Skyharbour Option Partner Azincourt Announces Upcoming Exploration Program at East Preston Uranium Property
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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
May 10th, 2017
NEWS RELEASE
Skyharbour Option Partner Azincourt Announces Upcoming Exploration Program at East
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 Azincourt
Uranium (TSX -V: AAZ) (“Azincourt”) has announced details for an upcoming exploration
program at the East Preston Uranium Project. Their exploration program is slated to commence
this summer / early fall with the purpose of locating new drill targets that were previously
untested and refining other additional targets within the Swoosh corridor.
Preston Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/SYH_Patterson_Lake_Area_Promo_20161212_blue
_hi_res.pdf
Skyharbour and Clean Commodities recently entered into Option Agreement (the “Agreement”)
with Azincourt which provides Azincourt an earn -in option to acquire a 70% working interest in
the East Preston Property (see news release dated March 28 th, 2017). Under the Agreement,
Azincourt has issued to Skyharbour and Clean Commodities each 2,250,000 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 Skyharbour and
Clean Commodities. The Preston Uranium Project is a strategic, district -scale property with
robust exploration upside potential throughout and is located near recent high-grade discoveries
in the Patterson Lake area including NexGen Energy’s Arrow deposit, Fission Uranium’s Triple
R deposit, and the Spitfire discovery.
Skyharbour’s President and CEO, Jordan Trimble commented: “Skyharbour continue s to
execute on its business model by adding value to its project base in the Athabasca Basin
through focused mineral exploration at its flagship Moore Uranium Project, with final winter drill
results expected shortly, as well as utilizing the prospect gen erator model to advance its other
projects with strategic partners. The option agreement with Azincourt complements the other
recent option agreement we signed with industry -leader AREVA Resources Canada and
together the two option agreements combine for $ 9,800,000 in total exploration expenditures
over six years, as well as $1,700,000 in total cash payments and the issuance of 4,500,000
shares of Azincourt split between Skyharbour and Clean Commodities in return for 70%
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interests in the respective property areas. We are excited to have Azincourt commencing
exploration programs at East Preston shortly which will contribute to ample news flow for
Skyharbour over the next year including Azincourt and AREVA’s exploration programs at
Preston as well as the Compa ny’s upcoming summer drill program at the Moore Uranium
Project.”
Highlights:
● Azincourt may earn a 70% interest in East Preston totaling 25,329 hectares, which
represents the eastern region of the larger 107,278 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 Skyhabour and Clean Commodities to be split equally.
● If carried to completion, a tripartite joint venture would be formed being 70% as to
Azincourt and 30% as equally divided between Skyharbour and Clean Commodities.
● Azincourt’s initial exploration program is budgeted at $250,000 and is being planned for
completion by the fall of 2017 to allow for future winter drill target testing.
● The Preston Uranium Project is one of the largest tenure positions in the Patterson Lake
region and currently consists of 107,278 hectares strategically located near NexGen
Energy Ltd.’s hi gh-grade Arrow deposit hosted on its Rook -1 property and Fission
Uranium Corp.’s Triple R deposit located within their PLS Project area.
● In addition to the Azincourt Agreement on the Preston East Property, Skyhabour recently
announced that it signed an option agreement with AREVA Resources Canada whereby
AREVA may earn up to a 70% interest in a separate 49,635 hectare portion of the
Preston Project.
Upcoming East Preston Work Program Details:
The East Preston property had extensive regional exploration work completed in 2013 and 2014
including airborne electromagnetic (VTEM), magnetic and radiometric surveys. Three
prospective conductive, low magnetic signature corridors have been discovered on the property
area. The three distinct corridors have a total strike length of over 25 km, each with multiple EM
conductor trends identified. Ground prospecting and sampling work completed to date has
identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements
for potential uranium deposit discoveries. Only one of the corridors has been drill tested to date,
intersecting structurally disrupted graphitic metasedimentary rocks at the Swoosh S6 target
using a combination of Horizontal Loop EM (HLEM) and gravity as primary targeting tools.
Following positive technical discussions between Azincourt and Skyharbour’s geological teams,
Azincourt is planning to complete a summer / fall exploration program aimed at generating new
drill targets within the previously untested corridors and refining additional targets along the
Swoosh corridor. The proposed work to be completed will include re -logging and sampling of
the seven diamond drill holes (1,571 m) drilled in 2014, with additio nal ground electromagnetic
survey work (HLEM) and ground gravity planned along the airborne conductive trends.
Additional ground geochemical sampling work is also being considered, but will be used to
enhance any target areas identified from the geophysical surveys.
The exploration work program planned is budgeted at $250,000 and is being planned for
completion by the fall of 2017 to allow for future winter drill target testing.
Overview of East Preston:
The significant potential of the Western Athabasc a 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, AREVA Resources Canada Inc. and Purepoint
Uranium Group Inc. (Spitfire). Mo re than $4.7 -million in expenditures on the entire Preston
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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
Furthermore, on March 9th, 2017, Skyharbour announced an option agreement with AREVA
Resources Canada which prov ides AREVA an earn -in option to acquire up to a 70% working
interest in a 49,635-hectare portion of the total 121,148 hectares Preston Uranium Project (see
News Release dated March 9th, 2017). Under the agreement, AREVA 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.
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 to acquire 100% of the Moore Uranium Project which is located 20 kil ometres
east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River
mine. Moore is an advanced stage uranium exploration property with a high grade uranium zone
known as the Maverick Zone returning drill results of up to 6.0% U3O8 over 5.9 metres including
20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. Skyharbour and its partner
Clean Commodities recently signed option agreements with AREVA Resources Canada and
Azincourt Uranium whereby AREVA and Azincourt can e arn 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 Uraniu m’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
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For further information contact myself or:
Nick Findler
Corporate Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
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 i ncludes 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 sta tements. 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 mat erially
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.