Skyharbour Commences Exploration and Mobilizes for Upcoming Drill Program at its High Grade Moore Uranium Project, Saskatchewan
Suite 1610 –777Dunsmuir Street, Vancouver, BC, Canada, V7Y1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
March 17th, 2021
News Release
Skyharbour Commences Exploration and Mobilizes for Upcoming Drill Program at its
High Grade Moore Uranium Project, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF)
(Frankfurt:SC1P) (the “Company”) is pleased to announce that mobilization has begun for its
2021 geophysical and diamond drilling programs at its flagship 35,705 hectare Moore Uranium
Project, located approximately 15 kilometres east of Denison Mine's Wheeler River project and
near regional infrastructure on the southeast side of the Athabasca Basin, Saskatchewan . The
Company has planned a 9 km Small Moving Loop EM (SML -EM) geophysical program to refine
additional drill targets and has begun mobilization of drilling equipment for a subsequent 3,000
metre diamond drilling program consisting of 10 to 12 drill holes. These fully funded and permitted
programs will focus on following-up on existing unconformity and basement-hosted targets along
the high grade Maverick structural corridor as well as identifying new targets at the Grid Nineteen
area.
Moore Uranium Project Claims Map:
https://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure-v1.jpg
Jordan Trimble, President and CEO of Skyharbour Resources, states: “ We have been very
pleased with the results to date at the Maverick East Zone, and we will continue to focus on the
expansion of th is high grade mineralized zone . The uranium mineralization identified during
previous drill programs illustrates the strong discovery potential at Moore and recent geophysical
programs and new geological modeling have encouraged the Company to develop new regional
drill targets in areas such as Grid Nineteen. Outside of our Moore Project, Skyharbour’s partner
companies have been advancing some of our other projects. Azincourt is currently conducting a
minimum 2,000 metre diamond drilling program at the East Preston Project and at our Hook Lake
Project ( previously called North Falcon Point), Valor Resources has begun planning for their
upcoming exploration programs including airborne geophysics and ground-based exploration in
the summer. The uranium market has shown notable signs of recovery with increasing equity
valuations and improving sentiment, and this recovery appears to be accelerating.”
Winter 2021 Geophysical and Diamond Drilling Programs at the Moore Uranium Project:
Skyharbour will continue to systematically explore and drill test the Moore Lake property this year.
As part of this work, a 9 line-km SML-EM survey has been planned for a previously untested area
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called Grid Nineteen located between the Rarotonga and East Venice conductors. The
focus of this work will be to better define the historic airborne EM conductors in this area and
develop drill targets on these conductor systems.
Moore Uranium Project Regional Drill Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Mobilization for a planned 3,000 metre diamond drilling program, consisting of 10 to 12 holes, will
take place concurrently with the geophysical program. The drilling will focus on both unconformity
and basement-hosted targets along the Maverick structural corridor and new targets identified in
the Grid Nineteen area. The Company specifically plans to expand the high grade mineralization
discovered recently at the Maverick East Zone, along strike, down -plunge and at depth with a
focus on basement-hosted mineralization. Other targets along the 4.7 km long Maverick structural
corridor will be investigated, including the Esker Target, again with a focus on basement -hosted
mineralization.
Maverick East Target:
The high grade Maverick East Zone has been identified over a minimum of 170 metres strike
length. It is currently a minimum of 10 metres wide, it is open down dip and it is up to 17.9 metres
thick with grades of up to 9.12% U3O8 with a minimum grade of 0.1% U3O8. The mineralization is
accompanied by intense clay alteration, geochemical enrichment of pathfinder elements such as
B, Ni and Cu , with the localized high grade uranium mineralization extending from the
unconformity into the basement rocks. The mineralized zone appears to plunge moderately to the
northeast. In the eastern extent of the Maverick East Zone, copper values of up to 2.3% Cu were
obtained from graphitic, clay-rich fractures within a broader zone of uranium -enriched and clay-
altered granitic pegmatite and granite nearly 100 metres below the unconformity. This may be an
important vector for add itional basement -hosted mineralization. Some of the better drill hole
intersections in the Maverick East Zone include ML-202, which returned 1.79% U 3O8 over 11.5
metres, including 4.17% U 3O8 over 4.5 metres and 9.12% U 3O8 over 1.4 metres , as well as
recently announced hole ML20-09, which returned 0.72% U 3O8 over 17.5 metres from 271.5
metres to 289.0 metres, including 1.00% U3O8 over a 10.0 metre interval in the basement portion
of the interval (279.0 metres to 289.0 metres). The focus for future drilling in this area will be on
the down-dip, along strike and down-plunge extensions of the Maverick East target.
