Skyharbour Working with Condor Consulting Inc. to Conduct Geophysical and Geological Data Compilation and Interpretation Work at Russell Lake 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
December 15th, 2022
News Release
Skyharbour Working with Condor Consulting Inc. to Conduct Geophysical and
Geological Data Compilation and Interpretation Work at Russell Lake Uranium Project
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V:SYH) (OTCQX:SYHBF)
(Frankfurt:SC1P) (the “C ompany”) is pleased to announce that it has engaged Condor
Consulting Inc. to conduct geophysical and geological data compilation and interpretation work
on the Company’s Russell Lake Uranium Project. Condor provides a full range of services for
processing, modeling and analysis of geophysical data. The team has extensive experience in all
aspects of geophysics and works with clients to integrate geoscience data whether airborne,
ground or borehole into a coherent project data set from which sound exploration decisions can
be based. Condor has significant expertise in the Athabasca Basin an d in uranium exploration,
including prior involvement in the Russell Lake Project under previous operators. This technical
continuity will help ensure the success of the geophysical compilation and future drill programs
moving forward. Skyharbour will be commencing a fully-funded and permitted 10,000 metre drill
campaign at the project in the coming weeks.
Russell Lake Project Location Map:
http://www.skyharbourltd.com/_resources/images/SKY-RussellLake-20220325-Inset.jpg
There have been numerous geophysical surveys covering the Russell Lake project throughout its
history and Skyharbour looks to take advantage of this existing data by contracting Condor to do
the proposed compilation and interpretation work. Historical data is being re-examined using
modern processing and modeling techniques in order to generate and optimize regional drill
targets for future drill programs on the property. The geophysical review at Russell Lake will
complement Skyharbour’s upcoming drilling programs which will be commencing shortly .
Condor’s extensive knowledge of the uranium deposits of the Athabasca Basin, world -wide
experience, broad client base and advanced technical expertise make them the logical candidate
to adequately assess the extensive collection of geophysical data on the property.
Condor has been focusing on the Grayling, Grayling East, Grayling West, Fox Lake Trail, and M-
Zone Extension areas (i.e. area of interest “AOI”) , where previous drilling has intersected
prospective mineralization, alteration, structure, and geochemistry . Condor is stitching together
magnetic data from several historical magnetic surveys and perform 3D magnetic susceptibility
inversion of the data as required . The se inversions in turn will be used to generate various
mapping products. Conductors will be picked using existing airborne EM data, and Condor will
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define conductor axes where possible with additional modeling of the available ground EM
data to further aid conductor definition. A pair of airborne gravity surveys over the AO I will be
merged, and both the airborne and ground gravity data will be used to generate a number of 2D
and 3D target models. Additionally, 2D and 3D DC resistivity interpretations generated by the
previous operator Rio Tinto will be used in target assessment. The combined results from this
compilation and interpretation work will be used to produce geophysical targets for future drill
programs and identify any data gaps where additional surveying may be required.
Russell Lake Project Geophysical Compilation Areas of Interest:
https://skyharbourltd.com/_resources/images/2022-Geophysical-Compilation.jpg
Russell Lake Uranium Project:
The Russell Lake Project is a large, advanced-stage uranium exploration property totalling 73,294
hectares strategically located between Cameco’s Key Lake and McArthur River Projects and
adjoining Denison’s Wheeler River Project to the west and Skyharbour’s Moore Uranium Project
to the east. Highway 914, which services the McArthur River mine, runs through the western
extent of the Property and greatly enhances accessibility. Similarly, a high -voltage powerline
situated alongside Highway 914. Skyharbour’s acquisition of Russell Lake creates a large, nearly
contiguous block of highly prospective uranium claims totalling 108,999 hectares between the
Russell Lake and the Moore uranium projects.
There has been a meaningful amount of historical exploration carried out at Russell Lake but with
most of it conducted prior to 2010. The Property has been the subject of over 95,000 metres of
drilling in over 230 drill holes. The Property’s claims are in good standing for 2 -22 years with
significant assessment credits built-up from previous programs.
Several notable exploration targets exist on the property including the Grayling Zone, the M-Zone
Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target.
More than 35 kilomet res of largely untested prospective conductors in areas of low magnetic
intensity exist on the Property as well.
At the Grayling Zone, drilling over a 2,200 m long section of the >10 km Grayling-M-Zone graphitic
conductor trend intersected an 800 metres long discontinuous zone of basement-hosted uranium
mineralization. Localized perched and unconformity -hosted associated mineralization occurs
along a >100 m thick interval of thrust-faulted graphitic pelitic gneisses (SMDI 2151, 3563, 3564).
Drill hole RL-85-07 intersected 3.45% U3O8 over 0.3 metres at a depth of 363.2 metres and 0.1%
U3O8 over 0.5m at a depth of 366.4 metres (SMDI 2151). This target is prospective for additional
high-grade uranium discoveries and is open in several directions.
