Skyharbour Partner Company Valor Provides Update on Field Programs and Upcoming Drill Program at the Hook Lake Project
Suite 1610 –777Dunsmuir Street, Vancouver, BC, Canada, V7Y1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
October 6th, 2021
News Release
Skyharbour Partner Company Valor Provides Update on Field Programs and Upcoming Drill
Program at the Hook Lake Project
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce that partner company Valor Resources Limited
(“Valor”) has provided an update on results from the recently completed on-ground field program at
the Hook Lake Project. Following the on -ground field program that concluded in August and the
subsequent reporting of high -grade uranium assay results , planning of a follow -up drill program is
underway.
Hook Lake (Formally North Falcon Point) Project:
https://skyharbourltd.com/_resources/projects/Falcon-Point-Project.jpg
Highlights:
• Planning of diamond drilling program at Hook Lake Project well advanced
• All necessary permits in place for diamond drilling program to commence
• Drilling to test at depth and along strike from historical trench at Hook Lake / Zone S Prospect
where recent surface sampling returned assays of up to 59.2% U3O8, 5.05% TREO, 507g/t
Ag and 14.5% Pb
• Diamond drilling to also test targets at West Way Prospect
• Drilling set to commence in December 2021 with a program of at least 2,500m proposed
• Project Geologist seconded from Dahrouge Geological Consulting
Upcoming Drill Program and Geological Summary:
The diamond drilling program will be primarily focused on the area around the historical trench at the
Zone S prospect where recent sampling by Valor returned assays of (see news release dated August
31st, 2021):
• 59.2% U3O8, 499g/t Ag, 5.05% TREO, 14.4% Pb (Float sample)
• 57.4% U3O8, 507g/t Ag, 3.68% TREO, 14.5% Pb (Rock Chip sample)
• 46.1% U3O8, 435g/t Ag, 2.88% TREO, 8.8% Pb (Rock Chip sample)
• 6.92% U3O8, 0.81% TREO, 2% Pb (Rock Chip sample)
• 6.42% U3O8, 1.17% TREO, 1.8% Pb (Rock Chip sample)
*TREO = Total Rare Earth Oxides = La 2O3, CeO 2, Pr6O11, Nd2O3, Sm 2O3, Eu2O3, Gd 2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3,
Yb2O3, Y2O3
All necessary permits for the drilling program have been granted by the Saskatchewan Ministry of
Environment and all relevant stakeholders including First Nations communities are being contacted
regarding the upcoming program. The drilling will be helicopter supported thereby reducing the
environmental impact on the area.
Valor’s Executive Chairman Mr. George Bauk stated: “Following on from the results published in
August 2021 and desktop reviews being undertaken, we are pleased to be finalising the upcoming
drill program scheduled for December. We will be targeting three key areas to begin with and look
forward to the results as they come to hand. Over the past month with the increase in the spot
uranium price we have seen an unprecedented land grab in the Athabasca Basin. Most of the Basin
has been pegged which highlights the excitement and prospectively of this area. We have seven
projects in and around the Basin that demand exploration attention.”
Final drill hole locations are currently being determined with historical drilling data being digitised and
compiled and integrated into a 3D geological model over the Zone S target area. The Hook Lake
high-grade uranium (and rare earth) mineralisation is interpreted to be located at a dilational trap/jog
which has formed at the intersection of a northeast -southwest trending shear zone and a possible
north-south trending structure (potentially a re -activated Tabbernor fault structure). Besides the
downdip and down-plunge potential of the immediate Hook Lake target, there is potential for further
structural targets of this nature along strike to the northeast and southwest from the Hook Lake
prospect.
Drilling is planned to commence in December with an expected program of 10 -15 drill holes for a
total of around 2,500m – 4,500m. Drilling will also test targets at the West Way prospect where recent
surface sampling by Valor returned assays of up to 0.64% U3O8 and 3.4% Mo (previously reported
in the August 31st, 2021 news release).
The on-ground technical team in Canada has been boosted by the secondment of a full -time
geologist from Dahrouge Geological Consulting from October for a period of at least 3 months. In
addition, an Australian based geoscience consulting group, Terra Resources , has been contracted
to provide geophysical services to Valor with particular emphasis on the Athabasca projects. Terra
will also be carrying out historical data compilation for all the Company’s projects in the Athabasca,
starting with the Hook Lake Project, capturing this data in a digital format, then integrating with other
geoscientific data sets to develop 3D geological models and targets.
