Skyharbour’s Partner Company Basin Uranium Corp. Completes 2022 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
November 28th, 2022
NEWS RELEASE
Skyharbour’s Partner Company Basin Uranium Corp. Completes 2022 Drilling at Mann
Lake Uranium Project
Vancouver, BC - Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (the “Company”) partner company, Basin Uranium Corp. (“Basin Uranium”) has completed
2022 drilling 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.
Mann Lake Uranium Project:
https://www.skyharbourltd.com/_resources/maps/SKY_MannLake_20211129.jpg
In total 6,279 metres were drilled 2022 over two phases of drilling. Phase two consisted of 2,776
metres of diamond drilling over four holes which followed up on targets from phase one drilling
and geophysical programs completed earlier in the year. The Mann Lake camp has been
demobbed for the winter and all drill si tes have been reclaimed. All core samples have been
submitted to the Saskatchewan Research Council (SRC) for analysis and the assays are pending
and will be released once received.
Phase Two Drill Highlights:
• Holes MN22007 and MN22008 targeted an interpreted basement conductor (2022 MT
resistivity survey), magnetic low (interpreted metasediment basement) within a gravity low
anomaly which was interpreted as a basement fault structure and successfully intersected
uranium dominant, anomalous radioactive intervals in the basement rocks as well as just
above the unconformity.
• Hole MN22007 intersected graphite enriched psammite throughout the entirety of the
basement rocks. Two major fault structures with abundant graphite mineralization were
intercepted in the basement.
• Hole MN22008 intersected abundant blue-grey dravite clay above the unconformity. The
mineralization was focused predominantly along fracture surfaces. Potential graphite
could be present in the dravite due to the blue-grey colour of the clay.
Completed Drill Holes at Mann Lake 2022:
https://skyharbourltd.com/_resources/maps/Completed-drill-holes-at-Mann-Lake-
2022.jpeg
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“The completion of our phase two drill program represents the culmination of a very active and
successful 2022 exploration program that was comprised of nearly 6,300 metres of diamond
drilling and multiple geophysical programs at our Mann Lake project. We were able to advance
this project from a grassroots-stage, one that had not seen any modern exploration techniques or
benefitted from the last two decades of exploration understanding in the basin, through to a multi-
phased diamond dr ill program that defined the unconformity and intersected uranium
mineralization.” commented Mike Blady, CEO of Basin Uranium. “As we await assay results from
drilling, we are planning our 2023 exploration programs at both our Mann Lake project in the
Athabasca Basin and our Wray Mesa project in Utah.”
Table 1: Collar Information
Hole ID
Easting
Northing
Elevation
Depth
Azimuth
Dip
Notes
MN22001 470812 6383121 550 731 0 -90 U/C @650.65m
MN22002 471133 6383344 550 683 0 -90 U/C @631.35m
MN22003 471379 6383635 550 713 0 -90 U/C @630.95m
MN22004 471878 6384180 550 704.65 0 -90 U/C @607.76m
MN22005 473245 6384561 550 671.67 0 -90 U/C @623.79m
MN22006 471252 6383262 550 572 0 -90 Abandoned
MN22006A 471252 6383262 550 836.75 0 -90 U/C @617.5m
MN22007 470122 6381750 575 887 0 -90 U/C @671.8m
MN22008 469839 6381646 574 910 0 -90 U/C @649.02m
About Mann Lake:
Skyharbour 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 exploratio n
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 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 Mine s (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 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.:
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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, t en 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 o ver 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 Azincou rt 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 U ranium's Triple R deposit as well as
NexGen Energy's Arrow deposit. Skyharbour also has several active earn-in option partners
including: ASX -listed Valor Resources at the Hook Lake Uranium Project , CSE-listed Basin
Uranium Corp. at the Mann Lake Uranium P roject, CSE -listed Medaro Mining Corp. at the
Yurchison Project, and Yellow Rocks Energy, a private Australian entity, at the Wallee and Usam
Island Projects.
The Company owns a 100% interest in the South Falcon Point Uranium Project on the
southeastern 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%. Skyharbo ur has
recently optioned the South Falcon East Project, a portion of the larger South Falcon Project, to
Tisdale Clean Energy whereby Tisdale will fund exploration , make cash payments and issue
shares to Skyharbour over a five-year earn-in period. In aggregate, Skyharbour has now signed
option agreements with partners that total over $34 million in partner -funded exploration
expenditures, over CAD $23 million in stock being issued and just under $15 million in cash
payments coming into Skyharbour, assuming that these partner companies earn -in the full
amount at their respective projects.
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:
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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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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 the 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 or 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 beli efs, 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, continue d 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.