Skyharbour’s Partner Company Valor Resources Identifies Eleven New Uranium Targets at the Hook Lake Uranium Project in the Athabasca Basin
Suite 1610 –777Dunsmuir Street, Vancouver, BC, Canada, V7Y1K4
www.skyharbourltd.com
TSX-V Trading Symbol: SYH
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Telephone: (604) 687-3376
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September 21st, 2022
News Release
Skyharbour’s Partner Company Valor Resources Identifies Eleven New Uranium Targets at
the Hook Lake Uranium Project in the Athabasca Basin
Vancouver, BC - Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt:
SC1P) (the “Company”) partner company Valor Resources Limited (“Valor”) is pleased to advise
that it has completed the interpretation of airborne gravity gradiometry survey data at the Hook Lake
Uranium Project situated on the eastern flank of the Athabasca Basin.
Hook Lake Project:
https://www.skyharbourltd.com/_resources/maps/Sky_HookLake_20211209.jpg
Valor completed an airborne gravity gradiometry survey in May -June this year and following an
interpretation of the data, eleven new targets have been defined . The airborne gravity survey was
designed to identify gravity lows. The hydrothermally clay altered host rocks associated with
unconformity uranium deposits will have a lower density than the surrounding rocks and will present
as gravity lows.
A site visit has also been completed to review the airborne gravity survey targets and assess the
local geology. Follow-up work in the form of radon surveys and lake sediment sampling are currently
being planned over the highest-priority targets.
Hook Lake Gravity Targets Identified Through Airborne Gravity Survey:
https://skyharbourltd.com/_resources/maps/Hook-Lake-Gravity-Targets-identified-through-airborne-
gravity-survey.jpg
Final assay results have now been received from the diamond drilling program completed earlier this
year, details of which were released in th e news release dated April 11th, 2022. The assay results
are within expectations based on the handheld scintillometer readings and downhole gamma survey
results. The best result returned was in DDHL22-002 with 2.5m from 105.5m grading 160ppm U3O8.
Executive Chairman of Valor, George Bauk commented “The assay results of the Hook Lake drilling
program are within the boundaries expected and highlight uranium minerali zation at depth. These
results coupled with the exciting new eleven targets developed u sing the recently flown airborne
gravity survey provides the company with potential drill targets at the Hook Lake project. This area
has had limited exploration with particular reference to modern exploration techniques and we will
follow up with on-ground exploration activities to assist with the ranking of these targets for drilling in
the near future.”
“This part of the Athabasca Basin is the focus of a significant amount of uranium exploration activity
at the moment. Most recently we have seen a new IPO with a project to the north of Hook Lake about
to list on the ASX, and both 92 Energy and Baselode En ergy completing significant drilling
campaigns at their new Gemini/ACKIO discoveries about 30km north of our S-Zone prospect.”
Mr. Bauk continued: “We have an exciting portfolio of assets located around key existing and
historical mining centres of the Basin. Hook Lake and Hidden Bay are close to the McArthur River,
Cigar Lake and the Rabbit Lake mines, our Cluff Lake project is next to the historic Cluff Lake deposit
and Surprise Creek is near the Beaverlodge uranium district. Our efforts in 2022 have bee n
significant, comprising extensive data reviews of historical exploration, conducting a number of field
programs, several large airborne surveys, and a drill program at Hook Lake. What we have
uncovered is a significant number of uranium targets on our properties that ultimately require drilling.
With the abundance of new targets we have generated, we now need to prioritise them, which is
difficult when they are of such high quality.”
Highlights:
• Eleven new targets identified from the recently completed airborne gravity gradiometry (AGG)
survey
• On-ground field checking of gravity targets completed in August
• Follow-up field program proposed including radon and geochemical surveys over new gravity
targets
• Final assay results received for Hook Lake diamond drilling from earlier in the year
• Anomalous uranium results in three of the six holes drilled at the S-Zone prospect
Airborne Gravity Survey Interpretation:
Valor completed an airborne gravity gradiometry (AGG) survey across the entire Hook Lake Project
area (258km2). A total of 2,082 line km were flown in the survey, at a line spacing of 150m. Final
data has been received and processing and interpretation of the data have revealed several
significant targets. In addition to the gravity data, airborne magnetic data was also acquired during
the same survey.
The airborne gravity survey was designed to identify gravity lows which can be caused by clay
alteration of the host rock, potentially due to hydrothermal fluids asso ciated with unconformity
uranium deposits.
Conceptual Model of Gravity Low Target and Unconformity Uranium Deposit:
https://skyharbourltd.com/_resources/maps/Conceptual-model-of-gravity-low-target-and-
unconformity-uranium-deposit.jpg
An example of this is the basement -hosted Arrow Uranium Deposit, which was discovered in 2014
by NexGen Energy Ltd. The discovery of the Arrow Deposit was, in part, the result of drill testing a
circular gravity low with a diameter of around 1km.
