Skyharbour’s Partner Company North Shore Uranium Provides Exploration Update with Drilling Planned in Q1 2024 at Falcon Project
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
December 19th, 2023
News Release
Skyharbour’s Partner Company North Shore Uranium Provides Exploration Update with
Drilling Planned in Q1 2024 at Falcon Project
Vancouver, BC - Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:
SC1P) (“Skyharbour” or the “Company”), is pleased to announce that partner company, North Shore
Uranium (“North Shore”) has provided an update on the exploration activities at the 55,699 hectare
Falcon Property (“Falcon” or the “Property”) located at the eastern margin of the Athabasca Basin in
northern Saskatchewan. North Shore has identified a number of high priority uranium targets on the
Property and will commence drilling several of these targets in Q1 2024.
Location Map of Falcon Project:
https://skyharbourltd.com/_resources/maps/Sky-SouthFalconOption.jpg?v=0.1
Falcon is a highly prospective uranium exploration property with a limited exploration history in an
area of the Athabasca Basin that is seeing increased exploration activity and recent discoveries.
Significant grass roots uranium discoveries in 2021 by Baselode Energy Corp. and 92 Energy Limited
approximately 40 kilometres to the north, illustrate the potential for new basement-hosted discoveries
in this area. In 2022, both North Shore and Skyharbour completed fixed -wing gravity -magnetic-
radiometric surveys that covered over 80% of Falcon. Reinterpretation of the earlier electromagnetic
(“EM”) data complemented by the recently acquired geophysical data is allowing North Shore to
identify new high priority targets that have never been tested by drilling.
North Shore’s 2023 -2024 exploration program at Falcon is comprised of the following three
components:
1. Ongoing interpretation of historical and new geophysical and geological data to assist with
prioritizing targets for detailed exploration;
2. A Q1 2024 maiden drill program focusing on several high priority targets; and
3. Prospecting, mapping and sampling related to the high priority targets in the summer of 2024
in preparation for future drill programs.
The Q1 2024 drill program will be focused on several targets along a well -defined, dominantly
northeast-southwest-trending EM conductor system at the southeastern end of the claim block.
There has been no previous drilling in this area. Gravity, magnetic a nd radiometric data are being
analyzed to assist with pinpointing the highest priority drill locations along the EM conductors for
drilling. The helicopter-supported program will be based out of Skyharbour’s McGowan Lake Camp
which is located approximately 55 kilometres to the north along an all-weather road.
Map of Historical Exploration and 2024 Drill Areas:
https://www.skyharbourltd.com/_resources/maps/Falcon-Property-Summary-Map-December-
2023.jpg
Mr. Brooke Clements, President and CEO of North Shore stated: “It’s a great time to be exploring for
uranium in the Athabasca Basin, a tier -one jurisdiction for uranium exploration, development and
mining. The uranium spot price has recently surged past US$85/lb., the highest we’ve seen in more
than 15 years. We have identified a number of high priority targets on our Falcon Property and are
excited to move forward with our exploration program and get the drill turning in Q1 2024.”
North Shore has engaged TerraLogic Exploration Inc. (“TerraLogic”), of Cranbrook B.C., to manage
its Q1 2024 drill program at Falcon. TerraLogic has experience in the Athabasca Basin and a proven
track record working with the mining and exploration industry, combining advanced data
management and proven exploration tec hniques with a focus on precious metal, base metal and
uranium exploration. In addition, Condor North Consulting ULC, recognized experts in the field of
geophysical data processing and interp retation, have been retained to perform a detailed
interpretation of the existing geophysical data to assist in optimizing drill target locations.
Map of Geophysical Data:
https://www.skyharbourltd.com/_resources/maps/Ongoing-geophysical-interpretation-is-being-
performed-by-Condor-North-Consulting-ULC.png
Falcon Uranium Project:
The Falcon Property , which constitutes part of North Shore’s Falcon Property, contains eleven
mineral claims comprising approximately 42,908 hectares approximately 50 km east of the Key Lake
mine. Nine of the claims are from Skyharbour’s original South Falcon Uranium Project and the
remaining two claims are from Skyharbour’s Foster River Project. Historical uranium mineralization
discovered at Falcon is shallow and is hosted in several geological settings including classic
Athabasca-style basement mineralization associated with well -developed EM conductors. At the
EWA target, up to 0.492% U 3O8 and 1,300 ppm lead was encountered in outcrop grab samples
(Sask. Mineral Deposits Index [SMDI] 5038 ). Historical grab sampling at Knob Lake (SMDI 1014)
also encountered up to 0.01% U3O8 in an outcrop of pegmatite, while anomalous nickel, copper, and
molybdenum were found in historical grab samples from the Fraser North target area (SMDI’s 1125
and 1126).
A well-defined northeast-trending, locally folded, electromagnetic conductor system runs throughout
the Property, which was defined by airborne and ground geophysical surveys by JNR Resources
(“JNR”) in the 2000’s. In 2008 JNR conducted a drill campaign at the property area. Of the 47 holes
drilled that year, 28 holes (totaling 7,348 metres) were drilled on the South Falcon Uranium Property
at the Walker (14 holes), Walker South (7 holes), and EWA target areas (6 holes). At the Walker and
South Walker targets , which lie along the aforementioned EM conductor system , structurally
disrupted and variably altered metasediments (including graphitic pelitic gneisses) with anomalous
boron, copper, molybdenum, nickel, cobalt, arsenic, and vanadium were encountered in several drill
holes. During this same drill campaign, the Fraser Lakes Zone B uranium deposit was discovered
approximately four kilometres east of the Walker South target on a refolded extension of the EM
conductor system. At the EWA target, which lies along a separate northeast-trending EM conductor,
anomalous uranium , boron, lead, and molybdenum were encountered in structurally disrupted
pegmatites; the best result was 0.235% U3O8 over 0.5 m (within a 3.5 m interval of 0.113% U3O8) in
hole WYL-08-501 (Sask. Mineral Assessment File 74H02-0045).
