Skyharbour Intersects Significant Uranium Mineralization in Inaugural Drill Program at the Russell Lake Project in Northern Saskatchewan and Announces Plans for a Follow-Up Winter Drill Program
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November 2nd, 2023
News Release
Skyharbour Intersects Significant Uranium Mineralization in Inaugural Drill Program at the
Russell Lake Project in Northern Saskatchewan and Announces Plans for a Follow-Up
Winter Drill Program
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQX:SYHBF) (Frankfurt:SC1P)
(the “Company”) is pleased to announce results for its inaugural drilling program at its recently
optioned 73,294 hectare Russell Lake Uranium Project , strategically located in the central core of
the Eastern Athabasca Basin of northern Saskatchewan. Three phases of drilling were completed
on the property this year with eight holes totalling 3,661.5 metres drilled at the Grayling Zone in
Phase One, followed by Phase Two consisting of 2,730 metres in four holes at the Fox Trail target
area, and returning to the Grayling Zone for Phase Three where an additional 3,203 metres was
drilled in seven holes. Uranium mineralization was intersected in the majority of holes at the Grayling
Zone over a strike length exceeding one kilometre. Drill hole RSL23-01 intersected one of the best
ever drill results from the project, returning a 5.9 metre wide intercept of 0.151% U3O8 at a depth of
338.4 m etres, which includes 1.0 m etres of 0.366% U3O8 at 343.3 m etres depth within a thrust
wedge.
Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
Jordan Trimble, President and CEO of Skyharbour Resources, stated: “We are very pleased with
the inaugural drilling program at the Russell Lake Uranium Project. Numerous holes at the Grayling
target area intersected significant zones of uranium mineralization including hole RSL23 -01 which
represents one of the best drill results at the project. Skyharbour has also expanded the extent of
the known mineralized zones to over a kilometre at Grayling. Most of the drilling at the project
historically has been widespread exploratory drilling and we are even more confident in the discovery
potential and exploration upside at Russell Lake given this program along with the many highly
prospective target areas hosting the geological ingredients necessary for high -grade uranium
deposition. Planning is well underway for an upcoming, fully-funded winter drilling program with the
project accessible all year round with road access, powerlines and an exploration camp.”
“Skyharbour is also excited to have additional news flow and catalysts from its prospect generator
business consisting of numerous partner companies advancing some of our other projects
throughout the Athabasca Basin. Over the next year, the Company is anticipating continued drilling
and exploration programs at its co-flagship projects of Russell and Moore, as well as at its partner -
funded projects of Preston, East Preston, Mann Lake, Yurchison, South Falcon East, and South
Falcon.”
Highlights:
• Hole RSL23-01 intersected a 5.9 metre intercept of 0.151% U3O8 beginning at 338.4 metres,
including 1.0 metres of 0.366% U3O8 at 343.3 metres. The mineralization begins near the
base of a basement thrust wedge, and extends into the strongly clay altered sandstone and
uppermost basement, and is accompanied by anomalous pathfinder geochemistry including
As (≤1960 ppm) Ni (≤2760 ppm), and V (≤381 ppm).
• Hole RSL23-02 intersected 1.0 metre of uranium mineralization grading 0.224% U3O8 at the
unconformity, accompanied by major sandstone and basement faulting , significant clay
alteration, and highly anomalous As (≤1110 ppm), Cu (≤427 ppm), Ni (≤2760 ppm), V (≤811
ppm) and Zn (≤602 ppm).
• Most of the holes drilled at the Grayling Zone that successfully reached their intended
targets intersected uranium mineralization.
• The Grayling Zone and its attendant thrust wedge has now been confirmed over a strike
length of 1,000 m. The uranium mineralization at the Grayling Zone is accompanied by
significant faulting, strong clay alteration of the sandstone and basement graphitic pelitic
gneisses, and highly anomalous pathfinder geochemistry, including anomalous B, Ni, Cu,
Pb and As in addition to uranium.
