Skyharbour Enters Into Agreement to Option South Dufferin and Bolt Uranium Projects Located in the Athabasca Basin, Saskatchewan
Suite 1030 – 505 Burrard Street, Vancouver, BC, Canada, V7X 1M5
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 558-5847
Facsimile: (604) 687-3119
October 3rd, 2024
News Release
Skyharbour Enters Into Agreement to Option South Dufferin and Bolt Uranium Projects
Located in the Athabasca Basin, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd . (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (“Skyharbour” or the “Company”), is pleased to announce that it has entered into a n option
agreement (“Agreement”) with a private arm’s -length company , UraEx Resources Inc. (the
“Optionee” or “UraEx”), whereby the Optionee may acquire up to a 100% interest in the Company’s
South Dufferin and Bolt Uranium Projects (collectively, the “Property”). The Property consists of a
total of twelve (12) mineral claims totalling approximately 18,000 hectares located in the Athabasca
Basin, Northern Saskatchewan. UraEx can earn an initial 51% in the Property through CAD
$4,600,000 in combined project consideration and up to 100% through $9,800,000 in combined
project consideration consisting of cash and share payments as well as exploration expenditures
over a five-year period.
Terms of the Agreement:
Pursuant to the Agreement, UraEx may acquire an initial 51% interest in the Property by (i) issuing
common shares in the capital of the Optionee (“Shares”) having an aggregate value of CAD
$1,150,000; (ii) making aggregate cash payments of CAD $450,000; and (iii) incurring an aggregate
of CAD $3,000,000 in exploration expenditures on the Property over a three-year period.
Schedule to earn an initial 51% interest:
Date Cash Payments Exploration Expenditures Value of Shares Issued
On Closing $50,000 $0 $150,000(1)
On or before the first
anniversary of Closing $100,000 $500,000(2) $250,000(3)
On or before the second
anniversary of Closing $100,000 $1,000,000 $250,000(3)
On or before the third
anniversary of Closing $200,000 $1,500,000 $500,000(3)
TOTAL $450,000 $3,000,000 $1,150,000
(1) Deemed pricing of Shares is CAD $0.20
(2) The first anniversary expenditure date is one year after the first permit is granted
(3) Deemed pricing of Shares is based on the five (5) day volume weighted average price on a
Canadian stock exchange (“Deemed Price”) or the last sale price, if not listed on a stock exchange
at the time of issuance
Once UraEx has earned an initial 51% interest in the Property, they may acquire an additional 24%
interest in the Property by (i) issuing Shares having a value of CAD $500,000 at the Deemed Price
on or before the fourth anniversary date, (ii) making a cash payment of CAD $200,000 to Skyharbour
and (iii) completing an additional CAD $1,500,000 of exploration expenditures on the Property. If the
Optionee does not elect to acquire the additional 24% interest, a joint venture will be formed with
Skyharbour holding a 49% participating interest and the Optionee 51%, respectfully.
Once the Optionee has earned a 75% interest in the Property, they may acquire the remaining 25%
interest in the Property by (i) issuing Shares having a value of CAD $2,000,000 at the Deemed Price
on the fifth anniversary date, and (ii) making a cash payment of CAD $ 1,000,000 to Skyharbour. If
the Optionee does not elect to acquire the remaining 25% interest, a joint venture will be formed with
Skyharbour holding a 25% participating interest and the Optionee 75%, respectfully.
There are no royalties on the claims except for a 2% NSR on one of the claims at the South Dufferin
Project. UraEx will retain operatorship during the earn -in and thereafter once an interest has been
earned.
UraEx shall list its Shares on a stock exchange recognized by a Canadian Securities Commission on
or before the date that is twelve (12) months from the date of the Agreement, failing which a penalty of
CAD $5,000 shall be payable in cash to Skyharbour for every month that the Optionee fails to have
listed its Shares for the first six months following the due date, which increases to $10,000 each month
for the following six months, and which increases to $20,000 each month thereafter until listed on the
stock exchange.
South Dufferin Property Summary:
The South Dufferin project totals 13,204 hectares in ten claims and is located immediately south of
the southern margin of the Athabasca Basin in northern Saskatchewan. The property covers the
southern extension of the Virgin River Shear Zone, which hosts known high -grade uranium
mineralization at Cameco Corp.'s Dufferin Lake zone approximately 13 kilometres to the north
(highlight drill results of 1.73% U 3O8 over 6.5 metres) and Cameco ’s Centennial deposit
approximately 25 kilometres to the north (includes drill results up to 8.78% U3O8 over 33.9 metres).
