Skyharbour Expands Current Drill Program from 4,500m to 5,500m at the Moore Uranium Project in the Athabasca Basin of Saskatchewan
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
March 21st, 2017
NEWS RELEASE
Skyharbour Expands Current Drill Program from 4,500m to 5,500m at the Moore Uranium
Project in the Athabasca Basin of Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “ Company”), is pleased to announce it will be expanding its current diamond drill
program at its flagship Moore Uranium Project from 4,500m to 5,500m based off of the early
success of the program. The drilling program will now consist of 15 -17 holes ranging in depth
from 200m to 500m. The current drill program is under budget and is progressing quickly and
smoothly. The Company is currently drill testing the new discovery area called the Maverick East
zone located 100 metres E-NE and along strike of the Main Maverick Zone lens. The Company
will also be drill testing targets to the west (Maverick West), south (Maverick South) and further
east (Goose Zone) of the Main Maverick Zone.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Jordan Trimble, President and CEO of Skyharbour Resources, states: “The preliminary results
from early in this first phase of drilling at Moore have far exceeded our expectations and have
prompted us to expand the drill program to 5,500m. The presence of high grade uranium in
several holes as well as the discovery of a new, high grade mineralized lens along strike from
the Main Maverick Zone is very exciting. The target areas in and around the Maverick Zone are
relatively shallow and continue to provide strong discovery potential as we look to value-add the
project using a systematic and proven exploration methodology.”
Moore Project Phase 1 Drill Program Update:
Skyharbour previously announced the results of the first five drill holes in this first phase of drilling
at the Moore Uranium Project with high levels of radioactivity and uranium mineralization
encountered in three of them. Drill holes ML-199 and ML-200 tested gaps and the margins of the
Main Maverick lens and ML-202 was drilled as a 75 metre step-out hole E-NE from the eastern
margin of the Main Maverick Zone. Skyharbour’s technical team believe s drill hole ML -202
represents the discovery of a new high-grade mineralized lens on the property.
Moore Uranium Project Maverick Corridor Drilling:
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Hole ML -199 intersected a broad zone of intensely faulted and desilicified sandstone and
the Athabasca unconformity was interpreted at 269.6 metres depth. A combined geochemical and
grade equivalent for the hole returned 6.0% U 3O8 over 5.9 metres from 261.6 to 267.5 metres
including geochemical assays of 20.8% U 3O8 over 1.5 metres from 264.0 to 265.5 metres
downhole.
Hole ML-200 intersected uranium mineralization straddling the unconformity at 274.4 metres. The
downhole probe returned a grade equivalent of 1.71% eU3O8 over 7.2 metres from 269.1 to 276.3
metres including 3.3% eU 3O8 over 4.6 metres from 269.2 to 273.8 metres. The latter interval
corresponds with spectrometer values ranging from 1,100 to 29,400 cps. Final geochemical
assays are still pending for the hole.
Hole ML-202 intersected uranium mineralization straddling the unconformity and exte nding into
the clay-replaced and altered, weakly graphitic pelitic and granitic basement rocks. Downhole
probing identified a 10.7 metre mineralized interval from 266.6 to 277.3 metres that returned 1.4%
eU3O8. This includes 2.1% eU3O8 over 6.5 metres, which includes a higher grade zone of 5.6%
eU3O8 over 1.8 metres from 274.2 to 275.7 metres downhole. Core recovery within this
mineralized zone was relatively good and geochemical assays are pending at this time. This hole
potentially represents the discovery of a new high grade mineralized lens on the property.
Moore Uranium Project Overview:
In June 2016, Skyharbour secured an option to acquire Denison Mine's Moore Lake 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, approx. 20 kilometres east of Denison’s Wheeler River project, and 39 kilometres south of
Cameco’s McArthur River mine. Unconformity style uranium mineralization was discovered on
the Moore Lake project at the Maverick Zone in April 2001. Historical drilling highlights include
4.03% e U3O8 over 10 metres (including 1.4 metres at 20% e U3O8) starting at a depth of 265
metres in hole ML-61. 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 accessible via winter and ice roads which simplifies logistics and lowers costs.
Moore Lake Uranium Project Geophysics Map:
http://skyharbourltd.com/_resources/maps/MooreLake-Basic-geo-revamp.jpg
The majority of this first phase of drilling will test and look to expand the Maverick Zone with
targets both in the underlying basement rock as well as along strike of the known high grade Main
Maverick mineralized lens. Additionally, drill holes will tes t the 527 Zone which is located along
the Maverick structural corridor approx. 500 metres east of the main Maverick mineralized lens.
This phase of diamond drilling will also test drill targets along the extensions of the Maverick
structural corridor and on extensive northeast trending graphitic structural zones located north of
the main Maverick mineralized lens. These targets have been identified following a review of
previous exploration and include drill targets identified by prior programs that have y et to be
followed up on.
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.:
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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 to acquire 100% of the Moore Uranium Project which is located 20 kilometres east
of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River mine.
Moore is an advanced stage uranium exploration property with a high grade uranium zone known
as the Maverick Zone with drill results including 21% U3O8 over 1.5 metres at a vertical depth of
265 metres. Skyharbour recently signed an option agreement with AREVA Resources Canada
whereby AREVA can earn in 70% on the Company’s Preston Project through $8 million in project
consideration. 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 hosts an
NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 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 Lake 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 statem ents 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 develo pment 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.
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