Skyharbour’s Partner Company Azincourt Energy Begins 2021 Drill Program at The East Preston 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
February 24th, 2021
News Release
Skyharbour’s Partner Company Azincourt Energy Begins 2021 Drill Program at The East
Preston Uranium Project
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) partner company Azincourt Energy Corp. (“Azincourt”) is pleased to
announce the 2021 winter drill program at the East Preston Uranium project, located in the western
Athabasca Basin, Saskatchewan, Canada has commenced.
Project Location – Western Athabasca Basin, Saskatchewan, Canada:
https://skyharbourltd.com/_resources/maps/SYH-Patterson-Lake.pdf
As previously reported the target area for the 2021 drill program is the conductive corridor from the
A-Zone through to the G-Zone and is based on a compilation of results from the 2019 and 2020 drill
programs, 2018 through 2020 ground-based EM and gravity surveys, and property wide VTEM and
magnetic surveys.
Drilling has commenced south of the A-Zone and will continue southwest along the AB and G-Zones.
The first hole of the 2021 program is designated to test a strongly disrupted portion of the A -Zone
conductor in the vicinity of a left -lateral fault offset a nd transition from northwest to north trending
controlling structure. The target is further strengthened by a localized gravity low feature at depth.
The hole is located 500m north of 2019 drill hole EP19001 which successfully intersected graphite-
quartz-pyrite laden fault zones.
Target Corridors at East Preston Uranium Project, Western Athabasca Basin Saskatchewan:
https://skyharbourltd.com/_resources/maps/nr-20210118-figure1.png
The 2021 exploration program will comprise a minimum a 10-12 hole, 2000-to-2500 meter diamond
drill campaign. TerraLogic Exploration and Bryson Drilling have been contracted to execute the drill
program, which is being conducted under the guidance and supervision of Azincourt’s Exploration
Manager, Trevor Perkins, P.Geo, and Jarrod Brown, M.Sc., P.Geo, Chief Geologist and Project
Manager with TerraLogic Exploration.
The 2020 HLEM survey completed in December indicates multiple prospective conductors and
structural complexity along the eastern edge of this corridor. Drilling in the A zone suggests this
structural corridor hosts significant graphitic packages within str ongly sheared and faulted host
lithologies, indicating an environment conducive to fluid movement and uranium deposition.
2021 Drill Target areas at the East Preston Uranium Project
https://www.skyharbourltd.com/_resources/maps/nr-20210209-figure1.png
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 their 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 over the previous four years as well as issuing a total of 9.5 million
common shares of Azincourt divided evenly between Skyharbour and Dixie Gold.
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; the y 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 Point 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 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 re quirements 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 Skyharbour Resources Ltd.:
Skyharbour holds an exten sive portfolio of uranium and thorium exploration projects in Canada's
Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with
six drill-ready projects. 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.
Skyharbour has and option agreement with Orano Canada Inc. and a joint venture agreement with
Azincourt Energy. Orano can earn in up to 70% of the Preston and Azincourt recently earned in 70%
of the East Preston Project, respectively, through a combined $9 ,800,000 in total exploration
expenditures, as well as $1,700,000 in total cash payments and Azincourt shares. Preston and
Preston East are large, geologically prospective properties proximal to Fission Uranium's Triple R
deposit as well as NexGen Energy's Arrow deposit.
The Company 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 Australian company Pitchblende Energy, which is being acquired by ASX -listed Valor
Resources, on the North Falcon Uranium Project whereby Pitchblende can earn-in 80% of the project
through $3,500,000 in to tal 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 exp loration projects in geopolitically favourable
jurisdictions.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
http://skyharbourltd.com/_resources/maps/SYH-Athabasca-Map.pdf
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:
Spencer Coulter
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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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 a nd 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.