Skyharbour Option Partner AREVA Resources Canada to Commence 4,500m Diamond Drill Program 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
January 22nd, 2018
News Release
Skyharbour Option Partner AREVA Resources Canada to Commence 4,500m Diamond
Drill Program 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”) will be commencing a planned 4,500 metre diamond drill
program at the Preston Uranium Project. The project is 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 Uranium Project (see news release dated March 9 th, 2017). Under the
Agreement, AREVA Resources will contribute ca sh and exploration program considerations
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 ex ploration expenditures in the total amount of
$2,800,000 and making cash payments totaling $200,000 to Skyharbour and Clean Commodities.
Highlights of AREVA Resources’ Exploration Programs at Preston Uranium Project:
AREVA Resources planning to carry out CDN $2,000,000 in exploration and diamond
drilling programs over the next year
Recently completed geophysical programs included Moving Loop Transient
Electromagnetic (ML-TEM) surveys on two grids located on the western part of the
project, east of highway 955
A diamond drilling program consisting of 15 to 20 drill holes for a total of approximately
4,500 metres to commence shortly
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
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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 Uranium Project Winter 2018 Diamond Drilling Program:
AREVA Resources will be commencing a diamond drilling program shortly consisting of 15 to 20
drill holes for a total of approximately 4,500 metres which will likely take 2.5 months to complete
for the Preston Uranium Project. Drilling will focus on areas of interest defined by ground EM
surveys within the west part of the project, east of highway 955 and the FS areas. The estimated
cost of the 2018 exploration program is CDN $2,000,000. Skyharbour will provide updates as they
become available on the progress of this drill program.
Recent Preston Uranium Project Geophysical Programs:
In the spring of 2017, a Quaternary evaluation of the Preston property was performed by AREVA
Resources followed by a two week summer field pr ogram which included the review of historical
drill holes, outcrop visits, sa mpling and general prospecting and surveying. AREVA then
completed ground EM surveys within the Dixon Lake target area and a more exhaustive review
of the project historical information.
In the fall of 2017, Moving Loop Transient Electromagnetic (ML-TEM) surveys were completed
on two grids located east of highway 955. 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 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 drilled 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.
Line-cutting work in preparation for two ML-TEM surveys is currently underway with one survey
to be carried out on the JL grid and a second one on the FS grid. The JL grid comprises seven
profiles for survey coverage of 28.5 line-kilometers while the FS grid consists of three profiles for
survey coverage of 3.6 km. AREVA Resources’ ML-TEM survey on the FS area will investigate
the 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.
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 Corporat ion, 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, biogeochemistry, lake sediment, and
geological mapping surveys, as well as two explor atory drill programs. Several high-priority drill
target areas associated with multiple prospective exploration corridors have been successfully
delineated through this methodical, multiphased exploration initiative, which has culminated in an
extensive, proprietary geological database for the project area.
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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, AR EVA 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 operations. 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 chemistr y, 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
metres. Skyharbour recently signed opti on 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 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 explorat ion 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.
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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]
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 ma y 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 forw ard-looking statements are based on reasonable
assumptions, such statements ar e 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 statement s if management's beliefs, estimates or opinions,
or other factors, should change. Factor s 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.