• Drilling on the Fox Lake T rail conductors confirmed the presence of highly prospective
graphitic pelitic gneiss packages in conjunction with prospective quartzite ridges and other
favourable host lithologies. Both the sandstone and basement rocks in the Fox Trail area
are frequently enriched in uranium and pathfinder elements including B, V, Ni, Co, Cu and
As.
• Substantial portions of the Grayling and Fox Lake Trail target areas have yet to be
systematically drill tested leaving robust discovery potential. There is also m ore than 35
kilometres of largely untested prospective conductors in areas of low magnetic intensity on
the Property.
• Given the success of the inaugural drill program carried out by the Company at Russell
Lake, a follow-up program is being planned. The program will consist of 4,000 m - 5,000 m
of drilling and is slated to commence this upcoming winter.
2023 Diamond Drilling Program and Plans for Upcoming Drilling Program:
A total of 9,595 metres of drilling in nineteen holes was drilled in three phases during 2023. The first
phase of drilling consisted of a total of 3,662 metres in eight completed holes at the Grayling Zone,
while an additional four holes totaling 2,730 metres were drilled in the Fox Lake Trail Zone during
the second phase. The recently completed third phase of drilling was comprised of 3,203 metres in
seven holes on additional targets at the Grayling Zone.
Given the success of the inaugural drill program carried out by the Company at Russell Lake, a
follow-up program is being planned. The fully-funded program will consist of 4,000 m - 5,000 m of
drilling and is slated to commence this winter with additional details on the program forthcoming.
Phase One – Grayling Zone Drilling:
The first phase of Skyharbour’s inaugural drill program at Russell consisted of a total of 3,662 metres
in eight holes at the Grayling Zone. The majority of the holes drilled at the Grayling Zone during this
phase that successfully reached their intended targets intersected uranium mineralization and the
Grayling Zone will be a primary target area at the project moving forward.
Grayling Target Area Drill Hole Locations:
https://www.skyharbourltd.com/_resources/images/Grayling-Zone-2023-Drill-Program.jpg
Hole RSL23-01 was drilled vertically as a follow-up to historical hole RL-00-22A which had returned
0.12% U3O8 over 2.2 metres at 342.8 metres depth. The hole intersected pyritic, clay-enriched, and
faulted sandstone beginning at 309.0 metres down to the first unconformity at 336.9 metres, directly
overlying a faulted and locally mineralized cordierite-bearing pelitic gneiss down to 338.9 metres .
This was followed by a mineralized sandstone wedge down to the second mineralized unconformity
at 343.8 metres. Below this second unconformity intercept is altered and locally faulted cordierite -
bearing graphitic pelitic gneiss to 450.3 metres (becoming more migmatitic below 437.5 metres),
followed by Hudsonian migmatite and granite, before ending in Archean granite at 520.4 metres.
Hole RSL23-01 returned a 5.9 metre intercept of 0.151% U 3O8 beginning at 338.4 metres depth,
including 1.0 metres of 0.366% U3O8 at 343.3 metres down hole, which represents one of the longest
and most strongly mineralized drill intercepts at project to date. The mineralization is accompanied
by anomalous As (≤2730 ppm As partial), Cu (≤427 ppm Cutotal), Ni (≤2760 ppm Nitotal), V (≤811 ppm
Vtotal) and Zn (≤602 ppm Zntotal).
Hole RSL23-02 was drilled at a dip of -85o as a 20-metre step-out to the west of hole RSL23-01. The
hole intersected a weak to moderately bleached sandstone column , becoming faulted, fractured ,
moderately to weakly desilicified, and variably clay altered below 298.1 metres. The alteration
continues to the unconformity at 336.6 m, where a 30 cm mineralized zone was intersected in the
basement rocks just below. A 10 m thick, locally clay-enriched and faulted cordierite-bearing graphitic
pelitic gneiss unit was intersected immediately below the mineralization, with granite and biotite
sericite schist in the remainder of the drill hole which ended at a total depth of 396.0 metres. The
hole returned a 1.0 metre interval of uranium mineralization grading 0.224% U 3O8 from 336.1 to
337.1 m depth, which was accompanied by anomalous As (≤2300 ppm Aspartial) and Ni (≤1900 ppm
Nitotal).
