Skyharbour and JV Partner Orano Announces Extensive Exploration and Drilling Program in 2025 at Preston Uranium Project Vancouver, BC - Skyharbour Resources Ltd . (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”), is pleased to announce that its joint-venture partner, Ora
Suite 1030 – 505 Burrard Street, Vancouver, BC, Canada, V7X 1M5
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 558-5847
Facsimile: (604) 687-3119
January 28th, 2025
News Release
Skyharbour and JV Partner Orano Announces Extensive Exploration and Drilling Program
in 2025 at Preston Uranium Project
Vancouver, BC - Skyharbour Resources Ltd . (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (“Skyharbour” or the “Company”), is pleased to announce that its joint-venture partner, Orano
Canada Inc. (“Orano”), is planning a substantial 2025 exploration and drilling program at the 49,635
hectare Preston Uranium Project (“Preston” or the “Property”) located in the western Athabasca
Basin, Saskatchewan, Canada . The drilling program will consist of approximately 6,000 to 7,000
metres of drilling during the summer of 2025. Orano is the majority owner and operator at the project
with Skyharbour owning a minority interest of approximately 25.6%.
Location Map of Preston Project:
https://www.skyharbourltd.com/_resources/images/Sky_Preston.jpg
2025 Exploration Program at Preston:
The proposed exploration program for the Preston project will consist of a planned 6,000 to 7,000
metre, helicopter-supported diamond drill program in approximately 26 holes at an average depth of
250 metres during the summer of 2025. Primary drill target areas (outlined in Figure 3) include the
previously untested Johnson Lake grid as well as the Canoe Lake grid; with the possibility of testing
the recently surveyed FSAN -North and the West Preston Grids. Tar get areas are separated
throughout the claim to ensure assessment credits are met across all claims, while also testing
perspective trends.
Figure 3: Target Area Overview – Preston Lake Project:
https://www.skyharbourltd.com/_resources/images/Target-Area-Overview-Preston-Lake-
Project.png
The Johnson Lake Area (Zone 1 in Figure 3) has a ML -TEM grid (28.4 km across 7 lines) with no
drill testing to date. A DC resistivity survey was also performed over four lines within the grid to better
define and prioritize drill targets. A drill program was planned for the grid in the winter of 2019,
however, limited ice thickness prevented access of the heavy equipment to reach the area. With the
2025 program being helicopter supported, access to the a rea will not be an issue. Multiple
conductors within the grid show moderate to strong conductive responses, concurring with the
elevated conductivity seen on the airborne GEOTEM. To thoroughly test these new conductive
trends (predominantly the JL-North and JL-South Conductors visible in Figure 4), 7 to 12 drill holes
with an average depth of 250 m are planned totalling 1,750 to 3,000 metres, contingent on results.
Figure 4: Johnson Lake Grid:
https://www.skyharbourltd.com/_resources/images/Johnson-Lake-Grid.png
The Canoe Lake Area (Zone 2 in Figure 3) remains highly perspective and is a planned target area
for the 2025 diamond drilling program. The Canoe Lake grid area has 9 conductive trends with each
conductor having 1 to 3 historic holes leaving large portions of strike length untested. Cross-cutting
structures interpreted from the airborne EM and magnetics data in the South -West portion of the
Canoe Lake grid are of high interest due to their analogous orientation to the PLS and Arrow
structural environments. Priority testing will be placed on conductors with confirmed graphitic
structured intervals and elevated pathfinder elements from historic drilling. PRE-21 on the CAN -8
conductor intersected a locally fractured 46.6 m interval of intermittently graphitic and generally
sulphide-bearing granodioritic gneiss with slightly higher average contents in Pbpartial (10.3 ppm), Btotal
(29.8 ppm), Copartial (19.1 ppm), Cupartial (73.4 ppm), Nipartial (42.8 ppm) and Mopartial (6.1 ppm). Aside
from PRE-21 the remainder of the CAN -8 conductive trend is untested. After initial review, CAN -8
will see the majority of the testing with the possibility of testing of CAN-1, CAN-3 and CAN-7 (visible
in Figure 5) depending on ground conditions for a total of 4 to 8 holes totalling 1,000 to 2,000 metres.
