Skyharbour’s Partner Company Valor Resources Commences Diamond Drilling at the Hook Lake Uranium Project, 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
January 31st, 2022
News Release
Skyharbour’s Partner Company Valor Resources Commences Diamond Drilling at the Hook
Lake Uranium Project, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) partner company Valor Resources Limited (“Valor”) is pleased to announce
the commencement of a maiden diamond drilling program at the Hook Lake Uranium Project. The
Hook Lake Project is located in the world class uranium jurisdiction, the Athabasca Basin in
Saskatchewan, Canada.
Hook Lake (Formally North Falcon Point) Project:
https://www.skyharbourltd.com/_resources/maps/Sky_HookLake_20211209.jpg
Highlights:
• 2,500m diamond drilling program has commenced at the Hook Lake Uranium Project
• Drilling to test the extent of uranium mineralisation at the S-Zone which included up to 59.2%
U3O8 in rock chip samples at surface
• Program will include testing of the V-Grid, a geochemical and structural target
• An airborne gravity survey over Hook Lake is scheduled to commence in April 2022
Hook Lake Drill Program:
The Hook Lake Project Diamond Drilling program will consist of approximately 2,500m targeted
primarily at the S-Zone target but also including holes at the V-Grid target.
Valor’s Executive Chairman, George Bauk, commented: “Following the 2021 exploration program
which included on ground field work, various airborne surveys and a review of historical data, Valor
is excited to commence drilling at the Hook Lake Project . The Hook Lake project has many
prospective uranium targets with the team prioritising the S -Zone and the V -Grid as the initial two
areas of focus. The focus is to target various geological features in and around the S-Zone to locate
mineralisation at depth.”
Hook Lake Project Map Showing S-Zone and V-Grid Drilling Area Locations:
https://www.skyharbourltd.com/_resources/maps/Valor-S-Zone-and-V-Grid-drilling-area-
locations.jpg
The S-Zone target has known surface mineralisation with results from Valor’s 2021 field program
highlighting up to 59.2% U3O8 in rock chip samples (see news release dated August 31st, 2021 and
titled “Skyharbour Partner Company Valor Announces High-Grade Sample Results from Hook Lake
Project Field Program”).
Mr. Bauk continued: “Major economies are looking to nuclear energy as a low carbon solution as
part of the overall global target to reduce global emissions. China has announced a US$440 billion
program to build 150 new reactors, France and Britain intend to build more reactors and Japan is in
the process of reopening its nuclear power plants. These activities will drive demand up and will have
a positive impact on the future price of uranium . Valor is focused on uranium e xploration in the
Athabasca Basin of Canada as it has the highest grade s of uranium in the world. Valor has raised
over AUD $5M recently and funds are to be used for exploration activities in Canada.”
About the Hook Lake (previously North Falcon Point) Project:
The Hook Lake Uranium Project is located 60 km east of the Key Lake Uranium Mine in northern
Saskatchewan. Skyharbour signed a Definitive Agreement with Valor on the Hook Lake Uranium
Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in total exploration
expenditures, $475,000 in total cash payments over three years and an initial share issuance of
233,333,333 shares of Valor. Covering 25,846 hectares, the 16 contiguous mineral c laims host
several prospective areas of uranium mineralization including:
• Hook Lake / Zone S - High-grade surface outcrop with reported grades in grab samples up
to 68% U 3O8; a bio -geochemical survey carried out over the trenches in 2015 responded
positively with along-strike anomalies 2 km to the northeast
• Nob Hill - Fracture-controlled vein-type uranium mineralization on surface outcrop with up to
0.130% - 0.141% U3O8 in grab samples; diamond drilling intersected anomalous uranium in
several drill holes with values up to 422 ppm U over 0.5 m
• West Way - Vein type U mineralization within a NE-trending shear zone; grab samples taken
from the surface showing contained vari able uranium values including up to 0.475% U 3O8
and drilling of the structure intersected the altered shear zone at depth, along with anomalous
Cu, Ni, Co, As, V, U, & Pb
• Grid T - Fracture-hosted secondary uranium mineralization in sheared calc -silicates a nd
marbles in a 100 m x 20 m zone of anomalous radioactivity with grab samples having up to
800 ppm U
• Alexander Lake Boulder Field - 30 biotite -quartz-k-feldspar pegmatite boulders NE of
Alexander Lake; the best results include 360 ppm U, 1,400 ppm U and 1 ,600 ppm U
respectively
• Thompson Lake Boulder Field - Numerous radioactive boulders and blocks of pegmatized
meta-arkose, pegmatite, and granite; the best value obtained was 738 ppm U from a granite
boulder
• NE Alexander Lake – Several calc-silicate, plagioclase-quartz granulite, quartzite, and meta-
arkose boulders with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni
The project area is in close proximity to two all-weather northern highways and grid power. Historical
exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns,
detailed geochemical sampling and surveys, and ground -based prospecting culminating in an
extensive geological database for the project area.
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 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. 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 Azinc ourt 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 exploratio n 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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THIS NEWS RELEASE.
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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-
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future performance, and actual results o r developments may differ materially from those in the
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