Skyharbour Announces Exploration Agreement with English River First Nation
Suite 1610 –777 Dunsmuir Street, Vancouver, BC, Canada, V7Y1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3800
Facsimile: (604) 687-3119
February 9th, 2023
News Release
Skyharbour Announces Exploration Agreement with English River First Nation
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (the “Company ”) is pleased to announce the signing of an Exploration Agreement (the
“Agreement”) with English River First Nation ("ERFN") for the Russell Lake and Moore Uranium
Projects in respect of Skyharbour’s exploration and evaluation activities within the traditional territory
of ERFN.
Russell Lake and Moore Projects Location Map:
http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
The Agreement establishes a framework for a cooperative and mutually beneficial relationship
between Skyharbour and ERFN whereby Skyharbour’s exploration and evaluation activities at
Russell Lake and Moore are consented to by ERFN and Skyharbour agrees to supp ort ERFN’s
interests in relation to community development and benefits, environmental protection and
monitoring, as well as sustainable and predictable consultation and engagement processes. Through
this cooperative approach, the parties seek to build a strong and positive foundation for Skyharbour
to proceed with its exploration and evaluation activities, in the traditional territory of ERFN, in a
manner that is informed by and respects the rights and interests of ERFN.
Jordan Trimble, President and CEO o f Skyharbour Resources, commented: “We are very pleased
to have finalized this Agreement with ERFN which formalizes Skyharbour’s effort to work with ERFN
and provides consent and support for our current and future exploration activities at Russell Lake
and Moore. Skyharbour is committed to responsible stewardship of the environment and we feel
strongly that the future of both projects will be greatly enhanced through ERFN’s involvement.”
Russell Lake Uranium Project Overview:
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. Highway 914, which services the McArthur River mine, runs through the western extent of
the Property and greatly enhances accessibility. Similarly, a high -voltage powerline is situated
alongside Highway 914. 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.
Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
There has been a meaningful amount of historical exploration carried out at Russell Lake but most
of it was conducted prior to 2010. The Property has been the subject of over 95,000 metres of drilling
in over 230 drill holes. 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, and the Fox
Lake Trail target. More than 35 kilometres of largely untested prospective conductors in areas of low
magnetic intensity exist on the Property as well. Most of the Property’s claims are in good standing
for well over five years with significant assessment credits built -up from previous exploration
programs.
There is a fully permitted exploration camp on the Project suitable for over forty people located on
the highway and within 5 kilometres of Denison’s Phoenix deposit. Skyharbour has an option to
acquire an initial 51% interest in the project and can acquire up to a 100% interest in the project from
Rio Tinto (see news release dated July 19th, 2022).
Moore Uranium Project Overview:
In June 2016, Skyharbour secured an option to acquire 100% ownership of the Moore Uranium
Project from Denison and has fulfilled its earn in obligations. The project consists of 12 contiguous
claims totaling 35,705 hectares located 42 kilometres northeast of the Key Lake mill, approx. 15
kilometres east of Denison’s Wheeler River project, and 39 kilometres south of Cameco’s McArthur
River uranium mine. Unconformity-type uranium mineralization was discovered on the Moore Project
at the Maverick Zone in April 2001. Historical drill highlights i nclude 4.03% eU 3O8 over 10 metres,
including 20% eU 3O8 over 1.4 metres, in ML -161. In 2017, Skyharbour announced drill results of
6.0% U3O8 over 5.9 metres, including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres,
in hole ML -199. In addition to the Maverick Zone, the project hosts other mineralized targets with
strong discovery potential which the Company plans to test with future drill programs. The project is
fully accessible via winter and ice roads which simplifies logistics and lowers costs. Large proportions
of the property are accessible in the summer as well.
Moore Uranium Project Claims Map:
https://skyharbourltd.com/_resources/images/moore-project-map-20221012.jpg
About ERFN:
English River First Nation is located about 500 km north of Saskatoon in Treaty 10, with a main
settlement at Wapachewunak, alongside the Churchill River. ERFN has seven historical
settlements: Porter Island, Cree Lake, Elak Dase, Knee Lake, Dipper Rapids, Wapachewunak and
La Plonge. Today, ERFN is made up of 19 different reserves spanning from Cree Lake, in Northern
Saskatchewan, to Grasswood just South of Saskatoon.
ERFN is a multilingual community with various combinations of Dene, Cree, Michif, English and
French spoken by over 1,766 members. The "people of the river" are known for their bold and
collaborative spirit and trusting and humble nature. They are dedicat ed to stewardship of the land
and the education of future generations.
An industrious and entrepreneurial group, ERFN has led the way in efficient economic relationship
building through its support and advancement of community development partnerships. Th ese
relationships have been instrumental in advancing community support and understanding
across northern Saskatchewan.
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 eighteen
projects, ten of which are drill -ready, covering over 460,000 hec tares 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 Uranium Project is Skyharbour’s recently
optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high -grade drill
intercepts over a large property area with robust exploration upside poten tial. The Company is
actively advancing these projects through exploration and 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 minority 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.
Skyharbour has several active option partners including: ASX -listed Valor Resources on the Hook
Lake Uranium Project, CSE -listed Basin Uranium Corp. on the Mann Lake Uranium Project, and
CSE-listed Medaro Mining Corp. on the Yurchison Project. More recently, Skyharbour announced a
new earn-in option agreement with Yellow Rocks Energy, a private Australian entity, to option the
Wallee and Usam Island projects.
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 totaling 7.0 million
pounds of U3O8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023 %. Skyharbour has recently
optioned the South Falcon East Project, a uranium project in the southeast Athabasca Basin and
represents a portion of the larger South Falcon Project, to Tisdale Clean Energy whereby Tisdale
will fund exploration, pay Skyharbour in cash, and issue shares of the company over a five -year
earn-in period.
Collectively, Skyharbour has now signed option agreements with partners that total over $34 million
in partner-funded exploration expenditures, over $22 million in stock being issued and just under $15
million in cash payments coming into Skyharbour, assuming that these partner companies earn -in
the full amount at their respective projects.
Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committ ed
long-term partnerships, and the advancement of exploration projects in geopolitically favourable
jurisdictions.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
http://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.jpg
To find out more about Skyharbour Resou rces 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
Corporate Development and Communications
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.
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 the account or benefit of, United States persons
absent registration or an applicable exemption from the registration requirements of the U.S.
Securities Act and applicable U.S. state securities laws. This press release does not constitu te an
offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other
jurisdiction.
This release includes certain statements that may be deemed to be "forward -looking statements".
All statements in this release, othe r 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
of capital and financing, and general economic, market or business conditions. Please see the public
filings of the Company at www.sedar.com for further information.