Skyharbour’s Partner Company North Shore Uranium Reports Drill Results at the Falcon Project with Uranium Mineralization Confirmed at Two Targets
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
May 16th, 2024
News Release
Skyharbour’s Partner Company North Shore Uranium Reports Drill Results at the Falcon
Project with Uranium Mineralization Confirmed at Two Targets
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (“Skyharbour” or the “Company”), is pleased to announce that its partner company, North
Shore Uranium (“North Shore”), has collected multiple samples from two of the first three uranium
prospects drilled at its 55,699 hectare Falcon Property (“Falcon” or the “Property”) located at the
eastern margin of the Athabasca Basin in northern Saskatchewan , returning anomalous uranium
values of greater than 300 ppm U3O8 and up to a maximum of 572 ppm U3O8 (Table 1). North Shore
is now planning future exploration programs on the Property.
Location Map of Falcon Project:
https://skyharbourltd.com/_resources/maps/Sky-SouthFalconOption.jpg?v=0.1
As reported on March 20 th, 2024, three targets were drilled along a strong, dominantly northeast -
trending electromagnetic (“EM”) conductor system, P03, P08 and P12. These results confirmed the
encouraging field findings for P03 and P08 that were based on downhole gamma probe readi ngs
and geologic observations. Uranium mineralization was confirmed at P03 and P08 with the most
significant intersection being at P08, 316 ppm U 3O8 over a 4.7 metre interval with a peak value of
572 ppm U3O8. The following summarizes North Shore’s drilling results and future plans:
• P03: A blocky fracture zone and interpreted brittle fault with graphite -rich gouge was
encountered between 193.5 - 196.0m coincident with the projected location of the modelled
EM conductor. Below this fault zone from 196.6 to 209.0m, multiple samples had elevated
uranium content including two samples with greater than 300 ppm U3O8.
• P08: A 4.7m interval between 42.3 - 47.0m returned 316 ppm U 3O8 with one sample in the
interval returning the highest reading from the program, 572 ppm between 42.3 - 42.8m. From
102.3 - 105.5m, a brittle pegmatitic and graphitic fault zone was intersected at the projected
depth of the EM conductor.
• Next Steps: Given the encouraging results, North Shore will evaluate potential options for
further evaluation of the uranium -bearing structures associated with targets P03 and P08,
including drilling deeper and/or shallower and/or along strike of the interpreted EM conductor.
As the modelled target at P12 was not reached, North Shore will consider re -testing this
target. In addition, multiple high-priority target zones that have been identified at Falcon have
not yet been evaluated by drilling. North Shore is currently planning a field program to
investigate the highest priority targets by mapping and prospecting and continues to prioritize
targets for future drilling.
Electromagnetics with 2024 Drill Targets P03, P08 and P12:
https://www.skyharbourltd.com/_resources/images/Electromagnetics-with-2024-Drill-Targets.jpg
Mr. Brooke Clements, President and CEO of North Shore stated: We are very encouraged to have
confirmed near-surface uranium mineralization at two of the first three targets drilled at Falcon during
our maiden drill program. These results affirm our belief that Falcon has great uranium exploration
potential, emphasizi ng the importance of following up on these results as well as testing other
compelling untested EM conductor zones that we have identified. We believe that we have just
scratched the surface at Falcon and we look forward to future exploration programs on the Property.”
TABLE 1: Falcon Drilling Results
1ICP-MS uranium total digestion analysis results were converted to U 3O8 ppm values. Cutoff and
anomalous U3O8 value is 100 ppm. Minimum sample interval, 0.5 m. NAR= no anomalous results.
All reported sample depths are drill hole depths and intervals and do not reflect true thicknesses.
2The drillhole was abandoned at 106m owing to unstable ground conditions prior to reaching the
target depth of 125m.
Target P03:
An interpreted section from drillhole FN24001, which was drilled to a depth of 230m at target P03 is
shown in the image below.
Drillhole Information Anomalous Uranium U3O8 (ppm)1
ID Target Dip
(°)
Azi
(°)
Cover
(m)
Total
Depth
(m)
#
Sampl
es
From
(m)
To
(m)
Interval
(m)
Interval
Value
Max.
