Skyharbour’s Partner North Shore Uranium Signs Exploration Agreement with English Rivers First Nation
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
March 20th, 2025
News Release
Skyharbour’s Partner North Shore Uranium Signs Exploration Agreement with English
Rivers First Nation
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 executed an exploration agreement with the English River First
Nation (“ERFN”) in Saskatchewan (“the Agreement”). The Agreement outlines a number of areas of
collaboration between the ERFN and North Shore at its Falcon property (“Falcon” or the “Property”)
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 the earn-in period.
Location Map of Falcon Project:
https://skyharbourltd.com/_resources/maps/Sky-SouthFalconOption.jpg?v=0.1
The ERFN is a First Nation with its main reserve Wapachewunak Saskatchewan, located
approximately 200 km southwest of Falcon. ERFN’s ancestral territory covers approximately 75,000
km2 of north-central Saskatchewan. Traditionally, people of the ERFN are known as the “People of
the Great River”, referencing the Churchill River. The ERFN prides itself on being guided by ancestral
traditions and the knowledge of their Elders while being a partner with industry and governments.
More information on the ERFN can be found on the ERFN’s website.
To date, North Shore has identified 36 uranium targets at Falcon. These targets are associated with
electromagnetic (“EM”) conductor anomalies which are often upgraded by other favourable
geophysical and structural features. They were selected based on the analysis and interpretation of
multiple datasets by North Shore and its consultants. As reported on May 16, 2024, North Shore
discovered near-surface uranium mineralization at two drill targets, P03 and P08 in an area that had
never seen drilling. In a Fe bruary 27, 2025, news release, North Shore stated that its near -term
priority is to assess the potential for an economic uranium deposit in the southeastern portion of the
property by evaluating priority near-surface EM targets in the South Priority and South Walker Areas.
Falcon is located approximately 30 km east of the active Key Lake uranium mill and former mine at
the eastern margin of the Athabasca Basin in Saskatchewan. The mill processes uranium ore from
the McArthur River Mine, one of two producing uranium mines in Canada. Between 1983 and 2002,
Key Lake Mine produced a total of 209.9 million lbs. of U3O8 at an average grade of over 2.0%. The
uranium discovery potential at Falcon is significant and includes shallow basement -hosted
unconformity-style and pegmatite -hosted mineralization. The Property has seen limited modern
exploration programs and there are a number of unexplained uranium occurrences.
Map Showing Falcon Exploration Targets and Priority Zones:
https://www.skyharbourltd.com/_resources/images/Map-showing-Falcon-exploration-targets-and-
priority-zones-2.jpg
Mr. Brooke Clements, President and CEO of North Shore stated: “We believe that Saskatchewan’s
Athabasca Basin is the best jurisdiction in the world for uranium exploration and development. North
Shore places a priority on establishing positive relationships with communities near its activities. We
are proud to establish an alliance with the English River First Nation and look forward to a long,
mutually beneficial relationship.”
Next Steps:
North Shore will continue prioritizing targets at Falcon in pursuit of maximizing the chances of
encountering economic uranium mineralization in its next drill program. As currently planned, that
drill program would initially focus on several targets in th e South Priority Area of Zone 1 and the
South Walker Area of Zone 2. Additional updates on North Shore’s target prioritization efforts will be
provided on an ongoing basis.
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 targe ts, 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 Property. 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.
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 Serdar
Donmez, P.Geo., VP of Exploration 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 interest in
thirty-six projects covering over 614,000 hectares (over 1.5 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 in several zones at the
Maverick Corridor. Adjacent to the Moore Project is the Russell Lake Uranium Project , in which
Skyharbour is operator with joint -venture partner RTEC. The project hosts widespread uranium
mineralization in drill intercepts over a large property area with exploration upside potential. The
Company is actively advancing these projects through exploration and drilling programs.
Skyharbour also has joint ventures with industry leader Orano Canada Inc., Azincourt Energy, and
Thunderbird Resources 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; TSX-V listed North Shore Uranium at the Falcon Project; UraEx
Resources at the South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project; CSE-
listed Mustang Energy at the 914W Project; and TSX-V listed Terra Clean Energy at the South Falcon
East Project. In aggregate, Skyharbour has now signed earn-in option agreements with partners that
total to over $36 million in partner-funded exploration expenditures, over $20 million worth of shares
being issued, and $14 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_2024-11-21_v1.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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ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF
THIS NEWS RELEASE.
Forward-Looking Information
This news release contains “forward ‐looking information or statements” within the meaning of
applicable securities laws, which may include, without limitation, completing ongoing and planned
work on its projects including drilling and the expected timing of such work programs, other
statements relating to the technical, financial and business prospects of the Company, its projects
and other matters. All statements in this news release, other than statements of historical facts, that
address events or developments that the Company expects to occur, are forward -looking
statements. Although the Company 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 may differ materially from those in the forward-looking statements.
Such statements and information are based on numerous assumptions regarding present and future
business strategies and the environment in which the Company will operate in the future, including
the price of uranium, the ability to achieve its goals, that general business and economic conditions
will not change in a material adverse manner, that financing will be available if and when needed
and on reasonable terms. Such forward -looking information reflects the Company’s views with
respect to future events and is subject to risks, uncertainties and assumptions, including the risks
and uncertainties relating to the interpretation of exploration results, risks related to the inherent
uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses,
and those filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Factors that could
cause actual results to differ materially from those in forward looking statements include, but are not
limited to, continued availability of capital and financing and general economic, market or business
conditions, adverse weather or c limate conditions, failure to obtain or maintain all necessary
government permits, approvals and authorizations, failure to obta in or maintain community
acceptance (including First Nations), decrease in the price of uranium and other metals, increase in
costs, litigation, and failure of counterparties to perform their contractual obligations. The Company
does not undertake to update forward‐looking statements or forward‐looking information, except as
required by law.