Skyharbour Commences Winter 2022 Drilling Program at High Grade Moore Uranium Project, 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
March 1st, 2022
NEWS RELEASE
Skyharbour Commences Winter 2022 Drilling Program at 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 the Company has begun its winter 2022
diamond drill ing program at its 100% owned Moore Uranium Project. The project comprises
35,705 hectares approximately 15 kilometres east of Denison Mine’s Wheeler River project and
is proximal to regional infrastructure for Cameco’s Key Lake and McArthur River operations in the
Athabasca Basin, Saskatchewan. The program will consist of a minimum of 2,500 metres in seven
to nine drill holes and is designed to follow up on the successes of the 2021 summer/fall drilling
program in the Maverick East Zone and the Grid 19 target area, as well as to investigate new
targets at the Viper area on the 4.7 km Maverick Structural Corridor. Substantial portions of the
Maverick corridor remain to be systematically drill tested leaving robust discovery potential along
strike as well as at depth in the basement rocks.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Winter 2022 Diamond Drilling Program:
The Company has begun a minimum 2,500 metre winter drilling program consisting of an
estimated seven to nine diamond drill holes. The program will test targets at the Grid 19 area ,
Maverick East Zone and the Viper area. At the Grid 19 target area, a regional target approx. 9.5
km NE of the Main Maverick Zone, drilling will follow-up on the first two holes drilled on the Slice
Pond Conductor . Both holes intersected geochemically anomalous, altered, graphitic and
sulphide-bearing basement lithologies accompanied by elevated uranium values below the
unconformity. At the Maverick East Zone, follow-up drilling is planned where previously reported
hole ML21-19 intersected a broad interval of uranium mineralization including 0.54% U3O8 over
19.5 metres, including 2.07% U3O8 over 4.0 metres, on the northern edge of the mineralized zone.
Drilling is also planned at the 525 target within the Viper area, approx. 1.5 km NE of the Main
Maverick Zone, to follow up on a historic drill intercept in hole ML-525 of 0.27% U3O8 over 4.5
metres. This mineralization is just above the unconformity in an area of complex geology and the
target has not been followed up since 2006. With the development of new geological models at
this target, it has become a high-priority exploration target.
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Moore Uranium Project Regional Grid Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Jordan Trimble, President and CEO of Skyharbour Resources, states: “We are excited to be able
to drill test some of our more regional targets facilitated by winter drilling conditions, as well as to
follow up on further discoveries associated with the high grade Maverick structural corridor .
Skyharbour offers strong discovery potential at its project base coupled with substantial upcoming
news flow from the continued drilling at Moore as well as at partner -funded projects. Several of
these partner companies have recently commenced drill programs including Azincourt Energy at
the East Preston Project and Valor Resources at the Hook Lake Project , which brings the
combined total drilling metreage being carried out currently by Skyharbour and partner companies
to over 11,000 metres. With its project portfolio strategically located in one of the most
geopolitically favourable mining jurisdictions globally in north ern Saskatchewan, Skyharbour is
well-positioned to benefit from the accelerating uranium market recovery with increasing demand
in the backdrop of a strained supply side.”
Grid 19 Area - Slice Pond Target:
At the regional Grid 19 area, drilling has commenced on the north trending Slice Pond Conductor
where an initial two holes ( holes ML21-07 and -09) in tersected highly encouraging altered,
graphitic and sulphide-bearing basement lithologies in the summer of 202 1. Drill hole ML21-07
was drilled in the central portion of the conductor and intersected a variably bleached and locally
faulted sandstone column overlying a significant package of cordierite -bearing graphitic pelitic
gneiss accompanied by faulting and sulphide -rich intervals. The sandstone and basement are
enriched in B (=< 1,290 ppm), and there was an intercept of 0.05% U3O8 over 1.0 metre at 263.1
metres depth, approx. 70 metres below the unconformity. Drill hole ML21-09 was drilled on the
southern end of the Slice Pond conductor and intersected an extensive package of fractured and
faulted pelitic gneisses and graphitic pelitic gneisses 65 metres below the unconformity. The
geochemistry of the overlying sandstone column is notable in this hole as the upper 70 metres
returned highly anomalous uranium and boron averaging 7.54 ppm U (partial) and 161 ppm B in
composite samples. This enrichment of uranium and boron in the sandstone is highly anomalous
with similar levels commonly associated with significant uranium mineralization in the Athabasca
Basin. The planned drilling is designed to test up-dip and along strike targets related to the results
in holes ML21-07 and -09.
Maverick East Target:
Drilling is planned for the northern edge of the Maverick East Zone as a follow up to hole ML21-
19, which intersected a mineralized interval comprising 19.5 metres of 0.54% U 3O8 from 269.5
metres to 289.0 metres down -hole including 4.0 metres of 2.07% U 3O8. The ur anium
mineralization straddles the unconformity and is accompanied by highly anomalous Ni (≤2140
ppm), Co (≤756 ppm), Pb (≤1760 ppm) and B (≤11,600 ppm). The hole intersected the typical
intensely bleached and faulted sandstone column overlying clay altere d to replaced graphitic
pelitic and granitic gneiss, however the graphitic unit was thicker than anticipated. This hole has
further established the complexity of the local geology and structure within the area around hole
ML21-19 and illustrates the need to test the up-dip potential of the Maverick East Zone.
Moore Uranium Project Maverick East Zone Drilling Map:
https://www.skyharbourltd.com/_resources/images/Moore-2021-Maverick-East-Main-Maverick-
Drilling.jpg
Viper Target Area:
Drilling is planned at the 525 target along the middle conductor trace in a portion of the Viper area
which is located approx. 1.5 km NE of the Main Maverick Zone. Drill hole ML-525, drilled in 2005,
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intersected an interval of 0.27% U3O8 over 4.5 metres just above the unconformity in the
sandstone column, overlying an extensive package of graphitic pelitic gneiss. The few follow-up
holes that were drilled at that time intersected the same extensive graphitic packages and
localized weak mineralization but failed to intersect a similar extent of mineralization to that in hole
ML-525. Using the boron geochemistry as a vector indicates that there is potential for additional
mineralization to the northwest, up-plunge of the previous drilling, and along strike. Two to three
drill holes are planned in this area to test this target.
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 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 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% 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 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 fourteen
projects, nine of which are drill -ready, covering over 385,000 he ctares 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 fifteen kilometres east of Denison's Wheeler River
project and thirty-nine 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% U 3O8 over 5.9 metres including 20.8%
U3O8 over 1.5 metres at a vertical depth of 265 metres. The Company is actively advancing the
project through 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. Sky harbour 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 15% interest in the Proj ect. 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. 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
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inferred resource totalling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at
0.023%.
Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook
Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in
exploration expenditures, $475,000 in cash payments over three years and an initial share
issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Urani um Project whereby Basin
Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000
in cash payments as well as share issuances over three years; and CSE -listed Medaro Mining
Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through
$5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances
over three years followed by the option to acquire the remaining 30% of the project through a
payment of $7,500,000 in cash and $7,500,000 worth of shares.
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_20211126.jpg
To find out mor e 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:
Riley Trimble
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
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THIS NEWS RELEASE.
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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
developments that management of the Company expects, are forwa rd-looking statements,
including the Private Placement. Although management believes the expectations expressed in
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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. Factors that could cause actual results to differ materially from those in forward-
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approvals, continued availability of capital and financing, and general economic, mar ket or
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