Skyharbour Option Partner Orano Canada Announces 2019 Exploration Budget of $2.2 Million Including Planned 4,850 Metres of Diamond Drilling at 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
November 5th, 2018
News Release
Skyharbour Option Partner Orano Canada Announces 2019 Exploration Budget of $2.2
Million Including Planned 4,850 Metres of Diamond Drilling at Preston Uranium Property
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF)
(Frankfurt:SC1P) (the “Company”) is pleased to announce the Company’s option partner Orano
Canada Inc. (“Orano Canada”) has announced details for their upcoming 2019 exploration and
diamond drilling programs at the Preston Uranium Project located in the western Athabasca Basin
near NexGen Energy Ltd.’s high -grade Arrow deposit and Fission Uranium Corp.’s Triple R
deposit.
Preston Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/SYH_Patterson_Lake_Area_Promo_20161212_blue
_hi_res.pdf
Skyharbour and Clean Commodities entered into an Option Agreement (the “Agreement”) with
Orano Canada (previously AREVA Resources Canada Inc.) whereby Orano Canada has an
option to acquire up to a 70% working interest in the Preston Uranium Project (see news release
dated March 9th, 2017). Under the Agreement, Orano Canada will contribute cash and exploration
program considerations totaling up to CAD $8,000,000 in exchange for up to 70% of the project
area over six years.
Skyharbour’s President and CEO, Jordan Trimble commented: “We are excited for the upcoming
commencement of exploration and drilling programs by Orano Canada at the Preston Project.
With a proposed CDN $2,200,000 budget over the next year we are looking forward to the results
that this significant amount of exploration can yield as we work with our strategic partner to further
advance the project. Orano Canada has a very knowledgeable technical team with a long history
in the Athabasca Basin , which will help to unlock value at this strategic, district-scale property.
Skyharbour continues to execute on its key objectives by adding value to its project base in the
Basin through ongoing mineral exploration at its flagship, high-grade Moore Uranium Project while
utilizing the prospect generator model to advance its other projects with strategic partners.”
Highlights of Orano Canada’s Upcoming Exploration Programs at Preston Uranium
Project:
Orano Canada planning to carry out CDN $2,200,000 in exploration and diamond
drilling programs over the next year
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A planned diamond drilling program consisting of 15 to 20 drill holes at the JL and
FSA targets for a total of approximately 4,850 metres to commence in early 2019
A ground geophysical program consisting of a Moving Loop Transient Electromagnetic
(ML-TEM) survey at the Canoe Lake grid
Orano Canada may earn up to a 70% interest in the 49,635-hectare Preston project
through $8,000,000 of total project consideration over six years, including up to
$7,300,000 of exploration work programs and $700,000 of cash payments
If carried to completion, a tripartite joint venture would be formed being 70% as to Orano
Canada and 30% as equally divided between Skyharbour and Clean Commodities Corp.
Preston Uranium Project Upcoming Winter 2019 Diamond Drilling Program:
Orano Canada is planning a diamond drilling program consisting of 15 to 20 drill holes for a total
of approximately 4,850 metres which is proposed to commence in early 2019 for the Preston
Project. Drilling will test targets defined by the 2018 EM surveys on the JL and FSA target grids.
There is a possibility that some targets generated by the upcoming 2019 planned ground EM
survey within the Canoe Lake area could also be tested by drilling. The estimated cost of the 2019
exploration and drilling programs is CDN $2,200,000.
Preston Uranium Project – 2018/2019 Exploration Program Map:
http://www.skyharbourltd.com/_resources/maps/OranoExplorationProgram.JPG
Proposed Drilling at JL Target:
The JL gr id has no historical drilling yet a field reconnaissance performed by Orano Canada
personnel in 2017 within the western portion of the grid identified several outcrops dominantly
constituted of felsic to intermediate gneiss with minor granite and pegmatite. During traversing,
only thorium related radiometric anomalies were detected in a ssociation with some of the
pegmatites. A total of 21 drill targets have been identified within the JL grid and seven of the eight
discrete basement conductors defined by the 2018 EM survey are considered viable drill targets.
Proposed Drilling at FSA Target:
The western extension of conductor FSA defined by a MaxMin feature was previously tested by
historical drilling. Drill hole PN15004, a follow up to lost hole PN14009, encountered locally
graphitic and sulphide-rich metasediments with a 7.5 m graphitic (<20% graphite) and pyrite
bearing shear at 179 m. Alteration (clay and chlorite) was noted as moderate to strong within the
shear and the drill hole returned a maximum of 1.8 ppm U over 1.0 m from 188.42 m. During the
2017 Orano Canada field reconnaissance of the FSA area, a uranium related radiometric anomaly
was detected in an outcrop and two grab samples were taken from the outcrop which returned 47
ppm and 62 ppm U. Within the FSA grid, two conductors were identified on all three profiles
providing six drill targets.
Ground Geophysical Program at Canoe Lake Target:
A ground EM survey is propo sed within the Canoe Lake area to investigate a conductive zone
crosscut by NNW trending magnetic lineaments that could potentially be related to structures. The
proposed Moving Loop Transient Electromagnetic (ML-TEM) survey will consist of line spacing of
500 m and total coverage of 38.7 line km.
Overview of Preston Uranium Project:
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 Pure point Uranium
Group Inc. (Spitfire). More than $4.7-million in expenditures on the entire Preston Uranium Project
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have been incurred to date. This exploration has consisted of ground gravity, airborne and
ground electromagnetics, radon, soil, silt, biogeoc hemistry, 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.
Qualified Person:
The technical information in this news release has been prepared in accordance with the
Canadian regulato ry 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 Orano Canada Inc.:
Headquartered in Saskatoon, Saskatchewan, Orano Canada Inc. is a leading producer of
uranium, accounting for the processing of 18 million pounds or over half of the uranium
concentrate produced in Canada in 2017. Orano Canada has been exploring for uranium, mining
and producing urani um concentrate in Canada for more than 50 years. Orano Canada is the
operator of the McClean Lake uranium mill and a major partner in the Cigar Lake, McArthur River
and Key Lake operations. The company employs over 450 people in Saskatchewan, including
about 130 in Saskatoon. As a sustainable uranium producer, Orano Canada is committed to
safety, environmental protection and neighbouring communities.
Orano Canada Inc. is a subsidiary of the multinational Orano group offering products and services
with high added value throughout the entire nuclear fuel cycle, from raw materials to waste
treatment. Its activities, from mining to dismantling, as well as in conversion, enrichment,
recycling, logistics and engineering, contribute to the production of low carbon electricity. Orano
and its 16,000 employees bring to bear their expertise and their mastery of cutting -edge
technology, as well as their permanent search for innovation and unwavering dedication to safety,
to serve their customers worldwide.
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 uraniu m 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 ca sh 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.
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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]
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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 forwa rd-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.