Skyharbour’s Partner North Shore Uranium Granted Exploration Permit at Falcon Uranium Project
Suite 1030 – 505 Burrard Street, Vancouver, BC, Canada, V7X1M5
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 558-5847
Facsimile: (604) 687-3119
October 1st, 2024
News Release
Skyharbour’s Partner North Shore Uranium Granted Exploration Permit at Falcon Uranium
Project
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 received a Crown Land Work Authorization permit from the
Saskatchewan Ministry of environment (the “ Permit”). The Permit covers the Company’s 55,700-
hectare Falcon property (“ Falcon”) at the eastern margin of the Athabasca Basin in northern
Saskatchewan. North Shore may acquire an initial 80% interest in Falcon by issuing common shares
having an aggregate value of CAD $1,225,000 , making aggregate cash payments of $525,000 to
Skyharbour, and incurring an aggregate of $3,550,000 in exploration expenditures on the property
over a three-year period.
Location Map of Falcon Project:
https://skyharbourltd.com/_resources/maps/Sky-SouthFalconOption.jpg?v=0.1
Under the Permit, which expires on July 31, 2027, North Shore is authorized to conduct mineral
exploration activities including prospecting and ground geophysics, trail and drill site clearing, line
cutting, the drilling of up to 75 exploration drill holes and the storage of drill core. While performing
the exploration activities, the North Shore is required to comply with existing regulations and the
environmental conditions specified in the Permit including reclamation of exploration sites and
monitoring wildlife in the area. North Shore is also committed to engaging with local communities
and addressing their concerns throughout the life of the project.
As reported by North Shore on September 17, 2024, North Shore is now prioritizing uranium
exploration targets for future drill programs at Falcon. The target model is near -surface basement-
hosted uranium mineralization which can be associated with electromagnetic conductor systems. To
date, North Shore has identified 36 uranium targets at Falcon. The targets were selected based on
the analysis of multiple datasets and interpretation by Condor North Consulting ULC, Earthfield
Technologies Inc., TerraLogic Exploration Inc. and North S hore. North Shore’s current goal is to
select the top ten sites to choose from for the next drill program.
Exploration Targets and Uranium Occurrences of Three Holes Drilled by North Shore in
Early 2024:
https://www.skyharbourltd.com/_resources/maps/2024-Falcon-exploration-targets-
map.png
Mr. Brooke Clements, President and CEO of North Shore stated: “After our maiden drill program at
Falcon this March, we are preparing for follow-up work related to our two new uranium discoveries
and to evaluating new targets. We believe that Falcon, located at the eastern margin of the prolilfic
Athabasca Basin, is a great setting for a major new uranium discovery. We have multiple targets
that require testing and we look forward to future exploration programs.”
Falcon Uranium Project:
The Falcon Project, which constitutes part of North Shore’s Falcon Property, contains eleven mineral
claims comprising approximately 42,908 hectares approximately 50 km east of the Key Lake mine.
Nine of the claims are from Skyharbour’s original South Falcon Uranium Project and the remaining
two claims are from Skyharbour’s Foster River Project. Historical uranium 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% U 3O8 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.
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 not 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.
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 580,000 hectares (over 1.4 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 depth of 265 metres. Adjacent to the Moore Uranium Project is
Skyharbour’s Russell Lake Uranium Project optioned from Rio Tinto, which hosts several 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; TSX-V listed North Shore Uranium at the Falcon Project; and TSX-V listed Terra
Clean Energy (previously Tisdale) 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 $3 3 million in partner-funded exploration expenditures,
over $27 million worth of shares being issued and over $2 0 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]
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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 th e account or benefit of, United States persons
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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
market prices, exploration and development successes, regulatory approvals, continued availability
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