Skyharbour Signs Option Agreement with Medaro Mining Corp to Option the Yurchison Uranium 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
November 2nd, 2021
News Release
Skyharbour Signs Option Agreement with Medaro Mining Corp to Option the Yurchison
Uranium Project
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (“Skyharbour” or the “Company”), is pleased to announce that it has entered into an option
agreement (the “Option Agreement”) with Medaro Mining Corp. (CSE: MEDA) (“Medaro or the
“Optionee”) which provides Medaro an earn-in option to acquire an initial 70% interest and up to a
100% interest in the Yurchison Uranium Property located in the Wollaston Domain of Northern
Saskatchewan, Canada (the “Property”). The Property conta ins twelve (12) mineral claims,
comprising approximately 55,934 hectares.
Location Map of Yurchison Project:
https://www.skyharbourltd.com/_resources/images/athabasca-map-skyharbour.jpg
Yurchison Uranium Project:
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 minera lization 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.
Schedule to earn an initial 70% interest:
Date Cash Payments
(CAD $)
Exploration
Expenditures (CAD $)
Value of Medaro Shares
Issued (CAD $)
On Closing $150,000 $0 $500,000
On or before the first
anniversary of Closing $150,000 $500,000 $500,000
On or before the second
anniversary of Closing $250,000 $1,500,000 $1,000,000
On or before the third
anniversary of Closing $250,000 $3,000,000 $1,000,000
TOTAL $800,000 $5,000,000 $3,000,000
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 earning 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 a NSR o f 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).
Jordan Trimble, President and CEO of Skyharbour , stated: “We look forward to working with the
Medaro team at the Yurchison Project having just signed this Option Agreement. With another
accretive property transaction announced, we continue to execute on our business model by adding
value to our project base in the Athabasca Basin through strategic partnerships and prospect
generation, as well as focused mineral exploration at our flagship Moore Uranium Project. News will
be forthcoming on exploration plans at Yurchison and Medaro is well positioned to advance the
Project with a strong management and technical team as well as a healthy treasury.”
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 Medaro:
Medaro Mining is a lithium and uranium exploration company based in Vancouver, BC, which holds
options on the Superb Lake lithium property located in Thunder Bay, Ontario, the Cyr South lithium
property located in James Bay, Quebec , and the Yurchison uranium property in Northern
Saskatchewan. The Company is also involved in the development and commercialization of a new
process to extract lithium from spodumene concentrate through i ts Global Lithium Extraction
Technologies joint venture.
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 o f 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 wh ereby 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.
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 tot aling 7.0 million
pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%.
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 issuances 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 over three years
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://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]
NEITHER THE TSX VENTURE EXCHAN GE 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, 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.