Skyharbour Commences Exploration and Mobilizes for Upcoming Drill Program at its High Grade Moore Uranium Project, Saskatchewan

Rhea-AI Summary

Skyharbour Resources Ltd. (OTCQB: SYHBF) has initiated mobilization for its 2021 geophysical and diamond drilling programs at the Moore Uranium Project in Saskatchewan. The project spans 35,705 hectares and features a planned 9 km Small Moving Loop EM survey, followed by a 3,000 meter diamond drilling program targeting high-grade uranium mineralization along the Maverick corridor. The company aims to expand the Maverick East Zone, with historical drill results indicating high uranium grades of up to 9.12% U₃O₈. Positive market sentiment towards uranium is noted.

Positive

• Mobilization for a fully funded 3,000 metre diamond drilling program.
• High-grade uranium mineralization identified at Maverick East Zone, with grades up to 9.12% U₃O₈.
• Notable recovery in the uranium market, leading to improved equity valuations.
• Expansion of exploration targets in the Grid Nineteen area.

Negative

• None.

VANCOUVER, British Columbia, March 17, 2021 (GLOBE NEWSWIRE) -- 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.

FAQ

What is the latest update on Skyharbour Resources Ltd. (SYHBF)?

Skyharbour Resources has begun mobilization for its 2021 geophysical and diamond drilling programs at the Moore Uranium Project.

What are the key features of the Moore Uranium Project?

The Moore Uranium Project covers 35,705 hectares and includes a planned 9 km EM survey and a 3,000 metre diamond drilling program.

What are the historical drill results at the Maverick East Zone?

Historical drill results indicate high uranium grades of up to 9.12% U₃O₈ at the Maverick East Zone.

How is the uranium market currently performing according to Skyharbour?

Skyharbour noted a notable recovery in the uranium market with increasing equity valuations and improved sentiment.