Furthermore, in 2022, Skyharbour completed a FALCON® airborne gravity gradiometer and
magnetic survey over nine of the eleven claims at the Falcon Property. This new geophysical data
will assist North Shore in prioritizing areas along the EM conductor system for drilling. Over 30
kilometres of th e EM conductor system remains untested on the Falcon Prope rty. North Shore’s
initial focus will be on the two claims formerly part of the Foster Project (geophysics), and on
generating drill targets on three claims at the southeastern end of th e EM conductor systems
including Knob Lake, which shows similarities to the Fraser Lakes Zone B deposit approximately 6
km to the northeast and several other high-priority targets elsewhere along the main EM conductor
system.
Significant potential exists on the p roject for basement -hosted, unconformity -related uranium
deposits like those further to the north in the Wollaston Domain (i.e. Eagle Point, Rabbit Lake, Key
Lake and others) , as well as for pegmatite/granite -hosted (i.e. alaskite -type) U -Th-REE
mineralization like at the Fraser Lakes Zone B deposit on Skyharbour’s adjacent South Falcon East
Property, currently under option to Tisdale Clean Energy.
The Option Agreement:
Pursuant to the Transaction, the Resulting Issuer may acquire an initial 80% interest in the Property
by (i) issuing common shares of the Resulting Issuer (“Shares”) having an aggregate value of CAD
$1,225,000; (ii) making aggregate cash payments of CAD $525,000; and (iii) incurring an aggregate
of CAD $3,550,000 in exploration expenditures on the Property over a three-year period.
Schedule to earn an initial 80% interest:
Date Cash Payments
(CAD $)
Exploration
Expenditures (CAD $)
Value of Shares Issued
(CAD $)
On Closing $50,000(1) $0 $150,000(2)
By Dec. 31st, 2023 $0 $250,000 $0
On or before the day that is
13 months after Closing $100,000 $250,000 $200,000(3)
On or before the second
anniversary of Closing $150,000 $1,300,000 $350,000(3)
On or before the third
anniversary of Closing $225,000 $1,750,000 $525,000(3)
TOTAL $525,000 $3,550,000 $1,225,000
(1) $25,000 paid on signing the Agreement and $25,000 paid at Closing.
(2) At a price of $0.30 per Share.
(3) Cash or shares at North Shore’s option at a price per Share using the five (5) VWAP at the time of issuance, subject
the minimum pricing rules of the TSX Venture Exchange.
Once the Resulting Issuer has earned an initial 80% interest in the Property, the Resulting Issuer
may acquire the remaining 20% interest in the Property within 90 business days by (i) issuing Shares
having a value of CAD $5,000,000, and (ii) making a cash payment of CAD $5,000,000 to
Skyharbour. If the Resulting Issuer does not elect to acquire the remaining 20% interest, a joint
venture will be formed with Skyharbour holding a 20% participating interest.
The Resulting Issuer will be the operator of the exploration programs during the earn -in stage and
for the joint venture if formed. Two claims totaling 10,673 hectares that form part of Skyharbour’s
Foster River Property are subject to a one percent (1%) NSR royalty payable to Skyharbour. The
remaining nine claims totaling 32,235 hectares that comprise Skyharbour’s South Falcon Point
Property are subject to a two percent (2%) NSR royalty payable to Denison Mines Corp. (“Denison”)
with North Shore having the right to purchase one percent of the royalty from Denison at anytime by
paying $1 million. All Shares will be su bject to a four -month-and-one-day statutory hold period in
accordance with applicable securities laws.
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 North Shore Uranium Ltd:
North Shore is a mineral exploration company focused on uranium exploration at the eastern margin
of the Athabasca Basin through its Falcon property which will increase from 12,800 to 55,700
hectares with the addition of the claims subject to the Agreement, and the West Bear property located
90 kilometres to the northeast.
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 twenty-four
projects, ten of which are drill-ready, covering over 518,000 hectares (over 1.2 million acres) 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 uranium
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 joint-ventures with industry-leader Orano Canada Inc. and Azincourt Energy at the
Preston and East Preston Projects, respectively, whereby Orano and Azincourt earned majority
interests in the projects through exploration expenditures, cash p ayments and share issuances.
Skyharbour also has several active earn-in option partners including: ASX-listed Valor Resources at
the Hook Lake Uranium Project; CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project;
CSE-listed Medaro Mining Corp. at the Yurchison Project; Yellow Rocks Energy, a private Australian
entity, at the Wallee and Usam Island projects; North Shore Energy Metals at the South Falcon
Project; and TSX-V listed Tisdale Clean Energy at the South Falcon East Project which is host to the
Fraser Lakes Zone B Uranium and Thorium Deposit.
Collectively, Skyharbour has now signed earn-in option agreements with partners that total to over
$37 million in partner-funded exploration expenditures, over $28 million worth of shares being issued
and over $19 million in cash payments coming into Skyha rbour, assuming that these partner
companies complete their entire earn-ins at the respective projects.
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://skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_V2A_20230727.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
Investor Relations Manager
Skyharbour Resources Ltd.
Telephone: 604-558-5847
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
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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-
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future performance, and actual re sults or developments may differ materially from those in the
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