Skyharbour Partner Medaro Mining Announces Exploration Plan for the Yurchison Uranium Project Located in the Athabasca Basin, Saskatchewan
Suite 1030 – 505 Burrard Street, Vancouver, BC, Canada, V7X 1M5
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 558-5847
Facsimile: (604) 687-3119
October 8th, 2024
News Release
Skyharbour Partner Medaro Mining Announces Exploration Plan for the Yurchison Uranium
Project Located in the Athabasca Basin, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd . (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (“Skyharbour” or the “Company”), partner company Medaro Mining (“Medaro”) is pleased to
announce its exploration plans for a winter program at its Yurchison Uranium property located in
Saskatchewan. The program is anticipated to commence within the next 45 days.
Location Map of Yurchison Project:
https://www.skyharbourltd.com/_resources/maps/Sky_Yurchison_20211209.jpg
Geological prospecting, mapping, and sampling of the various rock types located on the property will
be aided by ground radiometric surveying using handheld gamma -ray spectrometers and
scintillometers. The primary goals of the field program will be to dete rmine the hose -rock and/or
structural control of previous identified radioactive mineral occurrences, explain the surficial
expression (if any) of the VTEM conductors, and ultimately locate additional zones of uranium
mineralization and/or radioactivity along prospective zones.
The Yurchison property lies approximately 95 km south of Rabbit Lake and McClean Lake uranium
mines, along the southeastern boundary of the Athabasca Basin. The Yurchison project area is
accessible via Highway 905, an all -weather highway that runs through the middle of the Property.
Access to the south -west and north -east areas of the Property would be accomplished with a
helicopter.
Commenting on this start of the program Medaro Mining's CEO Michael Mulberry said,
“We are excited to launch this program at our Yurchison Lake project. Our earlier exploration work,
including the discovery of uranium indicators, has provided us with targets and look to expand on
them. This program represents a critical next step in advancing the project as we work towards
unlocking its full potential. The Athabasca Basin region is known for its rich mineral reso urces, and
we are optimistic about the opportunities that lie ahead.”
About Yurchison:
Historical prospecting near old trenches returned significant uranium (ranging from 0.09% to 0.30%
U3O8) and molybdenum (ranging from 2,500 ppm to 6,400 ppm Mo) mineralization in both outcrop
and float samples. Two historical holes drilled beneath the trenches returned highly anomalous
molybdenum values, up to 3,750 ppm and anomalous uranium values up to 240 ppm. The Property
boasts strong discovery potential for both basement hosted uranium mineralization as well as copper,
zinc, and molybdenum mineralization. Regionally, Rio Tinto entered into a $30 million, seven -year,
option agreement with Forum Energy Metals Corp. to acquire an 80% stake in their Janice Lake
property which is located on-strike to the southwest of the Property.
The Option Agreement:
Pursuant to the Agreement, Medaro may acquire an initial 70% interest in the Property by (i) issuing
common shares of Medaro (“Shares”) having an aggregate value of CAD $3,000,000; (ii) making
aggregate cash payments of CAD $800,000; and (iii) incurring an aggregate of CAD $5,000,000 in
exploration expenditures on the Property over a three -year period. Once Medaro has earned an
initial 70% interest in the Property, Medaro may acquire the remaining 30% interest in the Property,
within 30 business days of ear ning the initial 70% interest, by (i) issuing Shares having a value of
CAD $7,500,000, and (ii) making a cash payment of CAD $7,500,000.
Skyharbour will retain an NSR of two percent (2%) on 11 of the 12 claims with Medaro holding a
buyback option whereby Medaro can purchase one percent (1%) of the NSR for CAD $1 million. A
separate NSR of two percent (2%) on the other claim is payable to a third party (payable pro -rata
based on ownership interest in the Property).
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 David
Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person. Mr. Billard has
verified the data disclosed, which includes a review of the sampling, analytical and test data
underlying the information and opinions contained herein.
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 twenty -
nine projects, ten of which are drill-ready, covering over 580,000 hectares (over 1.4 million acres) 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% U 3O8 over 5.9 metres including 20.8%
U3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is
the Russell Lake Uranium Project, which hosts several high -grade uranium drill intercepts over a
large property area with robust exploration upside potential. The Company is actively advancing
these projects through exploration and drill programs.
Skyharbour has joint -ventures with industry -leader Orano Canada Inc., Azincourt Energy and
Thunderbird Resources (previously Valor) at the Preston, East Preston and Hook Lake Projects,
respectively. The Company also has several active earn -in option partne rs including: CSE -listed
Basin Uranium Corp. at the Mann Lake Uranium Project; CSE -listed Medaro Mining Corp. at the
Yurchison Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the
South Dufferin and Bolt Projects; and TSX-V listed Terra Clean Energy (previously Tisdale) at the
South Falcon East Project which is host to the Fraser Lakes Zone B uranium and thorium deposit.
In aggregate, Skyharbour has now signed earn-in option agreements with partners that total to over
$38 million in partner-funded exploration expenditures, over $29 million worth of shares being issued
and over $2 1 million in cash payments coming into Skyharbour, assuming that these partner
companies complete their entire earn-ins at the respective projects.
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:
https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.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:
Nicholas Coltura
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
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.
Forward-Looking Information
This news release contains “forward ‐looking information or statements” within the meaning of
applicable securities laws, which may include, without limitation, completing ongoing and planned
work on its projects including drilling and the expected timing of such work programs, other
statements relating to the technical, financial and business prospects of the Company, its projects
and other matters. All statements in this news release, other than statements of historical facts, that
address events or developments that the Company expects to occur, ar e forward -looking
statements. Although the Company 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 may differ materially from those in the forward -looking statements.
Such statements and information are based on numerous assumptions regarding present and future
business strategies and the environment in which the Company will operate in the future, including
the price of uranium, the ability to achieve its goals, that general business and economic conditions
will not change in a material adverse manner, that financing will be available if and when needed
and on reasonable terms. Such forward -looking information reflects the Company’s views with
respect to future events and is subject to risks, uncertainties and assumptions, including the risks
and uncertainties relating to the interpretation of exploration results, risks related to the inherent
uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses,
and those filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Factors that could
cause actual results to differ materially from those in forward looking statements include, but are not
limited to, continued availability of capital and financing and general economic, market or business
conditions, adverse weather or c limate conditions, failure to obtain or maintain all necessary
government permits, approvals and authorizations, failure to obtain or maintain community
acceptance (including First Nations), decrease in the price of uranium and other metals, increase in
costs, litigation, and failure of counterparties to perform their contractual obligations. The Company
does not undertake to update forward‐looking statements or forward‐looking information, except as
required by law.