Skyharbour Announces ANT Survey Prior to Upcoming Drill Program as well as Summary of 2024 Drilling to Date at Russell Lake Uranium Project, Northern Saskatchewan
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 24th, 2024
News Release
Skyharbour Announces ANT Survey Prior to Upcoming Drill Program as well as Summary of
2024 Drilling to Date at Russell Lake Uranium Project, Northern Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce that it has carried out an Ambient Noise Tomography
(ANT) survey prior to the upcoming fall drill program, and has received the remaining results from
the second phase of the program earlier this year at the 73,294 hectare Russell Lake Uranium
Project (“Russell” or the “Project”). The Project is 51% owned by Skyharbour as operator, with joint-
venture partner Rio Tinto Exploration Canada Inc. (“RTEC”) owning the other 49%. It is strategically
located in the central core of the Eastern Athabasca Basin of northern Saskatchewan adjacent to
regional infrastructure, including an all-weather road and powerline, allowing for drilling throughout
all seasons.
Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
ANT Survey and Fall Drill Campaign:
In preparation for the upcoming drill program at Russell, Skyharbour has completed an Ambient
Noise Tomography (ANT) survey at the Russell Lake Project. The survey used Fleet Space
Technologies' ExoSphere technology to acquire 3D passive seismic velocity data over the highly
prospective Grayling and Fork target areas, where previous drilling has intersected high -grade
uranium mineralization. The ANT technology has been successfully employed in mapping significant
sandstone and basement structures and associated alteration zones related to hydrothermal fluid s
pathways in the Athabasca Basin.
The results from this survey will be used to further refine drill targets for the fall 2024 drill program at
Russell. Skyharbour is fully funded and permitted for the follow -up fall drill campaign consisting of
approximately 7,000 metres of drilling at its main Russell and Moore Projects, with 2,500 metres of
drilling at Moore and 4,500 metres of drilling at Russell.
Summary of Russell 2024 Winter and Spring Drilling:
Drilling at Russell earlier this year was completed during two separate phases of drilling, with a total
of 5,152 metres drilled in ten holes during the winter and spring of 2024. The first phase of drilling
consisted of a total of 3,094 metres in six holes , which was previously reported, while the second
phase of drilling consisted of 2,058 metres of drilling in four holes. During Phase One, th e best
intercept of uranium mineralization to date on the property was intersected in RSL24-02, which
returned a 2.5-metre-wide intercept of 0.721% U3O8 at a relatively shallow depth of 338.1 metres,
including 2.99% U3O8 over 0.5 metres at 339.6 metres, just above the unconformity in the sandstone.
The mineralization is open in all directions and will be a focus of upcoming drilling. Phase Two drilling
at the MZE (M-Zone Extension) target, approximately 10 km northeast of the Fork target, identified
prospective faulted graphitic gneiss accompanied by anomalous sandstone and basement
geochemistry. All processing of the core has been completed, and geochemical results have now
been obtained for all drill holes.
Phase One Winter Drilling at Russell:
The first phase of drilling focused on drill testing the newly identified Fork Target area related to and
south-southwest of the Grayling Zone. One hole during Phase One was drilled to test an East
Grayling target, approximately 3 kilometres to the southeast of the Fork Target area. Results of this
first phase of drilling are detailed in Skyharbour’s news release dated July 19th, 2024 , titled :
“Skyharbour Drills New Discovery at Russell Project with High-Grade Uranium Mineralization Up to
3.0% U3O8 at Newly Identified Fork Zone”.
Grayling and Fork Target Areas – Drill Collar Map:
https://www.skyharbourltd.com/_resources/maps/2024-Fork-DDH-Location-Map-Zoomed-new-
002.jpg
The highlight of the drilling in Phase One was hole RSL24-02, which tested a separate northeast- to
east-trending conductor at the Fork Target area and intersected significant mineralization in the
sandstone near the unconformity. The hole returned 0.721% U3O8 over 2.5 metres between 338.1
and 340.3 metres depth, including 2.99% U3O8 over 0.5 metres between 399.6 and 340.6 metres.
The mineralization is open in all directions. The basement rocks consisted of strongly graphitic pelitic
gneisses accompanied by pegmatite, calc-silicate, and locally radioactive chloritized graphitic shears
and fault zones throughout. The mineralized zone in RSL24-02 was highly enriched in Pb (≤4,120
ppm Pbtotal), Zn ( ≤3,120ppm Zntotal), and other pathfinder elements, while l ocal graphitic faults
throughout the basement rocks intersected strongly anomalous V (≤1380 ppm Vtotal), Zn (≤1320 ppm
Zntotal), Ni (≤983 ppm Nitotal), and Cu (≤618 ppm Cutotal).
