Skyharbour’s Partner Company Valor Resources Commences Diamond Drilling at the Hook Lake Uranium Project, Saskatchewan

Rhea-AI Summary

Skyharbour Resources Ltd. (TSX-V: SYH, OTCQB: SYHBF) has announced the start of a 2,500m diamond drilling program at its Hook Lake Uranium Project in Saskatchewan's Athabasca Basin. This project aims to explore uranium mineralization at the S-Zone, which previously yielded samples with up to 59.2% U₃O₈. The program will also target the V-Grid area. An airborne gravity survey is set to begin in April 2022. Valor Resources Limited, Skyharbour's partner, is investing CAD $3.5 million in exploration, aligning with increased global demand for uranium as countries seek low-carbon energy solutions.

Positive

• Commencement of a 2,500m diamond drilling program at Hook Lake.
• Previous rock chip samples at the S-Zone showed up to 59.2% U₃O₈ mineralization.
• CAD $3.5 million investment by partner Valor Resources to explore uranium potential.

Negative

• None.

Vancouver, BC, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Skyharbour Resources Ltd.’s (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) partner company Valor Resources Limited (“Valor”) is pleased to announce the commencement of a maiden diamond drilling program at the Hook Lake Uranium Project. The Hook Lake Project is located in the world class uranium jurisdiction, the Athabasca Basin in Saskatchewan, Canada.

Hook Lake (Formally North Falcon Point) Project: https://www.skyharbourltd.com/_resources/maps/Sky_HookLake_20211209.jpg

Highlights:

• 2,500m diamond drilling program has commenced at the Hook Lake Uranium Project
• Drilling to test the extent of uranium mineralisation at the S-Zone which included up to 59.2% U₃O₈ in rock chip samples at surface
• Program will include testing of the V-Grid, a geochemical and structural target
• An airborne gravity survey over Hook Lake is scheduled to commence in April 2022

Hook Lake Drill Program:

The Hook Lake Project Diamond Drilling program will consist of approximately 2,500m targeted primarily at the S-Zone target but also including holes at the V-Grid target.

Valor’s Executive Chairman, George Bauk, commented: “Following the 2021 exploration program which included on ground field work, various airborne surveys and a review of historical data, Valor is excited to commence drilling at the Hook Lake Project. The Hook Lake project has many prospective uranium targets with the team prioritising the S-Zone and the V-Grid as the initial two areas of focus. The focus is to target various geological features in and around the S-Zone to locate mineralisation at depth.”

Hook Lake Project Map Showing S-Zone and V-Grid Drilling Area Locations: https://www.skyharbourltd.com/_resources/maps/Valor-S-Zone-and-V-Grid-drilling-area-locations.jpg

The S-Zone target has known surface mineralisation with results from Valor’s 2021 field program highlighting up to 59.2% U₃O₈ in rock chip samples (see news release dated August 31^st, 2021 and titled “Skyharbour Partner Company Valor Announces High-Grade Sample Results from Hook Lake Project Field Program”).

Mr. Bauk continued: “Major economies are looking to nuclear energy as a low carbon solution as part of the overall global target to reduce global emissions. China has announced a US$440 billion program to build 150 new reactors, France and Britain intend to build more reactors and Japan is in the process of reopening its nuclear power plants. These activities will drive demand up and will have a positive impact on the future price of uranium. Valor is focused on uranium exploration in the Athabasca Basin of Canada as it has the highest grades of uranium in the world. Valor has raised over AUD $5M recently and funds are to be used for exploration activities in Canada.”

About the Hook Lake (previously North Falcon Point) Project:

The Hook Lake Uranium Project is located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Skyharbour signed a Definitive Agreement with Valor on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through CAD $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance of 233,333,333 shares of Valor. Covering 25,846 hectares, the 16 contiguous mineral claims host several prospective areas of uranium mineralization including:

• Hook Lake / Zone S - High-grade surface outcrop with reported grades in grab samples up to 68% U₃O₈; a bio-geochemical survey carried out over the trenches in 2015 responded positively with along-strike anomalies 2 km to the northeast
• Nob Hill - Fracture-controlled vein-type uranium mineralization on surface outcrop with up to 0.130% - 0.141% U₃O₈ in grab samples; diamond drilling intersected anomalous uranium in several drill holes with values up to 422 ppm U over 0.5 m
• West Way - Vein type U mineralization within a NE-trending shear zone; grab samples taken from the surface showing contained variable uranium values including up to 0.475% U₃O₈ and drilling of the structure intersected the altered shear zone at depth, along with anomalous Cu, Ni, Co, As, V, U, & Pb
• Grid T - Fracture-hosted secondary uranium mineralization in sheared calc-silicates and marbles in a 100 m x 20 m zone of anomalous radioactivity with grab samples having up to 800 ppm U
• Alexander Lake Boulder Field - 30 biotite-quartz-k-feldspar pegmatite boulders NE of Alexander Lake; the best results include 360 ppm U, 1,400 ppm U and 1,600 ppm U respectively
• Thompson Lake Boulder Field - Numerous radioactive boulders and blocks of pegmatized meta-arkose, pegmatite, and granite; the best value obtained was 738 ppm U from a granite boulder
• NE Alexander Lake – Several calc-silicate, plagioclase-quartz granulite, quartzite, and meta-arkose boulders with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni
  
  

The project area is in close proximity to two all-weather northern highways and grid power. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area.

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 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 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 significance of the diamond drilling program at Hook Lake for SYHBF?

The diamond drilling program aims to explore significant uranium mineralization, potentially increasing resource estimates and shareholder value.

How much has Valor Resources invested in the Hook Lake project?

Valor Resources has committed to invest CAD $3.5 million in exploration expenditures for the Hook Lake project.

What were the previous uranium sample results at the S-Zone in Hook Lake?

Previous rock chip samples at the S-Zone revealed uranium grades of up to 59.2% U₃O₈, indicating high mineralization potential.

When is the airborne gravity survey scheduled to start at Hook Lake?

The airborne gravity survey over the Hook Lake project is scheduled to commence in April 2022.

How does the Hook Lake project align with global uranium demand?

The Hook Lake project is strategically important due to rising global demand for uranium as countries pursue low-carbon energy solutions.