Skyharbour Partner Company Azincourt’s VTEM Survey Generates Seven New Target Areas at 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) 687-3376
Facsimile: (604) 687-3119
May 15th, 2019
News Release
Skyharbour Partner Company Azincourt’s VTEM Survey Generates Seven New Target
Areas at East Preston Uranium Project
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF)
(Frankfurt:SC1P) (the “C ompany”) pleased to announce that its partner company Azincourt
Energy Corp. (“Azincourt”) has announced results from the 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
As reported previously, partner company Azincourt conducted a helicopter-borne Versatile Time-
Domain Electromagnetic (VTEM™ Max) and Magnetic survey in February 2019 over the southern
portion of the East Preston Project to complete survey coverage over the entire 25,000+ hectare
project area. 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 line s oriented NW -SE, perpendicular to the NE -SW orientation of the regional
structural and basement conductor trends at East Preston.
East Preston VTEM Survey:
http://www.skyharbourltd.com/_resources/images/East-Preston-VTEM-survey.jpg
Geotech completed data processing and provided a merged dataset covering the entire East
Preston project. In -depth interpretation has now been completed by Bingham Geoscience,
geophysical consultants to Azincourt. The detailed interpretation of the project -scale VTEM
survey data has added an additional seven areas to the project target inventory and has confirmed
the main A-conductor trend extends an additional five km southwest to the property edge.
VTEM Survey Grid – Completed January 2019:
http://azincourtenergy.com/wp-content/uploads/2019/02/Figure-1-VTEM-Survery-Grid-Jan-
2019-AAZ.jpg
Four of the new target areas (A7, A8, B4 & C1) display prospective structural offset breaks in the
conductor trends with multiple, discreet conductors interpreted. Three new target areas (B5, B6
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& E1) display single discreet conductors coincident with magnetic structures and offset
breaks. All new target areas are considered prospective for basement -hosted unconformity
uranium discovery and the expanded targets at East Preston will now be prioritized for continued
exploration drill testing.
About East Preston:
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 r adon 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 previou sly 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 su rvey identified areas along the conductors 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 along a parallel conductive trend between the
PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).
Drilling commenced in March of 2019, testing the first few priority targets to depths between 150
and 200 meters. Results are pending and will be announced once received, reviewed and
verified.
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. 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 Clean Commodities, as well as $2,500,000 in exploration
expenditures over the three-year period.
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.
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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 six 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 r esults 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 ea st 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]
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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 developme nts
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 perform ance, and actual results or
developments may differ materially from those in the forward-looking statements. The Company undertakes
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no obligation to update these forward -looking statements if management's beliefs, estimates or
opinions, or other factors, s hould 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.