Skyharbour Option Partner Azincourt Announces Upcoming Exploration Program at East 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
October 18th, 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 Energy
(TSX-V: AAZ) (“Azincourt”) has announced details for an upcoming exploration program at the
East Preston 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
Azincourt which provides Azincourt an earn -in option to acquire a 70% working interest in the
East Preston Property (see news release dated March 28th, 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 p ayments to Skyharbour and Clean
Commodities.
East Preston Program Highlights:
Extensive reinterpretation of historical helicopter -borne VTEM and ground geophysical
data by expert geophysical consultant highlights untested conductor systems and corridor
trends
Ground geophysical program planned to refine drill targets over with grid establishment,
Horizontal Loop Electromagnetic (HLEM) and Gravity surveys to be used
Work to commence after freeze-up in November
Azincourt may earn a 70% interest in East Pre ston 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 Skyhabour and Clean Commodities to be split equally.
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In addition to the Azincourt Agreement on the Preston East Property, Skyhabour also
announced an option agreement with AREVA Resources C anada whereby AREVA may
earn up to a 70% interest in a separate 49,635 hectare portion of the Preston Project.
East Preston Project 2017 Geophysical Program:
Skyharbour’s option partner Azincourt engaged a highly experienced geophysical consultant, Mr.
Lawrence Bzdel, PGeo, to interpret the extensive historical airborne and ground geophysical data
set and build on the already extensive previous work. The reinterpretation work has identified and
prioritized numerous conductor trends, with the highest priorities being the A, B and D trends,
respectively (see figure in link below).
East Preston Survey Grid Location Map:
http://skyharbourltd.com/_resources/maps/Low-res-Figure-2---East-Preston-Survey-Grid-
Location-Map-with-mid-time-channel-VTEM-440-us.pdf
Trend A is a very long, wide N to NE trending conductive corridor with an observed flexure bound
and crosscut by interpreted E-W cross-faults. Trend B is a long linear conductor system coincident
with an interpreted NE trending fault. Trend D is a NNW trending conductor system parallel to an
interpreted fault.
The East Preston geophysical program is expected to commence in November following freeze-
up in northwestern Saskatchewan. Grid establishment will precede the planned surveys. The grid
lines will be perpe ndicular to the interpreted VTEM conductive trends. The HLEM and Gravity
surveys will consist of 47 line km of each method.
The HLEM data will be collected with a 200 m Transmitter-Receiver separation, and 50 m station
intervals. The survey is 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 represent a first order criteria for discovery.
The G ravity survey will record measurements at 50 m station intervals. Subtle gravity low
anomalies can highlight areas of alteration and structural disruption. Gravity highs may represent
basement topography, which are also associated with unconformity-related uranium deposits.
This initial ground geophysical program is expected to yield drill targets within previously untested
corridors. Skyharbour and its option partner Azincourt expect 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 , 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, 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 AREVA
Resources Canada which provides AREVA 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, AREVA can contri bute 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 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 Adviso r 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 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265
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 com bined $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 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]
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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 dev elopments
that management of the Company expects, are forward -looking statements. Although management
believes the expectations expressed in such forward -looking statements are based on reasonable
assumptions, such statements are not guarantees of future p erformance, 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 fact ors, should change. Factors 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.