Skyharbour to Acquire 100% of South Dufferin Uranium Project from Denison Mines in the Athabasca Basin, 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
April 27th, 2023
NEWS RELEASE
Skyharbour to Acquire 100% of South Dufferin Uranium Project from Denison Mines in
the Athabasca Basin, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (the “Company”) is pleased to announce that it has acquired 100% of the South Dufferin
Uranium Project (“South Dufferin” or the “Project” ) from Denison Mines Corp. (“Denison”) . The
South Dufferin Project comprises 12,282 hectares (30,349 acres) over nine claims in the
Athabasca Basin, which is host to the highest -grade uranium deposits in the world and is
consistently ranked as a top mining jurisdiction by the Fraser Institute.
South Dufferin Property Map:
https://skyharbourltd.com/_resources/images/South-Dufferin-Property-Map.jpg
The new properties recently staked along with South Du fferin bring Skyharbour’s total land
package that it has ownership interest in to 504,356 hectares (1,246,290 acres), across twenty-
four properties, representing one of the largest project portfolios in the regio n. As the Company
remains focused at its ongoing 10,000m drill program at the Russell Lake project, South Dufferin
will become a part of Skyharbour’s prospect generator business as the Company will seek
strategic partners to advance this asset.
Skyharbour’s New Uranium Project Portfolio Map:
https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_V2C.jpg
Jordan Trimble, President and CEO of Skyharbour Resources, states: “ We are very pleased to
have reached an agreement with Denison to acquire a 100% interest in South Dufferin, adding to
our recently staked properties and to our dominant uranium project portfolio in the Athabasca
Basin. South Dufferin complements our more advanced -stage exploration assets including
Russell Lake, Moore and South Falcon Point , and provides additional ground to option or joint -
venture out to new partner companies as a part of our prospect generator business. Furthermore,
Denison Mines has been a valuable strategic partner for a number of years and we welcome them
as an even larger shareholder now.
David Cates, President and CEO of Denison Mines and a Director of Skyharbour, states:
“Skyharbour has a large exploration project portfo lio, with a unique mix of partner -optioned and
funded projects as well as the dual-flagship and Skyharbour-operated Russell Lake and Moore
Lake properties. With this transaction, Denison increases its ownership in Skyharbour in
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exchange for a prospective exploration property that became non -core in the Denison portfolio
given our development and exploration focus in areas proximal to our flagship Wheeler River and
McClean Lake properties. We are pleased to increase our shareholdings in Skyharbour and look
forward to the continued collaboration between our companies.”
Summary of South Dufferin Project:
The South Dufferin project totals 12,282 hectares in eight claims and is located immediately south
of the southern margin of the Athabasca Basin in northern Saskatchewan. The property covers
the southern extension of the Virgin River Shear Zone, which host s known high-grade uranium
mineralization at Cameco Corp.'s Dufferin Lake zone approximately 13 kilometres to the north
(highlight drill results of 1.73% U 3O8 over 6.5 metres) and Cameco Corp.'s Centennial deposit
approximately 25 kilometres to the north (includes drill intersections up to 8.78% U3O8 over 33.9
metres).
South Dufferin Property Map:
https://skyharbourltd.com/_resources/images/South-Dufferin-Property-Map.jpg
Historical exploration work on the Project consists of airborne EM, magnetic, and radiometric
surveys, lake water and sediment sampling, prospecting and ground -truthing of airborne
anomalies, geological mapping, and diamond drilling. Some of the historical drill holes intersected
elevated uranium with locally anomalous base metal and boron concentrations as well as
significant clay alteration.
Exploration potential exists for basement-hosted uranium mineralization associated with the
Dufferin Lake fault and parallel faults within the Virgin Lake Shear zone. With numerous
mineralized showings to the north of the Project, exploration efforts at South Dufferin have
advanced the pr oject to a discovery -ready state. Significant exploration potential exists for
basement-hosted uranium mineralization associated with the Dufferin Lake fault, which has an
apparent offset of >200 m, and numerous other parallel faults within the Virgin River Shear zone.
The project is drill ready with numerous prospective targets warranting follow up work.
South Dufferin Target Map:
https://skyharbourltd.com/_resources/images/South-Dufferin-Target-Map.png
The claims are in good standing for several years and there are no underlying royalties on the
property except for a 2% NSR on one of the claims. Skyharbour also owns a 922 hectare claim
adjacent to South Dufferin bringing the cumulative total to 13,204 hectares (32,628 acres) over
ten claims.
Terms of the Agreement:
Under the terms of the Purchase Agreement, which is subject to TSX Venture Exchange approval,
Skyharbour may acquire a 100% interest in the South Dufferin project in consideration for the
issuance of 6,000,000 shares , 1,000,000 non-transferable share purchase warrant s (the
"Warrant"), and a cash payment totaling CAD $125,000. Each Warrant will entitle Denison to
purchase one common share of Skyharbour for a period of two years at a price of $0.60 per share.
No finders’ fees were paid in relation to the acquisition of the South Dufferin Property . The
transaction constitutes a Re lated Party Transaction in accordance with MI 61 -101 due to a
common director on each of the Company and Denison’s Board. The Company is relying on the
exemption from the formal valuation requirement contained in section 5.5 and the minority
shareholder approval requirement contained in section 5.7 of MI 61-101.
Furthermore, at Skyharbour’s 100% owned Moore Lake Uranium Project, Denison has agreed to
not exercise a second buyback option to repurchase a 51% interest in the property by making a
cash payment of CAD $500,000 and spending CAD $16,500,000 in exploration expenditures on
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the property over a four-year period. Skyharbour continues to own the project 100% without any
buyback encumbrance on the project.
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 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-
four projects, ten of which are drill-ready, covering over 504,356 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 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 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 a joint -venture with industry -leader Orano Canada Inc. at the Preston Project
whereby Orano has earned a 51% interest in the project t hrough 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 minority 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, CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project, and
CSE-listed Medaro Mining Corp. on the Yurchison Project. More recently, Skyharbour announced
two new earn -in option agreements with Yello w Rocks Energy, a private Australian entity, to
option the Wallee and Usam Island projects, and Tisdale Clean Energy at the South Falcon East
Project.
The Company also owns a 100% interest in the South Falcon Point Uranium Project on the
eastern perimeter of the Basin which is host to the Fraser Lakes Zone B Uranium and Thorium
Deposit. Skyharbour has recently optioned the South Falcon East Project, a uranium project in
the southeast Athabasca Basin and represents a portion of the larger South Falcon Proje ct, to
Tisdale Clean Energy whereby Tisdale will fund exploration, pay Skyharbour in cash, and issue
shares of the company over a five-year earn-in period.
Collectively, Skyharbour has now signed option agreements with partners that total over $34
million in partner-funded exploration expenditures, over $22 million in stock being issued and just
under $15 million in cash payments coming into Skyharbour, assum ing that these partner
companies earn-in the full amount at their 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 ge opolitically favourable
jurisdictions.
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Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_20230320_V2A.jp
g
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
Corporate Development and Communications
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.
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 relea se does not
constitute an offer to sell or the solicitation of an offer to buy securities 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 i n 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, 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.sedar.com for further
information.