Value
FN24001 P03 -50 135 5.8 230 120 5.8 196.6 NAR 36
196.6 197.1 0.5 378 378
197.1 199.5 NAR 86
199.5 201.1 1.6 182 321
201.1 203.1 NAR 27
203.1 203.8 0.7 105 105
203.8 205.7 NAR 61
205.7 206.3 0.6 345 345
206.3 208.5 NAR 42
208.5 209.0 0.5 130 130
209.0 230 NAR 8
FN24002 P08 -47 120 30.5 144 46 34.0 40.6 NAR 51
40.6 41.2 0.5 103 103
41.2 42.3 NAR 98
42.3 47.0 4.7 316 572
47.0 67.6 NAR 49
67.6 68.4 0.8 110 110
68.4 69.4 NAR 22
69.4 71.0 1.6 128 132
71.0 109.5 NAR 96
FN240032 P12 -47 315 2.5 106 39 2.5 94.0 NAR 11
Drill Hole FN24001:
https://www.skyharbourltd.com/_resources/images/Drill-section-from-drillhole-FN24001.png
Underneath six metres of overburden, an alternating succession of metasedimentary rocks
comprised of variably garnet -rich graphitic pelitic gneisses crosscut by numerous pegmatites was
encountered to 222.5m. A blocky fracture zone and interpreted brittle fault with graphite-rich gouge
was encountered within the graphitic gneiss unit between 193.5 - 196.0m; the projected EM
conductor intersection depth was 195.0m. The key interval is just below this fault zone from 196.6 -
209.0m where multiple samples had elevated uranium content including three samples with greater
than 300 ppm U 3O8 with the highest value being 378 ppm U 3O8 (Table 1). Strong localized chlorite
and silica alteration and multiple pegmatite intrusions were observed in this zone. Anomalous nickel
values between 275 and 527 ppm were reported between 193.0 - 197.1m. Anomalous molybdenum
values between 140 and 193 ppm were reported in three samples between 200.6 - 203.1m. The
combination of the spatial relationship between anomalous uranium content, the graphitic horizon,
the structure and alteration are exploration criteria that are important when exploring for a basement-
hosted uranium deposit. North Shore will consider further investigation of this structure at depth
and/or along the strike of the associated EM conductor system.
Drill Core Highlighting Anomalous Interval:
https://www.skyharbourltd.com/_resources/images/drill-core-photo-from-anomalous-interval-which-
returned-258-ppm-U3O8.png
Target P08:
An interpreted section from drillhole FN24002, which was drilled to a depth of 144m at target P08 is
shown in the image below.
Drill Hole FN24002:
https://www.skyharbourltd.com/_resources/images/Drill-section-from-drillhole-FN24002.png
After intersecting 30.5 metres of overburden, an alternating succession of metasedimentary rocks
comprised of variably garnetiferous and graphitic pelitic gneiss and schist cross -cut by numerous
plagioclase and K -feldspar granitic pegmatites was encountere d to 132.3m. Granitic gneiss
intersected by K-feldspar granitic pegmatites is present until the end of hole at 144m. The graphitic
units were host to up to 30 percent graphite, with localized patches up to 60 percent. Two zones with
elevated uranium were encountered. Within a zone from 40.6 - 49.0 m, a 4.7m interval between 42.3
- 47.0m returned 316 ppm U3O8 with the highest reading in the interval being 572 ppm between 42.3
- 42.8m. This interval is associated with an interpreted brittle fault zone between 43.9 - 49.0m.
Between 67.6 - 71.0 m, a pegmatite -rich brittle fault zone comprised of fractured pegmatites and
blocky and rubbly graphitic metasediments was encountered. A 3.4m interval between 67.6 - 71.0m
had uranium values in samples ranging from 110 -128 ppm U 3O8. The entire graphitic schist upper
portion of the hole displayed very strong patchy chlorite-cordierite-hematite-illite alteration to 102.3m.
