Skyharbour Commences Winter 2022 Drilling Program at High Grade Moore Uranium Project, Saskatchewan

Rhea-AI Summary

Skyharbour Resources Ltd. (TSX-V: SYH, OTCQB: SYHBF) has initiated its winter 2022 diamond drilling program at the Moore Uranium Project in Saskatchewan. This program aims to complete a minimum of 2,500 metres across 7 to 9 drill holes, targeting the Maverick East Zone and Grid 19. Previous successful drilling revealed significant uranium mineralization. The project covers 35,705 hectares and is well-positioned to capitalize on the recovering uranium market, benefiting from regional infrastructure and strong discovery potential.

Positive

• Initiation of winter 2022 diamond drilling program with a minimum of 2,500 metres planned.
• Successful previous drilling highlighted significant uranium mineralization, including 0.54% U3O8 over 19.5 metres.
• Strong discovery potential in the Maverick Structural Corridor with substantial areas still untested.
• Strategically located in a geopolitically favourable region for mining, enhancing operational benefits.

Negative

• None.

Vancouver, BC, March 01, 2022 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce that the Company has begun its winter 2022 diamond drilling program at its 100% owned Moore Uranium Project. The project comprises 35,705 hectares approximately 15 kilometres east of Denison Mine’s Wheeler River project and is proximal to regional infrastructure for Cameco’s Key Lake and McArthur River operations in the Athabasca Basin, Saskatchewan. The program will consist of a minimum of 2,500 metres in seven to nine drill holes and is designed to follow up on the successes of the 2021 summer/fall drilling program in the Maverick East Zone and the Grid 19 target area, as well as to investigate new targets at the Viper area on the 4.7 km Maverick Structural Corridor. Substantial portions of the Maverick corridor remain to be systematically drill tested leaving robust discovery potential along strike as well as at depth in the basement rocks.

Moore Uranium Project Claims Map:
http://skyharbourltd.com/_resources/maps/MooreLakeRegionalTenure.jpg

Winter 2022 Diamond Drilling Program:

The Company has begun a minimum 2,500 metre winter drilling program consisting of an estimated seven to nine diamond drill holes. The program will test targets at the Grid 19 area, Maverick East Zone and the Viper area. At the Grid 19 target area, a regional target approx. 9.5 km NE of the Main Maverick Zone, drilling will follow-up on the first two holes drilled on the Slice Pond Conductor. Both holes intersected geochemically anomalous, altered, graphitic and sulphide-bearing basement lithologies accompanied by elevated uranium values below the unconformity. At the Maverick East Zone, follow-up drilling is planned where previously reported hole ML21-19 intersected a broad interval of uranium mineralization including 0.54% U₃O₈ over 19.5 metres, including 2.07% U₃O₈ over 4.0 metres, on the northern edge of the mineralized zone. Drilling is also planned at the 525 target within the Viper area, approx. 1.5 km NE of the Main Maverick Zone, to follow up on a historic drill intercept in hole ML-525 of 0.27% U₃O₈ over 4.5 metres. This mineralization is just above the unconformity in an area of complex geology and the target has not been followed up since 2006. With the development of new geological models at this target, it has become a high-priority exploration target.

Moore Uranium Project Regional Grid Targets Map:
http://skyharbourltd.com/_resources/maps/Moore-Lake-Property-Wide.jpg

Jordan Trimble, President and CEO of Skyharbour Resources, states: “We are excited to be able to drill test some of our more regional targets facilitated by winter drilling conditions, as well as to follow up on further discoveries associated with the high grade Maverick structural corridor. Skyharbour offers strong discovery potential at its project base coupled with substantial upcoming news flow from the continued drilling at Moore as well as at partner-funded projects. Several of these partner companies have recently commenced drill programs including Azincourt Energy at the East Preston Project and Valor Resources at the Hook Lake Project, which brings the combined total drilling metreage being carried out currently by Skyharbour and partner companies to over 11,000 metres. With its project portfolio strategically located in one of the most geopolitically favourable mining jurisdictions globally in northern Saskatchewan, Skyharbour is well-positioned to benefit from the accelerating uranium market recovery with increasing demand in the backdrop of a strained supply side.”

Grid 19 Area - Slice Pond Target:        

At the regional Grid 19 area, drilling has commenced on the north trending Slice Pond Conductor where an initial two holes (holes ML21-07 and -09) intersected highly encouraging altered, graphitic and sulphide-bearing basement lithologies in the summer of 2021. Drill hole ML21-07 was drilled in the central portion of the conductor and intersected a variably bleached and locally faulted sandstone column overlying a significant package of cordierite-bearing graphitic pelitic gneiss accompanied by faulting and sulphide-rich intervals. The sandstone and basement are enriched in B (=< 1,290 ppm), and there was an intercept of 0.05% U₃O₈ over 1.0 metre at 263.1 metres depth, approx. 70 metres below the unconformity. Drill hole ML21-09 was drilled on the southern end of the Slice Pond conductor and intersected an extensive package of fractured and faulted pelitic gneisses and graphitic pelitic gneisses 65 metres below the unconformity. The geochemistry of the overlying sandstone column is notable in this hole as the upper 70 metres returned highly anomalous uranium and boron averaging 7.54 ppm U (partial) and 161 ppm B in composite samples. This enrichment of uranium and boron in the sandstone is highly anomalous with similar levels commonly associated with significant uranium mineralization in the Athabasca Basin. The planned drilling is designed to test up-dip and along strike targets related to the results in holes ML21-07 and -09.

