Skyharbour Announces Strategic Property Staking with Addition of Eight New Properties bringing Total Portfolio to Over 490,000 Hectares in the Athabasca Basin, Saskatchewan
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
April 17th, 2023
NEWS RELEASE
Skyharbour Announces Strategic Property Staking with Addition of Eight New Properties
bringing Total Portfolio to Over 490,000 Hectares in the Athabasca Basin, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce that it has acquired by staking eight new
prospective uranium exploration properties within the Athabasca Basin of Northern
Saskatchewan. These 100% owned, eight properties comprise 34,022 hectares (85,070 acres) in
the Basin, which is host to the highest -grade uranium deposits in the world and is consistently
ranked as a top mining jurisdiction by the Fraser Institute.
Skyharbour’s New Uranium Project Portfolio Map:
https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_20230320_V2A.jp
g
The new properties bring Skyharbour’s total land package that it has ownership interest in to
492,074 hectares (1,215,941 acres) , across twenty-three properties, representing one of the
largest project portfolios in the region. As the Company remains focused at its ongoing 10,000m
drill program at the Russell Lake project, these new properties will become a part of Skyharbour’s
prospect gen erator business as the Company will seek strategic partners to advance these
assets. These properties have no underlying royalties or encumbrances on them.
List of New Properties:
• Highway Project - 1,184 ha
• CBX Project – 1,761 ha
• Shoe Project – 609 ha
• Snow Project – 212 ha
• Elevator Project – 9,294 ha
• 914 Project – 2,129 ha
• 914N Project – 450 ha
• Karin Project – 18,383 ha
Jordan Trimble, President and CEO of Skyharbour Resources, states: “We have been actively
staking new mineral claims and adding to our substantial uranium project portfolio in the
Athabasca Basin. These newly acquired projects are strategically located and are geologically
prospective with very little modern exploration having been carried out on them. They complement
2
our more advanced -stage exploration assets including Russell Lake, Moore and South Falcon
Point, and provide additional ground to option or joint-venture out to new partner companies as a
part of our prospect generator business. Executing on this part of the business, Skyharbour has
signed option agreements with seven different 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 the Company, assuming that all of these partner companies
complete the full earn-ins at their respective projects.”
Summary of Recently Staked Properties:
Highway Project:
The Highway Project consists of one claim covering 1 ,184 ha approximately 41 km south of the
Rabbit Lake Mine and 11 km SW of Uranium Energy Corp.’s (“UEC”, formerly UEX) West Bear U
and Co-Ni Deposits. Highway 905 runs through the property and is in close proximity to regional
infrastructure, providing excellent a ccess for exploration. Despite its proximity to infrastructure
and excellent access, the project is relatively underexplored. The project is underlain by
prospective Wollaston Supergroup metasedimentary gneisses (pelitic to psammopelitic and
psammitic to meta -arkosic) folded around and overlying an Archean felsic gneiss dome in the
core of a northeast trending antiformal fold nose. The Highway Project is located approximately
7 km east of the present-day margin of the Athabasca Basin but is believed to have been covered
by Athabasca sandstone in the past.
Highway Project Map:
https://www.skyharbourltd.com/_resources/images/Sky-Highway.jpg
The earliest work on the property was completed between 1968-1978 and included airborne EM,
magnetic, and radiometric surveys, along with bedrock mapping, prospecting, radon sampling,
and ground EM surveying on portions of the property; as well as a single augered drill hole. The
project has also been covered by portions of airborne EM and magnetics surveys in 2009, 2011,
and 2017. There are historic EM conductors southwest of the property along strike at “T-Lake”,
where surface sampling and historic diamond drilling encountered anomalous U, Th, and REEs
graphitic faulting, and variably altered fracture zones (AF MAW02132). The EM conductors at T-
Lake are coincident with a northeast -trending magnetic low along the Archean -Wollaston
Supergroup contact, which continues onto the Highway property and is folded around the Archean
gneiss dome, before continuing off property to the southwest along the northern fold limb. Off the
property, the northern fold limb is also associated with EM conductors north of Robertson Lake
and by Dorward Bay , and with off-conductor uranium and thorium mineralization (≤44,297 ppm
UO2 and ≤195,200 ppm ThO2) at the “Manhattan Showing” (SMDI 2052). Ground prospecting on
the Highway property in 2011 encountered a pegmatite -pelitic gneiss boulder (SMDI 5531 )
containing 3475 ppm TREE+Y+Sc, suggesting the Highway Project is prospective for rare earth
elements (REE’s) in addition to basement-hosted unconformity -related and/or intrusive-type
uranium mineralization.
