Skyharbour Plans Upcoming 2,500m Summer Diamond Drilling Program at its High Grade Moore Uranium Project, Saskatchewan
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
July 29th, 2020
News Release
Skyharbour Plans Upcoming 2,500m Summer Diamond Drilling Program at its
High Grade Moore Uranium Project, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF)
(Frankfurt:SC1P) (the “C ompany”) is pleased to announce that mobilization will commence
shortly for its 2020 Summer diamond drilling program at its flagship 35,705 hectare Moore
Uranium Project, located approx imately 15 kilometres east of Denison Mine's Wheeler River
project and near regional infrastructure on the southeast side of the Athabasca Basin,
Saskatchewan. The Company is planning to carry out 2,500 metres of drilling in seven to nine
diamond drill holes to follow up on the recent success of the Winter drill program completed earlier
this year (see results in News Release dated June 23, 2020). This fully funded and permitted drill
program will test both unconformity and basement-hosted targets along the high grade Maverick
structural corridor. Of particular interest are potential underlying basement feeder zones to the
unconformity-hosted high grade uranium present along the Maverick corridor.
Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Jordan Trimble, President and CEO of Skyharbour Resources, states: “We are excited to get the
next phase of drilling started at our flagship Moore uranium project which will serve as an
important near-term catalyst for the company. The high grade uranium mineralization discovered
during previous drill programs illustrates the strong discovery potential at Moore and recent
geophysics and geological modeling h ave yielded new high priority drill targets that have seen
limited historical drilling. Furthermore, Skyharbour’s partner companies Orano Canada Inc. and
Azincourt Energy have been advancing our Preston and East Preston projects respectively with
summer programs commencing shortly. The uranium market has recently shown notable signs of
recovery with increasing uranium prices and improving sentiment, and th is recovery appears to
be accelerating amid recent news and several sector developments including mine closures and
production curtailment.”
Summer 2020 Dill Program at the Moore Uranium Project:
Given the success of Skyharbour’s drilling at the Moore Project over the last several years , the
Company will be commencing a 2,500 metre Summer diamond drilling program. Drill targets will
include both unconformity and basement -hosted mineralization targets along the Maverick
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structural corridor. The Company specifically plans to expand the high grade mineralization
recently discovered at the Maverick East Zone and to test the Viper target area along strike, with
a focus on basement -hosted mineralization. Only 2.5 km of the total 4.7 km long Maverick
structural corridor has been systematically drill tested, leaving robust discovery potential along
strike, both at the unconformity, as well as at depth in the underlying basement rocks which have
seen limited drill testing to date.
Moore Uranium Project Regional Drill Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Maverick East Target:
At Maverick East, recent drilling by Skyharbour intersected significant clay alteration and localized
high grade uranium mineralization extending from the unconformity into the basement rocks.
Three holes were drilled in the northeastern portion of the known Maverick East trend during the
Winter 2020 drill program and successfully intersected uranium mineralization. Hole ML20-04
drilled 50 m etres northeast of the previously defined Maverick East Zone, doubled the known
strike length of the Maverick East Zone, and intersected 0.38% U3O8 over 4.5 metres starting at
273.9 metres (including 1.43% U3O8 over 0.5 metres). Hole ML20-05 was drilled in the core of the
Maverick East Zone, identifying both unconformity-hosted mineralization (0.23% U3O8 over 9.5
metres) starting at 272.5 metres, and basement -hosted mineralization (0.13% U 3O8 over 2.5
metres) at 287.5 metres depth. A third hole, ML20-06 drilled between ML20-04 and the previously
defined Maverick East Zone, intersected four mineralized zon es within a 30 metre downhole
section down dip of the Maverick fault system.
Moore Uranium Project Main and East Maverick Zones Drilling Map:
http://skyharbourltd.com/_resources/maps/Maverick-Detail-Map.jpg
The focus for future drilling in this area will be on the down dip and along strike extensions of the
Maverick East target. Past drilling has confirmed the presence of uranium mineralization over
broad intervals in excess of 80 metres strike length in both the sandstone and basement rocks. It
appears that the mineralization is plunging in a northeasterly direction and tends to be basement
dominated to the northeast. One of the other highlights of the Maverick East Zone is hole ML-202,
which returned 1.79% U3O8 over 11.5 metres, including 4.17% U3O8 over 4.5 metres and 9.12%
U3O8 over 1.4 metres.
Maverick Structural Corridor - Northeast Extension Targets:
Drilling to the northeast of the Maverick and Maverick East mineralized zones will be within the
remaining 2 .2 km of the Maverick Structural Corridor , including the Viper target area
approximately 1.5 kilometres along strike to the northeast. A large proportion of this trend has
been tested by a series of broadly spaced drill holes and fences with significant untested gaps.
Virtually all of the holes exhibited extensive sandstone and basement alteration and geochemical
enrichment similar to that found within the Maverick and Maverick East Zones. Narrow intercepts
of uranium mineralization were identified in numerous locations along this portion of the Maverick
corridor. Many of these mineralized intercepts occur at the unconformity, but in a few key areas
significant strongly altered basement structures within prospective graphitic and metasedimentary
units were the host for this mineralization, with only limited drilling of the basement rocks at depth
completed.
At the Viper Zone, historical drilling encountered basement-hosted mineralization in hole ML-161
which returned 1.0 metre of 0.083% U3O8 and was accompanied by significant pathfinder element
enrichment, clay alteration and structural disruption approximately 100 m etres below the
unconformity. Two follow -up holes, ML 17-08 and ML20 -02 drilled by Skyharbour also
encountered significant clay alteration and structural disruption in the basement with localized
silicification and pathfinder element enrichment. In addition to the drilling results, a previously
conducted UAV-MAGTM survey indicates a prominent magnetic low associated with this target.
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The mineralization in hole ML-161 has never been followed -up along strike , and thus
represents a high-priority target for further drilling.
Moore Uranium Project Overview:
In June 2016, Skyharbour secured an option to acquire Denison Mine's Moore Uranium Project
on the southeastern side of the Athabasca Basin, in northern Saskatchewan. The project consists
of 12 contiguous claims totaling 35,705 hectares located 42 kilometres northeast of the Key Lake
mill, approximately 15 kilometres east of Denison’s Whee ler River project, and 39 kilometres
south of Cameco’s McArthur River uranium mine. Unconformity style uranium mineralization was
discovered on the Moore Project at the Maverick Zone in May 2000. Historical drill results include
4.03% eU3O8 over 10 metres including 20% eU3O8 over 1.4 metres, In 2017, Skyharbour
announced drill results of 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a
vertical depth of 265 metres. In addition to the Maverick Zone, the project hosts other mineralized
targets with strong discovery potential which the Company plans to test with future drill programs.
The project is easily accessible by air and in winter via ice roads which simplifies logistics and
lowers costs.
Moore Lake Uranium Project Geophysics Map:
http://skyharbourltd.com/_resources/maps/MooreLake-Basic-geo-revamp.jpg
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
Director, as well as 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
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 $9,800,0 00 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 U 3O8 at 0.03% and 5.3 million pounds of
ThO2 at 0.023%. The Company's 100% o wned Mann Lake Uranium project on the east 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/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.
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SKYHARBOUR RESOURCES LTD.
“Jordan Trimble”
Jordan Trimble
President and CEO
For further information contact myself or:
Simon Dyakowski
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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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 developments
that management of the Company expects, are forwa rd-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.