Skyharbour’s Partner Company Valor Announces Upcoming Drilling Program and Commencement of Camp Construction at Hook 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
December 9th, 2021
NEWS RELEASE
Skyharbour’s Partner Company Valor Announces Upcoming Drilling Program and
Commencement of Camp Construction at Hook Lake Uranium Project
Vancouver, BC - Skyharbour Resources Ltd. ’s (TSX-V: SYH) (OTCQB: SYHBF)
(Frankfurt:SC1P) (the “Company ”) partner company Valor Resources (“Valor”) is pleased to
announce the signing of a drilling contract with Major Drilling Group International for the Hook
Lake Project. Drilling is proposed to commence in early January with a minimum of 2,500m which
will be Valor’s maiden drilling program at the Hook Lake Project. Camp construction, contracted
to Discovery Mining Services, has commenced. The camp will form the base for the Valor’s winter
2022 activities at Hook Lake. Dahrouge Geological Consultants will oversee the drilling campaign
and have been a key in supporting the Company in preparing for the upcoming program.
Hook Lake (Formally North Falcon Point) Project:
https://skyharbourltd.com/_resources/projects/Falcon-Point-Project.jpg
Highlights:
• Drilling to test highly prospective targets at Hook Lake Uranium Project
• Drilling contract awarded to Major Drilling to commence at Hook Lake Uranium Project in
early January 2022
• Camp construction, contracted to Discovery Mining Services, has commenced for the
support of the 2022 Drilling Program
Hook Lake Project – Camp Construction:
https://www.skyharbourltd.com/_resources/images/Valor-Camp-Construction.jpg
Upcoming Drill Program and Geological Highlights:
The image below shows the locations of the potential drill hole target areas at Hook Lake with
final target selection underway. A diamond drilling program comprising approximately 10-15 drill
holes of 200-250m depth is currently proposed. The drill targets at Hook Lake are highlighted by
the S Zone target where surface sampling by Valor returned assays of up to 59.2% U 3O8, as
reported in the news release dated August 31st, 2021. The on-site exploration work is being
managed by Dahrouge Geological Consulting Ltd ., of Edmonton, Alberta, Canada with the
geophysical compilation and interpretation being carried out by Terra Resources Pty Ltd. of Perth,
Australia.
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Hook Lake Project – Drill Hole Targets Overlain on Aeromagnetic TMI 1VD Image:
https://www.skyharbourltd.com/_resources/images/Valor-Hook-Lake-Potential-Drillholes.jpg
About Hook Lake (previously North Falcon Point) Project:
Valor has the right to earn an 80% working interest in the Hook Lake Uranium Project located 60
km east of the Key Lake Uranium Mine in northern Saskatchewan. Covering 25,846 hectares, the
16 contiguous mineral claims host several prospective areas of uranium mineralization including:
• Hook Lake / Zone S - High-grade surface outcrop with reported grades in grab samples
up to 68% U 3O8; a bio -geochemical survey carried out over the trenches in 2015
responded positively with along-strike anomalies 2 km to the northeast
• Nob Hill - Fracture-controlled vein-type uranium mineralization on surface outcrop with up
to 0.130% - 0.141% U 3O8 in grab samples; diamond drilling intersected anomalous
uranium in several drill holes with values up to 422 ppm U over 0.5 m
• West Way - Vein type U mineralization within a NE -trending shear zone; grab samples
taken from the surface showing contained variable uranium values including up to 0.475%
U3O8 and drilling of the structure intersected the altered shear zone at depth, along with
anomalous Cu, Ni, Co, As, V, U, & Pb
• Grid T - Fracture-hosted secondary uranium mineralization in sheared calc -silicates and
marbles in a 100 m x 20 m zone of anomalous radioactivity with grab samples having up
to 800 ppm U
• Alexander Lake Boulder Field - 30 biotite -quartz-k-feldspar pegmatite boulders NE of
Alexander Lake; the best results include 360 ppm U, 1,400 ppm U and 1,600 ppm U
respectively
• Thompson Lake Boulder Field - Numerous radioactive boulders and blocks of pegmatized
meta-arkose, pegmatite, and granite; the best value obtained was 738 ppm U from a
granite boulder
• NE Alexander Lake – Several calc-silicate, plagioclase-quartz granulite, quartzite, and
meta-arkose boulders with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni
The project area is in close proximity to two all -weather northern highways and grid power.
Historical exploration has consisted of airborne and ground geophysics, multi -phased diamond
drill campaigns, detailed geochemical sampling and surveys, and ground -based prospecting
culminating in an extensive geological database for the project area.
Qualified Person:
The technical information in this news release has been prepared in a ccordance 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 Valor Resources Ltd:
Valor Resources Limited (ASX: VAL) is an exploration company focused on creating shareholder
value through acquisitions and exploration activities.
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 eight
drill-ready projects covering over 250,000 hectares of land. Skyharbour has acquired from
Denison Mines, a large strategic shareholder of th e Company, a 100% interest in the Moore
Uranium Project which is located 15 kilometres east of Denison's Wheeler River project and 39
3
kilometres south of Cameco's McArthur River uranium mine. Moore is an advanced stage
uranium exploration property with hig h-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. 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 exploration expenditures and
cash payments. Skyharbour now owns a 24.5% interest in the Project. S kyharbour 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 Pr oject. 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 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 also 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 Uran ium 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 Uranium Project Map in the Athabasca Basin:
http://skyharbourltd.com/_resources/maps/SYH-Athabasca-Map.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
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
RELEASE.
This release includes certain statements that may be deemed to be "forward -looking statements". All
statements in this release, othe r than statements of historical facts, that address events or developments
that management of the Company expects, are forward -looking statements. Although management
believes the expectations expressed in such forward -looking statements are based on reaso nable
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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, contin ued
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.