Skyharbour Option Partner AREVA Resources Canada Announces Upcoming Exploration Programs at Preston Uranium Property
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
November 9th, 2017
News Release
Skyharbour Option Partner AREVA Resources Canada Announces Upcoming
Exploration Programs at Preston Uranium Property
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce the Company’s option partner AREVA Resources
Canada Inc. (“AREVA Resources”) has announced details for an upcoming exploration program
at the Preston Lake Uranium Project located in the western Athabasca Basin near NexGen
Energy Ltd.’s high -grade Arrow deposit hosted on its Rook -1 property and Fission Uranium
Corp.’s Triple R deposit located within their PLS Project area.
Preston Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/SYH_Patterson_Lake_Area_Promo_20161212_blue
_hi_res.pdf
Skyharbour and Clean Commodities entered into an Option Agreement (the “Agreement”) with
AREVA Resources whereby AREVA Resources has an option to acquire up to a 70% working
interest in the Preston Lake Uranium Project (see news release dated March 9 th, 2017). Under
the Agreement, AREVA Resources will contribute cash and exploration program conside rations
totaling up to CAD $8,000,000 in exchange for up to 70% of the project area over six (6) years
with a first option where AREVA Resources may acquire an initial 51% working interest in Preston
for a period of three (3) years by funding exploration e xpenditures in the total amount of
$2,800,000 and making cash payments totaling $200,000 to Skyharbour and Clean Commodities.
Skyharbour’s President and CEO, Jordan Trimble commented: “We are excited for the upcoming
commencement of exploration and drilling programs by AREVA Resources at the Preston Lake
Project. With a proposed CDN $2,000,000 budget over the next year we are looking forward to
the findings this significant amount of exploration could yield as we work with our strategic partner
to further advance the project. AREVA Resources has a very knowledgeable geological team with
a long history in the Athabasca Basin which will help to unlock value at this strategic, district-scale
property offering robust exploration upside potential. Skyharbour continues to execute on its key
objectives by adding value to its project base in the Basin through ongoing mineral exploration at
its flagship, high-grade Moore Uranium Project while utilizing the prospect generator model to
advance its other projects with strategic partners.”
Highlights of AREVA Resources’s Upcoming Exploration Programs at Preston Uranium
Project:
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AREVA Resources planning to carry out CDN $2,000,000 in exploration and diamond
drilling programs over the next year
Initial geophysical program to commence shortly includes Moving Loop Transient
Electromagnetic (ML-TEM) surveys on two grids including the JL grid sited on the
Johnson Lake Corridor and the FS grid located on the Dixon Lake Corridor
A planned diamond drilling program consisting of 15 to 20 drill holes for a total of
approximately 4,500 metres which is proposed in early 2018
AREVA Resources may earn up to a 70% interest in the 49,635-hectare Preston project
through $8,000,000 of total project consideration over six (6) years, including up to
$7,300,000 of exploration work programs and $700,000 of cash payments
If carried to completion, a tripartite joint venture would be formed being 70% as to
AREVA Resources and 30% as equally divided between Skyharbour and Clean
Commodities
Preston Lake Uranium Project 2017 Geophysical Program:
In the spring of 2017, a Quaternary evaluation of the Preston property was performed by AREVA
Resources followed by a two week summer field program which included the review of historical
drill holes, outcrop visits, sampling and general prospecting and surveying.
For the remainder of 2017 and in preparation of the 2018 exploration program, including a
significant planned drill program, the main tasks related to the Preston project will include the
completion and interpretation of ground EM surveys within the Dixon Lake target area and a more
exhaustive review of the project historical information. Specifically, the upcoming geophysical
program includes Moving Loop Transient Electromagnetic (ML -TEM) surveys on two grids
including the JL grid sited on the Johnson Lake Co rridor and the FS grid located o n the Dixon
Lake Corridor. The program is slated to commence in the coming days.
The Johnson Lake Corridor (JLC) hosts two main north -northeast and northeast trending VTEM
conductive trends. Numerous areas of interest have been identified along the VTEM conductive
zones and of particular interest at this time is the area northeast of Canoe Lake which hosts radon-
in-water anomalies. The JL grid will comprise seven profiles for survey coverage of 28.5 line -
kilometers and will require approximately 32 km of line -cutting. The objective of the survey is to
investigate the VTEM conductive areas at 400m and 800m line-spacing to identify possible targets
to be drilled in the winter of 2018.
