Skyharbour Completes Geophysical Program and Mobilizes for Upcoming Drill Program at its High Grade Moore Uranium Project, Saskatchewan
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
May 10th, 2021
News Release
Skyharbour Completes Geophysical Program 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 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 has
now completed 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 minimum 3,500
metre diamond drilling program consisting of at least 7-8 drill holes . This fully funded and
permitted program will focus on following-up on existing unconformity and basement -hosted
targets along the high grade Maverick structural corridor as well as newly defined 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: “ With the geophysical
results now in hand and final drill targets picked, we are excited to embark on another aggressive
drill program at Moore. We have been very pleased with the results to date at the Maverick East
Zone and believe we have just scratched the surface in our endeavour to delineate high grade
zones of mineralization at depth in the underlying basement rocks. The uranium mineralization
identified during previous drill programs illustrates the strong discovery potential at Moore and
recent geophysical programs and geological modeling have enabled the Company to develop
new regional drill targets in areas such a s Grid Nineteen . Skyharbour is well funded with over
CAD $9 million in cash and stock to continue advancing its flagship Moore Project. The uranium
market has shown notable signs of recovery with increasing equity valuations and improving
sentiment, and this recovery appears to be accelerating.”
Winter/Spring 2021 Geophysical and Diamond Drilling Programs at Moore Project:
Skyharbour recently completed a 9 line-km SML-EM survey at a previously untested area called
Grid Nineteen located between the Rarotonga and East Venice conductors. The focus of this work
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has been 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
Skyharbour is planning for an initial 3,500 metre diamond drilling program, consisting of 7-8 holes,
which can be expanded. 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 both unconformity-
and basement-hosted mineralization. Other targets along the 4.7 km long Maverick structural
corridor will also be investigated, including the Esker Target, again with a focus on both
unconformity- and 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, open down dip and is up to 17.9 metres thick
with grades of up to 9.12% U 3O8 (with a minimum grade of 0.1% U3O8). The mineralization is
accompanied by intense clay alteration and 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, with minimal drill testing at depth along plunge . In the eastern extent of the Maverick
East Zone, copper values of up to 2.3% Cu along with up to 0.076% U3O8 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 additional basement-hosted mineralization. Some of the most significant 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 take place
along the remaining 2.2 km of the Maverick Structural Corridor that has not been systemically drill
tested. 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 extens ive sandstone and
basement alteration and geochemical enrichment similar to that within the Main Maverick and
Maverick East Zones. As well, narrow intercepts of uranium mineralization have been found 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 uni ts 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
historical 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 metres 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 also
intersected in historical holes ML-165 (1.0 metre of 0.307% U3O8 from 291.85 metres to 292.85
metres), ML-169 (1.5 metres of 0.070% U3O8 at 287.25 metres to 288.75 metres), and 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 and along trend which has only had
very limited investigation to date.
Grid Nineteen Geophysical Program:
A review of historic al airborne EM identified several conductive features in an area located
between the East Venice and Rarotonga conductor systems that warranted follow-up groundwork.
The airborne conductors lie in a structurally complex area that bridges a break in the east trending
East Venice conductive system and the north trending Rarotonga conductors. A total of 9 line km
of survey was completed utilizing 200 metre loops in a moving array. The program was designed
and has been interpreted by Bingham Geoscience of Saskatoon, and was completed 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.
The preliminary results from the ground geophysical survey further refined the historical airborne
conductors in the Grid Nineteen area and confirmed the extension of the Raratonga conductive
system to the south. The survey further defined the abrupt change in the strike of the conductive
systems at the southern end of the Grid Nineteen area, from an almost north-south orientation of
the Raratonga conductors to the east -west orientation of the East Venice conductors. Weak
basement-hosted mineralization was intersected in hole ML17-04 (1.0 m of 0.094% U3O8 at 235.0
metres depth) just to the west of this strike change, along with strong structural disruption and
local pathfinder element enrichment in the sandstone of both ML17-04 and follow-up hole ML18-
01. The intersection of these conductive syste ms forms one of several newly developed targets
in the Grid Nineteen area.
Winter 2021 Geophysical Program at Moore:
https://www.skyharbourltd.com/_resources/maps/Moore2021-Geophysics.jpg
The Grid Nineteen area has only seen limited historical drill testing consisting of two holes, one
of which ended in sandstone and failed to test the main conductor target, thus there remains
significant discovery potential in this area. Several drill targets have been developed based on
the preliminary results of the ground geophysical survey, with plans to drill the most accessible
targets during the upcoming drilling program.
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 .0 metres including 20% eU 3O8 over 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
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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 r eviewed 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 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. Skyharbour has acquired from Denison
Mines, a large strategic shareholder of the Com pany, 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 gra de 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. The Company has plans for upcoming drill programs at the project.
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. Skyharbour 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 P roject. 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 also owns a 100% interest in the South Falcon Uranium Project on the easte rn
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 ThO 2 at 0.023%. Skyharbour has 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
exploration 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.
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Telephone: 604-687-3376 Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
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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.