VANCOUVER, BC, March 17, 2021 /CNW/ - Skyharbour
Resources Ltd. (TSX-V:SYH) (OTCQB:SYHBF) (Frankfurt:SC1P) (the
"Company") is pleased to announce that mobilization has begun for
its 2021 geophysical and diamond drilling programs 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 has planned a 9 km
Small Moving Loop EM (SML-EM) geophysical program to refine
additional drill targets and has begun mobilization of drilling
equipment for a subsequent 3,000 metre diamond drilling program
consisting of 10 to 12 drill holes. These fully funded and
permitted programs will focus on following-up on existing
unconformity and basement-hosted targets along the high grade
Maverick structural corridor as well as identifying new targets at
the Grid Nineteen area.
Moore Uranium Project Claims Map:
https://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure-v1.jpg
Jordan Trimble, President and CEO
of Skyharbour Resources, states: "We have been very pleased with
the results to date at the Maverick East Zone, and we will continue
to focus on the expansion of this high grade mineralized zone. The
uranium mineralization identified during previous drill programs
illustrates the strong discovery potential at Moore and recent
geophysical programs and new geological modeling have encouraged
the Company to develop new regional drill targets in areas such as
Grid Nineteen. Outside of our Moore Project, Skyharbour's partner
companies have been advancing some of our other projects. Azincourt
is currently conducting a minimum 2,000 metre diamond drilling
program at the East Preston Project and at our Hook Lake Project
(previously called North Falcon Point), Valor Resources has begun
planning for their upcoming exploration programs including airborne
geophysics and ground-based exploration in the summer. The uranium
market has shown notable signs of recovery with increasing equity
valuations and improving sentiment, and this recovery appears to be
accelerating."
Winter 2021 Geophysical and Diamond Drilling Programs at the
Moore Uranium Project:
Skyharbour will continue to systematically explore and drill
test the Moore Lake property this year. As part of this work, a 9
line-km SML-EM survey has been planned for a previously untested
area called Grid Nineteen located between the Rarotonga and
East Venice conductors. The focus
of this work will be to better define the historic airborne EM
conductors in this area and develop drill targets on these
conductor systems.
Moore Uranium Project Regional Drill Targets
Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg
Mobilization for a planned 3,000 metre diamond drilling program,
consisting of 10 to 12 holes, will take place concurrently with the
geophysical program. The drilling will focus on both unconformity
and basement-hosted targets along the Maverick structural corridor
and new targets identified in the Grid Nineteen area. The Company
specifically plans to expand the high grade mineralization
discovered recently at the Maverick East Zone, along strike,
down-plunge and at depth with a focus on basement-hosted
mineralization. Other targets along the 4.7 km long Maverick
structural corridor will be investigated, including the Esker
Target, again with a focus on basement-hosted mineralization.
Maverick East Target:
The high grade Maverick East Zone has been identified over a
minimum of 170 metres strike length. It is currently a minimum
of 10 metres wide, it is open down dip and it is up to 17.9 metres
thick with grades of up to 9.12% U3O8 with a
minimum grade of 0.1% U3O8. The
mineralization is accompanied by intense clay alteration,
geochemical enrichment of pathfinder elements such as B, Ni and Cu,
with the localized high grade uranium mineralization extending from
the unconformity into the basement rocks. The mineralized zone
appears to plunge moderately to the northeast. In the eastern
extent of the Maverick East Zone, copper values of up to 2.3% Cu
were obtained from graphitic, clay-rich fractures within a broader
zone of uranium-enriched and clay-altered granitic pegmatite and
granite nearly 100 metres below the unconformity. This may be an
important vector for additional basement-hosted mineralization.
Some of the better drill hole intersections in the Maverick East
Zone include 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, as well as recently
announced hole ML20-09, which returned 0.72%
U3O8 over 17.5 metres from 271.5 metres
to 289.0 metres, including 1.00% U3O8 over a
10.0 metre interval in the basement portion of the interval (279.0
metres to 289.0 metres). The focus for future drilling in this area
will be on the down-dip, along strike and down-plunge extensions of
the Maverick East target.