Drill hole RSL23-03 was drilled at a -85o dip 150 metres along strike to the northeast of the first two
holes, targeting a 300 metre long, previously untested section of the Grayling thrust between holes
RL-00-22A and RL -85-07. RSL23-03 intersected a moderately bleached, competent sandstone
column down to the unconformity at 333.7 metres. The basement rocks consisted of anatectic pelitic
gneiss down to 351.6 metres, where a 30 -metre-thick shear /fault zone within pelitic gneiss and
cordierite-bearing graphitic pelitic gneiss was intersected. Pegmatite and weakly graphitic cordierite-
bearing pelitic gneiss were predominant in the remainder of the hole, which ended at 441.0 metres.
The hole is interpreted to have intersected the targeted structure too far into the hanging wall of the
fault, suggesting a slight bend in the Grayling structure in this area . The maximum uranium
concentration intersected was 300 ppm U total within a granitic pegmatite and the basement rocks
were anomalous in B (≤1510 ppm Btotal), V (≤709 ppm Vtotal) and Ni (≤379 ppm Nitotal).
Hole RSL23-04 was drilled at a -80o dip from the same set -up as RSL23 -03 in order to test the
basement wedge at the unconformity. The hole intersected structurally disrupted and moderately
bleached sandstone at 322.7 metres down to the unconformity at 341.0 metres, followed by anatexite
and pelitic gneiss, sheared cordierite -bearing pelitic gneisses and granites, and cordierite -rich
graphitic pelitic gneiss and granitic pegmatite, before ending in Archean granite at 450.0 metres. The
hole overshot the thrust wedge, but the basal sandstone was anomalous in As (≤29.6 ppm As), Cu
(≤22.5 ppm Cupartial), Ni (≤19.4 ppm Nipartial), Pb (≤39.8 ppm Pbpartial), and U (≤9.4 ppm U partial), while
the basement rocks were locally anomalous in B (≤539 ppm Btotal), V (≤555 ppm Vtotal), Ni (≤584 ppm
Nitotal) and Cu (≤367 ppm Cutotal), similar to hole RSL23-03.
Hole RSL23-05 was drilled at a dip of -85o approximately 20 metres north of historical hole RL -00-
20, where two narrow zones of weak uranium mineralization were intersected near the unconformity.
The hole intersected a moderately bleached sandstone column with local faulting and desilicification
between 246.1 metres and the unconformity at 345.9 metres. The basement rocks consisted of
paleoweathered anatectic pelitic gneiss and cordierite-bearing graphitic pelitic gneiss, before ending
in Archean granitic gneisses at 453.1 m. The sandstone immediat ely above the unconformity was
highly anomalous in Up (≤29.6 ppm Upartial) and B (≤1300 ppm Btotal), while the basement rocks were
locally enriched in in B (≤670 ppm) and Cu (≤1260 ppm Cutotal).
Hole RSL23-06 was drilled at an angle of -85o to test the Grayling conductor in the northern part of
the Grayling Zone area near historical hole RL -85-08. The hole intersected a nearly 20 metre thick
thrust block, with an initial unconformity at 318.0 metres depth. Anatectic hemat itized pelitic gneiss
followed to 335.1 metres, with a graphitic clay gouge between 326.4 and 327.0 metres. Moderately
mineralized fractures were encountered in the basal 40 cm of the basement wedge. A narrow
hematized interval of sandstone was intersected from 335.1 to 337.9 metres, with a second
sandstone-basement unconformity occurring at 337.9 metres. Below the second unconformity are
moderately bleached pelitic gneiss becoming moderately chloritized, sericitized and graphitic below
371.1 metres. Cordierite and strong grap hite appear around 391.4 metres depth, with hematitized
and chloritized Archean gneiss from 420.0 metres to the end of hole at 477.0 metres . RSL23-06
returned an intercept of 0.249% U 3O8 over 0.5 metres at 334.5 metres depth at the basement-
sandstone contact within the thrust wedge , which was also anomalous in B (≤ 318 ppm Btotal), Pb
(≤1550 ppm Pbpartial), As (≤220 ppm Aspartial), and V (≤473 ppm Vpartial).
