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Skyharbour Enters into Agreement with Mustang Energy to Option its 914W Uranium Project Located in the Athabasca Basin, Saskatchewan

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Skyharbour Resources has entered into an option agreement with Mustang Energy for its 914W Uranium Project in Saskatchewan's Athabasca Basin. Under the agreement, Mustang can acquire a 75% interest by issuing CAD $480,000 in shares, making CAD $275,000 in cash payments, and spending CAD $800,000 on exploration over three years.

The 914W Project spans 1,260 hectares, located 48 km southwest of Cameco's Key Lake Operation. The property is underlain by Wollaston Supergroup rocks, known for hosting uranium mineralization. Despite its strategic location and promising geology, the project remains underexplored. Historical exploration revealed uranium occurrences nearby, with values up to 1,288 ppm U in drilling and 0.64% U3O8 in surface trenching.

Skyharbour Resources ha stipulato un accordo di opzione con Mustang Energy per il suo Progetto Uranio 914W nel bacino di Athabasca in Saskatchewan. Ai sensi dell'accordo, Mustang può acquisire una partecipazione del 75% emettendo azioni per un valore di 480.000 CAD, effettuando pagamenti in contante per un totale di 275.000 CAD e investendo 800.000 CAD in esplorazione nell'arco di tre anni.

Il Progetto 914W si estende su 1.260 ettari, situato a 48 km a sud-ovest dell'operazione Key Lake di Cameco. La proprietà è sottostante a rocce del Supergruppo Wollaston, conosciute per ospitare mineralizzazioni di uranio. Nonostante la sua posizione strategica e la geologia promettente, il progetto rimane poco esplorato. Le esplorazioni storiche hanno rivelato occorrenze di uranio nelle vicinanze, con valori fino a 1.288 ppm U nei sondaggi e 0,64% U3O8 nello scavo superficiale.

Skyharbour Resources ha firmado un acuerdo de opción con Mustang Energy para su Proyecto de Uranio 914W en la cuenca de Athabasca en Saskatchewan. Según el acuerdo, Mustang puede adquirir un interés del 75% emitiendo acciones por un valor de 480.000 CAD, realizando pagos en efectivo por un total de 275.000 CAD y gastando 800.000 CAD en exploración durante tres años.

El Proyecto 914W abarca 1,260 hectáreas, ubicado a 48 km al suroeste de la operación Key Lake de Cameco. La propiedad está subyacente a rocas del Supergrupo Wollaston, conocidas por albergar mineralización de uranio. A pesar de su ubicación estratégica y su geología prometedora, el proyecto sigue sin explorarse adecuadamente. Exploraciones históricas revelaron ocurrencias de uranio cercanas, con valores de hasta 1,288 ppm U en perforaciones y 0.64% U3O8 en excavaciones superficiales.

Skyharbour ResourcesMustang Energy와 사스캐처원주 아사바스카 분지에 위치한 914W 우라늄 프로젝트에 대한 옵션 계약을 체결했습니다. 계약에 따라 Mustang은 48만 캐나다 달러 상당의 주식을 발행하고, 27만5천 캐나다 달러의 현금 지급 및 3년 동안 80만 캐나다 달러의 탐사 비용을 지출함으로써 75%의 지분을 인수할 수 있습니다.

914W 프로젝트는 1260 헥타르에 걸쳐 있으며, Cameco의 키 레이크 운영에서 남서쪽으로 48km 떨어진 곳에 위치합니다. 이 지역은 우라늄 광물화로 알려진 Wollaston 슈퍼그룹 암석 아래에 있습니다. 전략적인 위치와 유망한 지질에도 불구하고 이 프로젝트는 여전히 충분히 탐사되지 않았습니다. 역사적인 탐사에서는 주변에서 우라늄 사례가 발견되었으며, 시추에서 최대 1,288 ppm U 및 표면 트렌치에서 0.64% U3O8의 값을 기록했습니다.

Skyharbour Resources a signé un accord d'option avec Mustang Energy concernant son projet d'uranium 914W dans le bassin d'Athabasca, en Saskatchewan. En vertu de cet accord, Mustang peut acquérir un intérêt de 75 % en émettant des actions d'une valeur de 480 000 CAD, en effectuant des paiements en espèces de 275 000 CAD et en dépensant 800 000 CAD en exploration sur une période de trois ans.