Moore Uranium Project Main and East Maverick
Zones Drilling
Map:
https://www.skyharbourltd.com/_resources/maps/Fall-2020-Maverick-East-detail.pdf
Maverick Structural Corridor - Northeast Extension and Esker
Targets:
Drilling to the northeast of the Main Maverick and Maverick East
mineralized zones will be within the remaining 2.2 km of the
Maverick Structural Corridor. A large portion of this trend has
been tested by a series of broadly spaced drill holes and fences
with significant untested gaps. Virtually all the holes exhibited
extensive sandstone and basement alteration as well as geochemical
enrichment similar to that found within the Main Maverick and
Maverick East Zones. Narrow intercepts of uranium mineralization
have been identified in numerous locations along this portion of
the Maverick 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 are the host for this mineralization with
only limited drilling of the basement rocks at depth.
The Esker Target lies at the northeastern limits of the Maverick
Structural Corridor. Of note from historic drilling in this area is
the anomalous uranium in drill hole MT-04 which returned up to 170
ppm U in the basal 3.0 metres of sandstone and up to 343 ppm U in
the top 5.5 metres of the basement rock. The uranium is accompanied
by anomalous amounts of pathfinder elements including Ni, Co, Cu,
Pb, and Zn. Follow-up of the anomalous uranium mineralization has
been limited with the next closest hole MT-10 (also with anomalous
U in the sandstone) located 120 metres to the south. Further south
in the Esker area, weak uranium mineralization was intersected in
historical hole ML-165 (1.0 metre of 0.307%
U3O8 from 291.85 metres to 292.85 metres),
hole ML-169 (1.5 metres of 0.070% U3O8 at
287.25 metres to 288.75 metres), and hole ML-171 (0.5 metres of
0.160% U3O8 from 296.2 to 296.7 metres).
Drilling will follow-up on the anomalous uranium encountered in
historical holes MT-04 and MT-10 where there has been very limited
investigation and follow-up work along trend.
Grid Nineteen Geophysical Program:
A review of historical airborne EM has identified several
conductive features in an area located between the East Venice and Rarotonga conductor systems
that warrant follow-up groundwork. The airborne conductors lie in a
structurally complex area that bridges a break in the east trending
Venice East conductive system and
the north trending Rarotonga conductors. A total of 9 line km of
survey is planned to utilize 200 metre loops in a moving array. The
program was designed and will be interpreted by Bingham Geoscience
of Saskatoon. The survey is being
conducted by Patterson Mining Geophysics of La Ronge. Both Bingham and Patterson have been
active in uranium exploration of the Athabasca Basin for over 35 years and have a
wealth of experience in the district.
Winter 2021 Geophysical Program at Moore:
https://www.skyharbourltd.com/_resources/maps/Moore2021-Geophysics.jpg
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 May 2000. Historical
drill results include 4.03% eU3O8 over 10.0
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
265.0 metres at the Maverick Zone. 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 exploration
projects in Canada's Athabasca Basin and is well positioned to
benefit from improving uranium market fundamentals with six
drill-ready projects covering over 240,000 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. Moore 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. The Company has plans for upcoming drill programs at
the project.
Skyharbour has an option agreement with Orano Canada Inc. and a
joint venture partnership with Azincourt Energy. Orano can earn-in
up to 70% of the Preston Project and Azincourt recently earned-in
70% of the East Preston Project through exploration expenditures,
cash payments and Azincourt share issuance. 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.
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 totaling 7.0 million pounds of
U3O8 at 0.03% and 5.3 million pounds of
ThO2 at 0.023%. Furthermore, Skyharbour has
recently signed a Definitive Agreement with ASX-listed Valor
Resources on the Hooke Lake (previously North Falcon Point) Uranium
Project whereby Valor can earn-in 80% of the project through
$3,500,000 in total exploration
expenditures, $475,000 in total cash
payments over three years and an initial share issuance.
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/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:
Spencer Coulter
Corporate Development and 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 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.
SOURCE Skyharbour Resources Ltd.