Drill hole RSL23 -07 was drilled at a -85o dip to test for a possible thrust block along the Grayling
conductor near historical hole RL -08-13. Moderately bleached sandstone was intersected down to
the unconformity at 318.6 metres, followed by sheared and sericite -altered pelitic gneiss. The
remainder of the basement included a mixture of Hudsonian granite and pelitic gneiss, followed by
sheared cordierite pelitic gneiss, strongly graphitic pelitic gneiss, and Archean granitic gneiss, ending
at 492.0 metres. Strong faulting was encountered within th e basement gneisses between 420.7 to
427.8 metres. This hole appears to have intersected the hanging wall side of the fault, and while no
anomalous radioactivity was identified, the basement rocks of this hole were locally anomalous in B
(≤358 ppm), Mo (≤60 ppm Mototal), Ni (≤209 ppm Nitotal), and V (≤571 ppm Vtotal).
Hole RSL23-08 was the final hole of the first phase of drilling at the Russell Lake Project, and was
drilled at an -85o dip to test the thrust wedge between historical holes RL-08-16 and -17. Moderately
bleached sandstone was intersected throughout the sandstone, with intermittent moderate
desilicification from 172.3 metres to the first unconformity at 319.0 metres. Within the basement
wedge below this first unconformity were semipelitic gneisses, granite, sheared cordierite -bearing
pelitic gneiss and faulted cordierite-graphite pelitic gneiss. A narrow interval of sandstone was then
intersected between 335.6 metres and the second unconformity at 338.4 metres. Below the second
unconformity are alternating s heared cordierite graphitic pelitic gneiss es and non-graphitic pelitic
gneisses to a depth of 417.5 metres, which are followed by Archean granite to the end of the hole at
432.0 metres. The best result from RSL23-08 was 469 ppm Utotal over 0.5 m at 335.1 m depth in the
basal part of the thrust block, which was accompanied by anomalous As (≤111 ppm Aspartial), Ni (≤302
ppm Nipartial), Pb (≤371 ppm Pbpartial), V (210 ppm Vpartial), and B (≤3230 ppm Btotal) at the base of the
thrust block.
Phase Two – Fox Lake Trail Zone Drilling:
The second phase of drilling was focused in the Fox Lake Trail area at the north end of the project.
Four holes were completed for a total of 2,730 metres. The exploratory holes in this area targeted
previously drilled fertile conductors and other previously untested but prospective EM and resistivity
features.
Fox Lake Trail Target Area Drill Hole Locations:
https://www.skyharbourltd.com/_resources/images/Fox-Lake-Trail-2023-Drill-Program.jpg
Hole RSL23 -09 was drilled at a -85o dip to test a resistivity target associated with a previously
untested EM conductor. The hole intersected a weakly to moderately bleached sandstone column
down to the unconformity at 479.4 metres. The basement rocks consisted of hematized pelitic gneiss,
transitioning into a locally faulted quartzite unit at 486.5 metres. The hole remained in quartzite to its
conclusion at 683.1 metres. Anomalous U (≤4.8 ppm Upartial) was detected in the lower sandstone,
beginning at 310.0 metres and continuing until the unconformity.
The second hole drilled at Fox Lake Trail, RSL23-10, was drilled at a -75o dip to test an EM conductor
along strike of historical holes FLT -08-06 and FLT -08-04, both of which contained weak uranium
mineralization (0.063% U3O8 over 1.0 metres and 0.014% U3O8 over 1.0 metres, respectively). Hole
RSL23-10 intersected a weak to moderately bleached sandstone column down to the unconformity
at 480.5 metres. The basement below the unconformity included hematized pelitic gneisses ,
becoming variably graphitic around 520.0 metres depth. The hole was terminated in weakly graphitic
pelitic gneiss at a depth of 709.0 metres. The sandstone is locally anomalous in B (≤1160 ppm Btotal)
and uranium (≤1.9 ppm Upartial), while the basement rocks were locally anomalous in B ( ≤690 ppm
Btotal), Cu (≤202 ppm Cutotal) and V (≤177 ppm Vtotal).
