Skyharbour’s Partner Company Medaro Mining Commences Airborne Geophysical Survey at Yurchison Uranium Property, 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
September 8th, 2022
News Release
Skyharbour’s Partner Company Medaro Mining Commences Airborne Geophysical Survey
at Yurchison Uranium Property, Saskatchewan
Vancouver, BC - Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) partner company Medaro Mining (“Medaro”) is pleased to announce that
it h as commenced an airborne geophysical survey at its Yurichson Uranium Property in
Saskatchewan. Medaro has contracted Terraquest Ltd. of Markham, Ontario to complete a
helicopter-borne aeromagnetic, horizontal gradiometric, radiometric, and VLF -EM surveys o n the
Property. A total of 7,117 line-kilometers of survey is being completed at 50 m line spacing using a
helicopter.
Location Map of Yurchison Project:
https://www.skyharbourltd.com/_resources/maps/Sky_Yurchison_20211209.jpg
Survey Highlights:
• Total 7,117 line-km at 50 m line spacing; with 1,029 lines and 19 tie lines; line azimuth
135°/315°; tie line azimuth 045°/225°
• High Resolution Aeromagnetics (Fixed Nose boom for safe and low acquisition)
• Radiometric (single crystal pack)
• Horizontal Gradiometer - Fixed side booms
• Matrix Digital very low frequency - electromagnetic (VLF-EM)
• Aircraft AStar 350 B2; with terrain clearance 25m-30m drape mode
Figure 1: Geophysical Flight Path:
https://skyharbourltd.com/_resources/images/Medaro-Geophysical-Survey-Flight-Path.png
The survey crew is based at KM147 Lamp Lighters Lodge, Saskatchewan, which is located near the
Yurichson Property. The survey is expected to be completed over the next few weeks. Medaro will
provide an update on the results of the survey as soon as available.
About Yurchison Uranium Project:
Historical prospecting near old trenches returned significant uranium (ranging from 0.09% to 0.30%
U3O8) and molybdenum (ranging from 2,500 ppm to 6,400 ppm Mo) mineralization in both outcrop
and float samples. Two historical holes drilled beneath the trenches returned highly anomalous
molybdenum values, up to 3,750 ppm and anomalous uranium values up to 240 ppm. The Property
boasts strong discovery potential for both basement hosted uranium mineralization as well as
copper, zinc, and molybdenum mineralization. Regionally, Rio Tinto entered into a $30 million,
seven-year, option agreement with Forum Energy Metals Corp. to acquire an 80% stake in their
Janice Lake property which is located on-strike to the southwest of the Property.
The Option Agreement:
Pursuant to the Agreement, Medaro may acquire an initial 70% interest in the Property by (i) issuing
common shares of Medaro (“Shares”) having an aggregate value of CAD $3,000,000; (ii) making
aggregate cash payments of CAD $800,000; and (iii) incurring an aggregate of CAD $5,000,000 in
exploration expenditures on the Property over a three year period. Once Medaro has earned an
initial 70% interest in the Property, Medaro may acquire the remaining 30% interest in the Property,
within 30 business days of ear ning the initial 70% interest, by (i) issuing Shares having a value of
CAD $7,500,000, and (ii) making a cash payment of CAD $7,500,000.
Skyharbour will retain an NSR of two percent (2%) on 11 of the 12 claims with Medaro holding a
buyback option whereby Medaro can purchase one percent (1%) of the NSR for CAD $1 million. A
separate NSR of two percent (2%) on the other claim is payable to a third party (payable pro -rata
based on ownership interest in the Property).
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 fifteen
projects, ten 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% U3O8 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. 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 totaling 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, $850,00 0 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 a s 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 di scoveries, 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 C ompany’s website
at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
“Jordan Trimble”
Jordan Trimble
President and CEO
For further information contact myself or:
Nicholas Coltura
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 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
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offer to sell or the solicitation of an offer to buy securities in the United States, nor i n 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-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.