Skyharbour Completes 100% Earn-In and Announces Plans for Upcoming Summer Drill Program at Moore Uranium Project; Raises Additional $450,000 from Warrant Exercise
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
August 21st, 2018
NEWS RELEASE
Skyharbour Completes 100% Earn-In and Announces Plans for Upcoming Summer Drill
Program at Moore Uranium Project; Raises Additional $450,000 from Warrant Exercise
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF)
(Frankfurt:SC1P) (the “Company”) is pleased to announce plans for its upcoming summer /fall
2018 diamond drill program to commence shortly and that it has now completed the 100% earn-
in of its flagship, high grade Moore Uranium Project well ahead of schedule. In addition, 1,159,175
warrants have been exercised recently raising an additional CAD $449,884 in net proceeds for
the Company.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Jordan Trimble, President and CEO of Skyharbour Resources, states: “ We will be commencing
our planned s ummer drill program very shortly to test more extensively new targets in the
underlying basement rock at the Maverick corridor on the Company’s flagship, high grade Moore
Uranium Project. The known high grade, unconformity -hosted uranium mineralization at the
Maverick corridor was deposited there through feeder zones in the basement rock, the discovery
of which will be a top priority in this upcoming prog ram given other recent basement -hosted
discoveries including NexGen’s Arrow Deposit, Fission’s Triple R Deposit and Denison’s Gryphon
Deposit. Furthermore, warrants that were set to expire have been exercised bringing in additional
funds which have been used to complete the 100% earn-in of the Company’s Moore Project well
ahead of schedule.”
Upcoming Summer/Fall 2018 Drill Program:
Skyharbour has received all of the required permits for its upcoming summer/fall diamond drilling
program. This program is scheduled to commence shortly and will consist of a minimum of 3,000
metres of drilling in 8 to 10 holes. The bulk of this drilling will test the basement rocks within the
high grade Maverick corridor well below the unconformity . Skyharbour’s technical team has
recently reinterpreted historical drill results and has identified high-priority drill targets within the
basement rocks of the Maverick corridor below the drill-defined, high grade, unconformity-style
uranium mineralization at the Main Maverick Zone.
Moore Uranium Project Regional Grid Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
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Prior drilling within the basement rocks, although of minimal extent, has intersected sig nificant
structural disruption and favourable alteration along with anomalous pathfinder elements and low
grade uranium mineralization. These characteristics bode well for the discovery of basement-
hosted feeder zones to the overlying high grade , unconformity-hosted uranium mineralization
within the Maverick corridor.
Moore Uranium Project Maverick Corridor Drilling Map:
http://skyharbourltd.com/_resources/projects/Moore-Lake-Maverick-Trend-w-geophys-
inset_20170515_v2.pdf
Moore Uranium Project Main and East Maverick Zones Drilling Map:
http://skyharbourltd.com/_resources/projects/Moore-Lake-Maverick-Detail_20170515.pdf
Skyharbour Raises Additional Funds from Recent Warrant Exercise:
The Company announces that 1,159,175 million warrants have been exercised recently raising
an additional $449,884 million in net proceeds. The majority of these warrants were set to expire
last week and had an exercise price of $0.40. Skyharbour is fully funded for this upcoming 3,000
metre diamond drilling program at its Moore Uranium Project which has a budget of ap prox. $1
million. The Company is well financed with over $3.2 million in the treasury after making the
$300,000 payment to complete the earn-in at Moore.
Skyharbour Completes 100% Earn-In of Flagship Moore Project:
Further to the news release dated July 14th, 2016, the Company announces that it has elected to
pay the remaining CAD $300,000 cash option payment due to earn a 100% interest in the Moore
Uranium Project from Denison Mines Corp. (TSX: DML) (NYSE MKT: DNN) (“Denison”), a large
and strategic shareholder of Skyharbour. The Company has completed the 100% earn-in on the
project almost three years ahead of the five year option term which included the issuance of
shares, staged cash payments totaling $500,000, and $3,500,000 in exploration expenditures .
Denison has also elected not to exercise its first buyback option , meaning that Skyharbour now
owns 100% of the property. The Company now has an additional five year period to incur an
additional $3,000,000 in exploration expenditures on the project (“Additional Expenditures”). At
that point, Denison may elect to exercise a second buyback option to repurchase a 51% interest
in the property by making a cash payment of $500,000 and spending $16,500,000 in exploration
expenditures on the property over the following four year period. The parties would then form a
joint venture with Denison owning 51% and Skyharbour owning 49%. If Denison fails to complete
this second buyback option, Skyharbour would retain its 100% ownership in the property. If the
Company does not complete the Additional Expenditures within the allotted five year period,
Denison may elect to exercise a buyback option at any time to repu rchase a 51% interest in the
property by making a cash payment of $500,000 and spending at least 2.5 times the expenditures
incurred by Skyharbour since the beginning of the Option Agreement. The parties would then
form a joint venture.
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 five 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 approx. 15 kilometres east of Denison's Wheeler River project and 39 kilometres south
of Cameco's McArt hur River uranium mine. Moore is an advanced stage uranium exploration
property with high grade uranium mineralization at the Maverick Zone with drill results returning
6.0% U 3O8 over 5.9 metres including 20.8% U 3O8 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% on the Preston Project through a combined
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$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 owns
a 100% interest in the Falcon Point Uranium Project on the eastern perimeter of the Basin which
contains an NI 43 -101 inferred resource totaling 7.0 million pounds of U 3O8 at 0.03% and 5.3
million pounds of ThO2 at 0.023%. The project also 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 L ake Joint Venture operated by Cameco,
where high -grade uranium mineralization was recently discovered. 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:
Nick Findler
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3850
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 actu al 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.