Skyharbour Resources Ltd. (TSX-V:SYH)
(OTCQB:SYHBF) (Frankfurt:SC1P) (the “Company”) is pleased
to announce that it has commenced its 2020 winter diamond drilling
program at its flagship 35,705 hectare Moore Uranium Project,
located approximately 15 kilometres east of Denison Mine's Wheeler
River project and near regional infrastructure on the southeast
side of the Athabasca Basin, Saskatchewan. The Company is planning
to carry out 2,500 metres of drilling in 7 to 9 diamond drill holes
to follow up on the success of the drill programs completed last
year. This fully funded and permitted drill program will test both
unconformity and basement-hosted targets along the high grade
Maverick structural corridor. Of particular interest are potential
underlying basement feeder zones to the unconformity-hosted high
grade uranium present along the Maverick corridor. These targets
have seen limited historical drill testing.
Moore Uranium Project Claims
Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg
Winter 2020 Dill Program at the Moore
Uranium Project:
Drill targets in this program will include
unconformity and basement-hosted mineralization along the Maverick
structural corridor. The Company specifically plans to expand the
high grade mineralization recently discovered at the Maverick East
Zone and to test the Goose and Viper target areas along strike with
a focus on basement-hosted mineralization. Only 2 km of the total 4
km long Maverick structural corridor has been systematically drill
tested leaving robust discovery potential along strike, as well as
at depth in the underlying basement rocks which have seen limited
drill testing to date.
Moore Uranium Project Maverick
Corridor:http://skyharbourltd.com/_resources/maps/Moore-Lake-Maverick-Corridor-Map-v1.jpg
Maverick East Target:
At Maverick East, recent drilling by Skyharbour
intersected significant clay alteration and localized high grade
uranium mineralization extending from the unconformity into the
basement rocks. Hole ML19-06, drilled in the Maverick East Zone
during the most recent drill program in 2019, intersected 0.62%
U3O8 over 12.0 metres, and included a high grade basement-hosted
intercept of 2.31% U3O8 over 2.5 metres. The focus will be on down
dip and strike extensions of the Maverick East target. Past
drilling has confirmed the presence of uranium mineralization over
broad intervals in excess of 80 metres strike length in both the
sandstone and basement rocks. It appears that the mineralization is
plunging in a northeasterly direction and tends to be basement
dominated to the northeast. Highlights of the Maverick East Zone
also include hole ML-202 which returned 1.79% U3O8 over 11.5
metres, including 4.17% U3O8 over 4.5 metres and 9.12% U3O8
over 1.4 metres.
Moore Uranium Project Main and East
Maverick Zones Drilling Map:
http://skyharbourltd.com/_resources/maps/Maverick-Detail-Map.jpg
Skyharbour recently completed an Unmanned Aerial
Vehicle Magnetometer Survey (“UAV-MAGTM Survey”) by Pioneer
Aerial Surveys Ltd. (“Pioneer”). The UAV-MAGTM survey
successfully identified high-priority cross-cutting features and
structures along the Maverick corridor. Identification of these
features has better defined drill targets for this upcoming
drilling program at Moore. In addition, refinement of the
Company’s geological and structural model regarding the northward
plunging mineralized zones at Maverick East is now complete and has
greatly assisted in drill targeting the basement rocks of the
Maverick East Zone, along strike and down dip of the current
mineralization.
Maverick Structural Corridor - Northeast
Extension Targets:
Drilling to the northeast of the Maverick and
Maverick East mineralized zones will be within the remaining 2 km
of the Maverick Structural Corridor, and include the Goose and
Viper target areas approximately 500 metres and 1.5 kilometres
along strike to the northeast respectively. A large proportion of
this trend has been tested by a series of broadly spaced drill
holes and/or fences with significant untested gaps. Virtually all
of the holes exhibited extensive sandstone and basement alteration
and geochemical enrichment similar to that found within the
Maverick and Maverick East Zones. Narrow intercepts of uranium
mineralization were identified in numerous locations along this
portion of the corridor. Many of these mineralized intercepts occur
at the unconformity, but in a few key areas significant strongly
altered basement structures within prospective graphitic and
metasedimentary units were the host for this mineralization, with
only limited drilling of the basement at depth completed.
Moore Uranium Project Regional Drill
Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
At the Viper Zone, historical drilling
encountered basement-hosted mineralization in hole ML-161 which
returned 1.0 metre of 0.083% U3O8 and was accompanied by
significant pathfinder element enrichment, clay alteration and
structural disruption approximately 100 metres below the
unconformity. Hole ML17-08 drilled by Skyharbour in 2017 also
encountered significant clay alteration and structural disruption
with localized silicification and pathfinder element enrichment. In
addition to the drilling results, the UAV-MAGTM survey
indicates a prominent magnetic low associated with this target. The
mineralization in hole ML-161 has never been followed-up down-dip,
and thus represents a high-priority target for further
drilling.
Moore Uranium Project
Overview:
In June 2016, Skyharbour secured an option to
acquire Denison Mine's Moore Uranium 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, approximately 15
kilometres east of Denison’s Wheeler River project, and 39
kilometres south of Cameco’s McArthur River uranium mine.
Unconformity style uranium mineralization was discovered on the
Moore Project at the Maverick Zone in April 2001. Historical drill
results include 4.03% eU3O8 over 10 metres including 20% eU3O8 over
1.4 metres, In 2017, Skyharbour announced drill results of 6.0%
U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a
vertical depth of 265 metres. In addition to the Maverick Zone, the
project hosts other mineralized targets with strong discovery
potential which the Company plans to test with future drill
programs. The project is easily accessible by air and in winter via
ice roads which simplifies logistics and lowers costs.
Moore Lake Uranium Project Geophysics
Map:http://skyharbourltd.com/_resources/maps/MooreLake-Basic-geo-revamp.jpg
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 six drill-ready projects. In July 2016,
Skyharbour acquired an option from Denison Mines, a large strategic
shareholder of the Company, to acquire 100% of the Moore Uranium
Project which is located approximately 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 project with high grade uranium mineralization at the
Maverick Zone. Drill results have returned up to 6.0% U3O8 over 5.9
metres, including 20.8% U3O8 over 1.5 metres at a vertical depth of
265 metres. Skyharbour has signed option agreements with Orano
Canada Inc. and Azincourt Energy whereby Orano and Azincourt can
earn in up to 70% of specific segments of the Preston Project
through a combined $9,800,000 in total exploration expenditures, as
well as $1,700,000 in total cash payments and Azincourt shares.
Preston is a large, geologically prospective property proximal to
Fission Uranium's Triple R deposit as well as NexGen Energy's Arrow
deposit. The Company also owns a 100% interest in the Falcon Point
Uranium Project which 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. 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, where high-grade uranium mineralization has
been identified. 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:Simon
DyakowskiCorporate 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.
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