Skyharbour Intersects Additional High Grade Uranium Mineralization Including 2.07% U3O8 over 4.0m within 19.5m of 0.54% U3O8 at the Moore Uranium Project, 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
February 3rd, 2022
NEWS RELEASE
Skyharbour Intersects Additional High Grade Uranium Mineralization Including 2.07%
U3O8 over 4.0m within 19.5m of 0.54% U3O8 at the Moore Uranium Project, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce the results of the final six holes from its 2021
summer/fall diamond drilling program at its 100% owned Moore Uranium Project. The project
comprises 35,705 hectares approximately 15 kilometres east of Denison Mine’s Wheeler River
Project, and is proximal to regional infrastructure for Cameco’s Key Lake and McArthur River
operations in the Athabasca Basin, Saskatchewan. Drill hole ML21-19 extended the northern
extent of the high grade uranium mineralization at the Maverick East Zone and intersected a broad
zone of uranium mineralization consisting of 0.54% U3O8 over 19.5 metres including 4.0 metres
of 2.07% U3O8. Furthermore, plans for an upcoming , fully-funded, minimum 2,500 metre winter
drilling program are nearing completion with the program expected to commence shortly.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Highlights:
• Maverick East Zone hole ML21-19 successfully intersected a wide interval of 19.5 metres
of 0. 54% U3O8 from 269.5 metres to 289.0 metres down-hole including 4.0 metres of
2.07% U3O8 from 276.0 metres to 280.0 metres. This broad zone of uranium mineralization
is hosted by clay altered sandstone and graphitic pelitic gneiss straddling the
unconformity. The hole was designed to test the up -dip edge of the Maverick East Zone
northeast of previously reported hole ML20-05 which returned 9.5 metres of 0.23% U3O8.
• Hole ML21-18 was drilled down-dip of previously reported hole ML-47 which intersected
9.0 metres grading 0.30% U 3O8. This hole intersected two zones of mi neralization
consisting of 0.11% U 3O8 over a 4.5 metre interval in graphitic pelitic basement rocks
immediately below the unconformity at 277.4 metres and a second similar zone of
mineralization grading 0.15% U3O8 from 288.4 metres to 289.9 m etres downhole in the
basement rocks.
• Other highlight drill results from the program include previously reported hole ML21 -03
which returned 2.54% U3O8 over 6.0 metres from 276.0 metres to 282.0 metres including
6.80% U3O8 over 2.0 metres, as well as hole ML21-13 which returned 0.99% U 3O8 over
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5.7 metres from 270 metres to 275.7 metres including an interval of 1.51% U3O8 over
2.5 metres.
• Plans for an upcoming , minimum , 2,500 metre winter drilling program are nearing
completion with drilling planned for follow-up at the Maverick East Zone and the Viper
target area, which is along the 4.7 km Maverick Structural corridor, as well as additional
drilling at the relatively new Grid 19 target area. This fully-funded program will commence
shortly and will be the first of several planned drill programs this year.
• 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.
• The drill crew is currently establishing access to the new Grid 19 target area where highly
prospective geochemistry and basement lithologies were intersected on the Slice Pond
Conductor.
Jordan Trimble, President and CEO of Skyharbour Resources, states: “This was a very successful
drill program at our Moore Uranium Project. In addition to discovering some of the highest grade,
basement-hosted mineralization to date at the project, we continue to intersect wide intervals of
continuous mineralization straddling the unconformity at the Maverick East Zone. We also made
significant progress at regional targets and plan to follow up on these findings in upcoming drill
programs this year including a winter program slated to commence shortly . Skyharbour is very
well positioned to benefit from the accelerating uranium market recovery with increasing demand
in the backdrop of a strained supply side as the world continues to reduce carbon emissions from
electricity generation through the use of nuclear energy. Skyharbour offers robust discovery
potential at its project base coupled with ample upcoming news flow from the continued drilling at
Moore as well as at partner -funded projects. Several of these partner companies have recently
commenced drill programs totalling approx. 8,500 metres including Azincourt Energy at the East
Preston Project and Valore Resources at the Hook Lake Project , while other partner companies
have announced plans for upcoming exploration and drill programs at their respective optioned
projects.”
Summary of Summer / Fall 2021 Drilling Program:
Drilling on the Moore Uranium Project over the summer and fall of 2021 totaled 6,598 metres in
nineteen holes. Thirteen holes (ML21-01 to 05 and ML21-12 to 19) were drilled on the Maverick
East Zone, three holes were drilled on the Esker Target (ML21-06, 10, 11) and three additional
holes were drilled on the Grid 19 target conductors (ML21-07 to 09) . Results from ML21 -01 to
ML21-13 have been previously reported in news releases dated September 14th and November
10th, 2021. All of the results from the 2021 drilling program have now been received from SRC
Geoanalytical Laboratories in Saskatoon and have been compiled and interpreted.
Moore Uranium Project Regional Grid Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Geological Description of Remaining Drill Results:
Drill hole ML21-14 was drilled to further establish the geometry of the eastern end of the Maverick
East Zone. The hole was drilled as a down -plunge and down -dip test of the basement
mineralization in previously reported hole ML20-13 which intersected 11.3 metres of 0.24% U3O8.
Hole ML21-04 intersected intensely faulted and bleached sandstone overlying clay altered and
faulted graphitic pelitic gneiss and granite. The hole also returned highly anomalous B ( ≤2860
ppm), Ni ( ≤1840 ppm), Co ( ≤461 ppm), Cu ( ≤1190 ppm) and U ( ≤301 ppm) from the graphitic
lithologies.
