Skyharbour’s Partner Company Basin Uranium Corp. Announces Completion of Geophysical Surveys at Mann Lake
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
September 13th, 2022
NEWS RELEASE
Skyharbour’s Partner Company Basin Uranium Corp. Announces Completion of
Geophysical Surveys at Mann Lake
Vancouver, BC - Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) partner company, Basin Uranium Corp. (“Basin Uranium”) is pleased to
announce the completion of a ground based gravity survey and a heliborne Mobile MT
Electromagnetic and Magnetic survey at its Mann Lake project located 25 km southwest of the
McArthur River Mine and 15 km to the northeast along strike of Cameco’s Millenni um uranium
deposit.
Mann Lake Uranium Project
https://www.skyharbourltd.com/_resources/maps/SKY_MannLake_20211129.jpg
The recently collected and interpreted geophysical data has generated new drill targets over
prospective areas on the Mann Lake property. The Phase two drill program will test the potential
for uranium mineralization along interpreted lineament or structural corridors at the unconformity
and in the basement, that correspond with resistivity and magnetic lows and the margins of gravity
lows.
“The summer geophysical programs identified a number of new prospective targets, in addition
to refining the resolution and coverage over the Mann Lake claims.” commented Mike Blady, CEO
of Basin Uranium. “With the additional data, our focus will be on coincident geophysical anomalies
that sum together to provide the most fertile geophysical environment along with incorporating
known uranium mineralization from our Phase one drilling.”
Mobile MT Electromagnetic and Magnetic Survey:
The Mobile MT survey successfully identified conductive zones and structures along the
unconformity contact and deeper in the basement. These conductive zones are pros pective for
graphite and/or its breakdown products, which are considered to be responsible for uranium
mineralization. In addition, deep structures within the basement allow for fluid migration, which
can create pathways for the precipitation of uranium mineralization along the unconformity contact
and within the basement rocks.
The purpose of the Mobile MT survey was to identify deep structures along the unconformity and
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in the basement, including possible alteration and mineralization zones. A total of three
production flights were flown to complete 376 line -kilometers of the survey over a 70 km 2 area.
The main conductors along the unconformity contact are shown as resistivity lows (blue) in the
accompanying map (Figure 1). The Mobile MT apparent conduct ivity and magnetics data have
also delineated NE and NW trending prospective structures that cross -cut the basement
throughout the property (Figure 2).
Figure 1: Mobile MT Geophysics – EM Inverted Resistivity
https://www.skyharbourltd.com/_resources/images/Mobile-MT-Geophysics-EM-Inverted-
Resistivity.png
Figure 2: Mobile MT Geophysics – Magnetics
https://www.skyharbourltd.com/_resources/images/Mobile-MT-Geophysics-Magnetics.png
Gravity Survey:
Multiple gravity low anomalies are defined along the southern and south-eastern portions of the
tenure. Gravity lows are prospective in uranium exploration, as they can correlate to a de -
silicification of the rocks that may indicate the presence of a fault structures, which are prospective
for graphite and/or uranium mineralization (Figure 3).
Figure 3: Mobile MT Geophysics – Gravity
https://www.skyharbourltd.com/_resources/images/Mobile-MT-Geophysics-Gravity.png
MWH Geo-Surveys completed a 2539 station gravity survey over the southern portion of the Mann
Lake tenure in July 2022. Results were merged with the historic (2006, 2008) gravity survey data,
to complete the coverage over the central and southern portions of the property.
About Mann Lake:
Skyharbour has entered into an Option Agreement (the “Agreement”) with Basin Uranium
whereby Basin Uranium has an earn-in option to acquire a 75% interest in the Mann Lake Uranium
Project. Under the Option Agreement, Basin Uranium Corp will contribute cash and exploratio n
expenditure consideration totalling CAD $4,850,000 over a three -year period (“Project
Consideration”). Of the Project Consideration, $850,000 will be in cash payments to Skyharbour
and $4,000,000 will be in exploration expenditures on the project. Basin Uranium Corp will also
issue to Skyharbour the equivalent value of CAD $1,750,000 in shares of Basin Uranium over the
three-year earn-in period to complete the earn-in.
The Mann Lake Uranium Project is strategically located 25 km southwest of the McArthur River
Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast of Cameco's
Millennium uranium deposit. The Mann Lake project is also adjacent to the Mann Lake Joint
Venture operated by Cameco (52.5%) with partners Denison Mine s (30%) and Orano (17.5%).
Denison Mines acquired International Enexco and its 30% interest in the project after a 2014
winter drill program discovered high -grade, basement -hosted uranium mineralization at this
adjacent project.
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.:
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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, t en 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 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% U 3O8 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 robust exploration upside
potential. The Company 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. Sky harbour 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 Proj ect. 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 totaling 7.0 million pounds of U 3O8 at 0.03% and 5.3 million pounds of ThO 2 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 Uraniu m 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 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, committed
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 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:
Nicholas Coltura
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Corporate Development and Communications Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
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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
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and may not be offered or sold in the United States or to, or for the account or benefit of, United
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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 statements 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-
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