Skyharbour Option Partner Azincourt Granted an Earn-in Extension at the East Preston Uranium Project in Exchange for Shares
Suite 1610 –777 Dunsmuir Street, Vancouver, BC, Canada, V7Y1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3800
Facsimile: (604) 687-3119
April 16th, 2020
News Release
Skyharbour Option Partner Azincourt Granted an Earn-in Extension at the
East Preston Uranium Project in Exchange for Shares
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P)
(the “Company”) and Dixie Gold Inc. (formerly, Clean Commodities Corp.) announce an agreement
with Azincourt Energy Corp., to extend the deadline for the remaining obligations owing in connection
with Azincourt’s acquisition of a 70% interest in the East Preston Uranium Project (the “Project”),
located in the western Athabasca basin in Saskatchewan, Canada. Azincourt Energy is currently
earning an interest in the 25,000-plus hectare Project as part of a property option agreement
previously entered into with the Skyharbour Resources Ltd. and Dixie Gold Inc.
Under the terms of the extension, Skyharbour and Dixie Gold have agreed to extend the deadline
for the remaining obligations owing to complete the acquisition of a 70% interest in the Project, which
include incurring a small portion of the exploration expenditures remaining on the Project and
completion of a final cash payment of CAD $400,000. The deadline for these obligations has been
extended through until March 31 st, 2021. Following satisfaction of these obligations, Azincourt
Energy will hold a 70% interest in the Project.
In consideration for the extension, Azincourt has agreed to issue 5,000,000 common shares (the
“Consideration Shares ”), at a deemed price of $0.05 per share, to be divided evenly between
Skyharbour and Dixie Gold. Completion of the issuance of the Consideration Shares remains subject
to the approval of the TSX Venture Exchange. Following issuance, the Consideration Shares will be
subject to a four -month-and-one-day statutory hold period in accordance with applicable securities
laws.
To date Azincourt has run several geophysical surveys that have delineated multiple long linear
conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault
lineaments - classic targets for basement-hosted unconformity uranium deposits. These are not just
simple basement conductors but are clearly upgraded/enhanced prospectivity targets due to
structural complexity. The targets are similar to NexGen's Arrow deposit and Cameco's East Point
mine. The project ground is located along a parallel conductive trend between the PLS-Arrow trend
and Cameco's Centennial deposit in the Virgin River-Dufferin Lake Trend. Limited drilling (552m) in
the winter of 2018-19 confirmed the prospectivity of the East Preston project, as basement lithologies
and graphitic structures intersected are similar and appear to be analogous to the Patterson Lake
South-Arrow-Hook Lake/Spitfire uranium deposit host rocks and setting.
Azincourt has recently followed up with a winter drill program that focused on prospective targets in
the Five Island Lakes area, testing multiple subparallel EM conductors in the area of marked
structural disruption. A portion of the recent targeting was concentrated along the A -Zone, where
2019 drilling verified the conductor hosts s ignificant graphite in strongly deformed (sheared) host
rocks that offer both fluid pathways and a reducing host rock conducive to uranium deposition.
Assays are pending for this drill program.
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
six drill-ready projects. Skyharbour has acquired from Denison Mines, a large strategic shareholder
of the Company, a 100% interest in the Moore Uranium Project which is located 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 explor ation property with high grade uranium
mineralization at the Maverick Zone with drill results returning up to 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% 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 a NI 43-101 inferred resource totaling
7.0 million pounds of U 3O8 at 0.03% and 5.3 million pounds of ThO 2 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:
Simon Dyakowski
Corporate Development
Skyharbour Resources Ltd.
Telephone: 604-687-3800
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
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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.