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Moore Uranium Project Maverick East Zone Drilling Map:
https://www.skyharbourltd.com/_resources/images/Moore-2021-Maverick-East-Main-Maverick-
Drilling.jpg
Drill hole ML21-15 was drilled as a follow -up to historical hole ML -533, which had significantly
deviated from its original target 25 metres along strike of the currently defined Maverick East
Zone. Hole ML21-15 intersected an intensely bleached and faulted sandstone package overlying
clay altered granitic gneiss with highly anomalous B (≤2690 ppm) in the basal portion of the
sandstone column.
Hole ML21-16 was one of three holes (ML21-16 to ML21 -18) drilled to establish linkages and
extensions between the Maverick Main and Maverick East Zones. Hole ML21-16 was drilled 5.0
metres north of historic hole ML-47 which returned a mineralized interval of 9.0 metres of 0.30%
U3O8. Hole ML21-16 intersected an intensely bleached and faulted sandstone package overlying
clay altered to replaced granitic gneiss. The hole returned highly anomalous B ( ≤2470 ppm) in
the basal portion of the sandstone column as well as anomalous Pb (≤493 ppm) in the underlying
granitic gneiss.
Hole ML21-17, the second of the three holes, was drilled 5 metres north of historic hole ML-25,
which returned 9.1 metres of 0.62% U 3O8, on the eastern end of the Maverick Main Zone. The
hole intersected intensely bleached and faulted sandstone overlying mineralized and clay altered
to replaced granitic gneiss. Hole ML21-17 returned an interval of uranium mineralization grading
0.28% U3O8 over 2.0 metres from 274.6 metres to 276.6 m etres immediately below the
unconformity. The mineralization lies within clay replaced granitic rocks and is accompanied by
highly anomalous Ni ( ≤331 ppm), Pb ( ≤1730 ppm) and Cu ( ≤410 ppm) , with the overlying
sandstone highly anomalous in B (≤2410 ppm).
Hole ML21-18 was the final hole d esigned to establish the linkage between the Maverick Main
and Maverick East Zones. Hole ML21-18 was drilled 5.0 metres south of historic hole ML-47 which
returned a mineralized interval of 9.0 m etres of 0.30% U3O8. The hole intersected an intensely
bleached and faulted sandstone column overlying clay altered to replaced graphitic pelitic and
granitic gneiss. Hole ML21-18 returned a 4.5 m etres wide interval of uranium mineralization
grading 0.11% U3O8 immediately below the unconformity from 277.4 metres to 281.9 m etres
depth. A second mineralized interval of 0.15% U 3O8 over 1.5 m etres was intersected between
288.4 metres and 289.9 metres downhole. The mineralization in both intervals was entirely hosted
by clay altered to replaced pelitic gneiss and granite , and was accompanied by anomalous B
(≤3930 ppm), Ni (≤605 ppm), Pb (≤376 ppm) and Co (≤214 ppm).
The final hole, ML21-19, tested an area of ambiguous geology northeast of hole ML21-05, lying
between high grade intercepts in previously reported hole ML-202 (11.5 metres of 1.79% U3O8)
and hole ML19-06 (12 .0 metres of 0.62% U 3O8.). This hole has further established the
relationships and complexity of the geology and structure within the area , and illustrates the up-
dip potential of the Maverick East Zone in this area. A mineralized interval comprising 19.5 metres
of 0.54% U3O8 was intersected from 269.5 metres to 289.0 metres down-hole including 4.0 metres
of 2.07% U 3O8, from 276 .0 metres to 280.0 metres. The unconformity occurs at 278.5 m etres
depth within the hole, and it intersected the typical intensely bleached and faulted sandstone
column overlying clay altered to replaced graphitic pelitic and granitic gneiss . The uranium
mineralization straddles the unconformity and is accompanied by highly anomalous Ni (≤2140
ppm), Co (≤756 ppm), Pb (≤1760 ppm) and B (≤11,600 ppm).
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 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
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project, and 39 kilometres south of Cameco’s McArthur River uranium mine. Unconformity
style uranium mineralization was discovered on the Moore Project at the Maverick Zone in April
2001. Historical drill highlights include 4.03% eU3O8 over 10 metres including 20% eU3O8over 1.4
metres, and in 2017, Skyharbour announced drill results including 6.0% U3O8 over 5.9 metres
including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. 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 fully accessible via winter and ice
roads which simplifies logistics and lowers costs. Large proportions 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
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 fourteen
projects, nine of which are drill -ready, covering over 385,000 he ctares 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% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at
a vert ical depth of 265 metres. The Company is actively advancing the project through drill
programs.
Skyharbour has a joint -venture with industry -leader Orano Canada Inc. at the Preston Project
whereby Orano has earned a 51% interest in the project through exp loration expenditures and
cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a
joint-venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a
70% interest in the project through exploration expenditures, cash payments and share issuance.
Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large,
geologically prospective properties proximal to Fission Uranium's Triple R deposit as well as
NexGen Energy's Arrow deposit. Furthermore, the Company owns a 100% interest in the South
Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101
inferred resource totalling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at
0.023%.
Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook
Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in
exploration expenditures, $475,000 in cash payments over three years and an initial share
issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin
Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000
in cash payments as well as share issu ances over three years; and CSE -listed Medaro Mining
Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through
$5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances
over three yea rs followed by the option to acquire the remaining 30% of the project through a
payment of $7,500,000 in cash and $7,500,000 worth of shares.
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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/maps/SKY_SaskProject_Locator_20211126.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:
Riley Trimble
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
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THIS NEWS RELEASE.
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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 fo rward-looking statements,
including the Private Placement. 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-
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