Skyharbour’s Partner Company Basin Uranium Corp. Completes First Drill Hole at Mann Lake Uranium Project, Saskatchewan
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
April 28th, 2022
NEWS RELEASE
Skyharbour’s Partner Company Basin Uranium Corp. Completes First Drill Hole at Mann
Lake Uranium Project, Saskatchewan
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 the first diamond drill hole at the Mann Lake uranium project in
Saskatchewan’s prolific Athabasca Basin. The Mann Lake project is located 25 km southwest of
the McArthur River Mine, the largest high -grade uranium deposit in the w orld, 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
Highlights:
• First diamond drill hole was completed to a depth of 731 metres
• Second diamond drill hole underway at a current depth of approx. 185 metres (target depth
of 700 metres)
• Core logging and composite lithogeochemical sampling remains ongoing with samples
being prepared for shipment to the Saskatchewan Research Council
• Commencement of geophysical survey expected in early May 2022
“Drilling at Mann Lake is off to a smooth start. Our experienced explorat ion team continues to
make excellent progress on our ongoing exploration program, which remains on time and budget.”
commented Mike Blady, CEO of Basin Uranium.
Mann Lake Drilling & Exploration Update:
The first hole was collared and completed to a target depth of 731 metres, having intersected the
unconformity at approximately 650 metres vertical depth. The hole is being logged and will be
sent along with the second hole to the Saskatchewan Research Council for chemical assays. The
rig has now moved to the second location and is currently at a depth of approximately 185 metres
and is planned for a total of 700 metres. The second hole is designed to test an interpreted
basement conductor (2014 MT resistivity survey) corresponding with ground UTEM conducto r
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(A3), magnetic low (interpreted metasediment basement) and is along the edge of a gravity
low. The Company’s geophysical contractor is expected to be on site at the beginning of May to
complete moving loop electromagnetic and gravity surveys to identify targets for an additional
fall/winter drill program.
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 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 tec hnical 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 Q ualified
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 fourteen
projects, nine of which are drill -ready, covering over 385,000 he ctares 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 vert ical depth of 265 metres. The Company is actively advancing the project through 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 exp loration 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 totalling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at
0.023%.
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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 yea rs 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:
https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_20211126.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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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 Sta tes
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 e xpects, 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
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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
approvals, continued availability of capital and financing, and gene ral economic, market or
business conditions. Please see the public filings of the Company at www.sedar.com for further
information.