From 102.3 - 105.6m, a brittle pegmatitic and graphitic fault zone was intersected at the projected
depth of the EM conductor along with strong bleaching (illite+/ -sericite) clay alteration, strong
hematite and chlorite along fractures and patchy silica alteration. The alteration minerals associated
with the interpreted structure can be indicative of a pro ximal hydrothermal system and significant
uranium was encountered associated with pegmatites in the upper brittle fault zone. The Company
will consider further investigation of these interesting features in the future.
Drill Core Showing Altered Fault Zone:
https://www.skyharbourltd.com/_resources/images/drill-core-photo-showing-part-of-the-altered-
fault-zone-that-corresponded-with-the-EM-conductor.png
The Option Agreement:
North Shore may acquire an initial 80% interest in the Property by issuing common shares of the
Resulting Issuer (“Shares”) having an aggregate value of CAD $1,225,000; making aggregate cash
payments of CAD $525,000; and incurring an aggregate of CAD $3,550,000 in exploration
expenditures on the Property over a three-year period. Once North Shore has earned an initial 80%
interest in the Property, North Shore may acquire the remaining 20% interest in the Property within
90 business days by issuing Shares having a value of CAD $5,000,000, and making a cash payment
of CAD $5,000,000 to Skyharbour. If North Shore does n ot elect to acquire the remaining 20%
interest, a joint venture will be formed with Skyharbour holding a 20% participating interest.
North Shore will be the operator of the exploration programs during the earn-in stage and for the joint
venture if formed. Two claims totaling 10,673 hectares that form part of Skyharbour’s Foster River
Property are subject to a one percent (1%) NSR royalty payable to Skyharbour. The remaining nine
claims totaling 32,235 hectares that comprise Skyharbour’s South Falcon Point Property are subject
to a two percent (2%) NSR royalty payable to Denison Mines Corp. (“Denison”) with North Shore
having the right to purchase one percent of the royalty from Denison at anytime by paying $1 million.
All Shares will be subject to a four -month-and-one-day statutory hold period in accordance with
applicable securities laws.
Laboratory Analyses, Quality Control, Quality Assurance and Analytical Procedures:
The analyses were performed by the Saskatchewan Research Council Geoanalytical Laboratories
in Saskatoon, Saskatchewan (“the SRC”) and 205 samples from the three holes were analyzed. All
samples were prepared by crush & grind (PREP -01) then analyzed by ICP -MS total and partial
digestion (ICP-MS2: Basement), Boron by fusion/ICP -OES and Gold by Lead fusion Fire Assay
(Au1). Select radioactive samples (>600CPS, RS125 SRC scintillometer) were analyzed with the
ICP1 partial and total digestion method instead of the ICP-MS2 method due to high radioactivity.
The drill program was managed by TerraLogic Exploration Inc, (“TerraLogic”) including the selection
of samples for analysis in the field and shipment of the samples to the SRC. TerraLogic adheres to
best management exploration practices, including Quality Assurance and Quality Control (QA/QC).
All standard operating procedures have been developed and overseen by Jarrod Brown M.Sc.,
P.Geo. of TerraLogic, a Qualified Person as defined by National Instrument 43 -101 – Standards of
Disclosure for Mineral Projects.
QA/QC protocols were maintained through the random insertion of blanks and certified reference
material (standards) throughout the drill core sampling process. The drill core was split in half with a
manual splitter in the field, select split sample interv als were then placed in a sealed bag and
transported by TerraLogic personnel to the SRC; the remainder of the core was stored on site. Upon
receipt of the results from the SRC, the program, TerraLogic compiled and assessed all of the
analytical data including the QAQC standard and blank data collected during the 2024 season. All
standards returned acceptable values based on the following protocol: Failure Limit = Accepted CRM
value +/- 3x standard deviations.
Falcon Uranium Project:
The Falcon Property is approximately 50 km east of the Key Lake mine. Historical u ranium
mineralization discovered at Falcon is shallow and is hosted in several geological settings including
classic Athabasca-style basement mineralization associated with well-developed EM conductors. At
the EWA target, up to 0.492% U3O8 and 1,300 ppm lead was encountered in outcrop grab samples
(Sask. Mineral Deposits Index [SMDI] 5038 ). Historical grab sampling at Knob Lake (SMDI 1014)
also encountered up to 0.01% U3O8 in an outcrop of pegmatite, while anomalous nickel, copper, and
molybdenum were found in historical grab samples from the Fraser North target area (SMDI’s 1125
and 1126).
