Skyharbour Resources Commences Airborne Gravity Geophysical Survey at South Falcon Point Uranium Project, Saskatchewan
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
June 13th, 2022
NEWS RELEASE
Skyharbour Resources Commences Airborne Gravity Geophysical Survey at South
Falcon Point Uranium Project, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce that it has commenced a n airborne gravity
geophysical survey (the “Survey”) at its 44,470 hectare South Falcon Point Uranium Property (the
“Property”) located just outside the Athabasca Basin 48 kilometres east of the Key Lake Mill. The
100% owned South Falcon Point Property is host to a near-surface NI 43-101 inferred resource
totalling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%.
South Falcon Point Project Location Map:
https://www.skyharbourltd.com/_resources/maps/Sky_FalconSouth20211209.jpg
The Survey consists of a Falcon® Plus airborne gravity gradiometer and magnetics survey by
Xcalibur Multiphysics of Mississauga, ON. Falcon® is the world’s only purpose-built AGG, and
was designed to isolate aircraft motion noise. It is recognized as being the lowest noise Airborne
Gravity Gradiometer system available and has been under continual development for over 20
years with the upgraded Falcon® Plus system having 30 times better resolution (100 m vs. 1000
m) and up to 10 times higher accuracy (0.1 mGal vs. 1.0 mGal) than conventional airborne gravity.
Gravity surveying has been successfully used to define drill targets and discover uranium in the
Athabasca Basin and the surrounding area for over 40 years. The survey is to cover the entirety
of the South Falcon Point Property at a vertical height of 80 m and a li ne spacing of 200 m for a
total of 2,843 line km. The survey is estimated to be completed by late June.
South Falcon Point Project Geophysics Map:
http://www.skyharbourltd.com/_resources/images/SYH-nr-202206-img1.png
Previous drilling on the Property has identified uranium and thorium mineralization in several
areas, including at the Fraser Lakes Zone B U-Th-REE deposit. These mineralized zones are
associated with several EM conductors including a prominent 65 km long conductor associated
with Fraser Lakes Zone B. The current gravity survey will further investigate this major EM
conductive system and other pre -defined structures and conductors on the property for their
uranium potential. The most prospective targets for uranium exploration are those coincident with
EM conductors and gravity lows associated with hydrothermal alteration systems and/or uranium
mineralization.
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The Company has also engaged the services of Earthfield Technology LLC of Richmond, Texas
to complete additional interpretation work upon completion of the gravity survey . Earthfield will
integrate the gravity survey results with all the VTEM, HLEM, magnetics, radiometrics, and drilling
results collected on the property since 2005 by Skyharbour and the previous operator of the
project, JNR Resources Ltd. This work will utilize proprietary software to further define zones of
increased uranium potential by mapping basement structural features in detail, determining
basement lithologies and identifying prospective hydrothermal fracture and alteration zones to
generate and refine drill targets.
South Falcon Point Project History and the Fraser Lakes Zone B Uranium/Thorium Deposit:
Historical exploration at South Falcon Point identified an area of U-Th-REE mineralization at the
Fraser Lakes Zone B over an area comprising 1.5 km by 0.5 km along an antiformal fold nose cut
by an east-west dextral ductile-brittle cross-structure adjacent to a 65 km long EM conductor. The
near-surface Fraser Lakes Zone B deposit consists of a current NI 43 -101 inferred resource
totaling 7.0 million pounds of U 3O8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023% within
10,354,926 tonnes using a cutoff grade of 0.01% U 3O8. The independent NI 43 -101 technical
report by GeoVector Management Inc. supporting this mineral resource estimate was filed on
SEDAR on March 20, 2015 by Skyharbour. Independent qualif ied person, Dr. Allan Armitage,
P.Geo., is responsible for the contents of the technical report and comments related to the
resource estimate and its parameters.
The deposit outcrops on surface and was previously defined to 150 metres vertical depth prior
to the most recent drill program in 2015, which intersected uranium mineralization at up to 250
m depth along a 500 m strike length . It remains open along strike and at depth and consists of
several moderately dipping, stacked uranium and thorium mineralized horizons associated with
pegmatites intruding the sheared contact between Archean granite and the overlying Wollaston
Supergroup pelitic and graphitic pelitic gneiss es. The mineralization is also accompanied by
anomalous levels of pathfinder elements such as copper, nickel, vanadium and lead, and shows
variable amounts of alteration and structural disruption.
