Skyharbour Commences Diamond Drilling Campaign at its Russell Lake and Moore Uranium Projects, Saskatchewan
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
January 30th, 2024
News Release
Skyharbour Commences Diamond Drilling Campaign at its Russell Lake and Moore Uranium
Projects, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQX:SYHBF) (Frankfurt:SC1P)
(the “Company”) is pleased to announce that the Company has commenced its 8,000 metre winter
drill campaign at its recently optioned 73,294 hectare Russell Lake Uranium Project strategically
located in the central core of the Eastern Athabasca Basin of northern Saskatchewan. Skyharbour
is planning 5,000 metres of diamond drilling in ten to twelve holes at Russell and then plans to move
the drill rig over to its adjacent 35,705 hectare high-grade Moore Uranium Project, to complete 3,000
metres of drilling in eight to ten holes. Skyharbour’s geologists and contracted drilling crew are
working out of an exploration camp at the project located on the McArthur River-Key Lake haul road
within five kilometres of Denison Mines’ Phoenix deposit at the Wheeler River Project. The Company
is fully funded and permitted for this winter drill campaign, as well as for future drill ing and other
exploration programs later in 2024 at Russell and Moore.
Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
Highlights:
• Commencement of Skyharbour’s single largest, seasonal drill campaign consisting of 8,000
metres with 5,000 metres (ten to twelve holes) planned at Russell Lake and 3,000 metres
(eight to ten holes) planned at Moore
• Fully funded and permitted for this drilling and for follow -up drilling and other exploration
programs later in 2024
• Local i nfrastructure including the McArthur River Mine haul road, powerlines and the
exploration camp at Russell help to materially lower all-in drill costs
• Drilling at Russell will be focused on the Fork and Grayling East targets within the broader
Grayling target area as well as the M -Zone Extension target; drill testing several uriniferous
conductors that extend from Denison’s adjacent Wheeler River Project onto Russell
• Drilling at Moore will include infill and expansion drilling at the high-grade Maverick Corridor
as well as drill testing several regional targets including the Grid Nineteen target area
Jordan Trimble, President and CEO of Skyharbour, stated: “We are thrilled to begin the winter drilling
at our co-flagship Russell and Moore Projects and anticipate plenty of news flow with ongoing, fully-
funded programs right through the year. We are confident in the discovery potential and exploration
upside at both projects given the high -grade mineralization in historical drill holes along with the
many highly prospective target areas hosting the geology necessary for high -grade uranium
deposition. Furthermore, for the first time in several years , we are infill and definition drilling at the
high-grade Maverick Main Zone at Moore. With the uranium spot price around $100 / lb and the very
compelling fundamentals underlying the commodity, this drill campaign and its potential catalysts
could not come at a better time.”
Winter Diamond Drilling Program at Russell Lake:
Skyharbour plans to complete 5,000 metres of drilling at Russell to follow up on notable historic
exploration and findings, and test new targets developed by the geological team. The drilling program
will be focused on the road -accessible Fork and Grayling East targets within the broader Grayling
target area as well as the M-Zone Extension target. All-in drilling costs are lower given the nearby
infrastructure including the mine and mill haul road and the exploration camp.
Russell Lake Project Target Areas:
https://www.skyharbourltd.com/_resources/images/20240110-MainTargetsRussellLake2024.jpg
The Fork target is a newly identified target to the west of the Grayling Zone and on -strike with
Denison’s M-Zone at their adjacent Wheeler River Project , which has seen renewed interest by
Denison in recent years . The target consists of a series of northeast striking and bifurcating
conductive trends proximal to and related to a northeast trending magnetic low , with a prominent
north-trending lineament associated with the McDougall Lake fault also running through the area .
Notable resistivity and gravity targets in conjunction with anomalous geochemistry and prospective
structure and alteration within the two historical drill holes in this area make for a compelling target.
Three angled holes, totalling 1,500 m are planned for this area as part of the winter drill program.
At the Grayling East target, additional drill testing of the eastern extent of the 2,200 m long, 100 m
thick sub -parallel Grayling conductor and associated thrust fault is planned in areas of broadly
spaced drill coverage and prospective geophysics and geology. In this area, several conductors are
present within a broad magnetic low, and limited historical drilling encountered intervals of significant
structural disruption, highly prospective alteration within the sandstone and underlying basement ,
with local pathfinder element enrichment associated with faulting and graphitic intervals. Further
review of the geophysical and geological data from this area suggests that the historical holes may
not have hit the main Grayling thrust, instead intersecting splays of the thrust and/or parallel
conductors to the south of the mai n thrust fault. Three to four holes, totalling 2,000 m, are planned
to test newly developed targets along the Grayling thrust in this area.
Grayling East and Fork Drill Targets:
https://www.skyharbourltd.com/_resources/images/20240110-
ForkGraylingEastTargetsRussellLake.jpg
Skyharbour has also refined additional drill targets in the M-Zone Extension area, along trend from
the Grayling Zone and Denison’s M-Zone, where historical drilling intersected basement hosted
uranium (up to 0.70% U3O8 over 5.8 m at 374.0 m depth) . More recent drilling by Denison in 2020
at the M-Zone encountered uranium mineralization with significant faulting, core loss, geochemical
anomalies, and radioactivity encountered in other drill holes . Like the Grayling Zone, the
mineralization is hosted by a graphitic thrust fault within a significant magnetic low. It is also noted
that cross structures associated with Denison’s Phoenix and Gryphon uranium deposits trend onto
the Russell Lake property within the M -Zone Extension target area , further enhancing the
prospectivity of this target . Three to four holes, totalling 1,500 m etres are planned at the M -Zone
Extension target on the Russell Lake Project.
