Skyharbour Commences Winter Diamond Drilling 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
February 13th, 2020
News Release
Skyharbour Commences Winter Diamond Drilling 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 it has commenced its 2020 winter
diamond drilling program 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 is
planning to carry out 2,500 metres of drilling in 7 to 9 diamond drill holes to follow up on the
success of the drill program s completed last year. This fully funded and permitted drill program
will test both unconformity and basement-hosted targets along the high grade Maverick structural
corridor. Of particular interest are potential underlying basement feeder zones to the
unconformity-hosted high grade uranium present along the Maverick corridor. These targets have
seen limited historical drill testing.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Winter 2020 Dill Program at the Moore Uranium Project:
Drill targets in this program will include unconformity and basement-hosted mineralization along
the Maverick structural corridor. The Company specifically plans to expand the high grade
mineralization recently discovered at the Maverick East Zone and to test the Goose and Viper
target areas along strike with a focus on basement-hosted mineralization. Only 2 km of the total
4 km long Maverick structural corridor has been systematically drill tested leaving robust discovery
potential along strike, as well as at depth in the underlying basement rocks which have seen
limited drill testing to date.
Moore Uranium Project Maverick Corridor:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Maverick-Corridor-Map-v1.jpg
Maverick East Target:
At Maverick East, recent drilling by Skyharbour intersected significant clay alteration and localized
high grade uranium mineralization extending from the unconformity into the basement rocks. Hole
2
ML19-06, drilled in the Maverick East Zone during the most recent drill program in 2019,
intersected 0.62% U3O8 over 12.0 metres, and included a high grade basement-hosted intercept
of 2.31% U 3O8 over 2.5 m etres. The focus will be on down dip and strike extensions of the
Maverick East target. Past drilling has confirmed the presence of uranium mineralization over
broad intervals in excess of 80 metres strike length in both the sandstone and basement rocks. It
appears that the mineralization is plunging in a northeasterly direction and tends to be basement
dominated to the northeast. Highlights of the Maverick East Zone also include hole ML-202 which
returned 1.79% U3O8 over 11.5 metres, including 4.17% U3O8 over 4.5 metres and 9.12% U3O8
over 1.4 metres.
Moore Uranium Project Main and East Maverick Zones Drilling Map:
http://skyharbourltd.com/_resources/maps/Maverick-Detail-Map.jpg
Skyharbour recently completed an Unmanned Aerial Vehicle Magnetometer Survey (“UAV -
MAGTM Survey”) by Pioneer Aerial Surveys Ltd. (“Pioneer”). The UAV-MAGTM survey successfully
identified high- priority cross -cutting features and structures along the Maverick corridor.
Identification of these features has better defined drill targets for this upcoming drilling program
at Moore. In addition, refinement of the Company’s geological and structural model regarding the
northward plunging mineralized zones at Maverick East is now complete and has greatly assisted
in drill targeting the basement rocks of the Maverick East Zone, along strike and down dip of the
current mineralization.
Maverick Structural Corridor - Northeast Extension Targets:
Drilling to the northeast of the Maverick and Maverick East mineralized zones will be within the
remaining 2 km of the Maverick Structural Corridor, and include the Goose and Viper target areas
approximately 500 metres and 1.5 kilometres along stri ke to the northeast respectively. A large
proportion of this trend has been tested by a series of broadly spaced drill holes and/or fences
with significant untested gaps . Virtually all of the holes exhibited extensive sandstone and
basement alteration and geochemical enrichment similar to that found within the Maverick and
Maverick East Zones. Narrow intercepts of uranium mineralization were identified in numerous
locations along this portion of the 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 were the host for this mineralization , with only
limited drilling of the basement at depth completed.
Moore Uranium Project Regional Drill Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
At the Viper Zone, historical drilling encountered basement-hosted mineralization in hole ML-161
which returned 1.0 metre of 0.083% U3O8 and was accompanied by significant pathfinder element
enrichment, clay alteration and structural disruption approximately 100 m etres below the
unconformity. Hole ML17 -08 drilled by Skyharbour in 2017 also encountered significant clay
alteration and structural disruption with localized silicification and pathfinder element enrichment.
In addition to the drilling results, the UAV -MAGTM survey indicates a prominent magnetic low
associated with this target. The mineralization in hole ML-161 has never been followed-up down-
dip, and thus represents a high-priority target for further drilling.
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 April 2001. Historical drill results include
4.03% eU3O8 over 10 metres including 20% eU3O8 over 1.4 metres, In 2017, Skyharbour
3
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 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 Advisor and a
Director, as well as a Qualified Person.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium and thorium exploration projects in Canada's
Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals
with six drill-ready projects. In July 2016, Skyharbour acquired an option from Denison Mines, a
large strategic shareholder of the Company, to acquire 100% of the Moore Uranium Project which
is located approximately 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 project with high grade uranium mineralization at the Maverick Zone. Drill results have
returned 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. Skyharbour has signed option agreements with Orano Canada Inc. and
Azincourt Energy whereby Orano and Azincourt can earn in up to 70% of specific segments of
the Preston Project through a combined $9,800,000 in total exploration expenditures, as well as
$1,700,000 in total cash payments and Azincourt shares. Preston is a large, geologically
prospective property proximal to Fission Uranium's Triple R deposit as well as NexGen Energy's
Arrow deposit. The Company also ow ns a 100% interest in the Falcon Point Uranium Project
which hosts a high-grade surface showing with up to 68% U3O8 in grab samples from a massive
pitchblende vein, the source of which has yet to be discovered. The Company's 100% owned
Mann Lake Uranium project on the east side of the Basin is strategically located adjacent to the
Mann Lake Joint Venture operated by Cameco, where high- grade uranium mineralization has
been identified. 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/SYH_Landpackage_2014.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:
Simon Dyakowski
Corporate Development and Communications
Skyharbour Resources Ltd.
4
Telephone: 604-639-3850 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 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, 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.