Skyharbour Intersects 7.30% U3O8 over 3.0m within 5.0m of 4.61% U3O8 at High-Grade Moore Project and Plans for Upcoming Fully-Funded Summer Drill Programs
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
July 11th, 2024
NEWS RELEASE
Skyharbour Intersects 7.30% U3O8 over 3.0m within 5.0m of 4.61% U3O8 at High-Grade
Moore Project and Plans for Upcoming Fully-Funded Summer Drill Programs
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce assay results from its 2024 winter diamond drilling
program which totaled 2,864 metres in nine holes at its 100% owned, 35,705 hectare Moore
Uranium Project . The project is located approximately 15 kilometres east of Denison Mine’s
Wheeler River project and proximal to regional infrastructure for Cameco’s Key Lake and
McArthur River operations in the Athabasca Basin, Saskatchewan. A highlight from this program
was from hole ML24-08 which intersected 5.0 metres of 4.61% U 3O8 from a relatively shallow
downhole depth of 265.5 metres to 270.5 metres including 10.19% U3O8 over 1.0 metre at the
Main Maverick Zone. Skyharbour plans to continue advancing Moore through additional drilling in
2024 in conjunction with a fully-funded summer drill program to follow-up on the recently reported
Fork target uranium discovery at the Company’s adjacent Russell Lake Uranium Project. The
combined drill campaign this summer is planned to consist of approximately 7,000 - 8,000 metres
with details forthcoming.
Moore Uranium Project Claims Map:
https://skyharbourltd.com/_resources/images/moore-project-map-20221012.jpg
Jordan Trimble, President and CEO of Skyharbour Resources, stated: “The drill results
announced here demonstrate the high -grade, shallow endowment of uranium mineralization at
the Main Maverick Zone. We continue to expand this main zone, and will be drilling this summer
to further delineate the numerous high-grade zones of uranium on the Maverick Corridor taking
advantage of regional infrastructure including the exploration camp at our adjacent Russell Lake
project to bring our costs down. The multi -kilometre Maverick Corridor offers strong discovery
potential along strike and at depth in the underlying basement rocks , and we also plan to test
prospective regional targets that have had limited drill -testing historically. With the recent
discovery of high -grade uranium mineralization at Russell in the Fork Zone, this has been an
exciting season of drilling thus far for Skyharbour with much more news to come at both Moore
and Russell as well as at the various partner-funded projects.”
Highlights:
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• Hole ML24-08 is one of the better holes drilled at the Main Maverick Zone to date. It
intersected an interval of high-grade mineralization grading 4.61% U3O8 over 5.0m
starting at 265.5m downhole including 3.0m of 7.30% U3O8 and 1.0m of 10.19% U3O8,
with up to 10.8% Ni.
• Hole ML24-03 intersected a broad interval of high-grade mineralization grading 1.11%
U3O8 over 11.5m starting at 266.8m downhole including 2.0 metres of 5.87% U3O8.
• All holes drilled in the Main Maverick Zone during the winter of 2024 intersected
significant uranium mineralization with the goal of further expanding and delineating the
known zone of mineralization.
• There remains expansion potential at both of the high-grade Main Maverick and
Maverick East Zones. Furthermore, substantial portions of the 4.7 kilometre long
Maverick corridor remain to be systematically drill-tested leaving robust discovery
potential along strike as well as at depth in the basement rocks.
• Two exploratory holes drilled in the Grid 19 area tested the Slice Pond and 19 East
Conductors and intersected structurally disrupted graphitic pelitic accompanied by
significantly anomalous pathfinder element geochemistry.
• Preparation for a fully-funded 2,500 - 3,000 metre summer drill program at Moore
focused at the Maverick Zones is underway, as is a follow-up 4,500 – 5,000 metre drill
program at the Russell Lake Project where drilling at the newly discovered Fork Zone
returned high-grade uranium mineralization hosted in the sandstone.
Summary of 2024 Winter Drilling Program at Moore:
Drilling on the Moore Project over the winter of 2024 totaled 2,864 metres in nine holes. Seven
holes (ML24-01 to -04 and ML24-7 to -09) were drilled at the Main Maverick Zone and two holes
were drilled on the Grid 19 target conductors (ML21-05 to -06).
Moore Uranium Project Regional Grid Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Main Maverick Zone Drilling:
Seven holes totalling 2,221 metres were drilled at the Main Maverick Zone to better define and
expand the shallow high-grade mineralized zone. All of these holes were drilled vertically and
intersected significant uranium mineralization at the unconformity centred around 265 .0 metres
to 275.0 metres downhole depth. The majority of the high -grade uranium mineralization at the
Main Maverick Zone is sandstone-hosted situated just above the unconformity.