Snow, Shoe, and CBX Projects:
The Snow, Shoe, and CBX properties consist of three non-contiguous claims totalling 2,582 ha
located approximately 10 to 25 km along strike to the northeast of the currently idled Eagle Point
uranium mine (Cameco’s Rabbit Lake Operation). The claims are located at the northern end of
Wollaston Lake and underlain by Wollaston Supergroup pelitic, psammopelitic, and psammitic
gneisses, Hudsonian intrusives, and Archean felsic gneisses of the Western Wollaston Domain .
Similar lithologies host uranium mineralization at the Rabbit Lake operation , including the Eagle
Point deposit, and other uranium deposits in the Athabasca Basin and surrounding regions.
Snow, Shoe, and CBX Projects Map:
https://www.skyharbourltd.com/_resources/maps/Sky_WalleeUsam_20230329.jpg
3
Previous work on the properties is generally historical in nature, and consists of airborne EM,
magnetics, and radiometrics surveys, marine seismic, prospecting, geological mapping, and
geochemical sampling done mostly between 1968 and 1981, with some additional work in 1993.
The only modern exploration on the properties themselves consists of a Heli-TDEM and magnetic
survey flown in 2007, although drilling and other modern exploration have been done on adjacent
properties. Several historical conductors were identified by a 1978 Mk VI INPUT EM survey (AF
64L-0011) that either lie on the properties or are along trend of the properties. No diamond drilling
or modern ground geophysical surveying have taken place on the projects. All three properties
are prospective for unconformi ty-related, basement -hosted uranium mineralization as well as
pegmatite- and granite -hosted uranium and REEs. The CBX property is also prospective for
molybdenite, as sedimentary -hosted molybdenite and pyrite were identified in fractures in a
quartzite outcrop on the property (SMDI 4890).
914, 914N and Elevator Projects:
The 914, 914N, and Elevator projects consist of four non-contiguous claims totalling 11 ,873 ha
and are located 31 to 52 km south of the Athabasca Basin margin and 35 to 55 km south of
Cameco’s Key Lake Operation (209.8 million pounds U3O8 produced at an average grade of
2.32%). All three projects are near Provincial Highway 914, which provides direct access to the
southern part of the province, with the 914 Project situated 1 km east of Highway 914, the 914N
Property situated 5 km east of Highway 914, and the E levator Property situated 15 km east of
Highway 914. Geological mapping of the properties and surrounding areas has shown that they
are underlain by prospective Wollaston Supergroup metasedimentary gneisses and Archean
granitic to tonalitic gneisses of the Western Wollaston Domain, which hosts significant uranium
mineralization further to the north in the Athabasca Basin.