Moore Uranium Project Main and East Maverick Zones Drilling Map:
https://www.skyharbourltd.com/_resources/maps/Fall-2020-Maverick-East-detail.pdf
Maverick Structural Corridor - Northeast Extension and Esker Targets:
Drilling to the northeast of the Main Maverick and Maverick East mineralized zones will be within
the remaining 2.2 km of the Maverick Structural Corridor . A large portion of this trend has been
tested by a series of broadly spaced drill holes and fences with significant untested gaps. Virtually
all the holes exhibited extensive sandstone and basement alteration as well as geochemical
enrichment similar to that found within the Main Maverick and Maverick East Zones. Narrow
intercepts of uranium mineralization have been identified in numerous locations along this portion
of the Maverick corridor. Many of these mineralized intercepts occur at the unconformity, but in a
few key areas significant strongly altered basement structures within prospective graphitic and
metasedimentary units are the host for this mineralization with only limited drilling of the basement
rocks at depth.
The Esker Target lies at the northeastern limits of the Maverick Structural Corridor. Of note from
historic drilling in this area is the anomalous uranium in drill hole MT-04 which returned up to 170
ppm U in the basal 3.0 metres of sandstone and up to 343 ppm U in the top 5.5 m etres of the
basement rock. The uranium is accompanied by anomalous amounts of pathfinder elements
including Ni, Co, Cu, Pb, and Zn . Follow-up of the anomalous uranium mineralization has been
limited with the next closest hole MT -10 (also with anomalous U in the sandstone ) located 120
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metres to the south. Further south in the Esker area, weak uranium mineralization was
intersected in historical hole ML-165 (1.0 metre of 0.307% U3O8 from 291.85 metres to 292.85
metres), hole ML-169 (1.5 metres of 0.070% U3O8 at 287.25 metres to 288.75 metres), and hole
ML-171 (0.5 metres of 0.160% U3O8 from 296.2 to 296.7 metres). Drilling will follow-up on the
anomalous uranium encountered in historical holes MT-04 and MT-10 where there has been very
limited investigation and follow-up work along trend.
Grid Nineteen Geophysical Program:
A review of historic al airborne EM has identified several conductive features in an area located
between the East Venice and Rarotonga conductor systems that warrant follow-up groundwork.
The airborne conductors lie in a structurally complex area that bridges a break in the east trending
Venice East conductive system and the north trending Rarotonga conductors. A total of 9 line km
of survey is planned to utilize 200 metre loops in a moving array. The program was designed and
will be interpreted by Bingham Geoscience of Saskatoon. The survey is being conducted by
Patterson Mining Geophysics of La Ronge. Both Bingham and Patterson have been active in
uranium exploration of the Athabasca Basin for over 35 years and have a wealth of experience in
the district.
Winter 2021 Geophysical Program at Moore:
https://www.skyharbourltd.com/_resources/maps/Moore2021-Geophysics.jpg
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. The project consists
of 12 contiguous claims totaling 35,705 hectares located 42 kilometres northeast of the Key Lake
mill, approximately 15 kilometres east of Denison’s Wheeler River project, and 39 kilometres
south of Cameco’s McArthur River uranium mine. Unconformity style uranium mineralization was
discovered on the Moore Project at the Maverick Zone in May 2000. Historical drill results include
4.03% eU 3O8 over 10 .0metresincluding 20% eU 3O8over 1.4 metres . 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 265.0 metres at the Maverick Zone. 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 easily accessible by air and in winter via ice roads which
simplifies logistics and lowers costs.
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 Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Adviso r and a
Director, 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 six drill-
ready projects covering over 240,000 hectares of land. Skyharbou r 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
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drill results of up to 6.0% U 3O8 over 5.9 metres including 20.8% U 3O8 over 1.5 metres at a
vertical depth of 265 metres. The Company has plans for upcoming drill programs at the project.
Skyharbour has an option agreement with Orano Canada Inc. and a joint venture partnership with
Azincourt Energy. Orano can earn -in up to 70% of the Preston Project and Azincourt recently
earned-in 70% of the East Preston Project through exploration expenditures, cash payments and
Azincourt share issuance. 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.
The Company owns a 100% interest in the South Falcon 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 ThO2 at 0.023%. Furthermore, Skyharbour has recently
signed a Definitive Agreement with ASX -listed Valor Resources on the Hooke Lake (previously
North Falcon Point) Uranium Project whereby Valor can earn -in 80% of the project through
$3,500,000 in total exploratio n expenditures, $475,000 in total cash payments over three years
and an initial share issuance.
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:
http://skyharbourltd.com/_resources/maps/SYH-Athabasca-Map.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:
Spencer Coulter
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
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.
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 developments
that management of the Company expects, are forward -looking statements. Although management
believes the expectations expressed in such forward -looking stateme nts 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 f orward-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 develop ment successes, 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.