South Dufferin Property Map:
https://skyharbourltd.com/_resources/images/South-Dufferin-Property-Map.jpg
Historical exploration work on the project consists of airborne EM, magnetic, and radiometric
surveys, lake water and sediment sampling, prospecting and ground-truthing of airborne anomalies,
geological mapping, and diamond drilling. Some of the historical drill holes intersected elevated
uranium with locally anomalous base metal and boron concentrations as well as significant clay
alteration.
Exploration potential exists for basement-hosted uranium mineralization associated with the Dufferin
Lake fault and parallel faults within the Virgin Lake Shear zone. With numerous mineralized showings
to the north of the project, exploration efforts at South Dufferin have advanced the project to a
discovery-ready state. Significant exploration potential exists for basement -hosted uranium
mineralization associated with the Dufferin Lake fault, which has an apparent offset of >200 m, and
numerous other paral lel faults within the Virgin River Shear zone. The project is drill -ready with
several prospective targets warranting follow up work.
Most of the claims are in good standing for several years and there are no underlying royalties on
the property except for a 2% NSR on one of the claims owned by a third-party.
Bolt Property Summary:
The Bolt project consists of two contiguous claims totalling 4 ,726 hectares and is located
approximately 7 kilometres west of the Highway 914 and about 32 kilometres southwest of Cameco’s
Key Lake Operation, which produced 209.8 million pounds of U 3O8 at an average grade of 2.32%
U3O8 from two deposits and where ore from the McArthur River mine is currently processed.
Bolt Property Map:
https://skyharbourltd.com/_resources/projects/Bolt-Project-Map-2.jpg
The Bolt project lies approximately 15 km from the southern rim of the Athabasca Basin and is within
the Eastern Mudjatik Domain of the Hearne Craton. Geological mapping conducted by the
Saskatchewan Geological Survey in the 1970’s and 1980’s of the area determined the project is
predominantly underlain by a south -trending, anastomosing package of amphibole gneisses,
surrounded by regional scale felsic gneisses, which underwent granulite/upper amphibolite grade
metamorphism. An ovoid area of banded iron formation was also encountered in the middle of the
amphibole gneisses, which is bounded and intersected by several EM conductors. Given the vintage
and scale of the historical geological mapping, it is likely that the geology of the area is more complex
than the historical mapping suggests.
The Bolt project has been subject to several exploration programs since 1969. The earliest work,
taking place between 1969 and 1979, included ground and airborne EM, radiometrics, and gravity
surveys, as well as lake sediment and water sampling, soil sampling, prospecting, and boulder train
mapping by various operators, including Pan Ocean Oil Ltd., Canadian Southern Petroleum,
Athabasca Columbia Mining, Yukon Geothermal, SAMCAM, and Darling Hydrocarbons. A single drill
program (6 drillholes, 5 of which are on the Bolt property: CL-1 through CL-5) was conducted by Pan
Ocean Oil in 1978 to test the fertility of historic EM conductors. Four of the drillholes from this program
(DDH-CL-1, -2, -3, and -6) displayed variable kaolinization and chloritization, carbonate veinlets, and
intervals of structural disruption and local core loss in what was logged as granite/arkosic/augen
gneiss and “pseudopegmatite”. The other two holes on the property, CL -4 and CL-5, intersected a
variety of metasedimentary rocks, including pelites/ pelitic gneisses, marble, and iron formation,
amphibolites, and minor granites, with significant quartz (i.e. pervasive silicification and veining)
alteration and sulfides found intermittently throughout both holes.
Combining the results of the modern geophysical and geochemical surveys allowed for identification
of several promising drill targets on the property including near the historic drill holes containing
extensive kaolinite and chlorite alteration. These dril l targets have yet to be tested, as despite the
high prospectivity for basement-hosted, unconformity-related uranium mineralization, the Bolt project
has not seen any exploration since 2018. Exploration on the Bolt property also indicated the potential
to host pegmatite - and granite -hosted U -Th-REE mineralization, further enhancing the project’s
prospectivity.
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 UraEx Resources Inc.:
UraEx Resources Inc. is currently a private company focused on uranium projects in the Athabasca
Basin where it has an option to earn -in at the South Dufferin and Bolt projects . The company is
planning for upcoming drill programs at the projects as well as a go-public next year. UraEx is run by
mining-industry executives and is backed by financiers in the investment industry.
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 Uranium Project is
the Russell Lake Uranium Project, which 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 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 partne rs including: 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; and 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 $2 1 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 developments tha t 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 operate 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 inhere nt
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 permi ts, 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.