Skyharbour Intersects High Grade Uranium Mineralization at Maverick East Zone with Drill Results of 2.54% U3O8 over 6.0m including 6.80% U3O8 over 2.0m; Additional Assays Pending and Drilling to Continue
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
September 14th, 2021
NEWS RELEASE
Skyharbour Intersects High Grade Uranium Mineralization at Maverick East Zone with
Drill Results of 2.54% U3O8 over 6.0m including 6.80% U3O8 over 2.0m; Additional Assays
Pending and Drilling to Continue
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce the initial set of diamond drill results from its 2021
summer diamond drilling program at its 100% owned, 35,705 hectare Moore Uranium Project,
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. Drillhole ML21-03 intersected additional high grade, basement hosted
uranium mineralization at the Maverick East Zone. This hole returned 2.54% U3O8 over 6.0 metres
including 6.80% U 3O8 over 2.0 metres. Furthermore, d rilling on the regional Grid 19 target
identified several prospective geological features that are indicative of uranium mineralizing
systems.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Highlights:
• Hole ML21-03 was drilled within the eastern half of the Maverick East Zone. This hole
intersected predominantly basement-hosted uranium mineralization and returned 2.54%
U3O8 over 6.0 metres from 276.0 to 282.0 metres, including 6.8.0% U3O8 over 2.0 metres
from 278.5 to 280.5 metres. The uranium mineralization is accompanied by intense clay
alteration of pelitic assemblages below the unconformity as well as up to 0.83% Cu and
0.73% Ni in half metre sample intervals.
• The mineralized intercept in hole ML21-02 occurs in a broad zone that returned 0.19%
U3O8 over an 11.7 metre interval from 271.8 to 283.5 metres downhole. This mineralization
straddles the unconformity, with most of the interval within basement rocks comprised of
sheared, clay-altered to -replaced felsic intrusives. The intercept confirms continuity within
the central portion of the Maverick East Zone.
• 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.
• Drill holes ML21-07, -08 and -09 were the first holes drilled within the regional Grid 19
target area, where two prospective EM conductors were identified by this winter ’s SML-
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EM geophysical program. All three holes intersected highly prospective altered, graphitic
and sulphide bearing basement lithologies. The pending geochemical results will further
define the prospectivity of this area for winter follow -up when frozen conditions will
facilitate additional drilling.
• Final assay results are pending for seven more drill holes.
• Additional drilling of 1,500 to 2,000 metres in four to five holes has commenced at Moore.
Jordan Trimble, President and CEO of Skyharbour Resources, state d: “We are thrilled with the
first batch of drill results announced herein highlighted by drill hole ML21 -03 which returned the
best intercept to date in the basement rocks at the Maverick East Zone. Our geological team is
continuing to explore for higher grade uranium mineralization along strike and down plunge at this
zone with an expanded drill program. We are successfully increasing the size of the high grade
zones at the Maverick corridor and these results illustrate the notable discovery upside potential
at the Project especially in the basement rock feeder -zones which have had limited drill -testing
historically. Furthermore, there is good progress being made at regional targets at Moore and we
intend to follow up on other high -priority targets through out the Project. The remaining assay
results from the drill program are pending which will provide additional news flow in the months
to come amidst a significant resurgence in the uranium market.”
Summary of 2021 Drilling Program to Date:
Drilling to date in 2021 on the Moore Project has totalled 4,578 metres in thirteen holes. Seven
holes (ML21-01 to -05 and ML21-12 and -13) were drilled on the Maverick East Zone, three on
the Esker Target (ML21-06, -10, -11) and three on the Grid 19 Target conductors (ML21-07 to -
09). Complete results for holes ML21-01 to -05 have been received and reported herein, while
samples for the latter seven holes have been delivered to the SRC Geoanalytical Laboratories in
Saskatoon. After a short break in the drill program, field crews have remobilized to Moore and an
anticipated 1,500 to 2,000 metres in four to five holes are yet to be drilled. This expanded drill
program will test targets identified by prior modelling down plunge of the Maverick East zone, an
untested gap between the Main Maverick and the Maverick East Zones as well as targets at the
west end of the Main Maverick Zone where the geochemistry (pathfinders) and geology are
strongly indicative of a potentially uraniferous mineralizing system.
Moore Uranium Project Regional Grid Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Maverick East Zone Drilling:
Drill hole ML21-01 was drilled just west of hole ML20-12 which had intersected 0.28% U3O8 over
17.9 metres in the winter of 2020 . Hole ML21-01 intersected a broad interval of uranium
mineralization returning 0.07% U3O8, beginning at 268.8 metres and extending 18.2 metres to
encompass both sandstone and basement lithologies. This hole migrated well into the footwall
and intersected structurally disrupted and clay altered to replaced sandstone and granite, along
with uranium mineralization. The hole did return a typical footwall geochemical signature, with
intense boron enrichment (up to 8,060 ppm) in the sandstone as well as elevated uranium, nickel
and other pathfinders in the sandstone and basement.
Moore Uranium Project - Maverick East Zone Drilling Map:
https://www.skyharbourltd.com/_resources/maps/maverick-release.jpg
Hole ML20-02 was drilled to test for continuity of the uranium mineralization within the central
portion of the Maverick East Zone. The mineralized intercept in ML21-02 occurs in a broad zone
that returned 0.19% U3O8 over an 11.7 metre interval from 271.8 to 283.5 metres downhole. This
mineralization straddles the unconformity with approximately two thirds of the interval within
basement rocks comprised of sheared, clay-altered to -replaced felsic intrusives. This hole once
again intersected the main Maverick Fault towards the footwall side and the geochemistry is
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indicative of that with highly anomalous boron within the basement and the sandstone. The
intercept confirms continuity within the central portion of the Maverick East Zone.
