Skyharbour Option Partner Azincourt Enters Year Two of Option Agreement at East Preston Uranium Project and Skyharbour Featured in Financial Post
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
March 28th, 2018
News Release
Skyharbour Option Partner Azincourt Enters Year Two of Option Agreement at East
Preston Uranium Project and Skyharbour Featured in Financial Post
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) (“Azincourt”) has paid its required cash payment to enter year two of the property option
agreement after receiving positive results from the recent exploration program at the East Preston
Uranium Project (the “Project”). N umerous high-quality drill targets were generated u pon
completion of the recent HLEM and Gravity geophysical surveys at East Preston with detailed
interpretation work underway to prioritize these targets for future drill testing . The Project is
located 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
The East Preston geophysical program consisted of 51.45 km of grid preparation, 46.05 km of
horizontal loop electromagnetic (HLEM), and 40.6 km of gravity. The HLEM data was collected
using a 200 m transmitter -receiver separation, and 50 m station intervals. The survey was
designed to accurately identify the location of multiple conductive systems in this shallow depth
to basement environment. Uranium deposits are often associated close to basement conductive
trends and represent a first order criterion for discovery.
The image below 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 solely 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 airborne magnetic data are also displayed, which
appear to offset the HLEM conductive trends.
Preston Uranium Property HLEM Survey Map:
http://www.skyharbourltd.com/_resources/maps/HLEM-survey.jpg
The gravity survey recorded measurements at 50 m station intervals. Subtle gravity low anomalies
can highlight areas of alteration and structural disruption. Gravity highs may represent basement
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topography, which is also associated with uranium deposits. T his initial ground
geophysical program has confirmed the interpretation of the airborne data and has yielded drill
targets within previously untested corridors.
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.
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 $2,500,0 00 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.
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, Orano 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
Furthermore, on March 9th, 2017, Skyharbour announced an option agreement with Orano
Canada Inc. which provides Orano 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, Orano can contribute cash and expl oration
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 regula tory 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.
Skyharbour in the Media:
The Financial Post recently featured Skyharbour in its business section in an article titled:
“Topography, Timing, and Talent”. The article provides a summary of the uranium market and the
Company, and can be found at:
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https://business.financialpost.com/business- trends/topography-timing-and-talent
.
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 Orano Canada Inc. and Azincourt
Energy whereby Orano 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 proxi mal 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 mineralizat ion 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: 604-639-3850
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 may be deemed to be "forward -looking sta tements". 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
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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.