Skyharbour last completed a drill program on the South Falcon Property in 2015, when drilling at
depth below the previously defined Fraser Lakes Zone B deposit encountered higher grade
uranium mineralization proximal to the previously defined lower grade mineralized envelope. In
particular, drill hole FP -15-05 returned one of the best intersections to date at the Property,
consisting of 0.172% U 3O8 and 0.112% ThO 2 over 2.5 metres before being terminated in
mineralization due to technical difficulties with the drill . Two additional drill holes in 2015 were
drilled in a previously untested portion of the fold nose hosting the Fraser Lakes Zone B deposit
with both holes being structurally disrupted and altered, geochemically anomalous, and containing
well defined graphitic lithologies. Hole FP -15-01 also intersected lower grade uranium
mineralization enriched in thorium further establishing the eastern limb of the fold nose as a
priority target for future consideration.
South Falcon Point 2015 Drill Program Map:
http://skyharbourltd.com/_resources/maps/SY_Falcon_Point_Winter_Drill_Map.jpg
The results from the 2015 drilling program were very encouraging and confirmed the presence of
widespread mineralization, alteration, structural disruption and radioactivity at Fraser Lakes Zone
B typically associated with high grade uranium deposits in the Athabasca Basin , such as Eagle
Point, Millennium, P -Patch, and Roughrider. In addition, previous work done by JNR identified
several other areas of mineralization on the project, including at the EWA, Walker, and Fraser
Lakes Zone A targets. The gravity survey will build upon this previous work and will be used to
generate drill t argets for a future drill program at the Property . The discovery and exploration
upside potential at South Falcon Point is robust and additional drilling is recommended in the
vicinity of the currently defined Fraser Lakes Zone B deposit, in addition to ne w targets derived
from this geophysical survey.
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South Falcon Point Uranium Project Overview:
Uranium and thorium mineralization discovered to date at South Falcon Point is shallow and
consists of basement hosted, pegmatite -hosted and classic Athabasca - style unconformity -
related mineralization associated with well-developed EM conductors which include EWA, Walker
and Fraser Lakes zones. Historical d rilling on the combined South Falcon Point Project and
adjacent Hook Lake Project (currently optioned to Valor Resources Ltd.) totals over 22,000 metres
in more than 110 holes. Over $15 million has been invested in exploration on these two projects
consisting of airborne and ground geophysics, multi -phased diamond drill campaigns, detailed
geochemical sampling and surveys, and ground -based prospecting culminating in an extensive
geological database for the area. The project area is in close proximity to two all-weather northern
highways and grid power runs through the southern portion of the South Falcon Point Property.
Qualified Person:
The technical information in this news release has been prepar ed 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.
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 fifteen
projects, ten of which are drill -ready, covering over 450,000 hect ares 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% U3O8 over 1.5 metres at
a vertical depth of 265 metres. Adjacent to the Moore Uranium Project is Skyharbour’s recently
optioned Russell Lake Uranium Project from Rio Tinto, which hosts historical high -grade drill
intercepts over a large property area with robust exploration upside potent ial. Furthermore, the
Company owns a 100% interest in the South 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 ThO 2 at 0.023%. Skyharbour is actively advancing
these projects through exploration and 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.
Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook
Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in
exploration expenditures, $475,000 in cash payments over three years and an initial share
issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin
Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000
in cash payments as well as share issu ances over three years; and CSE -listed Medaro Mining
Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through
$5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances
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over three yea rs followed by the option to acquire the remaining 30% of the project
through a payment of $7,500,000 in cash and $7,500,000 worth of shares.
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://www.skyharbourltd.com/_resources/images/SKY-SaskProject-Locator-20220324.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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ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF
THIS NEWS RELEASE.
The securities offered have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws,
and may not be offered or sold in the United States or to, or for the account or benefit of, United
States persons absent registration or an applicable exemption from the registration requirements
of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not
constitute an offer to sell or the solicitation of an offer to buy securitie s in the United States, nor
in any other jurisdiction.
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 forward -looking statements,
including the Private Placement. 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, estim ates 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, regulatory
approvals, continued availabi lity 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.