Skyharbour’s Partner Company Azincourt Energy Reports Elevated Radioactivity Within Significant Alteration Zone, at the East Preston Uranium Project
Suite 1610 –777Dunsmuir Street, Vancouver, BC, Canada, V7Y1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
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Telephone: (604) 687-3376
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March 1st, 2022
News Release
Skyharbour’s Partner Company Azincourt Energy Reports Elevated Radioactivity
Within Significant Alteration Zone, at 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 the ongoing 2022 exploration program at the East Preston uranium project,
located in the western Athabasca Basin, Saskatchewan, Canada.
Project Location – Western Athabasca Basin, Saskatchewan, Canada:
https://www.skyharbourltd.com/_resources/maps/Sky_EastPreston_20211209.jpg
Drilling at the East Preston Project commenced on January 24 th, and to date, 3,208 met res have
been completed in 13 drill holes. Ten drill holes are complete, one was abandoned, and two are in
progress on the G- and K- Zones. Drilling continues on the northeast trending G -Zone where eight
holes have been completed and one hole is in progress. Extensive alteration and evidence of east-
west cross-cutting structures have been intersected along the southern portion of the zone. Hole
EP0030 shows the best alteration on the G-Zone with an extensive interval of hydrothermal hematite
alteration and signif icant evidence for a steep east -west fault cross -cutting the main northeast
trending structure and graphitic lithologies. Additional drilling will be undertaken to evaluate the
significance of this alteration and associated cross cutting structure.
On the north-south trending K-Zone, two holes have been completed and one is in progress, with
one hole lost in a sand filled fault zone at the north end of the zone. Drilling on the K -Zone has
intersected extensive hydrothermal hematite alteration in all holes, indicating this alteration zone is
at least 800 metres long. Drill hole EP0035 intersected an extensive zone of hydrothermal hematite
more than 100 met res thick. Within this zone localized elevated radioactivity identified from both
hand-held scintillometers and a downhole gamma probe was also encountered. Analysis of samples
from this zone will be sent to the lab to evaluate the significance of the elevated radioactivity in this
area. Additional drilling is underway to evaluate the significance of this alteration zone and to follow-
up the elevated radioactivity identified.
Azincourt considers the drilling results to date to be significant, as major uranium discoveries in the
Athabasca Basin such as McArthur River, Key Lake, and Millennium were primarily the result of drill
testing of strong alteration zones related to conductor features. The identification of strong alteration
zones is an important and meaningful step in locating key areas along the conductor trends where
more attention is required.
As a consequence of the promising developments many holes have been drilled considerably deeper
(to get through alteration and structure intersected) than initially planned and additional holes are
being drilled to follow up key results. This means that while the planned overall meterage is expected
to be achieved, fewer total holes may be completed and not all zones targeted for this program may
be evaluated.
“We are very excited by the results coming in so far” said Azincourt’s VP, Exploration, Trevor Perkins.
“Both the G- and K-Zones are responding incredibly well, and the team is very excited by what they
are seeing in the core. The results show that there is still a good deal of work to be completed in
these areas and I can’t wait to see what the follow-up drilling reveals,” continued Mr. Perkins.
“These are very positive developments in the advancement of East Preston,” said Azincourt
President and CEO, Alex Klenman. “The discovery of a large zone of this type of alteration, along
with the presen ce of elevated radioactivity, is very compelling. Considering the history of uranium
discovery in the basin and the existence of strong alteration zones within some of those discoveries,
obviously we’re pleased. We will continue to focus on the K-Zone for the time being to determine the
extent of the alteration and the mineralization within it,” continued Mr. Klenman.
The first shipment of core samples from the current drill program is scheduled to be delivered later
this week to the SRC Geoanalytical Lab in Saskatoon. Results will be reported once received,
reviewed, and verified.
Winter 2022 Diamond Drilling Program:
TerraLogic Exploration Inc. is executing the winter 2022 diamond drilling program under the guidance
and supervision of Azincourt’s Vice President, Exploration, Trevor Perkins, P.Geo, and Jarrod
Brown, M.Sc., P.Geo, Chief Geologist and Project Manager with TerraLogic Exploration. The
program is planned for approximately 6,000m of drilling. Drilling is focused on the A -G and K-H-Q
trends, after having commenced in the G -Zone where the 2021 drill program ended. The program
continues to evaluate the G-Zone and the K-H-Q trend.
East Preston Targets:
The primary target area for the 2022 program continues to be the conductive co rridors 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) (Figures 1 and 2). 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 VTEM and magnetic
surveys, and the 2019 through 2021 drill programs, the 2020 HLEM survey indicates multiple
prospective conductors and structural complexity along these corridors.
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 will target similar structurally disrupted zones prioritized on the
presence and strength of corresponding electromagnetic, magnetic and gravity geophysical
anomalies.
Target Corridors at East Preston Uranium Project (Figure 1):
https://skyharbourltd.com/_resources/maps/nr-20210118-figure1.png
2022 Drill Target Areas at the East Preston Uranium Project (Figure 2):
https://www.skyharbourltd.com/_resources/images/2022-Drill-Target-areas-at-the-East-Preston-
Uranium-Project.jpg
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 othe r 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 are
directly employed on site or provide support and services to keep the camp and program 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 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 pr ospectivity 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 Inst rument 43 -101 and reviewed on behalf of the
company 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 fourteen
projects, nine of which are drill -ready, covering over 385,000 he ctares 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 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 Point 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 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 issuances over three yea rs
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, committed
long-term partnersh ips, and the advancement of exploration projects in geopolitically favourable
jurisdictions.
Skyharbour’s Uranium Project Map in the Athabasca Basin:
https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_20211126.jpg
To find out more about Skyharbour Resources Ltd. (TSX -V: SYH) visit the Co mpany’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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