M-Zone Extension Drill Targets:
https://www.skyharbourltd.com/_resources/images/20240110-M-
ZoneExtensionTargetsRussellLake.jpg
Upcoming Winter Diamond Drilling Program at Moore:
Skyharbour will conduct another phase of drilling consisting of 3,000 metres in eight to ten holes at
its high-grade Moore Project upon completion of the initial phase of drilling at Russell. The Company
plans to carry out infill and expansion drilling at the high -grade Maverick Corridor as well as to test
several regional targets including the Grid Nineteen target area.
Moore Uranium Project Regional Grid Targets Map:
https://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Drilling at the Maverick Corridor is planned within the Maverick Main and East Zones to further
delineate and expand the currently identified mineralized zones. The Maverick Main Zone is
characterised by basement - and unconformity -hosted mineralization, with a best interval drilled
previously by Skyharbour of 6.0% U 3O8 over 5.9 metres at 265 .0 metres depth including 20.8%
U3O8 over 1.5 metres in hole ML -199, and historical results of 4.03% eU 3O8 over 10 .0 metres,
including 20.00% eU3O8 over 1.4 metres at a depth of 265.0 metres in hole ML-61. At the Maverick
East Zone, Skyharbour previously drilled a high-grade uranium intercept of 1.79% U 3O8 over 11.5
metres at 270.0 metres depth, including 4.17% U 3O8 over 4.5 metres and 9.12% U 3O8 over 1.4
metres in hole ML-202. A total of four to six holes totalling 1,500 to 1,800 metres of drilling are
planned for the Maverick Main and East Zones as well as at other targets on the Maverick Structural
Corridor.
Additional regional drilling at the Moore Project during the winter drill program will primarily take place
in the Grid Nineteen area, where the Slice Pond Conductor and accompanying structural zone has
been confirmed by drilling over a strike length of 800 metres to date. The Slice Pond target is typified
by structurally disrupted, altered, and geochemically anoma lous sandstone and basement rocks,
including variably graphitic pelitic gneisses, along with a significant unconformity offset and thrust
wedge. All holes drilled to date have intersected highly encouraging graphitic and sulphide bearing
basement lithologies accompanied by prospective alteration and anomalous levels of B (≤1290 ppm),
Th (≤445 ppm), Ni (≤500 ppm), V (≤350 ppm), and U (≤421 ppm). A n otable intercept of 0.05%
U3O8 over 1.0 metre occurs well into the basement in previously drilled hole ML21-07 on the Slice
Pond Conductor. The unconformity intercept of the mineralized structure is still untested. Composite
geochemical sampling in the second hole on this conductor, previously drilled hole ML21 -09,
returned samples highly enriched in U (≤7.5 ppm U partial) and B (≤161 ppm) over a broad 70 metre
interval in the sandstone. A total of four to five holes totalling 1,200 to 1,500 metres are anticipated
to be drilled at the Grid Nineteen target area as part of the winter drill program at Moore.
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. The northern extension of Highway 914 between the Key Lake Mill and the McArthur River
Mine runs through the western extent of the Property and greatly enhances accessibility, with a high-
voltage powerline also situated alongside the road. There is a fully permitted exploration camp on
the Project suitable for over thirty people located on the highway, within 5 kilometres of Denison’s
Phoenix deposit. 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 a meaningful amount of 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. The Property has been the subject to greater than 95,000 metres of drilling in
over 230 drill holes prior to Skyharbour’s maiden drill program, with most of this drilling comprising
of widely spaced exploratory and reconnaissance drilling. The Property’s claims are in good standing
for 2-22 years, with significant assessment credits built-up from previous exploration programs.
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
also exist on the Property. A total of 9,595 metres of drilling in 19 holes was drilled in three phases
during 2023 by Skyharbour at Russell Lake. 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 best ever drill results from the project, returning a 5.9 metre wide intercept of
0.151% U3O8 at a depth of 338.4 metres, which includes 1.0 metres of 0.366% U3O8 at 343.3 metres
depth within a thrust wedge.
Moore Uranium Project Overview:
In June 2016, Skyharbour secured an option to acquire Denison Mine's Moore Uranium Project, on
the southeastern side of the Athabasca Basin, in northern Saskatchewan and has fulfilled its earn
in. The project consists of 12 contiguous claims totaling 35,705 hectares located 42 kilometres
northeast of the Key Lake mill, approx. 15 kilomet res 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 include 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% U 3O8 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 Lake Uranium Project Geophysics Map:
http://skyharbourltd.com/_resources/maps/MooreLake-Basic-geo-revamp.jpg
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-five
projects, ten of which are drill-ready, covering over 520,000 hectares (over 1.2 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 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 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 projects through exploration expenditures, cash p ayments 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; North Shore Uranium at the 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
$33 million in partner-funded exploration expenditures, over $27 million worth of shares being issued
and over $20 million in cash payments coming into Skyha rbour, 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_20231219_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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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
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the Private Placement. Although management believes the expectations expressed in such forward-
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future performance, and actual re sults or developments may differ materially from those in the
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