Skyharbour Intersects High Grade Uranium Mineralization in Maverick Zone including 7.4% U3O8 over 1.8 metres within 2.23% U3O8 over 9.3 metres and Makes New Uranium Discovery at Regional Target on the Moore Uranium Project
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
December 6th, 2017
NEWS RELEASE
Skyharbour Intersects High Grade Uranium Mineralization in Maverick Zone including
7.4% U3O8 over 1.8 metres within 2.23% U3O8 over 9.3 metres and Makes New Uranium
Discovery at Regional Target on the Moore Uranium Project
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce the results from its 2017 summer/fall diamond
drilling program at its flagship 35,705 hectare Moore Uranium Project , located approx. 15
kilometres east of Denison Mine’s Wheeler River project and near regional infrastructure on the
southeast side of the Athabasca Basin, Saskatchewan. Drill hole ML17-10 intersected high grade
uranium mineralization on the eastern edge of the Main Maverick Zone consisting of 7.4% U3O8
over 1.8 metres within 2.23% U3O8 over 9.3 metres. This mineralization occurs in the sandstone
from 265.7 to 275.0 metres with the unconformity depth at 273.9 metres. Also of note is hole
ML17-09 which intersected uran ium mineralization in the basement rock of the Main Maverick
Zone as well as exploratory drill hole ML17-04 which discovered uranium mineralization in narrow
shears at the Venice target, a regional target 9 km northeast of the known high grade zones at
Maverick.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Highlights:
Hole ML17-10 at the Main Maverick Zone returned 2.23% U3O8 over 9.3 metres from 265.7
to 275 .0 metres downhole including 7.4% U 3O8 over 1.8 metres just above the
unconformity
Hole ML17-09 at the Main Maverick Zone returned 0.344% U3O8 over 7.5 metres from
277.5 to 285.0 metres including an interval of 1.41% U3O8 over 1.5 metres; t his
mineralization occurs below the unconformity in the basement rocks illustrating the strong
potential for high grade uranium to be discovered in the relatively underexplored basement
rocks at Moore
Holes ML17-07 and ML17 -11 which tested the Maverick East Zone returned strongly
altered and structurally disrupted basement rocks enriched in uranium, bor on, nickel,
cobalt and vanadium
Only 1.5 kilometres of the total 4 kilometre long Maverick corridor have been
systematically drill tested leaving robust discovery potential along strike as well as at depth
in the underlying basement rocks which have seen limited drill testing historically
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Regional drill hole ML17 -04 tested the East Venice area, approx. 9 km northeast from
the Main Maverick Zone, and intersected altered and sheared graphitic pelites that
returned anomalous uranium and boron values as well as low grade uranium
mineralization in a previously untested target area
Given the success of the 2017 drilling programs at Moore, planning is currently underway
for a minimum 4,000 metre winter diamond drilling program to commence in early
February; additional news and details are forthcoming
Jordan Trimble, President and CEO of Skyharbour Resources, states: "The recently completed
summer/fall drill program at the Moore Project has returned additional high grade, shallow
uranium drill results both above and below the unconformity at the Maverick corridor, as well as
yielding a new regional discovery. We will be commencing a winter drill program soon to follow
up on these results as we continue to value -add the project using a systematic and proven
exploration methodology. The project boasts strong discovery potential going forward as we are
discovering new, high grade mineralized lenses along the Maverick corridor and have now
intersected higher grade uranium in the underlying basement rock as well . In addition to the
Maverick corridor, we are fi nding new zones of uranium mineralization at regional targets
including the Venice area which will be followed up on in upcoming drill programs. With the
impending winter drill program at our Moore Project, as well as AREVA’s planned drilling early in
the New Year at our Preston Project, there will be ample news flow from the Company during a
time when recent significant production cuts from the largest uranium prod ucers help drive a
uranium market recovery."
Fall 2017 Drill Program Summary and Upcoming Winter 2018 Drill Program Plans:
The recently completed summer/fall drill program totaled 4,035 metres in eleven holes with holes
drilled to between 2 50 metres and 450 metres depth . Seven of the eleven holes were
reconnaissance and regional drill holes at geophysical targets in the East Venice, Volhoffer and
Moore Lake Complex areas with the remaining four holes drilled on the high grade Maverick
structural corridor.