Hole RSL23-11 was drilled at a dip of -70o to test a conductor between historical holes FLT -11-14
(which contained 0.054% U 3O8 over 1.0 metres) and FLT -11-15. The sandstone was v ariably
bleached to the unconformity at 483.6 metres, which was overlain by a faulted and silicified
conglomerate cap. Below the unconformity were fractured chlorite - and hematite -altered pelitic
gneisses and granites, followed by variably graphitic and chloritized cordierite pelitic gneiss and
granitic pegmatites until 611.2 metres. Below this, a mix of quartzite and pelitic gneiss were
intersected until the end of hole at 662.0 metres. Major graphitic faults were encountered within the
basement at 528.1-528.5 metres, 556.6-558.9 metres and 578.9-579.4 metres downhole. There is
spotty weak uranium enrichment (≤1.6 ppm Upartial) in the sandstone, while the basement rocks were
locally enriched in boron (≤428 ppm Btotal). Basement fault zones at 557.0 metres and 575.0 metres
also displayed strongly anomalous As ( ≤1380 ppm Aspartial), Co ( ≤264 ppm Cototal), Cu ( ≤367 ppm
Cutotal), Ni (≤909 ppm Nitotal) and V (≤327 ppm Vtotal).
The final Fox Lake Trail hole, RSL23-12, was drilled at a dip of -80o to test two parallel EM responses
defined by previous VTEM surveys. Moderately bleached and silicified sandstone was intersected to
a depth of 218.5 metres, becoming variably beached until the unconformity at 487.4 metres. Within
the basement, paleoweathered garnet pelitic gneiss is underlain by variably graphitic cordierite and
garnet pelitic gneisses and granitic pegmatites. A faulted zone within a quartzite unit occurs between
624.7 to 654.9 metres, followed by sheared cordierite-garnet-sillimanite gneisses and pegmatites to
the end of the hole at 676.0 metres. Strong conductors were encountered in graphitic fault zones at
560.8 to 571.0 metres, 587.1 to 590.7 metres, and 603.8 to 605.2 metres, in addition to a major fault
at the top of the quartzite. Anomalous U (≤6.2 ppm U partial) was encountered in the 1.0 metre of
sandstone immediately above the unconformity, while anomalous V (≤134 ppm Vtotal), Ni (≤221 ppm
Nitotal) and Cu (≤404 ppm Cutotal) concentrations were locally encountered in graphitic/pyritic bands,
gouges, and shears in the basement between 587.5 to 613.5 metres.
Phase Three – Grayling Zone Drilling:
The third phase and final phase of drilling took place within the Grayling Zone, with seven holes
completed for a total of 3,203 metres. This phase of drilling was designed to follow up on previously
identified mineralization and to better define the controls and geometry of the Grayling Thrust Block,
which is the controlling structure hosting the Grayling mineralized zone.
Hole RSL23 -13 was drilled at an angle of -85o to test for the thrust block and associated
mineralization between holes RL-88-17 and RL-00-21, located to the north along strike from drilling
in Phase One . A strong to moderately hematized and weakly bleached sandstone column was
intersected to the unconformity at 316.6 metres. Paleoweathered and sheared anatectic granite lies
below the unconformity to 333.8 metres, followed by a strongly altered and sheared graphitic fault
zone to 340.1 metres. Cordierite-garnet pelitic gneisses and granitic pegmatites are then
encountered to the end of the hole at 424.0 metres. Uranium was weakly elevated (≤1.0 ppm Upartial)
in the sandstone, with 9.8 ppm Upartial encountered in the basal 0.5 m of sandstone, while a basement
graphitic fault zone contained elevated B (≤576 ppm Btotal), Co (≤103 ppm Co total), Cu (≤135 ppm
Cutotal), Mo (≤85 ppm Mototal), Ni (≤501 ppm Nitotal), V (≤712 ppm Vtotal), and U (≤14 ppm Utotal).