Main Maverick Zone Drilling Map:
https://www.skyharbourltd.com/_resources/maps/Maverick-Main-Drilling-2024_Magnetics.jpg
The highlight w as hole ML24-08, which intersected 5.0 metres of 4.61% U 3O8 between 265.5
metres and 270.5 metres depth including 3 .0 metres of 7.3 0% U 3O8 between 266.0 metres to
269.0 metres depth. Another notable hole was ML 2 4-03, which intersected a broad interval of
mineralization grading 1.11% U 3O8 over 11.5 metres between 266.8 metres to 278.3 metres
depth, including 5.87% U 3O8 over 2 .0 metres. The results of the drilling are reported in the
following table:
Hole From To Width Assay (% U3O8)
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ML24-01 274.9 275.4 0.5 0.112
ML24-02 265.0 271.5 6.5 **0.914
ML24-03 266.8 278.3 11.5 1.112
incl 270.3 272.3 2.0 5.87
ML24-04 262.2 267.5 6.2 *0.323
incl 266.0 266.9 0.9 *1.142
ML24-07 267.1 271.1 4.0 0.729
incl 267.10 268.10 1.0 1.870
ML24-08
incl
265.5
266.0
270.5
299.0
5.0
3.0
4.610
7.30
incl
incl
267.5
268.0
268.5
268.5
1.0
0.5
10.19
14.90
ML24-09 270.0 273.1 3.1 *0.330
and 282.5 283.0 0.5 0.127
*Grade Equivalent U3O8 from downhole gamma probing
** Composite of Chemical and Grade Equivalent U3O8
The geology and geochemistry of all the drill holes are typical of the Main Maverick Zone. The
zone is characterized by a subvertical fault intersecting basement rocks consisting primarily of
graphitic and non -graphitic pelitic gneiss along with Hudsonian and Archaean granites,
accompanied by local pegmatite bodies. The overlying sandstone is typically intensely faulted,
de-silicified, clay enriched and highly bleached with sooty pyrite and local silicification. The depth
to the unconformity is approximately 270.0 metres where the sandstone and basement rocks are
clay-altered to -replaced with uranium mineralization and with local intervals of basement-hosted
uranium mineralization. The sandstone column is highly anomalous in Boron (≤3,320 ppm B) with
the basement rocks within and surrounding the mineralization highly anomalous in Vanadium
(≤5,990 ppm V) and Lead (≤5,000 ppm Pb), as well as up to 14.7% Nickel and 1.77% Cobalt in
an individual 0.5 metre mineralized sample in hole ML24-02 at 269.9 metres that also returned
1.18% U3O8. Furthermore, a 0.5 metre sample in hole ML24-08 intersected 10.8% Nickel along
with 14.9% U3O8.
Grid Nineteen Drilling:
Two exploratory holes totalling 643.0 metres were drilled at the Grid 19 target area approximately
10km NE of the Maveri ck Zones, with one hole drilled on the Slice Pond Conductor (ML24-05)
and the other hole on the 19 East conductor (ML24-06).
Grid 19 Zone Drilling Map:
https://www.skyharbourltd.com/_resources/images/Grid-Nineteen-2024-Winter-Drill-Map.jpg
Hole ML24-05 was drilled as a follow-up to the mineralization intersected in ML22-03 on the Slice
Pond target at Grid -19. A moderately bleached, weakly fractured sandstone column was
intersected down to the unconformity at 205.0 metres. Granitic gneiss, silicified metasediments
and quartzite were intersected to 229.5 metres downhole, above locally faulted graphitic pelitic
gneiss with accessory calc-silicate and iron formation down to 258.0 metres. Pink foliated granite
and pegmatite was then intersected until the end of hole at 290.0 metres. The hole intersected
encouraging pathfinder geochemistry including anomalous Cu ( ≤668 ppm), Th ( ≤140 ppm), V
(≤244 ppm) and B (≤1080 ppm) within several of the graphitic faults.
Hole ML24-06 was drilled on the 19 East Conductor to follow-up on structurally disrupted graphitic
gneisses and anomalous geochemistry previously encountered in ML21 -08. Weakly to
moderately bleached sandstone was drilled to 170 .0 metres becoming moderately to strongly
bleached and limonitic down to the unconformity at 193.2 metres. Bleached, hematized, and
chloritized garnet-bearing granite was intersected until 211.8 metres followed by locally sheared
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and faulted graphitic metasediments intercalated with granite and accessory calc -
silicate, amphibolite, and iron formation until the end of hole at 353.0 metres. Major graphitic
structures were encountered within the basement and determined to be congruent with similar
structures in ML21 -08. Encouraging pathfinder geochemistry was identified within the graphitic
shears, including anomalous B (≤338 ppm), V (≤185 ppm), Ni (≤379 ppm) and Cu (≤340 ppm).
