Skyharbour Divests Non-Core 24.5% Interest in Baird Project to Focus on Uranium Projects in the Athabasca Basin, Saskatchewan...
September 29 2016 - 8:30AM
Skyharbour Resources Ltd. (TSX-V:SYH) (OTC
Grey:SYHBF) (the “Company”) announces that it has signed a
definitive agreement to sell its 24.5% interest in the Baird Gold
Project to TomaGold Corp. (TSX-V:LOT). In consideration for the
property interest, TomaGold will issue 600,000 common shares to
Skyharbour. The Baird property is owned by operator Goldcorp (51%)
and New Gold (24.5%) and lies in the central Red Lake gold belt six
kilometres north of the Madsen Mine and fourteen kilometres
southwest of the Goldcorp Red Lake Mine.
Jordan Trimble, President and CEO of Skyharbour,
stated: “This divestiture of a non-core, legacy property interest
is consistent with Skyharbour’s goal of building a preeminent
uranium exploration and development company. Furthermore, our
shareholdings in TomaGold will give us investment exposure to the
strong portfolio of gold projects as well as the dynamic management
and technical team at TomaGold. We are rapidly advancing our
portfolio of uranium projects in the Basin, and we are in the
planning stages of an initial drill program at the recently
optioned Moore Lake uranium project from Denison Mines.”
The closing of the acquisition by TomaGold is
subject to standard conditions, including regulatory and TSX
Venture Exchange approval. A cash finder’s fee will be paid in
conjunction with this sale.
Skyharbour recently announced an option to
acquire 100% of the Moore Lake uranium project from Denison Mines.
The 35,705 hectare Moore Lake Project is an advanced uranium
exploration property strategically located in the eastern portion
of the Athabasca Basin region, which is known for its large scale
and high grade uranium deposits and producing uranium mines.
Previous exploration efforts on the property discovered high-grade
uranium mineralization highlighted by drill hole ML-61, which
intersected 4.03% eU3O8 over 10 metres at the Maverick Zone.
The depth to the unconformity on the property is relatively shallow
and significant additional discovery potential remains over several
conductive trends. Denison is now a large, strategic shareholder of
Skyharbour and David Cates, Denison President and CEO, has joined
Skyharbour’s Board of Directors. The Company is currently planning
an initial drill program at the flagship Moore Lake project with
details and news forthcoming.
Skyharbour is also currently pursuing other
option agreements and joint venture partners to value add and
monetize some of its other non-core assets as the Company remains
focused on building its uranium project portfolio and exploration
business. Skyharbour holds a 100% interest in the approx. 1,000
acre copper-zinc-silver South Bay Project 80 kilometres northeast
of Red Lake, Ontario. The property area hosts the former Selco
South Bay copper-zinc-silver mine which produced approx. 1.6
million tons of 2.3% copper, 14.5% zinc, and 3.5 oz/ton silver to a
vertical depth of 410 metres, and was explored to a vertical depth
of 600 metres, between 1970 and 1982. The South Bay deposit was a
classic Archean Volcanic associated Massive Sulfide (VMS) deposit
that was hosted in an area known as the Confederation Belt.
Skyharbour believes that with current geophysical survey methods
allowing exploration to depths in excess of 1,000 metres, there is
strong potential to identify new, highly prospective precious and
base metal settings on the South Bay property. For more information
on the property please go to the Skyharbour South Bay webpage:
http://skyharbourltd.com/projects/gold-projects/south-bay/
Skyharbour also announces that pursuant to its
stock option plan, the Company has granted incentive stock options
to its various directors, officers, employees and consultants to
purchase up to an aggregate of 2,000,000 common shares in the
capital stock of the Company, exercisable for a period of five
years, at a price of $0.30 per share. These options are subject to
a four-month hold period.
About Skyharbour Resources
Ltd.:
Skyharbour holds an extensive portfolio of
uranium and thorium exploration projects in Canada's Athabasca
Basin and is well positioned to benefit from improving uranium
market fundamentals with five drill-ready projects. In July 2016,
Skyharbour acquired an option from Denison Mines to acquire 100% of
the Moore Lake Uranium Project which is located 20 kilometres east
of Denison’s Wheeler River project and 39 kilometres south of
Cameco’s McArthur River mine. Moore Lake is an advanced stage
uranium exploration property with over $30 million in historical
exploration, 370 drill holes, and a high-grade zone known as the
Maverick Zone with drill results including 4.03% e U3O8 over 10
metres at a depth of 265 metres. The Company owns a 100% interest
in the Falcon Point (formerly Way Lake) Uranium Project on the
eastern perimeter of the Basin which hosts an 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%. The project also hosts a high
grade surface showing with up to 68% U3O8 in grab samples from a
massive pitchblende vein, the source of which has yet to be
discovered. Skyharbour also has a 50% interest in the large,
geologically prospective Preston Uranium Project proximal to
Fission Uranium’s Triple R deposit as well as NexGen Energy’s Arrow
deposit. The Company’s 100% owned Mann Lake Uranium project on the
east side of the Basin is strategically located adjacent to the
Mann Lake Joint Venture operated by Cameco with partners Denison
Mines and AREVA, where high-grade uranium mineralization was
recently discovered. 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.
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 TrimblePresident and
CEO
For further information contact myself or: Nick Findler
Corporate Communications Skyharbour Resources Ltd. Telephone:
604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email:
info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THE CONTENT OF THIS SHAREHOLDER UPDATE.
This Shareholder Update 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. 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, 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.
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