2024 Fork Target Drill Hole Location Map:
https://www.skyharbourltd.com/_resources/maps/2024-Fork-East-Grayling-Drill-Hole-Location-
Map-NR-new-002.jpg
As previously reported, follow-up drilling both down dip and 175 metres along strike to the west of
RSL24-02 in holes RSL24-04 and -05 intersected prospective sandstone and basement geology and
significant uranium and pathfinder geochemistry. Hole RSL24-04 deviated significantly and missed
the intended target.
Phase Two Spring Drilling at Russell:
During the second phase of drilling at Russell Lake, three holes totaling 1,649 metres (holes RSL24-
07 to -09) were drilled at the regional MZE target area, approximately 10 km northeast of the Fork
target. Holes RSL24-07 and -08 were drilled to completion, while hole RSL24-09 was abandoned
approximately 70 metres above the unconformity due to faulted ground conditions. The final hole of
the second phase of the 2024 winter/spring drilling program, RSL24-10, was drilled at the Fork target
area but missed the primary target due to excessive deviation during drilling.
The MZE target lies on trend from Denison’s Wheeler River Project M-Zone, where historical drilling
intersected significant uranium mineralization. More recent drilling by Denison in 2020 at the M-Zone
encountered additional uranium mineralization with significant faulting, core loss, geochemical
anomalies, and radioactivity. Like the Grayling Zone, the mineralization at M -Zone is hosted by a
graphitic thrust fault within a significant magnetic low. It is also noted that lineaments (cross
structures) associated with Denison’s Phoenix and Gryphon uranium deposits may trend onto the
Russell Lake property within the MZE target area, further enhancing the prospectivity of this target.
2024 MZE Drill Hole Location Map:
https://www.skyharbourltd.com/_resources/maps/2024-MZE-Drill-Hole-Location-Map-results-
002.jpg
Hole RSL24-07 was drilled to test the northern extension of a magnetic low hosting the MZE Zone.
A moderate to strongly bleached sandstone column was intersected down to a silicified and
brecciated unconformity at 506.4 metres. Basement rock consisted of strongly chloritic, hematized,
and clay-altered, paleoweathered pelitic gneiss and granitic pegmatite to 531.0 metres, containing a
clay-altered and chloritic fault gouge at 526.6 to 531.0 metres. Interlayered moderately to strongly
silicified granitic pegmatite and biotite-rich pelitic gneiss are present throughout the remainder of the
hole. The sandstone column returned mostly background geochemistry, aside from anomalous As
(12.9 ppm Aspartial) in a composite sample at a depth of 70 -80 metres. The basement geochemistry
returned anomalous U (≤124 ppm U total and prospective U/Th ratios ≤6.89) at the lower contact of a
faulted pelitic gneiss, in addition to anomalous B (≤2,180 ppm B) within pegmatites and structurally
disrupted, weakly graphitic metasediments.
Hole RSL24-08 tested the northwestern extension of the MZE Zone. Strongly bleached sandstone
with minimal visible structures was drilled until the intersection with the unconformity at 510.9 metres.
Below the unconformity, purple, hematized, chloritized, and paleoweathered graphitic pelitic gneiss
was intersected until 533.3 metres. Intensely chloritized, clay-altered, weakly radioactive pegmatite
with graphitic pelitic gneiss lenses was observed down to 546.6 metres, followed by a steeply faulted
pelitic gneiss with chlorite/clay alteration occurring to 557.5 metres. Mixed pelitic gneiss and granite
extended through the remainder of the hole. The PIMA SWIR spectroscopy results indicated that the
basal 90 metres of sandstone is strongly illitic, which is considered highly prospective for uranium
mineralization. Background sandstone geochemistry was present until 10.0 metres above the
unconformity, with the sandstone below 500.0 metres anomalously enriched in B (≤774 ppm B). The
boron anomaly is related to the presence of dravitic clay as identified in the correspondin g PIMA
data. The basement returned highly anomalous U (≤394 ppm U total) accompanied by anomalous B
(≤607 ppm B), within an interval of strongly argillized, weakly graphitic pelitic gneiss. The basement
samples with the highest U contents also have high U/Th ratios (≤18.76), which suggests the uranium
is of hydrothermal origin.
Hole RSL24-09 was drilled to test the MZE conductor and McDougall Fault at the unconformity
southwest of the 2011 MZE holes. RSL24-09 was lost at 432.0 metres (approximately 60 to 70
metres above the expected unconformity) within strongly bleached, moderately desilicified/friable
sandstone. Variably bleached and desilicified sandstone was intersected throughout, hosting
multiple small fracture zones. While the sandstone geochemistry returned values within background
levels, a highly prospective illitic clay signature was present from 385.0 metres until the end of
the hole.