Maverick East Target:

Drilling is planned for the northern edge of the Maverick East Zone as a follow up to hole ML21-19, which intersected a mineralized interval comprising 19.5 metres of 0.54% U₃O₈ from 269.5 metres to 289.0 metres down-hole including 4.0 metres of 2.07% U₃O_8. The uranium mineralization straddles the unconformity and is accompanied by highly anomalous Ni (≤2140 ppm), Co (≤756 ppm), Pb (≤1760 ppm) and B (≤11,600 ppm). The hole intersected the typical intensely bleached and faulted sandstone column overlying clay altered to replaced graphitic pelitic and granitic gneiss, however the graphitic unit was thicker than anticipated. This hole has further established the complexity of the local geology and structure within the area around hole ML21-19 and illustrates the need to test the up-dip potential of the Maverick East Zone.

Moore Uranium Project Maverick East Zone Drilling Map:
https://www.skyharbourltd.com/_resources/images/Moore-2021-Maverick-East-Main-Maverick-Drilling.jpg

Viper Target Area:

Drilling is planned at the 525 target along the middle conductor trace in a portion of the Viper area which is located approx. 1.5 km NE of the Main Maverick Zone. Drill hole ML-525, drilled in 2005, intersected an interval of 0.27% U₃O₈ over 4.5 metres just above the unconformity in the sandstone column, overlying an extensive package of graphitic pelitic gneiss. The few follow-up holes that were drilled at that time intersected the same extensive graphitic packages and localized weak mineralization but failed to intersect a similar extent of mineralization to that in hole ML-525. Using the boron geochemistry as a vector indicates that there is potential for additional mineralization to the northwest, up-plunge of the previous drilling, and along strike. Two to three drill holes are planned in this area to test this target.

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 and has fulfilled its earn in. The project consists of 12 contiguous claims totaling 35,705 hectares located 42 kilometres northeast of the Key Lake mill, approx. 15 kilometres east of Denison’s Wheeler River project, and 39 kilometres south of Cameco’s McArthur River uranium mine. Unconformity-type uranium mineralization was discovered on the Moore Project at the Maverick Zone in April 2001. Historical drill highlights include 4.03% eU₃O₈ over 10 metres, including 20% eU₃O₈ over 1.4 metres, in ML-161. 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 hole ML-199. 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 fully accessible via winter and ice roads which simplifies logistics and lowers costs. Large proportions of the property are accessible in the summer as well.

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 David Billard, P.Geo., a Consulting Geologist for Skyharbour 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 fourteen projects, nine of which are drill-ready, covering over 385,000 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 fifteen kilometres east of Denison's Wheeler River project and thirty-nine 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 is actively advancing the project through drill programs.

Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint-venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. 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. Furthermore, the Company owns a 100% interest in the South Falcon Point Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totalling 7.0 million pounds of U₃O₈ at 0.03% and 5.3 million pounds of ThO₂ at 0.023%.

Skyharbour has several active option partners including: ASX-listed Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in exploration expenditures, $475,000 in cash payments over three years and an initial share issuance; CSE-listed Basin Uranium Corp. on the Mann Lake Uranium Project whereby Basin Uranium can earn-in 75% of the project through $4,000,000 in exploration expenditures, $850,000 in cash payments as well as share issuances over three years; and CSE-listed Medaro Mining Corp. on the Yurchison Project whereby Medaro can earn-in an initial 70% of the project through $5,000,000 in exploration expenditures, $800,000 in cash payments as well as share issuances over three years followed by the option to acquire the remaining 30% of the project through a payment of $7,500,000 in cash and $7,500,000 worth of shares.

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:
https://www.skyharbourltd.com/_resources/maps/SKY_SaskProject_Locator_20211126.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:
Riley Trimble
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

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The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

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, including the Private Placement. 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, regulatory approvals, 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 focus of Skyharbour Resources' winter 2022 drilling program?

The focus is on the Moore Uranium Project, targeting the Maverick East Zone and Grid 19.

How many drill holes are included in the winter 2022 program for Skyharbour?

The program plans to include a minimum of 7 to 9 drill holes.

What significant uranium mineralization has been found at the Maverick East Zone?

Drilling has previously intersected 0.54% U3O8 over 19.5 metres.

Is the Moore Uranium Project large?

Yes, it covers 35,705 hectares in Saskatchewan.

What potential does Skyharbour Resources see in the uranium market?

The company believes it is well-positioned to benefit from a recovering uranium market due to increasing demand.