Figure 5: Canoe Lake ML-TEM + DC Resistivity Grids and Historic Drill Collars:
https://www.skyharbourltd.com/_resources/images/Canoe-Lake-ML-TEM-DC-Resistivity-Grids-
and-Historic-Drill-Collars.png
The final areas for proposed work are the FSAN Grid (Zone 3 in Figure 3) and West Grid (Zone 4 in
Figure 3), both of which recently had work completed in 2024. The FSAN Grid had a ground gravity
survey completed, alongside a Spatiotemporal Geochemical Hydrocarbon (SGH) sampling program
(Figure 6). Targeting on the FSAN grid will be contingent on the recently acquired data, focusing on
areas with low gravity, anomalous SGH results, coinciding with favourable airborne EM and magnetic
responses. The West grid had recently completed ML-TEM coverage over 6 lines for a total of 18.8
line-km. After the completion of the conductor modeling, targets will be derived, possibly extending
the PL-1 conductive trend that was drill tested in 2017, which confirmed the presence of graphitic
structural packages. About 10 to 12 holes totalling 2,500 to 3,000 metres have been set aside for
both the FSAN and West Grid areas. Drill holes will be allocated contingent on the final 2024
geophysical and geochemical results.
Figure 6: FSAN 2024 SGH Sample Stations with 2024 Ground Gravity Results:
https://www.skyharbourltd.com/_resources/images/FSAN-2025-SGH-Sample-Station-with-2024-
Ground-Gravity-Results.png
2024 Exploration Program Completed at Preston:
The 2024 field program marked the first exploration programs carried out by Orano at Preston since
2020. The completed geophysics covered 35.6 km of ground Moving-Loop Transient
ElectroMagnetic (ML-TEM), covering the Preston West target where there is a known conductor,
along with the Preston Far West target where a reconnaissance survey was conducted. The ground
gravity survey consisted of 2,295 stations and covered an area along the FSAN and FSANE trends.
An SGH soil sampling program with over 1,100 samples commenced in the summer of 2024. The
SGH program covered a large area and was a cost-effective, innovative exploration technique used
in the Athabasca Basin to vector in on uranium showings associated with certain hydrocarbons.
Preston Uranium Project:
In March 2017, Skyharbour signed an option agreement with Orano (formerly AREVA Resources
Inc.) that provided Orano an earn -in option to acquire a majority working interest in the 49,6 35
hectare Preston Uranium Project . The significant potential of the Project has been highlighted by
past discoveries in the area by NexGen Energy Ltd. (Arrow deposit), Fission Uranium Corp. (Triple
R deposit), and F3 Uranium Corp . (PLN discovery). Exploration at the Project has consisted of
ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem, lake sediment,
and geological mapping surveys, as well as exploratory drill programs. Over a dozen high -priority
drill target areas associated with multiple prospective exploration corridors have been successfully
delineated through these methodical, multi-phased exploration initiatives, which have culminated in
an extensive, proprietary geological database for the project area.
Joint Venture and Strategic Partnership:
In early 2021, Orano fulfilled their earn-in option interest in the project through funding exploration
expenditures and making cash payments . After a total of CAD $4.8 million in exploration
expenditures having been spent on the Project, Orano formed a joint venture with Skyharbour and
Dixie Gold for the future advancement and development of the Project. Orano now holds a 5 3.3%
interest in the joint venture, with the remaining interest split between Skyharbour (25.6%) and Dixie
Gold (21.1%) interest in the joint venture.
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 Sedar
Donmez, P.Geo., VP of Exploration for Skyharbour as well as a Qualified Person.
About Orano Canada Inc.:
Headquartered in Saskatoon, Saskatchewan, Orano Canada Inc. is a leading producer of uranium,
accounting for the processing of more than 15 million pounds of uranium concentrate in Canada in
2023. Orano celebrated 60 years of exploring for, mining and milling uranium in Canada in 2024.
Orano Canada is the operator of the McClean Lake uranium mill and a major partner in the Cigar
Lake, McArthur River and Key Lake operations. The company employs over 450 people in
Saskatchewan, including about 320 at the McClean Lake operation where over 46% of employees
are self-declared Indigenous. As a sustainable uranium producer, Orano Canada is committed to
safety, environmental protection and contributing to the prosperity and well-being of neighbouring
communities.
Orano Canada Inc. is a subsidiary of the multinational Orano group. As a recognized international
operator in the field of nuclear materials, Orano delivers solutions to address present and future
global energy and health challenges. Its expertise and mastery of cutting-edge technologies enable
Orano to offer its customers high value-added products and services throughout the entire fuel cycle.
Every day, the Orano group’s 17,000 employees draw on their skills, unwavering dedication to safety
and constant quest for innovation, with the commitment to develop know-how in the transformation
and control of nuclear materials, for the climate and for a healthy and resource -efficient world, now
and tomorrow.
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 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. Adjacent to the Moore Project is the Russell Lake Uranium Project , in
which Skyharbour is operator with joint -venture partner Rio Tinto. The project 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 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; 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 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]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
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, ar e 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 obtain 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.