Skyharbour’s Partner Company Basin Uranium Corp. Provides Permitting Update at Mann Lake Uranium Project
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
March 9th, 2022
NEWS RELEASE
Skyharbour’s Partner Company Basin Uranium Corp. Provides Permitting Update at
Mann Lake Uranium Project
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
provide an update on ongoing permitting for an extensive exploration and 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
“As discussions with local stakeholder groups continue to advance and remain constructive, we
look to a swift and expedient conclusion.” commented Mike Blady, CEO of Basin Uranium.
“Concurrent with stakeholder consultation, we have engaged with a number of geophysical and
drilling contractors to ensure rapid mobilization once the permitting process is completed.”
Exploration Program Update:
As previously disclosed, Basin Uranium has engaged TerraLogic Exploration Inc. and submitted
its permitting package in December 2021. The government has reviewed the proposed program
and consulted with the local stakeholders and First Nations communities, including the Ya' thi
Néné, continue to advance.
Basin Uranium is permitting for a geophysical survey including electromagnetic (EM) and gravity
surveying totalling 18 line-kilometres covering an area of 3.75 square kilometres. The focus of the
exploration will be to better define the structura l corridors and basement conductors previously
identified, in addition to expanding coverage over previously unexplored areas. Specifically, the
surveying will extend coverage to the southern extent of the property in addition to developing
additional structural targets for drilling. Within the property, north -northeast trending structural
faults are the most prospective as they parallel the trend of known uranium mineralization
regionally within the Athabasca Basin.
Mann Lake Project Geophysical Compilation Map
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https://skyharbourltd.com/_resources/SYH_Mann_Lake_Compilation.jpg
Basin Uranium is also permitting for an extensive diamond drill program of u p to 20 holes for
15,000 metres to test existing areas of known mineralization in addition to potentially testing
targets identified from the upcoming geophysical surveying.
Preparations continue to advance for the rapid mobilization upon receipt of all necessary permits
and approvals.
About Mann Lake:
Skyharbour has entered into an Option Agreement (the “Agreement”) with Basin Uranium Corp
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 explo ration
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. B asin 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 McA rthur 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 Mines (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 totaling 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 (with highlight va lues 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 depo sits 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 Nationa l Instrument 43 -101 and reviewed and
approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified
Person.
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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 fifteen kilometres east of Denison's Wheeler River
project and thirty-nine 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. 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 proje ct 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 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:
https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_20211126.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
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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
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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 forwa rd-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, mar ket or
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information.