Skyharbour’s Partner Company Basin Uranium Corp. Announces Completion and Mobilization of Exploration Crews to Mann Lake Uranium Project

Rhea-AI Summary

Skyharbour Resources Ltd. (SYHBF) announced an exploration plan for its Mann Lake uranium project in Saskatchewan’s Athabasca Basin, highlighting a minimum budget of $3.5 million for drilling and geophysics in 2022. The project is strategically located near significant uranium deposits, including the McArthur River Mine. The Phase 1 program includes camp construction, a moving loop EM survey, and a diamond drilling program targeting fertile ground. The company is optimistic about its refined geological understanding, which aims to identify promising areas for uranium deposits.

Positive

• Minimum exploration budget of $3.5 million for 2022.
• Strategic location near McArthur River and Millennium uranium deposits.
• Initial diamond drilling program of 6,000 meters in 10 holes.
• Refined geological model increases potential for discovery.

Negative

• None.

Vancouver, BC, April 18, 2022 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) partner company, Basin Uranium Corp. (“Basin Uranium”), is pleased to announce its exploration plan for its Phase 1 program at the Mann Lake uranium project in Saskatchewan’s prolific Athabasca Basin. The Mann Lake project is located 25 km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast along strike of Cameco’s Millennium uranium deposit.

Mann Lake Uranium Project
https://www.skyharbourltd.com/_resources/maps/SKY_MannLake_20211129.jpg

Highlights:

• Camp construction complete and mobilization underway
• Minimum $3.5 million program for 2022 comprised of drilling and geophysics in multiple phases throughout 2022
• Moving loop EM and gravity surveys will target fertile ground to the southwest of previous geophysics and will provide a more complete geophysical picture to guide exploration
• Initial diamond drilling will focus on interpreted conductor corridors coinciding with gravity and mag lows
• Maiden drill program comprised of 6,000 metres of diamond drilling in ten (10) holes
  
  

“Historic drilling in 2008 at Mann Lake focused on interpreted reactivated northeast- and east-trending fault structures delineated by gravity and VTEM surveys,” commented Mike Blady, CEO of Basin Uranium. “Fifteen years later we are returning to Mann Lake with a superior geological understanding of deposits within the Basin which allowed us to refine the geological model and has resulted in our focus being concentrated on the southern portion of the property where we believe the best potential resides.”

Mann Lake Historical and Proposed Drilling:
https://www.skyharbourltd.com/_resources/images/Mann_Lake_Historical_and_Proposed_Drilling.png

The Phase I exploration program will build off work done by previous operators and will consist of a moving loop electromagnetic survey, gravity survey and diamond drilling. Geophysical surveys will be focused on the southern half of the property and will integrate previous and regional surveys to vector in on what Basin Uranium believes to be the most prospective area of the property for regional conductive corridors which can host unconformity style uranium deposits. To date, the southern half of the property has seen little exploration and no diamond drilling.

Mann Lake Geophysical Survey:
https://www.skyharbourltd.com/_resources/images/Mann_Lake_Geophysical_Survey.png

Regional conductive corridors are known to exist on the southern part of the Mann Lake property. These conductors are believed to correspond with Wollaston Supergroup graphitic metasedimentary basement, a fertile host for uranium mineralization. Basin Uranium will be targeting these structures in combination with overlying gravity and magnetic lows in its Phase I drilling over a 2.0 kilometre long corridor. The program will be conducted in two phases, a spring (Phase I) and late summer/fall (Phase II) program which will allow Basin Uranium time to compile and process exploration data to improve targeting. In total, Basin Uranium has budgeted a minimum of $3.5 million dollars for exploration at Mann Lake this year.

Exploration Camp at Mann Lake:
https://www.skyharbourltd.com/_resources/images/Exploration_at_Mann_Lake.jpg
https://www.skyharbourltd.com/_resources/images/Exploration_at_Mann_Lake_2.jpg

About Mann Lake:

Skyharbour has entered into an Option Agreement (the “Agreement”) with Basin Uranium whereby Basin Uranium has an earn-in option to acquire a 75% interest in the Mann Lake Uranium Project. Under the Option Agreement, Basin Uranium Corp will contribute cash and exploration expenditure consideration totalling CAD $4,850,000 over a three-year period (“Project Consideration”). Of the Project Consideration, $850,000 will be in cash payments to Skyharbour and $4,000,000 will be in exploration expenditures on the project. Basin Uranium Corp will also issue to Skyharbour the equivalent value of CAD $1,750,000 in shares of Basin Uranium over the three-year earn-in period to complete the earn-in.

The Mann Lake Uranium Project is strategically located 25 km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast of Cameco's Millennium uranium deposit. The Mann Lake project is also adjacent to the Mann Lake Joint Venture operated by Cameco (52.5%) with partners Denison Mines (30%) and Orano (17.5%). Denison Mines acquired International Enexco and its 30% interest in the project after a 2014 winter drill program discovered high-grade, basement-hosted uranium mineralization at this adjacent project.

Mann Lake Regional Tenure Map
https://skyharbourltd.com/_resources/SYH_Mann_Lake_Tenure.jpg

Skyharbour carried out a ground-based EM survey in 2014 focused on an area where a 2 km long aeromagnetic low coincided with basement conductors interpreted from earlier EM surveys. This program successfully confirmed the presence of a broad, NE-SW trending corridor of conductive basement rocks which are likely graphitic metapelites.

The Mann Lake Uranium Project has seen over $3 million of previous exploration expenditures consisting of geophysical surveys and two diamond drill programs totalling 5,400 metres carried out by Triex in 2006 and 2008. The geophysical surveys identified graphitic basement conductors and structural corridors containing reactivated basement faults. These features trend onto the
adjacent ground operated by Cameco. The 2006 diamond drill program intersected a 4.5 metre wide zone containing anomalous boron (with highlight values of up to 1,758 ppm B) in the sandstone immediately above the unconformity in drillhole MN06-005. Boron enrichment is common at the McArthur River uranium mine, and along with illite and chlorite alteration, is a key pathfinder element for uranium deposits in the Athabasca Basin. In the same drill hole, altered basement gneissic rocks with abundant clay, chlorite, hematite and calc-silicate minerals were intersected about 7.6 metres below the unconformity and contained anomalous uranium, including up to 73.6 ppm over a 1.5 metre interval. Background uranium values are commonly between 1 and 5 ppm.

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 Skyharbour Resources' exploration budget for Mann Lake in 2022?

Skyharbour Resources has allocated a minimum budget of $3.5 million for exploration at Mann Lake in 2022.

How many meters of drilling is planned for the Mann Lake uranium project?

The initial diamond drilling program at Mann Lake consists of 6,000 meters across ten holes.

Where is the Mann Lake uranium project located?

The Mann Lake project is located in Saskatchewan's Athabasca Basin, 25 km southwest of the McArthur River Mine.

What are the primary activities in the Phase 1 exploration program for Mann Lake?

The Phase 1 exploration program includes camp construction, a moving loop EM survey, and diamond drilling.

What other uranium projects is Skyharbour involved with?

Skyharbour is actively involved in several uranium projects, including joint ventures at Preston and East Preston properties.