Skyharbour’s Partner Company Medaro Mining Completes Airborne Geophysical Survey at Yurchison Uranium Property, Saskatchewan
Suite 1610 –777Dunsmuir Street, Vancouver, BC, Canada, V7Y1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
April 4th, 2022
News Release
Skyharbour’s Partner Company Medaro Mining Completes Airborne Geophysical Survey at
Yurchison Uranium Property, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) partner company Medaro Mining (“Medaro”) is pleased to announce that
it has completed an airborne geophysical survey at its Yurchison Uranium Property in Athabasca
Basin, Northern Saskatchewan.
Location Map of Yurchison Project:
https://www.skyharbourltd.com/_resources/maps/Sky_Yurchison_20211209.jpg
Medaro contracted Geodata Solutions GDS Inc. of Laval, Quebec to complete a high -resolution
helicopter-borne magnetic survey on mining claim MC00011054 of the Yurch ison Property. A total
of 1,424 line kilometres of survey was completed at 50 m etres line spacing using an AS 350 BA +
helicopter (see Table 1 below for details). The mining claim MC00011054 is located in the middle of
the Yurchison Property.
Table 1: Flight Path Specification:
https://www.skyharbourltd.com/_resources/images/nr-20220404-Flight-path-specification.jpg
A Helicopter Versatile Time Domain ElectroMagnetic (VTEM) geophysics survey was flown by
Geotech Ltd. on behalf of JNR Resources on the Yurchison Property in October 2006 and identified
ten Zones o f Interest-based on the electromagnetic (EM) conductors and the total field magnetic
response (Figure 1) (assessment report 74H08-0041). Zones of Interest are areas with the potential
to host uranium mineralization based on their geophysical signature. This historic survey was flown
at 200 metres line spacing, so Medaro decided to fly the current survey at 50 metres line spacing to
obtain more detailed resolution on the anomalies. The EM conductors, shown as red dotted lines in
Figure 1, are along an SW-NE trend parallel to the rock unit boundaries and a major fault (Needle
Falls Shear Zone). The magnetic geophysics survey will provide structural information , especially
the location of the N -S trending Tabbernor faults (black dashed lines in Figure 1). The intersection
of the major fault and the Tabbernor faults and the graphitic metasedimentary rocks are exploration
targets for uranium mineralization. The Zones of Interest also correspond to the contact between two
different rock units (Figure 1).
Figure 1: Yurchison Lake Airborne Survey Geophysics Survey Location:
https://www.skyharbourltd.com/_resources/images/nr-20220404-Yurchison-Lake-Uranium-
Project.jpg
The 2006 VTEM survey was followed up with a 2008 drill program by JNR Resources with drill
highlights on claim MC00011054 including (Figure 1 and assessment report 64E05-0034):
• 82 ppm U from 11.5-12.5 m (1.0 m interval) in drill hole YL-08-111 in granitic pegmatite
• 240 ppm U, 3750 ppm Mo from 22.5-23.0 m (0.5 m interval) in drill hole YL-08-112 in granitic
pegmatite
• 84.4 ppm U from 57.0 -57.5 m (0.5 m interval) in drill hole YL -08-114 in graphitic carbonate
breccia
The combination of the exploration pathfinders: the intersection of N-S Tabbernor faults and SW-NE
major fault, rock unit boundaries, EM conductors and uranium anomalies intersected by drill holes
(well above background levels) makes claim MC00011054 an exciting explorat ion target on the
Yurchison Property and Medaro Mining is looking forward to examining the results of our March 2022
helicopter-borne magnetic survey. The survey data is being processed and results will be released
as soon as available.
The survey crew wa s based at KM147 Lamp Lighters lodge, Saskatchewan, located about 15
kilometres to the south of the Yurch ison Property. The area was flown following a pre -defined 3D
flight surface having a rate of climb/descent of 20% and a minimum ground clearance of 35 metres
over the survey area. Altitude was ultimately controlled at the discretion of the helicopter pilot with
safety held in priority consideration.
Medaro Mining CEO, Michael Mulberry, states: “We are excited to get the spring exploration season
started. The results from this airborne study will provide additional targets for our ground exploration
crew slated to start at Yurchison on June 1st. Additionally, I would like to announce that we have
entered into a consulting process facilitated by the Ya’Thi Nene Land and Resource Office. This
gives us direct access to consult with leadership and residents of the Athabasca Basin, or locally
known as Nuhnene.”
About Yurchison Uranium Project:
Historical prospecting near old trenches returned significant uranium (ranging from 0.09% to 0.30%
U3O8) and molybdenum (ranging from 2,500 ppm to 6,400 ppm Mo) mineralization in both outcrop
and float samples. Two historical holes drilled beneath the trenches returned highly anomalous
molybdenum values, up to 3,750 ppm and anomalous uranium values up to 240 ppm. The Property
boasts strong discovery potential for both basement hosted uranium mineralization as well as
copper, zinc, and molybdenum mineralization. Regionally, Rio Tinto entered into a $30 million,
seven-year, option agreement with Forum Energy Metals Corp. to acquire an 80% stake in their
Janice Lake property which is located on-strike to the southwest of the Property.
The Option Agreement:
Pursuant to the Agreement, Medaro may acquire an initial 70% interest in the Property by (i) issuing
common shares of Medaro (“Shares”) having an aggregate value o f CAD $3,000,000; (ii) making
aggregate cash payments of CAD $800,000; and (iii) incurring an aggregate of CAD $5,000,000 in
exploration expenditures on the Property over a three year period. Once Medaro has earned an
initial 70% interest in the Property, Medaro may acquire the remaining 30% interest in the Property,
within 30 business days of earning the initial 70% interest, by (i) issuing Shares having a value of
CAD $7,500,000, and (ii) making a cash payment of CAD $7,500,000.
Skyharbour will retain an NSR of two percent (2%) on 11 of the 12 claims with Medaro holding a
buyback option whereby Medaro can purchase one percent (1%) of the NSR for CAD $1 million. A
separate NSR of two percent (2%) on the other claim is payable to a third party (payable pro -rata
based on ownership interest in the Property).
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 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 vertical 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 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 totalling 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:
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 States Securities
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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 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
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