Preston Lake Uranium Project Exploration Corridors and Proposed Ground Geophysics:
http://www.skyharbourltd.com/_resources/maps/Preston_Lake_Geophysics_2017_-_AREVA.jpg
The Dixon Lake Corridor (DLC) comprises two VTEM conductive trends dominantly oriented
northeast-southwest. The FS target area located on the northeast edge of these VTEM trends is
considered an area of interest and ground geophysical surveys, including the Max -Min method,
were performed to define drill targets. The Max -Min survey identified three discrete conductors
within a wide, approximately 800m, VTEM conductive area. Three historical holes drille d within
the FS area tested one of the conductors and two holes, PN15004 and PN15005, encountered
locally sheared graphitic and pyritic semi-pelite, whereas hole PN14009 was lost at 150m within
a clay gouge. The intersected graphite confirmed the east-west trending conductor.
AREVA Resources’ proposed ML-TEM survey on the FS area will investigate the possible extent
of the conductor located near anomalous radioactivity found on a large granitic gneiss outcrop .
Moderate to strong silicification and north-south trending narrow dark shear bands were noted on
the outcrop. The FS grid will consist of three profiles of 1.2 km for total coverag e of 3.6 line -
kilometers and will require approximately 4 km of line-cutting.
Preston Lake Uranium Project Upcoming Winter 2018 Diamond Drilling Program:
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AREVA Resources is planning a diamond drilling program consisting of 15 to 20 drill holes for a
total of approximately 4,500 metres which is proposed in early 2018 for the Preston Lake project.
Drilling will focus on areas of interest defined by the upcoming ground EM surveys within t he
Dixon Lake, Johnson Lake and FS areas, although additional areas, located east of highway 955
and historically identified as prospective, co uld also be tested by drilling . The estimated cost of
the 2018 exploration program is CDN $2,000,000.
Overview of Preston Lake Uranium Project:
The significant potential of the Western Athabasca Basin has been highlighted by recent
discoveries in the area by NexGen Energy Ltd. (Arrow), Fission Uranium Corp. (Triple R) and a
joint-venture consisting of Cameco Corp oration, AREVA Resources Canada Inc. and Purepoint
Uranium Group Inc. (Spitfire). More than $4.7 -million in expenditures on the entire Preston
Uranium Project have been incurred to date . This exploration has consisted of ground gravity,
airborne and ground electromagnetics, radon, soil, silt, biogeochem istry, lake sediment, and
geological mapping surveys, as well as two exploratory drill programs. Several high -priority drill
target areas associated with multiple prospective exploration corridors have been s uccessfully
delineated through this methodical, multiphased exploration initiative, which has culminated in an
extensive, proprietary geological database for the project area.
Preston Lake Uranium Property Map and Regional Exploration Corridors:
http://skyharbourltd.com/_resources/SYH_Regional_Corridors.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 AREVA Resources Canada Inc.:
Headquartered in Saskatoon, Saskatchewan, AREVA Resources Canada is a leading producer
of uranium, accounting for the processing of 17.3 million pounds or nearly half of the uranium
concentrate produced in Canada in 2016. AREVA Resources Canada Inc. has been exploring for
uranium, developing uranium mines and producing uranium concentrate in Canada for more than
50 years. AREVA Resources is the operator of the McClean Lake uranium mill and a major partner
in the Cigar Lake, McArthur River and Key Lake op erations. The company employs over 480
people in Saskatchewan, including about 130 in Saskatoon. AREVA Resources Canada Inc. is a
subsidiary of the multinational New AREVA, which offers products, technologies and services with
high added value throughout the entire nuclear fuel cycle, from raw materials to waste treatment.
Its activities encompass mining, uranium chemistry, enrichment, used fuel recycling, logistics,
dismantling and engineering. New AREVA and its 20,000 employees bring their expertise and
their mastery of cutting -edge technology, as well as their permanent search for innovation and
unwavering dedication to safety, to serve their customers worldwide.
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 uranium 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
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metres. Skyharbour recently signed option agreements with AREVA Resour ces 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 lar ge, 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 samples 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: 604-639-3850
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
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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 forward -looking statements. Although management
believes the expectations expressed in such forward -looking statem ents 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 develo pment 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.