Russell Lake Project Historical Summary:
The Russell Lake Project is a large, advanced -stage uranium exploration property totalling 73,294
hectares strategically located between Cameco’s Key Lake and McArthur River Projects and
adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to
the east. The northern extension of Highway 914 between Key Lake and McArthur River runs through
the western extent of the Property and greatly enhances accessibility, while a high-voltage powerline
is situated alongside this road and the western edge of the property south of Key Lake. Skyharbour’s
acquisition of Russell Lake creates a large, nearly contiguous block of highly prospective uranium
claims totalling 108,999 hectares between the Russell Lake and the Moore uranium projects.
There has been historical exploration carried out at Russell Lake. However, most of it was conducted
before 2010, prior to the discovery of several major deposits in and around the Athabasca Basin. In
2023, Skyharbour’s inaugural diamond drilling program tested several Fox Lake Trail targets and the
Grayling Zone. Significant uranium mineralization was intersected in the majority of holes at the
Grayling Zone over a strike length exceeding one kilometre. Drill hole RSL23-01 intersected one of
the better drill results from the project, returning a 5.9 metre wide intercept of 0.151% U3O8 at a depth
of 338.4 metres, which include d 1.0 metres of 0.366% U 3O8 at 343.3 metres depth within a thrust
wedge.
Several notable exploration targets exist on the property , including the Grayling Zone, the M -Zone
Extension target, the Little Man Lake target, the Christie Lake target, the Fox Lake Trail target and
the newly identified Fork Zone target . More than 35 kilometres of largely untested prospective
conductors in areas of low magnetic intensity also exist on the Property.
QA/QC:
All drill intervals above are downhole length s. S ampling procedures and QA/QC protocols for
geochemical results are as follows. All drill core samples selected for analysis are shipped to the
Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan ,
under the care of Skyharbour personnel, for preparation, processing, and multi-element analysis by
ICP-MS and ICP -OES using total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by
fusion, and U3O8 wt. % assay by ICP-OES using an ISO/IEC 17025:2017 accredited method. Assay
samples are primarily chosen based on downhole probing radiometric equivalent uranium grades
and scintillometer (Radiation Solutions RS -125) peaks, with additional samples taken above and
below the unconformity and covering structures and alteration of interest in both the sandstone and
basement. All assay sample intervals comprise 0.5-metre metres of continuous half-core split in the
field using a manual core splitter; one half of the split core is retained in the core box, while the other
half is sent to SRC for geochemical analysis. In addition to sampling all mineralization, at least one
to two shoulder samples (each 0.5 metre wide) are collected both above and below any mineralized
interval. Mineralized and shoulder samples may additionally be selected for density determination
using the lost wax method at SRC. Skyharbour also collects systematic composite samples in the
sandstone, for which small chips of core are collected at the end of every row of core in the core box
over a 10 m etre wide interval and combined into one sample before being sent to the SRC for
analysis. The systematic sandstone samples are then analyzed by the same analytical methods
previously described for the assay samples. SRC is an ISO/IEC 17025/2005:2017 accredited and
Standards Council of Canada certified analytical laboratory. Blanks, certified standard reference
materials, (including high -grade uranium standards) , and sample repeats are inserted into the
sample stream at regular intervals by both Skyharbour and SRC in accordance with Skyharbour’s
quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to
verification procedures by qualified persons employed by Skyharbour prior to disclosure. Skyharbour
also carries out sampling for clay minerals analysis, which involves collecting a 3-5 cm wide piece of
core at the desired sample depth . Samples are taken systematically every 10 metres in the
sandstone, with selected samples also being taken in areas of prospective alteration. These samples
are then transported by Skyharbour personnel to Rekasa Rocks Inc. in Saskatoon, Saskatchewan,
where they are analyzed by Short Wavelength Infrared Reflectance (“SWIR”) using a Portable
Infrared Mineral Analyzer (“PIMA”) to determine the clay species present in the sample and their
relative proportions. Several samples from each batch of samples are subject to repeat analysis by
Rekasa in accordance with Skyharbour’s quality assurance/quality control protocols.
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. Mr. Billard has
verified the data disclosed, which includes a review of the sampling, analytical and test data
underlying the information and opinions contained herein.
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 (see news release dated February 27th, 2017,
titled: “Skyharbour Intersects 20.8% U3O8 over 1.5 Metres in First Drill Hole at Maverick Zone and
Discovers New High-Grade Uranium Lens on Moore Lake Uranium Project”). Adjacent to the Moore
Project is the Russell Lake Uranium Project , in which Skyharbour is an operator with joint -venture
partner RTEC. 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 (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; UraEx Resources at the
South Dufferin and Bolt Projects; and TSX -V listed Terra Clean Energy (previously Tisdale) at the
South Falcon East Project which hosts the Fraser Lakes Zone B uranium and thorium deposit. In
aggregate, Skyharbour has now signed earn-in option agreements with partners that total over $38
million in partner -funded exploration expenditures, over $29 million worth of shares being issued ,
and over $21 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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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.