Skyharbour Option Partner Azincourt Energy to Drill East Preston Uranium Project, 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
August 22nd, 2018
NEWS RELEASE
Skyharbour Option Partner Azincourt Energy to Drill East Preston Uranium Project,
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 (TSX.V: AAZ,
OTC: AZURF) (“Azincourt”) has provided an update regarding its upcoming winter work program
at the East Preston uranium project, located in the southwestern Athabasca Basin,
Saskatchewan, Canada.
Preston Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/SYH_Patterson_Lake_Area_Promo_20161212_blue
_hi_res.pdf
The 2018 -19 winter work program is planned to begin after mid -November and will include
approximately 2,000-2,500m of diamond drilling designed to test several previously identified
high-priority targets. Azincourt announced earlier this year t hat it entered year two of its option
agreement with Skyharbour and Clean Commodities Corp., in which Azincourt can e arn a 70%
interest in the 25,329 hectare project.
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 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 and
refined additional targets near 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.
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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 conductors
with a gravity low signa ture, 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 linea r conductors with flexural changes in orientation and
offset breaks in the vicinity of interpreted fault lineaments which are classic targets for basement-
hosted unconformity uranium deposits. These are not just simple basement conductors, they are
prospective and upgraded/enhanced targets because of the structural complexity.
East Preston Project HLEM Survey:
http://www.skyharbourltd.com/_resources/maps/20180822-east-preston-project.jpg
The HLEM Survey above displays the gridded 7040 Hz in-phase HLEM data, which is considered
to be representative of the entire data set. The most prospective trends, based sole ly on
conductivity, are labelled as C1 and C2. However, there are zones of mineralization within the
Athabasca Basin that are not directly related to graphite content; therefore, the weaker trends
should not be dismissed. Lineaments interpreted from the ai rborne magnetic data are also
displayed, which appear to offset the HLEM conductive trends.
Targets at East Preston:
The targets are basement -hosted unconformity related uranium deposits similar to NexGen’s
Arrow deposit and Cameco’s Eagle Point deposit. East Preston is near the southern edge of the
western Athabasca Basin where targets are in a near surface environment wit hout Athabasca
sandstone cover, and therefore they are relatively shallow targets that 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).
Year Two Exploration Plans for East Preston:
The considerable number and high quality of the conductor trends has generated enough targets
for several drill programs. For year two, the Company is planning an approximate 10+ hole, 2,000-
2,500 metre diamond drill program of drill holes to test the structurally -controlled b asement
uranium deposit model. Drill targets will be prioritized based on stacking of airborne and ground
electromagnetic and ground gravity ge ophysical data interpretation. Permitting work will
commence shortly.
Historical Work at East Preston:
The East Preston project had exten sive regional explo ration work completed in 2013 to 2015
including drilling, surface work, airborne 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.
East Preston Survey Grid Location:
http://www.skyharbourltd.com/_resources/maps/Figure_2_East_Preston_Survey_Grid_Location
.jpg
Ground prospecting and sampling work completed to date has identified outcrop, soil,
biogeochemical and radon anomalies, which are key pathfinder elements for unconformity
uranium deposit discovery.
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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.
Qualified Person:
The technical information in this news release has been prepared in accordance with the
Canadian regulatory requirem ents 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. Mo ore is an advanced stage uranium exploration
property with high grade uranium mineralization at the Maverick Zone with drill results returning
6.0% U 3O8 over 5.9 metres including 20.8% U 3O8 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% 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
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 mine ralization 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 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 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.