Terra Resources, Valor’s consultant geophysics team, have interpreted the recently acquired
airborne gravity survey data and hig hlighted eleven new targets. The most significant of those are
as follows:
V-Grid:
A strong gravity low just to the north of drill hole DDHL22-008 at the V-Grid prospect. Located 1.5km
south of the S-Zone prospect next to a distinct magnetic high which was targeted by hole DDHL22-
008 and which intersected a thick gabbro/diorite unit which is the source of the magnetic high.
V-Grid gravity target – Plan View and Cross-Section:
https://skyharbourltd.com/_resources/maps/V-Grid-gravity-target-plan-view-and-cross-section.jpg
West Way:
A group of three targets with the highest priority anomalies being Way1 and Way3. Way1 is a strong
gravity low, with several uranium radiometric anomalies along strike to the southwest. Way3 is a very
intense gravity low but is deeper than most of the other anomalies having been modelled at around
500m depth.
Thompson Lake/South:
Two targets along the Thompson Lake trend which are coincident with a granite/metasediment
contact and north-northwest trending Tabbernor fault structures.
Renaissance Field Work:
A field trip to the Hook Lake Uranium project was completed in August. The site visit included an on-
ground review of the airborne gravity survey targets and additional targets identified through a
historical data review. A total of five rock samples were collected from various locations throughout
the project, including some of the gravity targets, during the recent field trip. Samples have been
submitted to the assay laboratory with results expected in 4-6 weeks.
Diamond Drilling Assay Results:
Valor Resources completed its maiden drilling program at the Hook Lake Project earlier in the year.
The drilling program comprised eight drill holes for 1,757m, with six holes at the S -Zone prospect
and two at the V -Grid prospect. A total of 305 samples were collected from the program and
submitted for assay with all the results having now been received. The most significant assay results
are summarised in Table 1 below.
Table 1: Hook Lake Project – Anomalous Uranium Assay Results:
Hole Id Prospect From (m) To (m) Interval
(m)*
U3O8
ppm
TREO
ppm
DDHL22-
001
S-Zone 71.8 72.5 0.7 50 320
DDHL22-
002
S-Zone 105.5 108 2.5 160 673
DDHL22-
003
S-Zone No significant results
DDHL22-
004
S-Zone No significant results
DDHL22-
005
S-Zone 16.14 18.5 2.36 91 124
DDHL22-
006
S-Zone No significant results
DDHL22-
007
V-Grid 142.1 142.67 0.57 53 39
DDHL22-
008
V-Grid No significant results
*Downhole intervals only
*TREO = Sum of La2O3, CeO2, Pr6O11, Nd2O3, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3, Ho2O3, Er2O3, Yb2O3, Y2O3
The assay results confirm the handheld scintillometer readings and downhole gamma survey results.
The intersection in hole DDHL22-002 of 2.5m at 160ppm U3O8 from 105.5m depth corresponds with
handheld scintillometer readings of up to 900 counts per second (cps) within a brecciated and altered
felsic intrusive with traces of visible uraninite. Similarly, the anomalous ura nium assays in hole
DDHL22-005 (2.36m at 91ppm U 3O8 from 16.1m depth) correspond with handheld scintillometer
readings of up to 390cps and are associated with an albitite altered metapelite. The intersection in
hole DDHL22-002 which included 1 .0m at 259ppm U3O8 from 107m depth also has elevated rare
earths, averaging 673ppm TREO across the 2.5m interval.
Trace Uraninite Mineralisation in DDHL22-002:
https://skyharbourltd.com/_resources/maps/Trace-uraninite-mineralisation-in-DDHL22-002.jpg
S-Zone Drill Hole Location Plan and Interpreted Geology:
https://skyharbourltd.com/_resources/maps/S-Zone-drill-hole-location-plan-and-interpreted-
geology.jpg
S-Zone Prospect Drill Cross-Section (DDHL-001 to 006) With Anomalous Assay Results
Labelled – Looking Northeast:
https://skyharbourltd.com/_resources/maps/S-Zone-prospect-drill-cross-section-(DDHL-001-to-
006)-with-anomalous-assay-results-labelled-looking-northeast.jpg
Follow-Up Exploration:
It is intended to follow -up the new gravity targets with radon surveys and lake sediment sampling
later in the year. Radon geochemistry is a well-known exploration technique used in the Athabasca
Basin. Radon gas is formed from the decay of radium, a by -product of uranium decay. Due to
hydrogeochemical processes radiu m can concentrate along faults and fractures extending away
from uranium mineralization. Radon concentration can then be measured in groundwater, soils, or
air at surface.
About the Hook Lake (previously North Falcon Point) Project:
The Hook Lake Uranium Project is located 60 km east of the Key Lake Uranium Mine in northern
Saskatchewan. Skyharbour signed a Definitive Agreement with Valor on the Hook Lake Uranium
Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in total exploration
expenditures, $475,000 in total cash payments over three years and an initial share issuance of
233,333,333 shares of Valor. 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% U3O8 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% U 3O8
and drilling of the structure intersected the altered shear zone at depth, along with anomalous
Cu, Ni, Co, As, V, U, & Pb
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 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. M oore 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. Adjace nt 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, $850,000 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 explo ration 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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