Hole RSL23-14 was a vertical hole to test for mineralization north of historic hole RL -85-07 (which
returned up to 0.243% U3O8 at 363.3 metres). Drilling intersected a significant sandstone fault zone
with extensive core loss from 318.8 to 334.4 metres, followed by grey-altered conglomerat ic
sandstone down to the unconformity at 356.8 metres. Below the unconformity, anatectic granite with
intervals of cordierite bearing pelitic gneisses was intersected to a depth of 368.7 metres. This was
followed by faulted, variably graphitic cordierite pelitic gneiss with frequent pegmatites to 442.0
metres. From 442.0 to 449.3 m there is a transition into Archean granite, which continues until the
end of hole at 497.0 metres. Hole RSL23-14 returned anomalous U (≤2.7 ppm Upartial) within central
and lower portions of the sandstone along with highly anomalous B (≤1,880 ppm Btotal). The
basement rocks were locally enriched in As (≤153 ppm Aspartial), Cu (≤278 ppm Cutotal), Ni (≤447 ppm
Nitotal), and V (≤626 ppm Vtotal), with B (≤403 ppm Btotal) enrichment throughout much of the basement.
Basement-hosted uranium (0.058% U3O8 over 1.0 metre ), thorium (≤801 ppm Th), and rare earth
element (REE) mineralization (0.8589 wt. % total rare earth element oxide [TREO] over 1.0 m) was
encountered in a granitic pegmatite containing coarse grained graphite and biotite patches/bands
starting at a depth of 442.0 m. The mineralization is interpreted be primary magmatic mineralization
within a partial melt-derived pegmatite.
Drill hole RSL23-15 was a vertical hole designed to intersect the graphitic shear intersected in holes
RSL23-03 and -04 at the unconformity. Within the Athabasca sandstone, a major fault zone featuring
extensive core loss, silicification and desilicification, variable bleaching, clay, hydrothermal hematite,
and frequent intervals of blocky core was intersected from 301.7 to 346.4 metres, followed by a short
interval of competent core down to the unconformity at 350.2 metres. The underlying basement rocks
consist of variably graphitic metasediment ary gneisses and local granitoids and granitic pegmatite
until end of the hole at 434 .0 metres. Significant graphitic fault zones were encountered in the
basement from 352.2 to 353.9 metres and 383.0 to 383.8 metres depth. Elevated uranium (≤21.7
ppm U partial) was intersected in the sandstone above the unconformity , along with anomalous Pb
(≤1100 ppm Pbpartial), As (≤206 ppm Aspartial), and B (≤608 ppm Btotal). The basement is variably
enriched in B , with the basement graphitic fault zones yielding ≤1160 ppm Btotal. Other pathfinder
elements are variably enriched in the basement of hole RSL23-15 including As (≤26 ppm Aspartial),
Co (≤ 65 ppm Cototal), Cu (≤30 9 ppm Cutotal), Ni (≤ 160 ppm Nitotal), and V (≤ 294 ppm Vtotal), with
elevated uranium within anatectic granite (≤ 71 ppm Utotal @ 350. 7 metres depth ) just below the
unconformity.
