U3O8 total digestion when U >1000ppm.
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On receipt of final certificates of analysis, the QA/QC sample results were reviewed to ensure
the order of samples were reported correctly, that the blanks ran clean, and that the results for
each standard had minimal variance from its certified value. QA/QC for the Mann Lake drilling
included certified reference material (“CRM’s”) and blanks that were inserted into each sample
batch in order to verify the analytical from the lab.
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 con tribute 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
and $4,000,000 will be in exploration expendit ures 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 mineralizat ion at this
adjacent project.
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 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. 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
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inferred resource totaling 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 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 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:
Nicholas Coltura
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-558-5847
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,
including the Private Placement. Although management believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions, such statements are not
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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-
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