Skyharbour Signs Agreement to Sell a Portion of its Karin Uranium Property to Cosa Resources Corp.
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, 2024
News Release
Skyharbour Signs Agreement to Sell a Portion of its Karin Uranium Property to Cosa
Resources Corp.
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (“Skyharbour” or the “Company”), is pleased to announce that it has entered into a property
purchase and sale agreement (the “Agreement”) with Cosa Resources Corp. (“Cosa”) dated July
26th, 2024 , whereby Skyharbour will sell Cosa two (2) mineral claims, comprising approximately
6,049 hectares. These two claims represent a small portion of Skyharbour’s Karin Property and are
located in Saskatchewan about 22 km south of the Key Lake Mill. I n consideration for the claims,
Cosa will issue to Skyharbour 250,000 common shares in the capital of Cosa (the “Consideration
Shares”). Skyharbour originally acquired the claims through low-cost, online staking. The Company
retains ownership in five other adjacent claims constituting the new Karin Project which is now 19,116
hectares.
Karin Uranium Project:
The original Karin Project, inclusive of the two claims above, consisted of 7 claims totalling 25,165
hectares in the Highrock Lake area. The project is underlain by Wollaston Group metasedimentary
gneisses, mostly psammitic to meta -arkosic in composition but with localized prospective pelitic to
psammopelitic gneisses in fold noses, and it is prospective for both unconformity -related and
pegmatite-hosted uranium mineralization.
Location Map of the Karin Project:
https://skyharbourltd.com/_resources/maps/Sky-Karin-20230727.jpg
The Karin project had seen some exploration in the late 1960's to early 1980's, including airborne
EM, magnetics and radiometrics, radon surveys, prospecting, geological mapping, lake water and
sediment sampling, as well as a limited amount of diamond drilling. Five drill holes that were
successfully drilled on the Karin project intersected Wollaston Supergroup meta -arkose and
semipelitic to pelitic gneisses, amphibolite and pegmatite to granodiorite, along with localized
hematite, chlorite, epidote, and/or goethite alteration. The drilling on the Karin project was targeting
some of the stronger EM conductors and radon anomalies on the property, however several other
historical EM anomalies did not receive follow -up work. Given that this work took place prior to the
development of modern geophysics and uranium exploration mode ls, it is likely that additional
prospective targets remain untested on the Karin project. The only recent exploration on the project
consisted of limited prospecting in 2008, which led to the discovery of a pegmatite outcrop that
returned 181 ppm U, 205 p pm Nb, and 39 ppm Ta (SMDI 5179). The Karin project has otherwise
been unexplored since the 1980's and remains prospective for both intrusive-type and unconformity-
related uranium deposits and intrusive-related REE's.
Acquisition Details:
Skyharbour will receive 250,000 shares of Cosa for the two claims. Half of the Consideration Shares
will be subject to a four -month-and-one-day statutory hold period in accordance with applicable
securities laws, and the other half of the Consideration Shares being subject to a voluntary hold
period of six months. There are no underlying royalties on the claims and the Agreement remains
subject to the approval of the TSX Venture Exchange.
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.
About Cosa Resources Corp:
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan.
The portfolio comprises roughly 209,000 ha across multiple projects in the Athabasca Basin region,
all of which are underexplored, and the majority reside within or adjacent to established uranium
corridors.
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
Skyharbour’s recently optioned Russell Lake Uranium Project from Rio Tinto, 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 partners including: CSE -listed
Basin Uranium Corp. at the Mann Lake Uranium Project; CSE -listed Medaro Mining Corp. at the
Yurchison Project; North Shore Uranium at the Falcon Project; and TSX -V listed Tisdale Clean
Energy 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 $33 million in partner -funded exploration expenditures, over $27 million worth of
shares being issued and over $20 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.
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. 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, regulatory approvals, continued availability of capital and
financing, and general economic, market or business conditions. Please see the public filings of the
Company at www.sedarplus.ca for further information.