Skyharbour’s Partner Company Azincourt Energy Provides Update on Exploration and Drilling Plans for 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
July 28th, 2022
News Release
Skyharbour’s Partner Company Azincourt Energy Provides Update on Exploration
and Drilling 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
provide an update on its plans for its fully funded upcoming fall and winter field season at the East
Preston Project in the Athabasca Basin, Saskatchewan, Canada.
Project Location – Western Athabasca Basin, Saskatchewan, Canada:
https://www.skyharbourltd.com/_resources/maps/Sky_EastPreston_20211209.jpg
The primary target area on the East Preston Project is the conductive corridors from the A -Zone
through to the G-Zone (A-G Trend) and the K -Zone through to the H and Q -Zones (K-H-Q Trend).
Drilling to date has confirmed that identified geophysical conductors comprise structurally disrupted
zones that are host to accumulations of graphite, sulphi des, and carbonates. Hydrothermal
alteration, anomalous radioactivity, and elevated uranium have been demonstrated to exist within
these structurally disrupted conductor zones.
Azincourt is planning an extensive drill program for the fall and winter of 20 22-2023. The planned
program will consist of approximately 6,000 metres of drilling in 20+ diamond drill holes. The priority
will be to continue to evaluate the alteration zones and elevated uranium values identified in the
winter of 2022 and reported in news releases dated March 29th, 2022, and July 13th, 2022.
The south end of the G-Zone responded well in the 2022 drill program. The structure and alteration
within holes EP0030 and EP0037 warrant additional drilling to confirm target enhancement for follow-
up in this area.
Drilling within the K-Zone will focus on expanding on the weak clay alteration and elevated uranium
identified in hole EP0035. This is the only zone where alteration and structure resulted in poor ground
conditions preventing completion of a drill hole. This is indicative of strong structure and alteration
which are both good signs for possible uranium deposition. The alte ration zone is still open along
strike in both directions north and south.
Within the H-Zone, drilling will continue to evaluate the alteration zone and identify priority targets for
additional focus. The thick structural package identified in this zone is a promising sign for extensive
ground preparation to allow fluid pooling and uranium deposition. Holes will also be drilled between
the H- and K- Zones to seek continuity between the zones and enhancement of the alteration and
uranium present.
The Q-Zone remains untested, and Azincourt is eager to drill this zone during the 2023 program to
evaluate the prospectivity of this target area.
“Up to this point, drilling has been quite wide spaced while we evaluate the various trends to identify
the best areas to focus our efforts”, said Azincourt’s VP, Exploration Trevor Perkins. “While this will
continue in the upcoming program, we also plan to narrow our focus and begin vectoring within the
alteration zones and follow where the alteration and geochemistry is leading,” continued Mr. Perkins.
Mobilization is anticipated to begin in December, with drilling to commence in January 2023.
While the A-G and K-H-Q trends are the primary focus, many additional trends and zones exist to
the east and west of the primary trends on the East Preston property. These additional target areas
will require ground geophysics to constrain conductor locations and drilling to properly evaluate their
potential.
“We’re of course eager to get back on the ground at East Preston and follow up on the promising
results from last winter,” said Azincourt’s CEO, Alex Klenman. “The more work we do, the more
compelling East Preston becomes. We’ve gone from grass roots to th e development of top -tier
exploration targets on what is a large and highly prospective property. We have the right rocks, the
right geochemistry, the right structures, and we’ve now produced evidence that uranium is present
within large alteration zones. Step by step, we continue to progress East Preston in a very positive
way. This next drill program is another important step towards our goal of meaningful discovery,”
continued Mr. Klenman.
Permitting and Community Engagement:
The permitting process is underway to obtain authorization for the fall and winter 2022 -2023 drill
program at East Preston. Azincourt Energy continues to be engaged in regular meetings with the
Clearwater River Dene Nation and other rights holders to ensure that concerns of the loc al
communities are addressed with regards to the East Preston project. Azincourt looks forward to a
continued close working relationship with CRDN and other rights holders to ensure that any potential
impacts and concerns are addressed and that the communities can benefit from activities in the area
through support of local business, employment opportunities, and sponsorship of select community
programs and initiatives. Several members of the Clearwater River Dene Nation have been directly
employed on site or to provide support and services to keep the camp and programs running.
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 p ayments as well as issuing 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 a re 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 simp le 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 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 requirements set out in National Instrument 43 -101 and reviewed by C. Trevor Perkins,
P.Geo., Vice President, Exploration of Azincourt Energy, and a Qualified Person as defined by
National Instrument 43-101.
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 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 ki lometres 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 robus t exploration upside potential. 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 U 3O8 at
0.03% and 5.3 million pounds of ThO 2 at 0.023%. Skyharbour 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 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 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 i ssuances 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, commit ted
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 Sky harbour 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 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 release 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 in this release, other than stateme nts 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.