Skyharbour’s Partner Company Basin Uranium Corp. Commences Drilling at Mann Lake Uranium Project, Saskatchewan
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
April 21st, 2022
NEWS RELEASE
Skyharbour’s Partner Company Basin Uranium Corp. Commences Drilling at Mann Lake
Uranium Project, Saskatchewan
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 it has commenced its spring 2022 diamond drilling program at the Mann Lake uranium
project in Saskatchewan’s prolific Athabasca Basin. The Mann Lake project is located 25 km
southwest of the McArthur River Mine, the largest high -grade uranium deposit in the world, and
15 km to the northeast along strike of Cameco’s Millennium uranium deposit.
Mann Lake Uranium Project
https://www.skyharbourltd.com/_resources/maps/SKY_MannLake_20211129.jpg
“I am happy to report that the drill is turning and we are now coring at Mann Lake ,” stated Mike
Blady, CEO of Basin Uranium. “Since acquiring the project from Skyharbour Resources in late
2021, the Basin team has made great strides in consulting, permitting, planning, and now drilling
in a very short period of time. Our focus now is on executing our exploration plans for 2022 in a
responsible, safe and timely manner.”
Bryson Drilling Ltd. is providing diamond drilling services under the supervision of TerraLogic
Exploration Inc. With over 100 years of combined experience, Bryson Drilling is a locall y owned
Saskatchewan family-based business with vast experience in the Athabasca Basin drilling for
some of the largest exploration and mining companies in the province.
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.
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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.
Mann Lake Regional Tenure Map
https://skyharbourltd.com/_resources/SYH_Mann_Lake_Tenure.jpg
Skyharbour carried out a ground-based EM survey in 2014 focused on an area where a 2 km long
aeromagnetic low coincided with basement conductors interpreted from earlier EM surveys. This
program successfully confirmed the presence of a broad, NE-SW trending corridor of conductive
basement rocks which are likely graphitic metapelites.
The Mann Lake Uranium Project has seen over $3 million of previous exploration expenditures
consisting of geophysical surveys and two diamond drill programs totalling 5,400 metres carried
out by Triex in 2006 and 2008. The geophysical surveys identified graphitic basement conductors
and structural corridors containing reactivated basement faults. These features trend onto the
adjacent ground operated by Cameco. The 2006 diamond drill program intersected a 4.5 metre
wide zone containing anomalous boron (wit h highlight values of up to 1,758 ppm B) in the
sandstone immediately above the unconformity in drillhole MN06 -005. Boron enrichment is
common at the McArthur River uranium mine, and along with illite and chlorite alteration, is a key
pathfinder element for uranium deposits in the Athabasca Basin. In the same drill hole, altered
basement gneissic rocks with abundant clay, chlorite, hematite and calc -silicate minerals were
intersected about 7.6 metres below the unconformity and contained anomalous uranium,
including up to 73.6 ppm over a 1.5 metre interval. Background uranium values are commonly
between 1 and 5 ppm.
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 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 vert ical 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 exp loration 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,
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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 issu ances 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 partnerships, 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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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, n or
in any other jurisdiction.
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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 fu ture 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 othe r 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.