Skyharbour’s Partner Company Valor Resources Intersects Elevated Radioactivity and Associated Alteration in 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
April 11th, 2022
News Release
Skyharbour’s Partner Company Valor Resources Intersects Elevated Radioactivity and
Associated Alteration in 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
that its maiden drilling program at the Hook Lake Uranium Project has been completed. The drilling
program comprised eight drill holes for 1,757m, with six holes at the S-Zone target and two at the V-
Grid target.
Hook Lake (Formally North Falcon Point) Project:
https://www.skyharbourltd.com/_resources/maps/Sky_HookLake_20211209.jpg
Highlights:
• Elevated radioactivity and alteration zones encountered in several holes at S-Zone target,
assays pending for all drill holes
• Uraninite mineralization recorded in drill hole DDHL22-002 at S-Zone within a 3.5m sub-
vertical zone of elevated radioactivity and alteration
• Airborne gravity survey to commence at Hook Lake in May to refine and identify new drill
targets
• Next phase of exploration programs for Hook Lake currently being planned to follow-up on
results from this program and to test other targets such as West Way where surface
sampling in 2021 returned assays up to 0.64% U3O8 and Nob Hill with assays up to 1.01%
TREO
Drill Program Summary:
Three of the drillholes at S -Zone encountered elevated radioactivity and associated alteration of
varying widths. Drill hole DDHL22-002 intersected a zone from 104.3m to 108 .0m downhole depth
of elevated radioactivity and alteration, with traces of uranini te mineralization noted in some of the
fractures. This zone can be correlated between three holes on the drill section and potentially
represents a sub-vertical structure. The two drill holes (DDHL22-001 and 005) drilled closest to the
Hook Lake trench, where surface sampling conducted by Valor returned previously reported assays
of up to 59.2% U3O8, intersected a zone of albitite alteration and elevated radioactivity in hole DDHL-
005.
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
A total of 305 samples have been collected from the program which will be submitted for assay with
results expected in May. A follow-up, ground summer field program is currently being planned, which
will occur following the completion of the airborne gravity survey, which is expected to commence in
May.
Valor’s Executive Chairman George Bauk commented : “We are encouraged by the alteration and
elevated radioactivity seen in several of the holes drilled at S -Zone. This is the Company’s maiden
drilling program at Hook Lake and the data gathered from this program, in conjunction with upcoming
gravity survey data, will assist us in defining the next round of drill targets. The area clearly has the
potential to host high -grade uranium mineralization as evidenced by the S -Zone surface sampling
from 2021 . The team has done a great job at Hook Lake and following assay results, final
interpretation and the upcoming gravity survey, we plan to be back drilling again at Hook Lake soon.
Our team is planning to be on the ground in the next quarter and hope to be following up some of
the other uranium targets along with some interesting REE results uncovered in 2021.”
S-Zone Target:
At the S-Zone target a total of six holes for 1,258m were completed, which were primarily designed
to test the area surrounding the historical trench, where surface sampling by Valor in 2021 returned
assay results of up to 59.2% U3O8 (see news release dated August 31st, 2021).
S-Zone Target Drill Hole Location Plan and Interpreted Geology:
https://skyharbourltd.com/_resources/images/Fig3SZone.jpg
Drill hole DDHL22 -005 was drilled directly under the historical Hook Lake trench, while holes
DDHL22-001 and -002 were drille d on a section 5m southwest of the trench. Hole DDHL22-005
encountered similar albitite alteration as that observed in the trench between downhole depths of
10.9m and 22.5m, within a schistose metapelitic rock. Biotite alteration and tourmaline was also
noted, with slightly elevated radioactivity from 15.6m to 19.0m. The same style of alteration was also
intersected in hole DDHL22-001 from 4.0 to 15.0m downhole but with no elevated radioactivity.
Holes DDHL22-001 and -002 intersected elevated radioactivity and associated alteration in a zone
that can be correlated between both holes. Hole DDHL22-001 encountered a silica-hematite-chlorite
altered zone from 77.0m to 81.0m with slightly elevated radioactivity around 72m. This zone can be
correlated downdip wit h similar alteration intersected in hole DDHL22-002 at around 105 .0m to
108.0m with elevated radioactivity. The zone in hole DDHL22-002 is also brecciated with traces of
visible uraninite. It is interpreted to be sub -vertical and is also evident further down -dip within hole
DDHL22-003.
Hole DDHL22-003 had no significant radioactivity measurements however it did intersect simila r
alteration as that encountered in holes DDHL22-001 and -002 at 163 .0m to 167.5m. This zone
displays silicification, hematite and possible clay alteration with a stockwork of narrow quartz veins.
This sub -vertical zone of approximately 2 -3m width, can be traced between three holes and
potentially represents a structural conduit for mineralizing fluids.
S-Zone Target Drill Cross-Section (Holes DDHL-001 to 006) Looking Northeast:
https://skyharbourltd.com/_resources/images/fig4SZone.jpg
Hole DDHL22-004 was collared to the east of the trench and drilled to test along stri ke to the
northeast of the trench. No significant scintillometer readings were encountered and the geology of
the drillhole was predominantly granite, metapsammite and gneiss to a depth of 250m.
The deepest hole drilled at S-Zone was DDHL22-006 which was drilled to 449m and collared to the
northwest of the trench. This was the only hole in the program drilled toward the southeast. The
drillhole intersected a quartz -tourmaline vein at around 23m with elevated radioactivity. A second
zone of elevated rad ioactivity was located at 433 .0m to 438.6m within a schistose metapsammite
adjacent to the contact with a felsic intrusive/pegmatite.
V-Grid Target:
Two holes for a total of 499m were drilled at the V -Grid target. The two holes are over 1.6km apart
with one hole (DDHL22-007) targeting a magnetic high and historical surface geochemical anomaly
and the other hole (DDHL22 -008) designed to test a circular magnetic feature. Hole DDHL22-007
was drilled to a depth of 149m and did not intersect any significant radioactivity. A cataclasite (fault
breccia) with weakly elevated scintillometer readings was intersected at 42.5m to 46.5m. Lithologies
encountered were predominantly granite, magnetite -bearing diorite and mylonitic metasediments.
Hole DDHL22-008 was drilled to a depth of 350m and did not intersect any significant radioactivity.
The hole was dominated by massive granite, granodiorite and magnetite-bearing diorite.
V-Grid Target Drill Hole Location Plan Overlain on Aeromagnetic Image:
https://skyharbourltd.com/_resources/images/Fig5VGrid.jpg
Upcoming Exploration Plans at Hook Lake:
An airborne gravity survey across the entire project area is set to commence in May 2022. This will
be followed by an on -ground field program comprising geological mapping, prospecting, surface
geochemical sampling, drill target definition and the next phase of diamond drilling. Targets that
require further follow-up include the West Way prospect where surface sampling by Valor in 2021
returned assays up to 0.64% U3O8 and 11.1 g/t Ag, and the Nob Hill prospect which returned assays
up to 1.01% TREO (see news release dated August 31st, 2021).
*TREO = Total Rare Earth Oxides = La 2O3, CeO 2, Pr 6O11, Nd 2O3, Sm 2O3, Eu 2O3, Gd 2O3, Tb 4O7,
Dy2O3, Ho2O3, Er2O3, Yb2O3, Y2O3
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 shar e issuance of
233,333,333 shares of Valor. Covering 25,846 hectares, the 16 contiguous mineral claims 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 contai ned variable 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 and
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 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 mill ion
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 ex penditures, $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 thr ough 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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