Skyharbour Partner Company Azincourt Energy Mobilizes Crew for Drill Program and Completes VTEM Survey at East Preston, Saskatchewan
Suite 1610 –777 Dunsmuir Street, Vancouver, BC, Canada, V7Y1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
February 27th, 2019
News Release
Skyharbour Partner Company Azincourt Energy Mobilizes Crew for Drill Program and
Completes VTEM Survey at East Preston, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF)
(Frankfurt:SC1P) (the “Company”) is pleased to announce that its partner company Azincourt
Energy Corp. (“Azincourt”) has received all relevant permits for its proposed uranium drill program
at the East Preston Project. Crews have now been mobilized in support of the program with drilling
expected to commence before mid-March.
Preston Uranium Project Map:
http://skyharbourltd.com/_resources/maps/SYH-Patterson-Lake.pdf
Azincourt’s 2019 drill program, with 10 -15 holes (2 ,000-2,500 meters) planned, will test high
priority targets within prospective conductor corridors defined by recent airborne geophysical
surveys. Targets have been refined and prioritized based on encouraging fieldw ork results,
including coincident anomalies from ground gravity, airborne and ground EM and magnetics
(graphitic conductors and structures), radon, soil, biogeochem, lake sediment, and geological
mapping surveys. The program’s primary drill target in the Five Island Lake region is considered
to be one of the most prospective geological targets on the property.
East Preston VTEM Survey Completed:
Azincourt reports that Geotech Ltd. recently completed a helicopter-borne Versatile Time-Domain
Electromagnetic (VTEM™ Max) and Magnetic survey over the southeastern portion of the East
Preston Project. East Preston now has complete survey coverage over the entire project area.
VTEM Survey Grid – Completed January 2019:
http://azincourtenergy.com/wp-content/uploads/2019/02/Figure-1-VTEM-Survery-Grid-Jan-
2019-AAZ.jpg
The survey consisted of 498 line -km with 300 m line spacing and 1,000 m tie -line spacing –
identical parameters to the previous VTEM™ Max survey, and ties directly into the previous flight
lines, oriented NW-SE, perpendicular to the NE -SW trending structural and cond uctor trends of
the basement rocks at East Preston. 100% of the East Preston ground has now been subject to
VTEM Max survey.
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Geotech is currently completing data processing prior to passing to Azincourt consultants for in -
depth interpretation. This new su rvey data will be used to add targets for future exploration drill
testing and does not affect the current planned drill campaign.
East Preston 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 while
refining 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.
2018 HLEM and Residual Gravity Survey Interpretation:
http://azincourtenergy.com/wp-content/uploads/2019/02/Figure-2-2018-HLEM-and-Residual-
Gravity-survey-interpretation.jpg
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 signature, which is often associated with alte ration, fault/structural disruption
and potentially, uranium mineralization. The combination/stacking of positive features has
assisted in prioritizing targets.
The Main Grid shows 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; they are clearly
upgraded/enhanced prospectivity targets because of the structural complexity.
East Preston Targets:
The targets are basement -hosted unconformity related uranium deposits similar to NexGen’s
Arrow deposit and Cameco’s Eagle Point mine. East Preston is near the southern edge of the
western Athabasca Basin, where targets are in a near surface environment without Athabasca
sandstone cover – therefore they are relatively shallow targets but can have great depth extent
when discovered. The p roject ground is located along a parallel conductive trend between the
PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).
Qualified Person:
The technical information in this news release has been prepared in accordance w ith 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
Qualified Person.
Option Agreement:
Skyharbour and Clean Commodities e ntered 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 is sued 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 i n cash
payments to Skyharbour and Clean Commodities, as well as $2,500,000 in exploration
expenditures over the three-year period.
About Skyharbour Resources Ltd.:
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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
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 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 U3O8 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.
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 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 state ments 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
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forward-looking statements, include market prices, exploration and devel opment 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.