914, 914 N, and Elevator Projects Map:
https://www.skyharbourltd.com/_resources/maps/Sky_914_Elevator_20230330.jpg
Extensive work on the properties and in the surrounding area w as conducted throughout the
1970’s and included magnetic, gravity, and EM surveys as well as geological mapping,
prospecting, boulder, and sediment sampling programs. Modern work on the properties is more
limited and includes partial coverage by an airborne VTEM survey, limited ground prospecting,
and lake sediment sampling. An EM conductor was identified on the 914N property (AF 74A13-
0036) and has yet to be drill teste d; the remainder of the properties were not covered by the
modern geophysical surveys. All four claims are situated on the edge of regional scale folds, as
outlined by historical bedrock mapping conducted by the Saskatchewan Geological Survey. More
recent regional airborne magnetic surveys show additional complexity that was not reflected in
the historical bedrock mapping. While there are no uranium occurrences noted on the properties
themselves, multiple uranium and REE showings are present in the area including the Sandra
Lake (SMDI 1960), Key Lake Road (SMDIs 5250, 5251, 5253, 5254, 5257, and 5258), Karpinka
Lake (SMDI 1974, 3100, 3101, 3103, 3104, 3105, 3106, 3107, and 3108), and Don Lake (SMDI
1961, 1982, 1983, and 1984) occurrences. S imilar stratigraphy hosts significant uranium and
thorium mineralization elsewhere in the Athabasca Basin.
Karin Project:
The Karin Project consists of five claims covering 18,383 ha approximately 20 km south-southeast
of Cameco’s Key Lake operation. The property is approximately 21 to 33 km east of Highway 914
and is adjacent to Skyharbour’s Foster Project. The project is underlain by Wollaston Group
metasedimentary gneisses, predominantly psammitic to meta -arkosic in composition but with
localized prospective pelitic to psammopelitic gneisses. Despite lying outside the current extent
of the Athabasca Basin, the Karin project was likely covered by the Athabasca Supergroup in its
past, making the area prospective for unconformity-related uranium mineralization.
Karin Project Map:
https://www.skyharbourltd.com/_resources/maps/Sky_Karin_20230330.jpg
4
Exploration work on the project is primarily historical in nature and consists of airborne EM,
magnetic, and radiometric surveys, lake water and sediment sampling, radon surveys,
prospecting and ground-truthing of airborne anomalies, geological mapping, and diamond drilling
in the late 1960’s to early 1980’s. This work was performed prior to modern geophysical surveys
and the development of current uranium exploration models. Some minor EM anomalies on the
property were noted in the historical airborne EM results, but they were ignored in favor of stronger
EM anomalies elsewhere in the surveyed areas. Several radon anomalies in the eastern part of
the project were discovered during radon sampling on the project and were followed up by drilling
in 1978. Five shallow (<152 m) diamond drill holes were drilled, which intersected Wollaston
Supergroup meta-arkose and semipelitic to pelitic gneisses , amphibolite and pegmatite to
granodiorite, along with localized hematite, chlorite, epidote, and/or goethite alteration. A weakly
radioactive pegmatite was intersected in historical hole 78-1 which returned 0.025% U3O8 over
0.45 m at a depth of 72.85 m (AF 74H03-0036). A limited amount of prospecting was completed
in the area in 2008 and led to the discovery of an outcrop of pegmatite on the property which
contained 181 ppm U, 205 ppm Nb, and 39 ppm Ta (SMDI 5179). The project has otherwise been
unexplored since the 1980’s and is prospective for both intrusive-type and unconformity-related
uranium deposits and intrusive-related REEs.
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.
*SMDI refers to the Saskatchewan Mineral Deposits Index and “AF” refers to Saskatchewan
Mineral Assessment File.
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-
three projects, ten of which are drill -ready, covering over 4 90,000 hectares 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 Came co'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 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 a joint -venture with industry -leader Orano Canada Inc. at the Preston Proje ct
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
5
two new earn-in option agreements with Yellow Rocks Energy, a private Australian entity, to
option the Wallee and Usam Island projects, and Tisdale Clean Energy at the South Falcon East
Project.
Furthermore, the Company owns a 100% interest in the South F alcon Point Uranium Project on
the eastern perimeter of the Basin which is host to the Fraser Lakes Zone B Uranium and Thorium
Deposit. Skyharbour has recently optioned the South Falcon East Project, a uranium project in
the southeast Athabasca Basin and r epresents 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, 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/maps/SKY_SaskProject_Locator_20230320_V2A.jp
g
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
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
constitute 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, other than statements of historical facts, that address events or
6
developments that management of the Company expects, are forwa rd-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 re sults 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. Facto rs 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.