Le projet 914W s'étend sur 1 260 hectares, situé à 48 km au sud-ouest de l'opération Key Lake de Cameco. La propriété repose sur des roches du Supergroupe Wollaston, connues pour héberger des mineralisations d'uranium. Malgré sa situation stratégique et sa géologie prometteuse, le projet reste sous-exploré. Des explorations historiques ont révélé des occurrences d'uranium à proximité, avec des valeurs allant jusqu'à 1 288 ppm U dans des forages et 0,64 % U3O8 dans des fouilles de surface.

Skyharbour Resources hat einen Optionsvertrag mit Mustang Energy für sein 914W Uran-Projekt im Athabasca-Becken in Saskatchewan abgeschlossen. Laut dem Vertrag kann Mustang eine 75%ige Beteiligung erwerben, indem es Aktien im Wert von 480.000 CAD ausgibt, bar 275.000 CAD zahlt und innerhalb von drei Jahren 800.000 CAD in Erkundungsarbeiten investiert.

Das 914W Projekt erstreckt sich über 1.260 Hektar und liegt 48 km südwestlich der Key Lake-Betrieb von Cameco. Das Grundstück wird von Gesteinen der Wollaston-Supergruppe unterlagert, die für die Lagerung von Uranbergbau bekannt sind. Trotz seiner strategischen Lage und vielversprechenden Geologie bleibt das Projekt unerforscht. Historische Erkundungen haben Uranvorkommen in der Nähe gezeigt, mit Werten von bis zu 1.288 ppm U in Bohrungen und 0,64% U3O8 in oberflächlichen Ausgrabungen.

Positive
  • Option agreement provides up to CAD $1.555 million in total value through cash, shares, and exploration commitments
  • Company retains 2% NSR royalty with buyback provision for CAD $1 million
  • Property has strategic location near established infrastructure (Highway 914)
  • Historical exploration showed promising uranium values in nearby areas
Negative
  • Property is largely underexplored with modern exploration work
  • Exploration commitments spread over three years with majority backloaded

Vancouver, BC, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt: SC1P) (“Skyharbour” or the “Company”), is pleased to announce that it has entered into an option agreement (“Agreement”) with Mustang Energy Corp. (the “Optionee” or “Mustang”), whereby the Optionee may acquire a 75% interest in the Company’s 914W Uranium Project (the “Property”). The Property consists of a total of one mineral claim covering approximately 1,260 hectares located in the Athabasca Basin, Northern Saskatchewan.

Terms of the Agreement:

Pursuant to the Agreement, Mustang may acquire a 75% interest in the Property by (i) issuing common shares in the capital of the Optionee (“Shares”) having an aggregate value of CAD $480,000; (ii) making aggregate cash payments of CAD $275,000; and (iii) incurring an aggregate of CAD $800,000 in exploration expenditures on the Property over a three-year period, as follows:

Date Cash Payments Exploration Expenditures Value of Shares Issued
On Closing $15,000 N/A $30,000(1)
On or before the first anniversary of Closing $20,000 $100,000 $100,000(1)
On or before the second anniversary of Closing $40,000 $200,000 $150,000(1)
On or before the third anniversary of Closing $200,000 $500,000 $200,000(1)
TOTAL $275,000 $800,000 $480,000

(1) Deemed pricing of Shares is based on the five (5) day volume weighted average price on the Canadian Securities Exchange for the 5 days prior to the time of the issuance (the “Deemed Price”).

Skyharbour will retain an NSR royalty of two percent (2%) whereby Mustang shall have the right at any time to purchase one-half (1/2) of the NSR royalty from Skyharbour in consideration of the payment to Skyharbour of CAD $1,000,000, thereby leaving Skyharbour with a one percent (1%) NSR royalty.

914W Property Summary:

The 914W Project consists of one claim covering 1,260 hectares approximately 48 km southwest of Cameco’s Key Lake Operation. Highway 914 runs through the western edge of the project, providing excellent access for exploration. Historical geological mapping of the property and the surrounding area has shown that the project is predominantly underlain by prospective Wollaston Supergroup pelitic and psammitic to arkosic gneisses of the Western Wollaston Domain, which host significant unconformity-related uranium mineralization further to the north in the Athabasca Basin as well as pegmatite-hosted uranium mineralization elsewhere in the Wollaston Domain.