Drill hole ML21-03 was drilled to test for continuity of the mineralization within the eastern half of
the Maverick East Zone, ten metres northeast of hole ML20-09 which returned 0.72% U3O8 over
17.5m. Hole ML21-03 intersected one of the highest grade intercepts to date on the Maverick
East Zone including the highest grades discovered to date in the basement rocks at the zone.
The hole returned 2.54% U3O8 over 6.0 metres from 276.0 to 282.0 metres including 6.80% U3O8
over 2 .0 metres from 278.5 to 280.5 metres. This mineralization is predominantly basement -
hosted and accompanied by intense clay alteration of pelitic assemblages below the unconformity
as well as up to 0.83% Cu and 0.73% Ni in half metre sample intervals. This high grade zone of
mineralization is open down plunge.
Drill holes ML21-04 and ML21-05 were collared to test for continuity between holes ML20-04 and
-13. Hole ML21-04 was lost just above the target and the unconformity in the Maverick Fault at
238 metres. ML21 -05 successfully tested the unconformity, but did not intersect significant
uranium mineralization. The basement lithologies in this hole are typically intrusive in character
within clay -altered to -replaced granites throughout . The sandstone is enriched in pathfinder
elements, primarily boron, as is typical of footwall holes along the Maverick Fault.
Holes ML21-12 and -13 were drilled as follow up holes within the eastern end of the Maverick
East Zone. Both holes were completed to depth and intersected the expected prospective faulting
and geology that has been identified in the Maverick East to date. Final geochemical assay results
are pending and will be reported on once received and correlated with the noted geological
features.
Grid 19 Zone Drilling:
Three holes ML21 -07 to -09 were drilled on the newly emplaced Grid 19 Target area located
approx. ten kilometres NE of Main Maverick Zone , where two sub -parallel north trending
conductors were identified by the winter SML-EM program. Holes ML21-07 and -09 were drilled
along strike, 400 metres apart on the westernmost of these conductors. These holes intersected
significant graphitic conductors and sulphides, basement faults, and in the case of hole ML21-07,
anomalous r adioactivity. Hole ML21-08 also intersected prospective basement geology. The
unconformity in the Grid 19 Target area occurs at a shallow depth of approximately 190 metres.
The final geochemical assay results are pending for these holes and will be reported once
received and fully evaluated.
Moore Uranium Project - Grid 19 Zone and Esker Zone Drilling:
https://www.skyharbourltd.com/_resources/maps/esker-grid-19.jpg
Esker Zone Drilling:
Three holes ML21-06, -10 and -11 were drilled as a follow up to historic drilling in the Esker Target
area located approx. five kilometres NE of the Main Maverick Zone where anomalous uranium
geochemistry was intersected in historical holes MT-04 and MT -10 drilled in the 1980’s. Hole
ML21-06 was lost prior to intersecting the target and the unconformity. Hole ML21-10 and -11
intersected significant graphitic conductors associated with faulting and pelitic rocks . The final
geochemical assay results will be reported once received and fully evaluated.
Uranium Market Commentary and Update:
The uranium market has recently shown notable signs of recovery with increasing uranium prices
and improving sentiment, and this recovery appears to be accelerating amid recent news and
several sector-specific developments. Analysts that cover the sector have stated that this could
be a sustained upswing as they are currently seeing some of the best fundamentals since pre -
Fukushima which should be supportive of higher uranium prices as a major supply-side response
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is playing out while the sticky demand -side continues to improve. Primary mine supply has
been declining and amounted to approx. 125 million lbs U3O8 in 2020 while demand continues to
rise and amounted to over 180 million lbs in 2020. The spot uranium p rice has risen to approx.
$40 / lb U 3O8 but it is still below the price needed to incentivize new development to ensure
sustainable and secure supply to meet growing global demand. More recently, financial entities
like the Sprott Physical Uranium Trust ha ve been purchasing millions of pounds of uranium
providing upward pressure on the price.
There are 443 operable nuclear reactors and 5 1 new reactors under construction globally with
hundreds more planned in the pipeline. China and India continue to be at the forefront of demand
growth and have the largest reactor pipelines making up a significant portion of the global growth.
More recently, an important emerging market for nuclear and uranium demand in small modular
reactors has gained notable positive press and momentum. As the global push for decreasing
carbon emissions continues, nuclear energy will play a vital role in providing base -load, carbon
emissions-free, low-cost electricity generation.
On the supply -side, mine closures and production curtailment continue to dominate headlines
which was exacerbated by the pandemic clearly illustrating the risks to global primary mine
supply. Major production cuts and depleting mine reserves appear to be working their way into
the uranium market and driving prices higher. The two largest producers, Cameco and
Kazatomprom, have announced large supply cuts over the last several years and have been
actively buying uranium directly in the spot market to fulfill their contract deliveries as their
production profiles have decreased.
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 totalling 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 style
uranium mineralization was discovered on the Moore Project at the Maverick Zone in April 2001.
Historical drill highlights incl ude 4.03% eU 3O8 over 10 metres including 20% eU 3O8over 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 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 exploration projects in Canada's Athabasca
Basin and is well positioned to benefit from improving uranium market fundamentals with six drill-
ready projects covering over 240,000 hectares o f 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
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south of Cameco's McArth ur 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 vertical
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 exploration 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.
The Company also owns a 100% interest in the South Falcon Uranium Project on the eastern
perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds
of U3O8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%. Skyharbour has signed a Definitive
Agreement with ASX-listed Valor Resources on the Hooke Lake (previously North Falcon Point)
Uranium Project whereby Valor can earn -in 80% of the project through $3,500,000 in total
exploration expenditures, $475,000 in total cash payments over three years and an initial share
issuance.
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/maps/SYH-Athabasca-Map.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]
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 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,
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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.