Skyharbour Option Partner Azincourt’s Geophysical Surveys Generate Numerous High- Quality Targets at East Preston Project in the Athabasca Basin
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
March 7th, 2018
News Release
Skyharbour Option Partner Azincourt’s Geophysical Surveys Generate Numerous High-
Quality Targets at East Preston Project in the Athabasca Basin
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce its option partner Azincourt Energy (“Azincourt”)
has completed HLEM and Gravity geophysical surveys at the Company’s East Preston project, a
highly prospective uranium project located in the western Athabasca Basin, Saskatchewan. The
project is located 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.
Numerous high-quality drill targets have been generated from the 50 line km surveys and detailed
interpretation work is underway to generate targets for future drill testing incorporating the gravity
survey results.
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
Azincourt whereby Azincourt has an earn-in option to acquire a 70% working interest in a portion
of the Preston Uranium Project known as the East Preston Property. Under the Agreement,
Azincourt has issued 4,500,000 listed common shares and will contribute cash and exploration
expenditure consideration totaling up to CAD $3,500,000 in exchange for up to 70% of the
applicable property area over three years. Of the $3,500,000 in project consideration, $1,000,000
will be in cash payments to Skyharbou r and Clean Commodities, as well as $2,500,000 in
exploration expenditures over the three year period. Azincourt has issued Skyharbour and Clean
Commodities each 2,250,000 common shares upfront for a total issuance of 4,500,000 common
shares.
Highlights of Azincourt’s Exploration Program at East Preston Uranium Project:
50 line km of Horizontal Loop Electromagnetic (HLEM) and ground gravity surveys
completed on multiple grids across the East Preston property (see link to image below)
Excellent basement conductors confirmed and ground-truthed for follow-up with
numerous targets identified on every grid surveyed
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Detailed geophysical interpretation is on-going to qualify and prioritize drill targets for
future drill testing using established Athabasca uranium deposit criteria
Azincourt may earn a 70% interest in East Preston totaling 25,329 hectares, which
represents the eastern region of the larger 74,965 hectare Preston Project through the
upfront issuance of 4,500,000 shares as well as $3,500,000 of total project consideration
over three years, including up to $2,500,000 of exploration work programs and
$1,000,000 of cash payments to Skyharbour and Clean Commodities to be split equally
In addition to the Azincourt Agreement on the Preston East Property, Skyharbour also
has an option agreement with Orano Canada Inc. (previously AREVA Resources
Canada) whereby Orano may earn up to a 70% interest in a separate 49,635 hectare
portion of the Preston Project
Recent Preston Uranium Project Geophysical Programs:
Azincourt engaged a highly experienced geophysical consultant, Mr. Lawrence Bzdel, P.Geo., to
plan and oversee the geophysical surveys and interpret all recently acquired data alongside the
historical exploration work and results.
East Preston Survey Grid Location:
http://www.skyharbourltd.com/_resources/maps/Figure_2_East_Preston_Survey_Grid_Location.jpg
Paterson Geophysics Ltd. completed the 50 line km of HLEM survey work and MWH Geo-Surveys
completed the 50 line km of ground gravity surveying based out of a temporary camp established
on the project. The HLEM data was collected with a 200 m Transmitter -Receiver separation,
and 50 m station intervals. The survey was designed to accurately identify multiple conductor
systems in this shallow depth to basement environment. Unconformity -related uranium deposits
are often associated in proximity to basement conductive trends and repres ent a first order
criterion for discovery.
The Gravity survey recorded measurements at 50 m station intervals along grid lines. Subtle
gravity low anomalies can highlight areas of alteration and structural disruption while gravity highs
may represent basement topography, which are also associated with unconformity -related
uranium deposits. Initial interpretation work has confirmed the prospective, often highly complex,
basement conductor architecture at East Preston.
Detailed interpretation work will incorporate all data including the historical and the present gravity
and HLEM data to generate, rank and prioritize targets for future follow-up drill testing. Based on
the interpreted number and quality of the conductor trends, Azincourt expects to generate enough
targets for several drill programs.
Overview of East Preston:
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 Corporation, Orano 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, including over $2 million at East Preston. This exploration has
consisted of ground gravity, airborne and ground electromagnetics, radon, soil, silt, biogeochem,
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
successfully delineated through this methodical, multiphased exploration initiative, which has
culminated in an extensive, proprietary geological database for the project area.
Preston Uranium Property Map and Regional Exploration Corridors:
http://skyharbourltd.com/_resources/SYH_Regional_Corridors.jpg
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Furthermore, on March 9th, 2017, Skyharbour announced an option agreement with Orano
Canada Inc. which provides Orano an earn-in option to acquire up to a 70% working interest in a
49,635 hectare portion of the total 74,965 hectare Preston Uranium Project (see News Release
dated March 9th, 2017). Under the agreement, Orano can contribute cash and exploration
program consideration totaling up to CAD $8,000,000 in exchange for up to 70% of the applicable
project area over six years.
Qualified Person:
The te chnical 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 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 metr es including 20.8% U3O8 over 1.5 metres at a vertical depth of 265
metres. Skyharbour recently signed option agreements with Orano Canada Inc. and Azincourt
Energy whereby Orano 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 depos it. 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% contained within 10,354,926 tonnes using a cutoff
grade of 0.01% U3O8. 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 M ann 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.
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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 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 statements are ba sed 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 succe sses, 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.