Moore Uranium Project Regional Drill Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Skyharbour is planning for a minimum 4,000 metre 2018 winter diamond drilling program slated
to commence in early February . The majority of this drilling will continue testing the high grade
Maverick corridor both above the unconformity and below it in the basement rocks. The Company
will also test regional targets in the Venice and Puka Puka areas given prior success from the
regional drilling at these targets including uranium mineralization discovered at East Venice in the
most recent drilling campaign.
Drilling at the Maverick Zone:
Four holes tested the Maverick Main Zone and Maverick East Zone. The best results were from
ML17-10 and ML17-09 which were drilled on the eastern margin of the Main Zone. Hole ML17-
10 intersected 7.4% U3O8 over 1.8 metres within 2.23% U3O8 over 9.3 metres from 265.7 to 275.0
metres vertical.
Moore Uranium Project Maverick Zone Drilling Map:
http://skyharbourltd.com/_resources/projects/Moore-Lake-Maverick-Detail_20170515.pdf
Hole ML 17-09 intersected 1.41% U3O8 over 1.5 metres within a 7.5 metre interval returning
0.344% U3O8 from 277.5 to 285.0 metres vertical. This mineralization occurs in strongly altered
basement rocks enriched in boron, nickel, copper and cobalt. The unconformity was intersected
at 277.3 metres and this intersection illustrates the strong potential for high grade uranium to be
hosted in the basement rocks along the Maverick corridor which the company will test for in future
drill programs.
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Moore Uranium Project Maverick and Goose Zones Drilling Map:
http://skyharbourltd.com/_resources/projects/Moore-Lake-Maverick-Trend-w-geophys-
inset_20170515_v2.pdf
Also of note w ere the results from drill holes ML17-11 and ML17-07 which tested the Maverick
East area. Th ese holes intersected strongly altered and str ucturally disrupted sandstone and
basement rocks enriched in uranium, boron, nickel, cobalt and vanadium.
Drilling at the East Venice Target:
Exploratory drill hole ML17 -04 tested a regional target at the East Venice area, approx. 9 km
northeast from the Main Maverick Zone, and intersected low grade shear zone hosted uranium
mineralization in basement rocks. The drill hole intersected a strongly altered and structurally
disrupted lower sandstone column enriched in boron. The basement rocks are commonly altered
and sheared graphitic pelites enriched in boron and uranium including low grade uranium
mineralization in shears. The unconformit y is quite shallow in this area at only 216.4 metres.
Follow up drilling is planned to take place this coming winter.
Drilling at the Moore Lakes Complex Target:
Two holes targeted interpreted conductors beneath a relatively featureless gabbro known as the
Moore Lakes Complex. Neither hole intersected sandstone or graphite although both holes
intersected anomalous copper, cobalt and uranium values particularly in the lower half of the
column along with abundant shear s and quartz -carbonate veining. Hole ML17 -02 was also
enriched in sulphides, primarily pyrite, and returned up to 0.3% copper over 1.5 metres.
Drilling at the Volhoffer Target:
The Volhoffer area is on a conductive trend that on the adjoining McArthur River project operated
by Cameco contains uranium mineralization. Unconformity depths here are also shallow at about
220 metres. Two holes were drilled in this area but neither intersected the interpreted conductors;
however, they were variably altered with strong fracturing locally and returned anomalous boron
values in the lower sandstone and upper basement rocks. The sandstone also contained
abundant secondary hematite, suggesting intense fluid flow.
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. 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 style uranium minera lization 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% eU3O8 over 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 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
Qualified Person:
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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 Adviso r 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, a
large strategic shareholder of the Company, to acquire 100% of the Moore Uranium Project which
is located approx. 15 kilometres east of Denison's Wheeler River project and 39 kilometres south
of Cameco's McArthur River uraniu m mine. Moore is an advanced stage uranium exploration
property with high-grade uranium mineralization at the Maverick Zone with drill results returning
6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265
metres. Skyha rbour recently signed option agreements with AREVA Resources Canada and
Azincourt Energy whereby AREVA and Azincourt can earn in 70% on the Preston Project through
a combined $9,800,000 in total exploration expenditures, as well as $1,700,000 in total cash
payments and 4,500,000 Azincourt shares. 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 contains 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 sa mples 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.
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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 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.