Skyharbour Option Partner, Azincourt Energy, Announces Conducting VTEM Survey at East Preston Uranium Project
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
December 11th, 2018
NEWS RELEASE
Skyharbour Option Partner, Azincourt Energy, Announces Conducting VTEM Survey at
East Preston Uranium Project
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) announces that it’s option partner, Azincourt Energy Corp. (“Azincourt”)
has provided an update regarding its winter work program at the East Preston uranium project
located in the southwestern Athabasca Basin, Saskatchewan, Canada.
Preston Uranium Project Map:
http://skyharbourltd.com/_resources/maps/SYH-Patterson-Lake.pdf
Azincourt has engaged Geotech Ltd to conduct a helicopter -borne Versatile Time -Domain
Electromagnetic (VTEM™ Max) and Magnetic survey over the southeastern portion of the East
Preston Project to complete survey coverage over the entire project area.
The planned survey will consist of 498 line-km with 300m line spacing and 1,000m tie-line spacing
– identical parameters to the previous VTEM™ Max survey, and ties directly into the previous
flight lines (Figure 1). Flight lines are oriented NW -SE, perpendicular to the NE -SW trending
structural and conductor trends of the basement rocks at East Preston.
Geotech Ltd., the sole provider of the VTEM™ Max platform, has a system currently active in
Saskatchewan and plans to commence the East Preston survey in mid -December. Weather
permitting, the survey is expected to require 5-7 days and will be completed by year end.
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Figure 1: Proposed VTEM Survey grid – December 2018
Figure 2: Winter 2017-18 VTEM Survey results
Azincourt has applied for drill permits at East Preston and upon receipt is planning an approximate
10+ hole, 2000 -2500-meter diamond drill program of inclined drill holes to test the structurally -
controlled basement uranium deposit model. Drill targets have been prioritized based on stacking
of airborne and ground electromagnetic and ground gravity geophysical data interpretation.
Historical Work
Azincourt is currently earning towards 70% interest in the 25,000+ hectare East Preston project
as part of a joint venture agreement with Skyharbour Resources, and Clean Commodities Corp.
Extensive regional exploration work at East Preston was completed in 2013-14, including airborne
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electromagnetic (VTEM), magnetic and radiometric surveys. Three prospective
conductive, low magnetic signature corridors have been discovered on the property. 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 have identified outcrop, soil,
biogeochemical and radon anomalies, which are key pathfinder elements for unconformity
uranium deposit discovery.
Only one of the corridors has been drill tested to date, successfully intersecting structurally
disrupted graphitic metasedimentary rocks and anomalous pathfinder elements (including
uranium) at the Swoosh S6 target using a combination of Horizontal Loop EM (HLEM) and gravity
as primary targeting tools.
Azincourt Geophysical Work - Winter 2018
Azincourt completed a winter geophysical exploration program in January -February 2018 that
generated a significant amount of new drill targets within the previously untested corridors while
refining additional targets near the previous drilling along the Swoosh corridor.
The work included 51.5 km of grid preparation (line cutting/picketing), 46.1 km of horizontal loop
electromagnetic (HLEM), and 40.6 km of ground gravity along the previously known airborne
helicopter VTEM conductive trends.
Ground-truthing work confirmed the airborne conductive trends and more accurately located the
conductor axes for future drill testing. The gravity survey identified areas along the conductor s
with a gravity low signature, which is often associated with alteration, fault/structural disruption
and potentially, uranium mineralization. The combination/stacking of positive features will assist
prioritizing targets for testing first.
The Main Grid shows multiple long linear conductors with flexural changes in orientation and
offsets breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted
unconformity uranium deposits. These are not just simple basement conductors; they are clearly
upgraded/enhanced prospectivity targets because of the structural complexity.
Targets
The targets are basement -hosted unconformity related uranium deposits similar to NexGen’s
Arrow deposit and Cameco’s Eagle Point mine. East Preston is near the southern edge of the
western Athabasca Basin, where targets are in a near surface environment without Athabasca
sandstone cover – therefore they are relatively shallow targets but can have great depth extent
when discovered. The project ground is located along a parallel conductive trend between the
PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).
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
Qualified Person.
Option Agreement
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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 Skyharbour 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.
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
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 has signed option agreements with Orano Canada Inc. and Azincourt Energy
whereby Orano and Azincourt can earn in up to 70% of the Preston Project through a combined
$9,800,000 in total exploration expenditures, as well as $1,700,000 in total cash payments and
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 U 3O8 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: 604-687-3850
Toll Free: 800-567-8181
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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 statements are based on reasonable
assumptions, such statements are not guarante es 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 successes, continued
availability of capital and financing, and gene ral economic, market or business conditions. Please see the
public filings of the Company at www.sedar.com for further information.