Skyharbour Announces the Closing of its Acquisition of 100% of the South Dufferin Uranium Project from Denison Mines 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
May 31st, 2023
NEWS RELEASE
Skyharbour Announces the Closing of its Acquisition of 100% of the South Dufferin
Uranium Project from Denison Mines in the Athabasca Basin, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce that further to it’s news release dated April 27 th,
2023, the Company has completed its acquisition of 100% of the South Dufferin Uranium Project
(“South Dufferin” or the “Project”) from Denison Mines Corp. (“Denison”) through share and cash
payments. The South Dufferin Project comprises 12,282 hectares (30,349 acres) over nine claims
in the Athabasca 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.
South Dufferin Property Map:
https://skyharbourltd.com/_resources/images/South-Dufferin-Property-Map.jpg
With the recent acquisition of South Dufferin , Skyharbour’s total land package that it has
ownership interest in is now 504,356 hectares (1,246,290 acres), across twenty-four 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, South Dufferin will become a
part of Skyharbour’s prospect generator business as the Company will seek strategic partners to
advance this asset.
Skyharbour’s New Uranium Project Portfolio Map:
https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_V2C.jpg
Summary of South Dufferin Project:
The South Dufferin project totals 12,282 hectares in eight claims and is located immediately south
of the southern margin of the Athabasca Basin in northern Saskatchewan. The property covers
the southern extension of the Virgin River Shear Zone, which hosts known high -grade uranium
mineralization at Cameco Corp.' s Dufferin Lake zone approximately 13 kilometres to the north
(highlight drill results of 1.73% U 3O8 over 6.5 metres) and Cameco Corp.'s Centennial deposit
approximately 25 kilometres to the north (includes drill intersections up to 8.78% U3O8 over 33.9
metres).
South Dufferin Property Map:
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https://skyharbourltd.com/_resources/images/South-Dufferin-Property-Map.jpg
Historical exploration work on the Project consists of airborne EM, magnetic, and radiometric
surveys, lake water and sediment sampling, prospecting and ground -truthing of airborne
anomalies, geological mapping, and diamond drilling. Some of the historical drill holes intersected
elevated uranium with locally anomalous base metal and boron concentrations as well as
significant clay alteration.
Exploration potential exists for basement-hosted uranium mineralization associated with the
Dufferin Lake fault and parallel faults within the Virgin Lake Shear zone. With numerous
mineralized showings to the north of the Project, exploration efforts at South Dufferin have
advanced the pr oject to a discovery -ready state. Significant exploration potential exists for
basement-hosted uranium mineralization associated with the Dufferin Lake fault, which has an
apparent offset of >200 m, and numerous other parallel faults within the Virgin River Shear zone.
The project is drill ready with numerous prospective targets warranting follow up work.
South Dufferin Target Map:
https://skyharbourltd.com/_resources/images/South-Dufferin-Target-Map.png
The claims are in good standing for several years and there are no underlying royalties on the
property except for a 2% NSR on one of the claims. Skyharbour also owns a 922 hectare claim
adjacent to South Dufferin bringing the cumulative total to 13,204 hectares (32,628 acres) over
ten claims.
Terms of the Agreement:
Skyharbour acquire d a 100% interest in the South Dufferin project in consideration for the
issuance of 6,000,000 shares , 1,000,000 non-transferable share purchase warrant s (the
"Warrant"), and a cash payment totaling CAD $125,000. Each Warrant will entitle Denison to
purchase one common share of Skyharbour for a period of two years at a price of $0.60 per share.
No finders’ fees were paid in relation to the acquisition of the South Dufferin Property . The
transaction constitutes a Related Party Transaction in accord ance with MI 61 -101 due to a
common director on each of the Company and Denison’s Board. The Company is relying on the
exemption from the formal valuation requirement contained in section 5.5 and the minority
shareholder approval requirement contained in section 5.7 of MI 61-101.
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.
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-
four projects, ten of which are drill-ready, covering over 504,356 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 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 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.
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Skyharbour has joint-ventures with industry-leader Orano Canada Inc. and Azincourt Energy at
the Preston and East Preston Projects, respectively, whereby Orano and Azincourt earned
majority interests in the project s through exploration expenditures, cash payments and share
issuances. Skyharbour also has several active earn-in option partners including: ASX-listed Valor
Resources at the Hook Lake Uranium Project; CSE-listed Basin Uranium Corp. at the Mann Lake
Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; Yellow Rocks Energy,
a private Australian entity, at the Wallee and Usam Island projects; North Shore Energy Metals at
the South Falcon Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project
which is host to the Fraser Lakes Zone B Uranium and Thorium Deposit.
Collectively, Skyharbour has now signed earn-in option agreements with partners that total to
over $37 million in partner -funded exploration expenditures, over $28 million worth of shares
being issued and over $19 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/maps/SKY_SaskProject_Locator_20230320_V2A.jp
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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 ac count 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 th e 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 hist orical facts, that address events or
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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.