Skyharbour Option Partner Azincourt Energy to Commence 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
January 23rd, 2018
News Release
Skyharbour Option Partner Azincourt Energy to Commence Exploration Program at East
Preston Uranium Property
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company” and “Skyharbour”) is pleased to announce its option partner Azincourt
Energy Corp. (“Azincourt”) will be commencing a planned exploration program at the Company’s
East 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 Corp. (“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 (see news release March 28 th, 2017). 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 pr oject 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.
Highlights of Azincourt’s Exploration Program at East Preston Uranium Project:
Extensive reinterpretation of historic al helicopter-borne VTEM and ground geophysical
data by expert geophysical consultants hi ghlights untested conductor systems and
corridor trends
Ground geophysical program planned to refine drill targets over prospective conductor
trends
Grid establishment, horizontal loop electromagnetic (HLEM) and gravity surveys to be
used
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Temporary camp and exploration work permits received from Saskatchewan Ministry of
Environment and contractors are mobilizing to start the work program
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 AREVA Resources Canada whereby AREVA 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
interpret the extensive historical airborne and ground geophysical data set and build on the
previous work. The reinterpretation work has identified and prioritized numerous conductor trends
with the highest priorities being the A, B and D trends, respectively.
East Preston Survey Grid Location:
http://www.skyharbourltd.com/_resources/maps/Figure_2_East_Preston_Survey_Grid_Location.jpg
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.
Grid establishment will precede the planned surveys. The grid lines will be perpendicular to the
interpreted VTEM conductive trends. The HLEM and Gravity surveys will consist of 50-line km of
each method. The HLEM data will be collected with a 200m Transmitter-Receiver separation and
50m station intervals. The survey is designed to accurately identify multiple conductor systems in
this shallow depth to basement environment. Un conformity-related uranium deposits are often
associated in proximity to basement conductive trends and represent a first order criteria for
discovery.
The Gravity survey will record measurements at 50m 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. The Company 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 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, 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 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 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 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% 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 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 rec ently 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 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.