Skyharbour Completes Majority Earn-In and Forms Joint-Venture with Rio Tinto at Russell Lake Uranium Project in the Athabasca Basin
Suite 1030 – 505 Burrard Street, Vancouver, BC, Canada, V7X1M3
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 557-5847
Facsimile: (604) 687-3119
October 23rd, 2024
News Release
Skyharbour Completes Majority Earn-In and Forms Joint-Venture with Rio Tinto at Russell
Lake Uranium Project in the Athabasca Basin
Vancouver, BC - Skyharbour Resources Ltd . (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce that it has completed its earn-in requirements to
earn a 51% interest in the Russell Lake Uranium Project, located in Northern Saskatchewan, Canada
(the “Property”), pursuant to the option agreement dated May 10th, 2022, as amended on January
15, 2024 (the “Agreement”) with Rio Tinto Exploration Canada Inc. (“Rio Tinto”) . The Project is
strategically located in the central core of the Eastern Athabasca Basin of northern Saskatchewan
adjacent to regional infrastructure, including an all-weather road and powerline. Skyharbour will also
be commencing an upcoming fall drill program which will consist of approximately 4,000-5,000m at
the project.
Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
Formation of the JV:
Pursuant to the Agreement, Skyharbour has now earned a 51% interest in the Property by initially
paying a cash payment of CAD $508,200, issuing 3,584,014 common shares of the Company to Rio
Tinto and incurring an aggregate $5,717,250 in exploration expenditures on the Property over the 3-
year term of the earn-in. The Company and Rio Tinto have formed a joint venture to further explore
the Property, with the Company holding a 51% ownership interest and Rio Tinto holding a 49%
ownership interest.
Russell Lake Uranium Project Overview:
The Russell Lake Project is a large, advanced -stage uranium exploration property totalling 73,294
hectares strategically located between Cameco’s Key Lake and McArthur River Projects and
adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project to
the east. The northern extension of Highway 914 between Key Lake and McArthur River runs through
the western extent of the Property and greatly enhances accessibility, while a high-voltage powerline
is situated alongside this road and the western edge of the property south of Key Lake. Skyharbour’s
acquisition of a majority interest in Russell Lake creates a large, nearly contiguous block of highly
prospective uranium claims totalling 108,999 hectares between the Russell Lake and the Moore
uranium projects. Skyharbour now has a 51% interest in Russell Lake having formed a joint venture
partnership with Rio Tinto at the project.
There has been historical exploration carried out at Russell Lake, however most of it was conducted
before 2010 prior to the discovery of several major deposits in/around the Athabasca Basin. In 2023,
Skyharbour’s inaugural diamond drilling program tested several Fox Lake Trail targets and the
Grayling Zone. Significant uranium mineralization was intersected in the majority of holes at the
Grayling Zone over a strike length exceeding one kilometre. Drill hole RSL23-01 intersected one of
the better drill results from the project, returning a 5.9 metre wide intercept of 0.151% U3O8 at a depth
of 338.4 metres, which included 1.0 metres of 0.366% U 3O8 at 343.3 metres depth within a thrust
wedge.
More recently, Skyharbour completed 5,152 metres of drilling in a 2024 winter drill program earlier
this year, making a new discovery at the newly identified Fork Target area. H ole RSL24-02 marks
the best intercept of uranium mineralization historically at the project , returning a 2.5 metre wide
intercept of 0.721% U 3O8 at a relatively shallow depth of 338.1 metres, including 2.99% U 3O8 over
0.5 metres at 339.6 metres just above the unconformity in the sandstone. Skyharbour is fully-funded
for an upcoming fall drill program which will consist of approximately 4,000-5,000m at the project to
follow up on the recent discovery.
Several notable exploration targets exist on the property including the Grayling Zone, the M -Zone
Extension target, the Little Man Lake target, the Christie Lake target, the Fox Lake Trail target and
the newly identified Fork Zone target. More than 35 kilometres of largely untested prospective
conductors in areas of low magnetic intensity also exist on the Property.
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. Mr. Billard has
verified the data disclosed, which includes a review of the sampling, analytical and test data
underlying the information and opinions contained herein.
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 twenty -
nine projects, ten of which are drill-ready, covering over 580,000 hectares (over 1.4 million acres) 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 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 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. Adjacent to the Moore Project is the Russell
Lake Uranium Project in which Skyharbour is operator with joint -venture partner Rio Tinto, and the
project hosts several high -grade uranium drill intercepts over a large property area with robust
exploration upside potential. The Company is actively advancing these projects through exploration
and drill programs.
Skyharbour also has joint-ventures with industry-leader Orano Canada Inc., Azincourt Energy and
Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake Projects,
respectively. The Company also has several active earn -in option partners includin g: CSE-listed
Basin Uranium Corp. at the Mann Lake Uranium Project; CSE -listed Medaro Mining Corp. at the
Yurchison Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the
South Dufferin and Bolt Projects; an d TSX-V listed Terra Clean Energy (previously Tisdale) at the
South Falcon East Project which is host to the Fraser Lakes Zone B uranium and thorium deposit.
In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over
$38 million in partner-funded exploration expenditures, over $29 million worth of shares being issued
and over $21 million in cash payments coming into Skyharbour, assuming that these partner
companies complete their entire earn-ins at the respective projects.
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/images/SKY_SaskProject_Locator_2024-02-14_V2.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:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
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.
Forward-Looking Information
This news release contains “forward ‐looking information or statements” within the meaning of
applicable securities laws, which may include, without limitation, completing ongoing and planned
work on its projects including drilling and the expected timing of such work programs , other
statements relating to the technical, financial and business prospects of the Company, its projects
and other matters. All statements in this news release, other than statements of historical facts, that
address events or develo pments that the Company expects to occur, are forward -looking
statements. Although the Company 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 may differ materially from those in the forward -looking statements.
Such statements and information are based on numerous assumptions regarding present and future
business strategies and the environment in which the Company will oper ate in the future, including
the price of uranium, the ability to achieve its goals, that general business and economic conditions
will not change in a material adverse manner, that financing will be available if and when needed
and on reasonable terms. Such forward -looking information reflects the Company’s views with
respect to future events and is subject to risks, uncertainties and assumptions, including the risks
and uncertainties relating to the interpretation of exploration results, risks related to the inherent
uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses,
and those filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Factors that could
cause actual results to differ materially from those in forward looking statements include, but are not
limited to, continued availability of capital and financing and general economic, market or business
conditions, adverse weather or c limate conditions, failure to obtain or maintain all necessary
government permits, approvals and authorizations, failure to obtain or maintain community
acceptance (including First Nations), decrease in the price of uranium and other metals, increase in
costs, litigation, and failure of counterparties to perform their contractual obligations. The Company
does not undertake to update forward‐looking statements or forward‐looking information, except as
required by law.