Skyharbour Partner Company Azincourt Mobilizes for Geophysical Program at the East Preston Uranium Project
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
November 23rd, 2020
News Release
Skyharbour Partner Company Azincourt Mobilizes for Geophysical Program at the
East Preston Uranium Project
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P)
(the “Com pany”) is pleased to announce that its partner company Azincourt Energy Corp.
(“Azincourt”) it is undertaking a ground-based geophysical exploration program at the East Preston
Uranium Project, located in the western Athabasca Basin, Saskatchewan, Canada.
Preston Uranium Project Map:
http://skyharbourltd.com/_resources/maps/SYH-Patterson-Lake.pdf
The program will be comprised of a horizontal loop electromagnetic survey (“HLEM”) to refine and
help prioritize areas where untested conductive corridors have been identified in existing property -
wide airborne VTEM survey results. A total of 33 line -km of HLEM surveying will be completed,
commencing in late November and early December . The survey was originally scheduled for the
summer but has been delayed due to Covid-19 restrictions and disruptions.
A diamond drilling program is anticipated for follow -up to continue to test prospective conductor
trends on the property. Target selection will be finalized after Azincourt interprets the results of the
HLEM survey and reviews the existing target inventory.
“The collection of this data and refinement of co nductor locations within the identified corridors will
ensure that our highest priority targets are being targeted and tested effectively,” said Azincourt
Exploration Manager, Trevor Perkins.
Target corridors at the East Preston Uranium Project, Western Athabasca Basin
Saskatchewan:
https://www.skyharbourltd.com/_resources/maps/Target-Corridors-East-Preston.png
Proposed areas for upcoming HLEM survey at the East Preston Uranium Project:
https://www.skyharbourltd.com/_resources/maps/HLEM-Survey-East-Preston.png
Patterson Geophysics of La Ronge, Saskatchewan, has been contracted for the program. They are
familiar with East Preston, having done previous geophysical work on the project ove r the last few
years.
About East Preston:
Skyharbour and Dixie Gold Inc. (“Dixie Gold”) 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 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 Dixie Gold, as well as $2,500,000 in exploration expenditures over the three -year period.
Skyharbour and Dixie Gold 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 o f
CAD $400,000 (see News Release dated April 16, 2020). The deadline for these obligations has
been extended through until March 31 st, 2021 and in consideration for the extension, Azincourt
issued 5,000,000 common shares to Skyharbour and Dixie Gold.
Extensive regional exploration work at East Preston was completed in 2013 -14, including 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. 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.
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. 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 c onductors with a gravity low signature,
which is often associated with alteration, 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. 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 project
ground is located a long 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 with 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.
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 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 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 owns a 100% interest in the South Falcon Uranium Project on the eastern perimeter
of the Basin whic h 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%. Recently, Skyharbour signed a LOI with Australian
company Pitchblende Energy, which is being acquired by ASX-listed Valor Resources, on the North
Falcon Uranium Project whereby Pitchblende can earn-in 80% of the project through $3,500,000 in
total exploration expenditures and $425,000 in total cash payments over three years as well as
shares in the company.
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/maps/SYH-Athabasca-Map.pdf
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:
Spencer Coulter
Corporate Communications
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 REL EASE.
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, ar e 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.