A well-defined northeast-trending, locally folded, electromagnetic conductor system runs throughout
the Property, which was defined by airborne and ground geophysical surveys by JNR Resources
(“JNR”) in the 2000’s. In 2008 JNR conducted a drill campaign at the property area. Of the 47 holes
drilled that year, 28 holes (totaling 7,348 metres) were drilled on the South Falcon Uranium Property
at the Walker (14 holes), Walker South (7 holes), and EWA target areas (6 holes). At the Walker and
South Walker targets , which lie along the aforementioned EM conductor system , structurally
disrupted and variably altered metasediments (including graphitic pelitic gneisses) with anomalous
boron, copper, molybdenum, nickel, cobalt, arsenic, and vanadium were encountered in several drill
holes. During this same drill campaign, the Fraser Lakes Zone B uranium deposit was discovered
approximately four kilometres east of the Walker South target on a refolded extension of the EM
conductor system. At the EWA target, which lies along a separate northeast-trending EM conductor,
anomalous uranium , boron, lead, and molybdenum were encountered in structurally disrupted
pegmatites; the best result was 0.235% U3O8 over 0.5 m (within a 3.5 m interval of 0.113% U3O8) in
hole WYL-08-501 (Sask. Mineral Assessment File 74H02-0045).
Furthermore, in 2022, Skyharbour completed a FALCON® airborne gravity gradiometer and
magnetic survey over nine of the eleven claims at the Falcon Property. This new geophysical data
will assist North Shore in prioritizing areas along the EM conductor system for drilling. Over 30
kilometres of th e EM conductor system remains untested on the Falcon Prope rty. North Shore’s
initial focus will be on the two claims formerly part of the Foster Project (geophysics), and on
generating drill targets on three claims at the southeastern end of th e EM conductor systems
including Knob Lake, which shows similarities to the Fraser Lakes Zone B deposit approximately 6
km to the northeast and several other high-priority targets elsewhere along the main EM conductor
system.
Significant potential exists on the p roject for basement -hosted, unconformity -related uranium
deposits like those further to the north in the Wollaston Domain (i.e. Eagle Point, Rabbit Lake, Key
Lake and others) , as well as for pegmatite/granite -hosted (i.e. alaskite -type) U -Th-REE
mineralization like at the Fraser Lakes Zone B deposit on Skyharbour’s adjacent South Falcon East
Property, currently under option to Tisdale Clean Energy.
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 North Shore Uranium Ltd:
North Shore is a mineral exploration company focused on uranium exploration at the eastern margin
of the Athabasca Basin through its Falcon property which will increase from 12,800 to 55,700
hectares with the addition of the claims subject to the Agreement, and the West Bear property located
90 kilometres to the northeast.
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 twenty-
nine projects, ten of which are drill-ready, covering over 587,000 hectares (over 1.45 million acres)
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% U 3O8 over 5.9 metres including 20.8%
U3O8 over 1.5 metres at a vertical de pth 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 uranium 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 joint -ventures with industry -leader Orano Canada Inc., Azincourt Energy and
Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake Projects,
respectively. The Company also has several active earn -in option partners including: CSE -listed
Basin Uranium Corp. at the Mann Lake Uranium Project; CSE -listed Medaro Mining Corp. at the
Yurchison Project; North Shore Uranium at the Falcon Project; and TSX -V listed Tisdale Clean
Energy at the South Falcon East Project which is host to the Fraser Lakes Zone B Uranium and
Thorium Deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners
that total to over $33 million in partner -funded exploration expenditures, over $27 million worth of
shares being issued and over $20 million in cash payments coming into Skyharbour, assuming that
these partner companies complete their entire earn-ins at the 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:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.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
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
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. T his 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 re sults 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 approvals, continued 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.