Skyharbour Intersects 20.8% U3O8 over 1.5 Metres in First Drill Hole at Maverick Zone and Discovers New High Grade Uranium Lens on Moore Lake Uranium Project; Increases Planned Drill Program from 3,500m to 4,500m
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
February 27th, 2017
NEWS RELEASE
Skyharbour Intersects 20.8% U3O8 over 1.5 Metres in First Drill Hole at Maverick Zone and
Discovers New High Grade Uranium Lens on Moore Lake Uranium Project; Increases
Planned Drill Program from 3,500m to 4,500m
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce the first drill hole of the 2017 winter explo ration
program on the Moore Lake Uranium Project (the “Project”) intersected high grade uranium
mineralization within the Main Maverick Zone lens. Hole ML-199 returned geochemical assays of
20.8% U3O8 over 1.5 metres from 264.0 to 265.5 metres downhole, with corresponding handheld
spectrometer counts of 27,500 to 57,000 counts per second (“cps”). This high grade interval
occurred within a broader zone of anomalous radioactivity as identified by downhole probing. A
combined geochemical and grade equivalent for the hole returned 6.0% U3O8 over 5.9 metres
from 261.6 to 267.5 metres.
Moore Lake Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Highlights:
The first drill hole, ML-199, tested the Main Maverick Zone lens and intersected high grade
uranium mineralization containing 6.0% U3O8 over 5.9 metres, from 261.6 to 267.5 metres
depth including 20.8% U3O8 over 1.5 metres from 264.0 to 265.5 metres.
The second hole, ML-200, returned a grade equivalent of 1.7% eU3O8 over 7.2 metres
from 269.1 to 276.3 metres including 3.3% e U3O8 over 4.6 metres from 269.2 to 273.8
metres; the latter interval corresponds wi th spectrometer values ranging from 1,100 to
29,400 cps.
Hole ML-202 also intersected high grade uranium mineralization including 5.6% eU 3O8
over 1.8 metres from 274.2 to 275.7 metres downhole within a 10.7 metre mineralized
interval from 266.6 to 277.3 metres that returned 1.4% eU3O8; notably, this hole potentially
represents the discovery of a new high grade mineralized lens on the property.
The early success of the drill program has prompted the Company to expand the program
from 3,500m to 4,500m ; t he d rill program is currently underbudget and progressing
smoothly.
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 I would
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like to congratulate our geological team on their work thus far. The presence of high grade
uranium mineralization in the first hole ML -199 is highly encouraging as well as the notable
mineralization in hole ML-202 which appears to be the discovery of a new, high grade mineralized
lens along strike from the Main Maverick Zone. 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. The early success of the
program has prompted Skyharbour to expand the planned drill program from 3,500m to 4,500m
with the program currently underbudget. The Company is fully funded to complete this drill
program and will provide updates as results become available.”
Moore Lake Phase 1 Drill Program Update:
The Company has now completed five drill holes in this first phase of drilling at the Moore Lake
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 believes drill hole ML-202 represents the discovery
of a new high grade mineralized lens on the property.
Hole ML-199 intersected a broad zone of intensely faulted and desilicified sandstone and t he
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 % eU3O8 over 4.6 metres from 269.2 to 273.8 me tres. 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 unconform ity and extending into
the clay-replaced and altered , weakly graphitic pelitic and granitic basement rocks. Dow nhole
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.
ML-201 deviated off target to the north, whereas ML -203 deviated off target to the south.
Nonetheless, both holes intersected structurally disrupted and strongly altered sandstone and
basement rocks and will likely require follow-up.
The early success of the current drill program has prompted the company to expand it from
3,500m to 4,500m consisting of 14 to 16 holes ranging in depth from 200m to 500m. The drill
program is currently underbudget and is progressing quickly and smoothly. The Company is
currently drill testing the 527 Zone located 500 metres E-NE and along strike of the Main Maverick
Zone lens before finishing the program back at the main Maverick Zone and on targets located
along the Maverick structural corridor to the west and south.
Moore Lake 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
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the Moore Lake project at the Maverick Zone in April 2001 . Historical drilling h ighlights 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 yet to be
followed up on.
About Radiometric Equivalent Grades and Spectrometer Readings:
Using down -hole probes to calculate radiometric equivalent grades is a common practice by
uranium mining companies in the Athabasca Basin, particularly when there is significant core loss
through the mineralized interval. All of the holes referred to herein were probed downhole by the
on-site geologists using a Mount Sopris winch and Matrix Logging console in conjunction with a
Mount Sopris 2GHF probe which utilizes a sodium iodide crystal and two Geiger-Mueller tubes to
collect accurate downhole readings when passing through high grade uranium mineralization.
The data collected from these calibrated probes is then used to calculate equivalent grade
uranium values.
All spectrometer readings were made with a Radiation Solutions Super Spec spectrometer with
a 6.3 inch Sodium Iodide detector. It should be noted that spectrometer readings are relative and
cannot be directly correlated to grade and are only used as a preliminary guide to identifying areas
containing radioactive minerals. Actual grades can only be determined by geochemical assay.
All geochemical analysis was performed by the Saskatchewan Research Council (SRC) in
Saskatoon, a Standards Council of Canada (CCRMP) certified analytical laboratory with unique
expertise in Uranium analytical techniques.
Qualified Person:
The technical information in this news release has been prepared in accordance with the
Canadian regulatory requireme nts 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.:
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 Lake Uranium Project which is located 20 kilometres east of Denison’s
Wheeler River project and 39 kilometres south of Cameco’s McArthur River uranium mine. Moore
Lake is an advanced stage uranium exploration property with over $30 million in historical
exploration, 370 diamond drill holes, and a high-grade uranium zone known as the Maverick Zone
with drill results including 4.03% e U3O8 over 10 metres at a vertical depth of 265 metres. The
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Company owns a 100% interest in the Falcon Point (formerly Way Lake) 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. Skyharbour also has a 50% interest in the
large, geologically prospective Preston Uranium Pr oject proximal to Fission Uranium’s Triple R
deposit as well as NexGen Energy’s Arrow deposit. 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 with partners Denison Mines and AREVA, 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: 604-639-3850
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
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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 forwa rd-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 actual 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.