Other ongoing work for the Hook Lake Project is the mineralogical characterisation study of the high-
grade urani um and REE samples from the Zone S prospect. Work is to be carried out by the
Saskatchewan Research Council (SRC) Geoanalytical Laboratories which will include QEMSCAN
Mineralogical analysis.
The Hook Lake Project consists of 16 contiguous mining claims c overing 25,846 hectares, located
60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Skyharbour signed a Definitive
Agreement with Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80%
of the project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments
over three years and an initial share issuance of 233,333,333 shares of Valor.
About Hook Lake (previously North Falcon Point) Project:
Valor has the right to earn an 80% working interest in the Hook Lake Uranium Project located 60 km
east of the Key Lake Uranium Mine in northern Saskatchewan. Covering 25,846 hectares, the 16
contiguous mineral claims host several prospective areas of uranium mineralization including:
• Hook Lake / Zone S - High-grade surface outcrop with reported grades in grab samples up
to 68% U 3O8; a bio -geochemical survey carried out over the trenches in 2015 responded
positively with along-strike anomalies 2 km to the northeast
• Nob Hill - Fracture-controlled vein-type uranium mineralization on surface outcrop with up to
0.130% - 0.141% U3O8 in grab samples; diamond drilling intersected anomalous uranium in
several drill holes with values up to 422 ppm U over 0.5 m
• West Way - Vein type U mineralization within a NE-trending shear zone; grab samples taken
from the surface showing contained variable uranium values including up to 0.475% U 3O8
and drilling of the structure intersected the altered shear zone at depth, along with anomalous
Cu, Ni, Co, As, V, U, & Pb
• Grid T - Fracture-hosted secondary uranium mineralization in sheared calc -silicates and
marbles in a 100 m x 20 m zone of anomalous radioactivity with grab samples having up to
800 ppm U
• Alexander Lake Boulder Field - 30 biotite-quartz-k-feldspar pegmatite boulders NE of
Alexander Lake; the best results include 360 ppm U, 1,400 ppm U and 1,600 ppm U
respectively
• Thompson Lake Boulder Field - Numerous radioactive boulders and blocks of pegmatized
meta-arkose, pegmatite, and granite; the best value obtained was 738 ppm U from a granite
boulder
• NE Alexander Lake – Several calc-silicate, plagioclase-quartz granulite, quartzite, and meta-
arkose boulders with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni
The project area is in close proximity to two all-weather northern highways and grid power. Historical
exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns,
detailed geochemical sampling and surveys, and ground -based prospecting cu lminating in an
extensive geological database for the project area.
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 Director, as well as
a Qualified Person.
About Valor Resources Ltd:
Valor Resources Limited (ASX: VAL) is an exploration company focused on creating shareholder
value through acquisitions and exploration activities.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca
Basin and is well positioned to benefit from improving uranium market fundamentals with six drill -
ready projects covering over 2 50,000 hectares of land. 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 that returned drill results of up to 6.0%
U3O8 over 5.9 metres including 20.8% U 3O8 over 1.5 metres at a vertical depth of 265 metres. The
Company is actively advancing the project through drill programs.
Skyharbour has a joint -venture with industry -leader Orano Canada Inc. at the Preston Project
whereby Orano has earned a 51% interest in the project through exploration expenditures and cash
payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint-venture
with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in
the project through exploration expenditures, cash payments and share issuance. Skyharbour now
owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective
properties 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 South Falcon 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 ThO 2 at 0.023%. Skyharbour has signed a Definitive
Agreement with ASX -listed Valor Resources on the Hooke Lake (previously North Falcon Po int)
Uranium Project whereby Valor can earn-in 80% of the project through $3,500,000 in total exploration
expenditures, $475,000 in total cash payments over three years and an initial share issuance.
Skyharbour's goal is to maximize shareholder value thro ugh 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.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:
Riley Trimble
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
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 RELEASE.
This release includes certain statements that may be deemed to be "forwa rd-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 exp ressed 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.