Skyharbour’s Partner Company Azincourt Energy Provides Update on Upcoming Drill Program at East Preston Uranium Project, Saskatchewan
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 8th, 2021
News Release
Skyharbour’s Partner Company Azincourt Energy Provides Update on Upcoming Drill
Program at East Preston Uranium Project, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd. ’s (TSX-V:SYH) (OTCQB:SYHBF)
(Frankfurt:SC1P) (the “Company”) partner company Azincourt Energy (“Azincourt”) is pleased to
announce that preparation of the winter road to allow access for the winter 2022 exploration program
has commenced 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
Accurate Industries has been contracted to prepare and maintain the 60 km winter access road
under the supervision of TerraLogic Exploration Inc. The road allows access from Provincial Highway
955 along the Cree Lake Road to the planned camp site on the East Preston Project. Several
waterways and swampy areas are required to be crossed, so early preparation is essential to ensure
that these areas are properly prepared and frozen to allow safe access for the winter season.
East Preston Targets:
The primary target area for the 2022 program continues to be the conductive corridors from the A-
Zone through to the G -Zone (A-G Trend) and the K-Zone through to the Q-Zone (K-Q Trend). The
selection of these trends is based on a compilation of results from the 2018 through 2020 ground -
based EM and gravity surveys, property wide V TEM and magnetic surveys, and the 2019 through
2021 drill programs, the 2020 HLEM survey indicates multiple prospective conductors and structural
complexity along these corridors.
Target Corridors at East Preston Uranium Project, Western Athabasca Basin Saskatchewan:
https://skyharbourltd.com/_resources/maps/nr-20210118-figure1.png
The 2019-2021 drilling programs on the A-G Trend confirmed that geophysical conductors comprise
structurally disrupted zones that are host to accumulations of graphite, sulphides, and carbonates.
Anomalous radioactivity has been demonstrated to exist within these structurally disrupted conductor
zones. The 2022 drilling program wi ll target similar structurally disrupted zones prioritized on the
presence and strength of corresponding electromagnetic, magnetic and gravity geophysical
anomalies.
2022 Drill Target Areas at the East Preston Uranium Project:
https://www.skyharbourltd.com/_resources/maps/Fig2-2022-Drill-Target-Areas-at-EP.png
Winter 2022 Diamond Drilling Program:
TerraLogic Exploration Inc. has been contracted to facilitate and execute a planned diamond drilling
program, which will consist of a minimum of 6,000m of drilling in 30 -35 drill holes. Drilling will focus
on the A-G and K-Q trends, commencing in the G Zone where the 2021 drill program ended. The
program will continue to test the G zone to the south and then move to test the K -Q trend. The
program may be modified as results warrant.
Opening of the 60 km winter road to access the property and campsite is underway, with camp
construction anticipated in late December and early January. Discovery Mining Services has been
contracted to provide and support the camp operations. Drilling is anticipated to commence in early
to mid-January utilizing two diamond drill rigs provided by Full Force Drilling Ltd.
“We are very excited to see the work commencing to allow us access for our winter drill program”
said Azincourt’s VP, Exploration, Trevor Perkins. “This will be the largest program to date on the
East Preston project, continuing where our 2021 program left off. Having a well -prepared access
road to the area is essential to ensure our crews, equipment and supplies get in to site safely with
minimal environmental impact,” continued Mr. Perkins.
Permitting and Community Engagement:
Permits are in place to complete all the planned work through the winter of 2022. 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 local communities are addressed. 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 and sponsorship of select community programs and initiatives.
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 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 s imple 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 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 eight drill-
ready projects covering over 250,000 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 projec t 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% inter est 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.
Furthermore, 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 totalling 7.0 million pounds of
U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%.
Skyharbour also 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 expen ditures, $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 issuances 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 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:
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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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 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.