Hole RSL23-16 was drilled 10 metres east-southeast of RSL23-14 to test the historic mineralization
in hole RL-85-07. Competent Athabasca sandstone was intersected until 318.2 metres, becoming
strongly faulted until 353.2 metres depth, with local uranium mineralization within the core of the fault
from 342.3 to 344.0 metres . The uranium mineralization is associated with strong grey alteration,
chlorite, and siderite, and appears as disseminations and veins within the sandstone. The fault zone
is followed by 5.0 metres of competent, strongly bleached sandstone down to the unconformity at
358.2 metres depth. Below the unconformity, variably graphitic cordierite pelitic gneiss hosting local
uranium-mineralized and limonite-altered veins and radioactive pegmatite was intersected before
terminating in Archean granitic gneiss. Hole RSL23-16 returned 0.067% U3O8 over 0.5 metres from
342.5 to 343.0 metres within the sandstone fault zone, which was also associated with anomalous
As (≤3,170 ppm Aspartial), Cu (≤4,170 ppm Cupartial), Ni (≤2,200 ppm Nipartial), Pb (≤555 ppm Pbpartial),
V (≤383 ppm Vpartial), and B (≤1,740 ppm Btotal). The basement rocks returned highly anomalous Ni
(≤479 ppm Nitotal), B (≤868 ppm Btotal), and U (≤ 353 ppm Utotal) associated with limonite-altered
pitchblende veins. The basement rocks also hosted a broad interval of U- and REE-enriched granitic
pegmatite that returned a maximum of 0.148% U3O8 and 685 ppm Cetotal over 0.5 metres from 454.2
to 454.7 metres depth , with 0.064% U3O8 over 0.5 metres also being intersected in the pegmatite
from 455.7 to 456.2 m depth.
Hole RSL23-17 was drilled in an untested portion of the Grayling Zone to test for mineralization
associated with a thrust block 90 metres between holes RSL23-15 and RSL23-01. Variably bleached
Athabasca sandstone was intersected until the unconformity at 345.0 metres, becoming faulted and
fractured with extensive core loss below 308.0 metres. Semi-massive chloritic clay was intersected
below the unconformity, locally hosting 20 cm of uranium mineralization at 345.9 metres depth at the
contact with a graphitic shear/fault zone that extends from 346.1 to 348.4 m. Below the mineralized
shear, graphitic, cordierite-bearing pelitic gneisses with frequent granitic pegmatites were intersected
to the end of the hole at 383.0 metres. Anomalous U (≤4.1 ppm Upartial) and highly anomalous B (≤527
ppm B) were intersected through portions of the sandstone column, becoming highly anomalous in
U (≤27.8 ppm Upartial), V (≤86.8 ppm Vpartial), and Ni (≤74.8 ppm Nipartial) directly above the
unconformity. The top of the basement graphitic shear returned up to 0.106% U3O8 over 0.5 metres
from 345.5 to 346.0 metres dept h, accompanied by highly anomalous As (≤373 ppm Aspartial), Cu
(≤360 ppm Cutotal), Ni (≤1020 ppm Nitotal), Pb (≤513 ppm Pbtotal), V (≤1610 ppm Vtotal), and B (≤936
ppm Btotal).
Hole RSL23-18 was drilled to test for mineralization associated with an unconformity offset between
holes RL-07-01 and RL -01-23, southeast of the previously defined Grayling Zone. A moderately
bleached sandstone column with local fault splays was intersected above 319.9 metres where it
becomes strongly bleached and faulted down to the unconformity at 331 .0 metres. Directly below
the unconformity, a strongly clay-altered and faulted felsic gneiss was intersected to a depth of 332.3
metres. This is followed by hematite and chlorite-altered granite to granitic pegmatite to 333.7 metres
depth where it transitions into a strongly-altered granitic gneiss/foliated granite. The granite/granite
gneiss is intensely faulted from 336 .0 to 341.7 metres , with strong clay gouges, elevated
radioactivity, variable graphite, quartz-dravite breccias, and rubble present within the fault zone. The
fault zone is underlain by sheared granite until 344.3 metres, with strongly graphitic pelitic gneiss
intersected from 344.3 to 347.1 metres. A mixture of c ordierite-graphite pelitic gneiss and granitic
pegmatite continues until end of hole at 410.0 m, with local clay and chlorite alteration throughout
and intervals of fracturing and faulting above 363.0 m. This hole is inferred to have intersected the
hanging wall of the Grayling fault based on a comparison with nearby holes at the Grayling Zone.