2024 Summer and Fall Drilling Plans:
The Company is planning for an additional fully-funded 2,500 - 3,000 metres of drilling in seven
to nine holes at the Main Maverick and Maverick East Zones to further expand, characterize and
define the extents of the mineralized zones. Both of these high-grade zones are open along strike
and at depth with less historical drilling testing the underlying basement rocks. This drilling will
take place in conjunction with a 4,500 – 5,000 metre diamond drilling program at the adjacent
Russell Lake Project, where the recently completed winter drilling program identified a significant
new zone of uranium mineralization at the Fork Zone . Drill hole RSL24 -02 in that program
intersected 0.721% U3O8 over 2.5 metres including 2.99% U 3O8 over 0.5 metres, approximately
500 metres from Highway 914. Both drilling programs will be run using the Company’s McGowan
Lake camp on Highway 914 as a base of operations making exploration at both properties very
cost effective.
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 and has since fulfilled
its earn in. The project consists of 12 contiguous claims totaling 35,705 hectares located 42
kilometres northeast of the Key Lake mill, approx. 15 kilometres east of Denison’s Wheeler River
project, and 39 kilometres south of Cameco’s McArthur River uranium mine. Unconformity-hosted
uranium mineralization was discovered on the Moore Project at the Maverick Zone with historical
drill highlights consisting of 4.03% eU3O8 over 10 metres, including 20% eU3O8 over 1.4 metres,
in ML-161. In 2017, Skyharbour announced drill results of 6.0% U 3O8 over 5.9 metres, including
20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres, in hole ML-199. In addition to the
Main and East Maverick Zones, the project hosts other mineralized targets with strong discovery
potential which the Company plans to test with future drill programs. The project is fully accessible
via winter and ice roads which simplifies logistics and lowers costs. Large proportion s of the
property are accessible in the summer as well.
Moore Lake Uranium Project Geophysics Map:
http://skyharbourltd.com/_resources/maps/MooreLake-Basic-geo-revamp.jpg
QA/QC, Radiometric Equivalent Grades and Spectrometer Readings:
All drill intervals above are downhole length and sampling procedures and QA/QC protocols for
geochemical results as well as a description of downhole gamma probe grade calculations and
protocols are below. All drill core samples are shipped to the Saskatchewan Research Council
Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan under the care of Skyharbour
personnel for preparation, processing, and multi-element analysis by ICP-MS and ICP-OES using
total (HF:NHO3:HClO4) and partial digestion (HNO3:HCl), boron by fusion, and U3O8 wt% assay
by ICP -OES using higher grade standards. Assay samples are chosen based on downhole
probing radiometric equivalent uranium grades and scintillometer (Radiation Solutions RS -125)
peaks. Assay sample intervals compri se 0.5 metre continuous half -core split samples over the
mineralized interval. These samples may also be selected for density determination using the lost
wax method. With all assay samples, one half of the split sample is retained and the other sent to
the SRC for analysis. The SRC is an ISO/IEC 17025/2005 and Standards Council of Canada
certified analytical laboratory. Blanks, standard reference materials, and repeats are inserted into
the sample stream at regular intervals by Skyharbour and the SRC in ac cordance with
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Skyharbour’s quality assurance/quality control (QA/QC) procedures. Geochemical assay data
are subject to verification procedures by qualified persons employed by Skyharbour prior to
disclosure.
During active exploration programs drillholes are radiometrically logged using calibrated
downhole Mount Sopris HLP -2375 or 2GHF probes of varying sensitivities which collect
continuous readings along the length of the drillhole. Preliminary radiometric equivalent uranium
grades (“eU 3O8”) are then calculated from the downhole radiometric results. The probe is
calibrated using an algorithm calculated from the calibration of the probe at the Saskatchewan
Research Council facility in Saskatoon and from the comparison of probe results against
geochemical analyses. In the case where core recovery within a mineralized intersection is poor
or non-existent, radiometric grades are considered to be more representative of the mineralized
intersection and may be reported in the place of assay grades. Ra diometric equivalent probe
results are subject to verification procedures by qualified persons employed by Skyharbour prior
to disclosure.
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.
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 587,000 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 McAr thur 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% U3O8 over 5.9 metres
including 20.8% U 3O8 over 1.5 metres at a vert ical depth of 265 metres. Adjacent to the Moore
Uranium Project is Skyharbour’s recently optioned Russell Lake Uranium Project from Rio Tinto,
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 partners including: CSE-listed
Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the
Yurchison Project; North Shore Uranium at the Falcon Project; and TSX -V listed Tisdale Clean
Energy 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 $33 million in partner-funded exploration expenditures, over $27 million
worth of shares being issued and over $ 20 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:
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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]
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All statements in this release, other than statements of historical facts, that address events or
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including the Private Placement. Although management believes the expectations expressed in
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guarantees of future performance, and actual results or developments may differ materially from
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forward-looking statements if management's beliefs, estimates or opinions, or other factors,
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