Skyharbour Partner Company Azincourt VTEM Survey Completed and Adds to East Preston Prospectivity
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
April 11th, 2019
News Release
Skyharbour Partner Company Azincourt VTEM Survey Completed and Adds to
East Preston Prospectivity
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 preliminary results from the recent helicopter-borne Versatile
Time-Domain Electromagnetic (VTEM™ Max) and Magnetic survey conducted over the
southeastern portion of the East Preston Uranium Project, located in the western Athabasca
Basin, Saskatchewan.
Preston Uranium Project Map:
http://skyharbourltd.com/_resources/maps/SYH-Patterson-Lake.pdf
The survey was conducted between January 23rd and February 6th, 2019, and completed survey
coverage over the entire 25,000-ha project area. This 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. Flight lines are oriented NW -SE,
perpendicular to the NE -SW trending structural and conductor trends of the ba sement rocks at
East Preston.
Geotech, the survey provider, is finalizing final reports, but has completed data processing and
has provided a merged dataset covering the entire East Preston project by combining the newly
acquired VTEM survey data with the original VTEM data coverage. In-depth interpretation is on-
going by Bingham Geoscience, geophysical consultants to Azincourt. Results of the interpretation
will be reported once received and reviewed.
The initial interpretation of this new survey data has added an additional 7.5 km to 10 km along
two of the same prospective previously-known conductive trends. There are offset breaks in the
conductor trends with multiple, discreet conductors interpreted.
East Preston VTEM Survey:
http://www.skyharbourltd.com/_resources/images/East-Preston-VTEM-survey.jpg
More in -depth interpretation is on -going and will be used to add to the East Preston target
inventory for future exploration drill testing.
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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 conductor trends of
the basement rocks at East Preston. 100% of the East Preston ground has now been subject to
VTEM Max survey.
Geotech is currently completing data processing prior to passing to Azincourt consul tants for in-
depth interpretation. This new survey 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.
Option Agreement:
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. Und er 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 c onsideration, $1,000,000 will be in cash
payments to Skyharbour and Clean Commodities, as well as $2,500,000 in exploration
expenditures over the three-year period.
Payment Conversion:
Skyharbour also announces that it has reached an agreement with Azinc ourt in which The
Company has agreed to accept 2,000,000 common shares (the “Settlement Shares”) of Azincourt
Shares in settlement of a portion of the second year cash payment owing to Skyharbour in
connection with the acquisition of an interest in the Eas t Preston Uranium Project. As partial
consideration for this interest in the project, a payment of $150,000 is owing to Skyharbour. The
Settlement Shares are being issued in settlement of $100,000 of the payment owing to
Skyharbour and are being issued at a deemed price of $0.05 per share. The balance of $50,000
owing to Skyharbour will be paid in cash.
Completion of the issuance of the Settlement Shares remains subject to the approval of the TSX
Venture Exchange. Following issuance, the Settlements Shares will be subject to a four-month-
and-one-day statutory hold period in accordance with applicable securities laws.
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 Adviso r and a
Qualified Person.
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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
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 t he 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 o r 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 fut ure 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,
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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 econo mic, market or business conditions. Please see the
public filings of the Company at www.sedar.com for further information.