Anomalous U (≤1.4 ppm Upartial) was intersected within the Athabasca sandstone, with weak As (≤3.8
ppm As partial) and Ni (≤11 ppm Ni partial) enrichment in the basal 0.5 metres . The basement rocks
returned highly anomalous Cu (≤ 296 ppm Cutotal), Ni (≤ 621 ppm Nitotal), V (≤449 ppm Vtotal) and B
(≤657 ppm Btotal) in addition to moderate enrichment of As (≤83 ppm Aspartial), Pb (≤178 ppm Pbtotal),
U (≤53 ppm Utotal), and Zn (≤199 pm Zntotal) within variably graphitic, structurally disrupted and altered
sections.
The final hole of the program, hole RSL23-19 was drilled as a vertical follow-up to hole RSL23-18 to
test the target up-dip at the unconformity between holes RSL23-18 and RL-07-01. Variably bleached
sandstone was intersected until 320 .0 metres, becoming faulted below this depth to the first
unconformity at 343.6 metres . A 0.6 metre thick basement wedge was intersected below the first
unconformity to 344.2 metres, comprised of granite with frequent clay lined fractures/gouges. A
friable dravitic breccia was encountered at the lower contact with sandstone and associated with
elevated radioactivity. The sandstone below the basement wedge was moderate bleached with weak
hydrothermal hematite bands down to the second unconformity at 344.5 metres. Below the second
unconformity, fractured granite was intersected until 349.4 metres . This was followed by a mixture
of graphitic pelitic gneiss and granite/pegmatitic granite from 349.2 to 362.2 metres, with faulting and
shearing from 349.4 to 352.1 metres and 358.2 to 362.2 metres. From 362.2 m, variably chloritic,
cordierite-bearing, graphitic pelitic gneiss was encountered until the end of hole at 422.0 metres. The
hole was inferred to have overshot the target and intersected the footwall of the Grayling fault.
Weakly anomalous U (≤1.5 ppm Upartial) was intersected through the central and basal portions of the
Athabasca sandstone, with highly anomalous As (≤4.9 ppm Aspartial), B (≤1,050 ppm Btotal), Cu (≤34.6
ppm Cupartial), Ni (≤37.1 ppm Ni partial), Pb (≤124 ppm Pbpartial), U (≤41 ppm Upartial) and V (≤129 ppm
Vpartial) immediately above the first unconformity. The basement rocks consisted of variously enriched
intervals of Cu (≤ 291 ppm Cutotal), Ni (≤328 ppm Nitotal), U (≤42 ppm Utotal), and B (≤777 ppm Btotal)
associated with alteration and structurally disrupted zones.
Russell Lake Uranium Project Overview:
The Russell Lake Project is a large, advanced -stage uranium exploration property totalling 73,294
hectares strategically located between Cameco’s Key Lake and McArthur River Projects and
adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uran ium Project to
the east. The northern extension of Highway 914 between the Key Lake Mill and the McArthur River
Mine runs through the western extent of the Property and greatly enhances accessibility, with a high-
voltage powerline also situated alongside the road. There is a fully permitted exploration camp on
the Project suitable for over thirty people located on the highwa y, within 5 kilometres of Denison’s
Phoenix deposit. Skyharbour’s acquisition of Russell Lake creates a large, nearly contiguous block
of highly prospective uranium claims totalling 108,999 hectares between the Russell Lake and the
Moore uranium projects.
There has been a meaningful amount of historical exploration carried out at Russell Lake, however
most of it was conducted before 2010 prior to the discovery of several major deposits in and around
the Athabasca Basin. The Property has been the subject to greater than 95,000 m of drilling in over
230 drill holes prior to Skyharbour’s maiden drill program, with most of this drilling comprising of
widely spaced exploratory and reconnaissance drilling. The Property’s claims are in good standing
for 2-22 years, with significant assessment credits built-up from previous exploration programs.
Several notable exploration targets exist on the property including the Grayling Zone, the M -Zone
Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target.
More than 35 kilometres of largely untested prospective conductors in areas of low magnetic intensity
also exist on the Property.
Qualified Person: