Skyharbour Resources Ltd. (TSX-V:SYH)
(OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased to
announce that it has received drill permits for a planned 3,500
metre drill program at its flagship Moore Lake Uranium Project on
the east side of the Athabasca Basin. The program is planned to
commence at the end of January and will continue through February
into March. Furthermore, the Company has now received approval from
the Depository Trust Company of New York, N.Y., and is now DTC
eligible in the USA. Skyharbour also recounts its 2016 corporate
highlights as well as summarizing its plans for 2017.
Upcoming Drill Program at Moore
Lake:
In June 2016, Skyharbour secured an option to
purchase Denison Mine's Moore Lake project, on the southeastern
side of the Athabasca Basin, in northern Saskatchewan. The project
consists of 12 contiguous claims totaling 35,705 hectares located
42 kilometres northeast of the Key Lake mill, approx. 20 kilometres
east of Denison’s Wheeler River project, and 39 kilometres south of
Cameco’s McArthur River mine. Unconformity style uranium
mineralization was discovered on the Moore Lake project at the
Maverick Zone in April 2001. Historical drilling highlights include
4.03% eU3O8 over 10 metres (including 1.4 metres at 20% eU3O8)
starting at a depth of 264.68 metres in hole ML-61. In addition to
the Maverick Zone, the project hosts other mineralized targets with
strong discovery potential which the Company plans to test in the
upcoming drill program. The project is accessible via winter and
ice roads which simplifies logistics and lowers costs.
Moore Lake
Uranium Project Claims
Map:http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Skyharbour has now received drill permits for a
planned 3,500 metre drill program at the Moore Lake Project which
is slated to commence towards the end of January and is expected to
be completed in March. The 3,500 metre drill program will consist
of 10 to 13 drill holes ranging in depth from 200 metres to 400
metres. The majority of the drilling will test and look to expand
the Maverick Zone with targets both in the underlying basement rock
as well as along strike of the known high grade, main Maverick
mineralized lens. Additionally, several drill holes will test the
527 and the 525 Zones which are located along the Maverick corridor
approx. 500 metres and 1,500 metres respectively, east of the main
Maverick mineralized lens.
Moore Lake
Uranium Project Geophysics
Map:http://skyharbourltd.com/_resources/maps/MooreLake-Basic-geo-revamp.jpg
This phase of diamond drilling will also test
drill targets along the extensions of the Maverick structural
corridor and on extensive northeast trending graphitic structural
zones located north of the main Maverick mineralized lens. These
targets have been identified following a review of previous
exploration and include drill targets identified by prior programs
that have yet to be followed up on.
DTC Eligibility Approval:
Skyharbour has been granted approval by The
Depository Trust Company, which is a subsidiary of the Depository
Trust & Clearing Corp., and manages the electronic clearing and
settlement of publicly traded companies. Being DTC eligible is
expected to greatly simplify the process of trading of the
company's common shares on the OTCQB marketplace under the symbol
“SYHBF” (OTCQB:SYHBF) in the United States. Securities that are
eligible to be electronically cleared and settled through the DTC
are considered DTC eligible. This electronic method of clearing
securities speeds up the receipt of stock and cash, and thus
accelerates the settlement process for investors. In addition to
the OTCQB, shares of Skyharbour will continue to trade on the main
TSX Venture Exchange (TSX-V:SYH) as well as the Frankfurt Stock
Exchange (Frankfurt:SC1P).
Skyharbour’s 2016 Corporate
Highlights:
- Entered into an option agreement to acquire 100% of the Moore
Lake Uranium Project from Denison Mines (TSX:DML) (NYSE MKT:DNN);
Moore Lake is located in the eastern Athabasca Basin near
infrastructure and hosts high grade uranium mineralization at the
Maverick Zone (historical drilling returned 4.03% eU3O8 over 10
metres at 265 metres depth) and offers additional strong discovery
potential throughout the property
- Denison became Skyharbour’s largest strategic shareholder
owning over 11% of the Company’s issued and outstanding shares
- Denison’s President and CEO, David Cates, joined Skyharbour’s
board of directors; Mr. Cates is a Chartered Professional
Accountant (CPA, CA) and prior to his appointment as President and
CEO of Denison Mines and Uranium Participation Corp., Mr. Cates
served as Denison's CFO and played a key role in the company's
M&A activities
- Skyharbour closed a $2.47 million financing and is fully funded
for its initial drill program at Moore Lake commencing later this
month
- Paul Matysek joined Skyharbour’s team as a Strategic Advisor;
Mr. Matysek was the Founder, President and CEO of Energy Metals
Corp. which traded on the New York and Toronto Stock Exchanges and
increased from a $10 million valuation in 2004 to approximately
$1.8 billion when it was acquired by Uranium One Inc. in 2007
- Skyharbour signed a binding term sheet to option up to 70% of a
portion of its Preston Uranium Project for up to $8 million in
project consideration with a strategic uranium partner; further
news on this deal is forthcoming
- Skyharbour began trading on the OTCQB marketplace under the
symbol SYHBF and became DTC eligible to accommodate a growing US
investor base
- Skyharbour divested its non-core, minority 24.5% interest in
the Baird Gold Project to TomaGold Corp. (TSX-V:LOT) to focus on
its uranium projects in the Athabasca Basin
- Andreas Norlin joined Skyharbour’s team as a Strategic Advisor;
Mr. Norlin is the founder and Managing Director of the
International Thorium Energy Organization, an international and
multi-stakeholder advocacy platform with the goal of facilitating
the pathway to power the world with thorium fueled nuclear
energy
Overview of 2017 Corporate Strategy and
Outlook on Uranium Market:
Skyharbour now has interest in five uranium
projects totalling over 250,000 hectares strategically located
throughout the Athabasca Basin - a project base that offers
significant discovery potential. As an exploration company,
Skyharbour plans to create shareholder value through new uranium
discoveries as well as expanding known mineralized zones at its
various projects in the Athabasca Basin. The Company is looking to
emulate recent exploration successes in the Basin like that of
NexGen Energy at its Rook I Project, Fission Uranium at its PLS
Project, and Hathor Exploration at its Roughrider Project.
Specifically, Skyharbour plans to carry out exploration and
drilling programs at its flagship Moore Lake Uranium Project
starting with a 3,500 metre drill program scheduled to begin at the
end of January. Additional exploration and drilling programs at
Moore Lake are planned for the coming years as well.
Skyharbour will continue to implement the
“prospect generator” model by finding strategic partners to option
and joint venture its non-core projects to. This strategy ensures
these projects are advanced with exploration being funded by
partner companies and it allows Skyharbour to raise additional
capital with limited equity dilution as typically the deals include
cash and/or stock payments in additional to the exploration
expenditures. Recently, Skyharbour signed a binding term sheet to
option up to 70% of a portion of its Preston Uranium Project for up
to $8 million in project consideration with a strategic uranium
partner. Further news on this deal is forthcoming and Skyharbour is
looking to execute additional deals like this on some of its other
non-core projects. The Company is also planning various marketing
programs in 2017 including roadshows and conferences, as well as a
property visit for analysts and strategic shareholders during its
upcoming drill program at Moore Lake.
The uranium market has been volatile the last
few years and suffered through a particularly difficult year in
2016 with the spot price dropping to 12-year lows of US $18 per
pound in early December. However, the market has since rebounded
with the uranium spot price trading back up to over US $21 per
pound, and there are strong fundamentals that underpin a positive
outlook for the industry going forward. With the 440 commercial
nuclear power reactors currently operating, 60 reactors under
construction today and hundreds of additional units planned over
the next decade (World Nuclear Association), uranium demand is
expected to increase as new reactors come online and a new
contracting cycle begins over the coming years. As future primary
supply continues to be negatively affected by the prevailing low
commodity price and market conditions and utilities refrain from
contracting replacement volumes, it is expected there will be a
shift to a demand-driven market that requires more primary supply
which would be bullish for the price of uranium. Furthermore, there
has been renewed optimism in the sector with President-elect Donald
Trump entering the White House as he appears much more supportive
of nuclear energy, and some of his key policies including increased
infrastructure spending, energy independence and government
deregulation, are all potentially positive for the nuclear and
uranium sector in North America.
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 Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head
Technical Advisor and a Director, as well as a Qualified
Person.
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 diamond drill holes, and a high-grade uranium zone
known as the Maverick Zone with drill results including 4.03% eU3O8
over 10 metres at a vertical 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.
Skyharbour’s Uranium Project Map in the
Athabasca Basin:
http://skyharbourltd.com/_resources/SYH_Landpackage_2014.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 TrimblePresident and CEO
For further information contact myself or:Nick FindlerCorporate
Development and Communications Skyharbour Resources Ltd. Telephone:
604-639-3850 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 NEWS RELEASE.
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. 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.
TomaGold (TSXV:LOT)
Historical Stock Chart
From Mar 2024 to Apr 2024
TomaGold (TSXV:LOT)
Historical Stock Chart
From Apr 2023 to Apr 2024