914W Property Map:

https://skyharbourltd.com/_resources/projects/914W-image2.jpg

Despite the project’s proximity to Highway 914 and prospective geology, the project has seen limited modern exploration work. The earliest work on the 914W property included airborne EM and magnetic surveys and ground geological reconnaissance in 1968-1970, lake water and sediment sampling in 1976, ground VLF-EM, magnetic, and radiometric surveys, geological mapping, trenching, as well as sampling on the project and surrounding areas. Immediately to the north of the 914W property, prospecting led to the discovery of the Scurry Rainbow Zone E (SMDI1961) and the Don Lake Trenches (SMDI 1983), where up to 1,288 ppm U was encountered in drill hole ML-1 (SMDI1961) in a pyroxene-rich unit, and surface prospecting revealed up to 0.64% U3O8 in a trench at Don Lake Zone E (SMDI 1983). More recently, the project has seen airborne geophysical coverage by helicopter-borne VTEM (southern half) in 2005 and Tempest TDEM (northern half) in 2007, with prospecting, geological mapping, rock/sediment sampling and lake sediment sampling occurring on the project and surrounding areas in 2005-2007. The project remains underexplored and prospective for unconformity-related and pegmatite-hosted uranium and REE’s.

ICP Securities Inc. Engaged for Automated Market Making Services:

The Company further announces the engagement of ICP Securities Inc. (“ICP”) to provide automated market making services, including use of its proprietary algorithm, ICP Premium™, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP will be paid a monthly fee of C$7,500, plus applicable taxes. The agreement between the Company and ICP was signed with a start date of November 11, 2024, and is for four (4) months (the “Initial Term”) and shall be automatically renewed for subsequent one (1) month terms (each month called an “Additional Term”) unless either party provides at least thirty (30) days written notice prior to the end of the Initial Term or an Additional Term, as applicable. There is no performance factors contained in the agreement and no stock options or other compensation in connection with the engagement. ICP and its clients may acquire an interest in the securities of the Company in the future and ICP is an arm’s length party to the Company. ICP’s market making activity will be primarily to correct temporary imbalances in the supply and demand of the Company’s shares. ICP will be responsible for the costs it incurs in buying and selling the Company’s shares, and no third party will be providing funds or securities for the market making activities.

About ICP Securities Inc.:

ICP Securities Inc. is a Toronto based CIRO dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP Premium™, that enhances liquidity and quote health. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.

About Mustang Energy Corp.:

Mustang Energy is an exploration company focused on acquiring and developing high-potential uranium and critical mineral assets. The Company operates several exploration projects in Saskatchewan's Athabasca Basin, including the Ford Lake Project (7,743 hectares), Cigar Lake East and Roughrider South (combined 3,443 hectares), as well as recent acquisitions like the Yellowstone Project (21,820 hectares) and the Dutton Project (9,667 hectares). Mustang Energy remains committed to responsible exploration, with a focus on environmentally and socially sustainable operations, while contributing positively to local communities.

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 interest in twenty-nine projects, ten of which are drill-ready, covering over 580,000 hectares (over 1.4 million acres) 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. Adjacent to the Moore Project is the Russell Lake Uranium Project, in which Skyharbour is an operator with joint-venture partner Rio Tinto. The project hosts several high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.

Skyharbour also has joint ventures with industry leader Orano Canada Inc., Azincourt Energy, and Thunderbird Resources (previously Valor) at the Preston, East Preston, and Hook Lake Projects respectively. The Company also has several active earn-in option partners, including CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project; Mustang Energy at the 914W Project; and TSX-V listed Terra Clean Energy (previously Tisdale) at the South Falcon East Project which hosts the Fraser Lakes Zone B uranium and thorium deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total over $41 million in partner-funded exploration expenditures, over $30 million worth of shares being issued, and over $22 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

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/images/SKY_SaskProject_Locator_2024-02-14_V2.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:
Nicholas Coltura
Investor Relations Manager
‎Skyharbour Resources Ltd.
‎Telephone: 604-558-5847
‎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.

Forward-Looking Information

This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, completing ongoing and planned work on its projects including drilling and the expected timing of such work programs, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company 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 may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of uranium, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses, and those filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather or climate conditions, failure to obtain or maintain all necessary government permits, approvals and authorizations, failure to obtain or maintain community acceptance (including First Nations), decrease in the price of uranium and other metals, increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.


FAQ

What are the terms of Skyharbour's (SYHBF) option agreement with Mustang Energy for the 914W project?

Mustang can acquire 75% interest by issuing CAD $480,000 in shares, making CAD $275,000 in cash payments, and spending CAD $800,000 on exploration over three years.

Where is Skyharbour's (SYHBF) 914W uranium project located?

The 914W project is located in Saskatchewan's Athabasca Basin, approximately 48 km southwest of Cameco's Key Lake Operation.

What historical uranium values were found near Skyharbour's (SYHBF) 914W property?

Historical exploration revealed up to 1,288 ppm U in drill hole ML-1 and up to 0.64% U3O8 in surface trenching at nearby locations.

SKYHARBOUR RES LTD ORD

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