* SMDI refers to the Saskatchewan Mineral Deposits Index, accessible online at:
https://applications.saskatchewan.ca/Apps/ECON_Apps/dbsearch/MinDepositQuery/default.aspx
Historical drilling at neighbouring Deni son’s M-Zone along the >10km long Grayling conductor
trend intersected basement hosted uranium of 0.70% U 3O8 over 5.8 metres at a depth of 374.0
metres (SMDI 2139). Like the Grayling Zone, the mineralization is hosted by a graphitic thrust
fault (SMDI 2139, 3569). The northeast extension of the M -Zone-Grayling corridor onto the
Property, the M -Zone Extension target, has seen limited drilling, but mineralization was
intersected in historical drilling, returning 0.7 metres of 0.123% U 3O8 at 619.1 metres depth in
hole MZE-11-03 (SMDI 5540).
The Little Man Lake Zone target is 500 metres long, 10 to 15 metres thick, 25 to 35 metres wide,
and is a zone of prospective geology associated with an unconformity depression. The last drilling
in this area wa s in 1989, prior to modern uranium exploration models, with historical uranium
grades ranging from 0.03% up to 0.1% U3O8 at around 300 metres depth (SMDI 2429).
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At the Fox Lake Trail target area, uranium mineralization was intersected in a few historical
drill holes. Significant intercepts include 0.0743% U3O8 over 1.0 metres at 525.5 metres depth in
hole FLT-08-06 (SMDI 3566), and 0.053% U 3O8 over 0.3 metres at 516.9 metres depth in hole
FLT-11-14 (SMDI 3565) . A prospective quartzite ridge runs through th e area along with
anomalous geochemistry in faulted basement metasediments. Significant sandstone -hosted
sulphides are also found in this area (SMDI 3565, 3566).
The Christie Lake target area contains basement -hosted uranium mineralization with historical
drill results returning 0.17% U 3O8 over 0.4 metres at 436.4 metres depth in hole CL -10-03. A
prospective clay altered basement fault system runs throughout this area (SMDI 5305).
In addition to the aforementioned target areas, there are more than 35 kil ometres of untested
conductors on the Property underlain by rocks of low magnetic intensity, suggestive of prospective
graphitic meta-pelitic basement rocks. The Project has seen limited exploration in the previous
twelve years, so minimal modern exploration techniques and methods have been used to expand
existing zones of mineralization as well as to make new discoveries.
There is a fully permitted exploration camp on the Project suitable for over forty people located
on the highway and within 5 kilometres of Denison’s Phoenix deposit. Skyharbour is planning an
initial phase of exploration and drilling at the Project.
Skyharbour Engages Marketing Firms:
Skyharbour announces it has entered into an agreement with Winning Media LLC (“ Winning
Media”) to provide strategic digital media and consulting services to the Company. Winning Media
delivers services to a diverse group of clients across North America, providing strategic digital
media services, marketing, advertising and data analytic ser vices. The Company and Winning
Media act at arm’s length. Under the terms of the agreement, Winning Media will provide strategic
digital media services including marketing services, news dissemination, data analytics services,
content development, media buying and distribution, campaign reporting and optimization, as well
as potentially attracting option / joint venture partners for business opportunities. The Company
has agreed to pay Winning Media an initial cost of USD $30,000 over an expected 6-month period.
The Company has also entered into an agreement with Resource Stock Digest (RSD) at a cost
of USD $80,000 over an expected 6 -month period. RSD provides digital media services,
marketing, advertising and content creation to companies. Skyharbour is an RSD website sponsor
and RSD conducts interviews with the Company and produces its own content that is distributed
to RSD's subscriber base.
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 Condor:
With the benefit of a world -wide client base, Co ndor has had the opportunity to work on a wide
variety of commodity and deposit styles . Condor employs geophysicists, a principal geologist,
consultants and technical support staff, and collectively the group has been awarded three PhDs
and two MSc. degrees in geophysics and geology. All of Condor's professionals have had
extensive industry experience as long-term employees of either mining companies or major
service groups.
About Skyharbour Resources Ltd.:
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Skyharbour holds an extensive portfolio o f 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 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 drill intercepts over a large property area with robust exploration upside
potential. The Company is actively advanci ng 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, 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 n ew earn-in option agreements with Yellow Rocks Energy, a private Australian entity, to
option the Wallee and Usam Island projects, and Tisdale Clean Energy at the South Falcon East
Project.
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 U3O8 at 0.03% and 5.3 million pounds of ThO 2 at 0.023%. 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 Project , 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, assuming 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 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”
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Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-949-3807
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
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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 in this release, other than statements of historical facts, that address events or
developments that management of the Compan y 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-
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approvals, continued availability of capital and financing, and g eneral economic, market or
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information.