Skyharbour’s Partner Company Azincourt Energy Announces Completion of Radiometric Survey and Updates Plans For The East Preston Uranium Project
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
September 7th, 2021
News Release
Skyharbour’s Partner Company Azincourt Energy Announces Completion of Radiometric
Survey and Updates Plans For The East Preston Uranium Project
Vancouver, BC - Skyharbour Resources Ltd. ’s (TSX-V:SYH) (OTCQB:SYHBF)
(Frankfurt:SC1P) (the “Company”) partner company Azincourt Energy (“Azincourt”) is pleased to
report the completion of the airborne radiometric survey and provide an update on preparations
for the remaining 2021-2022 program at the East Preston uranium project, located in the western
Athabasca Basin, Saskatchewan, Canada.
Project Location – Western Athabasca Basin, Saskatchewan, Canada
https://skyharbourltd.com/_resources/maps/SYH-Patterson-Lake.pdf
The primary target area for the 2021-2022 program continues to be the conductive corridor from
the A-Zone through to the G -Zone (Figures 1 and 2). The selection of this trend is based on a
compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property
wide VTEM and magnetic surveys, and the 2019 through 2021 drill programs . The 2020 HLEM
survey completed in December indicates multiple prospective conductors and structural
complexity along the eastern edge of this corridor.
Figure 1: Target corridors at the East Preston Uranium Project
https://skyharbourltd.com/_resources/maps/nr-20210118-figure1.png
Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
https://www.skyharbourltd.com/_resources/maps/nr-20210209-figure1.png
Airborne Radiometric Survey Complete:
Terralogic Exploration Inc. was contracted to facilitate an airborne radiometric survey over the
previously unsurveyed southern portion of the property and conduct field investigations of
resulting anomalies. Special Project Inc. (SPI) of Calgary, Alberta conducted the survey using a
fixed wing aircraft to complete the airborne radiometric survey, which consisted of 2,514 km of
survey lines flown at a low minimum altitude and 50 m line spacing to ensure good data collection
and a high survey resolution. Preliminary results have been received (Figure 3) and ground-based
follow-up of identified anomalies is currently underway.
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Figure 3: 2021 Radiometric Survey Coverage at the East Preston Uranium Project
https://www.skyharbourltd.com/_resources/maps/20210903-RadiometricSurveyCoverage.png
An airborne radiometric survey uses a gamma ray scintillometer mounted on an airborne platform
to measure and map the natural radiation emitted by the rocks and soil the aircraft is flying over.
Gamma radiation occurs from the natural decay of elements such as uranium, thorium, and
potassium. Locations that have a higher radiation signature (anomalies) than the normal va lues
for the surrounding area (background) would then be examined by crews on the ground for the
potential presence of radioactive bedrock if there is not much glacial till cover, or boulders in the
till that could be traced back to a source. Many uranium deposits in the Athabasca Basin, including
the nearby Triple -R deposit, have been found by following trails of radioactive boulders in the
glacial till back to their source.
“The radiometric survey coverage has further highlighted the G-zone and the Q-zone to the east,
reinforcing our decision to focus on these conductive packages at this stage of the project. I’m
eager to see what boots on the ground may yet show based on these results,” said Azincourt’s
VP, Exploration, Trevor Perkins.
Updated Exploration Plans:
The planned early fall diamond drilling program to complete approximately 1,000 meters of drilling
remaining from the shortened winter 2021 program has been rescheduled after consultation with
local communities and contractors. As a result, this meterage will be used to further expand the
upcoming extensive winter drill program. This program will now consist of approximately 7,000
meters in 30-35 drill holes. Preparations are set to begin in early December. Target selection is
ongoing and will be refined based on the ground-based follow-up of anomalies identified from the
recently completed airborne survey. Permits and funding are in place to complete all the planned
work through the winter of 2022, and consultations and information sessio ns with local
communities will continue throughout.
About East Preston:
Skyharbour and Dixie Gold entered into an Option Agreement (the “Agreement”) with Azincourt
whereby Azincourt had an earn-in option to acquire a 70% working interest in a portion of the
Preston Uranium Project known as the East Preston Property. Azincourt has now earned the ir
interest in the project by completing CAD $2.5 million in staged exploration expenditures and
making a total of CAD $1 million in cash payments as well as issuing a total of 9.5 million common
shares of Azincourt divided evenly between Skyharbour and Dixie Gold . Skyharbour retains a
15% interest in the East Preston Project.
Three prospective conductive, low magnetic signature corridors have been discovered on the
property. The three distinct corridors have a total strike length of over 25 km, each with multiple
EM conductor trends identified. Ground prospecting and sampling work completed to date has
identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements
for unconformity uranium deposit discovery.
The East Preston Project has multiple long linear conductors with flexural changes in orientation
and offset breaks in the vicinity of interpreted fault lineaments – classic targets for basement -
hosted unconformity uranium deposits. These are not just simple basement conductors; they are
clearly upgraded/enhanced prospectivity targets because of the structural complexity.
The targets are basement -hosted unconformity related uranium deposits similar to NexGen’s
Arrow deposit and Cameco’s Eagle Poin t mine. East Preston is near the southern edge of the
western Athabasca Basin, where targets are in a near surface environment without Athabasca
sandstone cover – therefore they are relatively shallow targets but can have great depth extent
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when discovered. The project ground is located along a parallel conductive trend between the
PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).
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 Adviso r and a
Director, 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 six drill-
ready projects covering over 240,000 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. 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 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 proxim al to Fission Uranium's Triple R deposit as well as
NexGen Energy's Arrow deposit.
The Company also owns a 100% interest in the South Falcon 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 signed a Definitive
Agreement with ASX-listed Valor Resources on the Hooke Lake (previously North Falcon Point)
Uranium Project whereby Valor can earn -in 80% of the pro ject through $3,500,000 in total
exploration expenditures, $475,000 in total cash payments over three years and an initial share
issuance.
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:
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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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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 forwa rd-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.